Do you believe that people who read business books make more money?
Introduction: People Who Read Business Books Make More Money
While reading an email from an association that wants me to rejoin, “people who read business books make more money” caught my eyes. The email further added,
“According to a number of studies*, business people who read at least seven business books a year earn over 2.3 times more than those who read only one book per year.” Later in the email, “A study by Bersin & Associates** found that while 74.9% of all managers understand the correlation between reading and competitive advantage, they simply don't have the time to read more books. This is directly impacting their careers – and incomes!”
Below is a portion of the email I captured using Evernote (Review of Work Smarter with Evernote by Alexandra Samuel). The email reports that the source for the statistics on the correlation between reading business books and income cites the source as United States Department of Labor, Survey by Yahoo! Chief Solutions Officer Tim Sanders and Business Majors, but no links are given. I am going to try and track the original source.
Reading Critically
I conducted some research on the internet, and there are many websites that have the quote, except sometimes they say business books and other times it’s just books.
The statement, “people who read business books make more money,” baffles me because I have read time-and-time again that the most successful people do not read business books. Instead, they read books that make them think – philosophy, poetry, biographies, psychology, religion and so on.
Further Reading: For Those Who Want to Lead, Read
Weighing the Evidence
When I was gathering information for my book, Tales of People Who Get It, one question I asked was, “Which one book had a profound impact on your life?” And the response was seldom a business book. Respondents often reported that business books do not impact their lives. Even years after my book was published, I still ask interviewees the same questions, and business books are seldom mentioned.
In the New York Times article, “C.E.O. Libraries Reveal Keys to Success,” written by Harriet Rubin, business books are missing from the bookshelves of these very successful people. For instance, Michael Moritz, venture capitalist with Sequoia Capital says,
“‘I try to vary my reading diet and ensure that I read more fiction than nonfiction,' Mr. Moritz said. ‘I rarely read business books, except for Andy Grove’s ‘Swimming Across
,’ which has nothing to do with business, but describes the emotional foundation of a remarkable man. I re-read from time to time T. E. Lawrence’s Seven Pillars of Wisdom
,’ which has nothing to do with business, but describes the emotional foundation of a remarkable man. I re-read from time to time T. E. Lawrence’s 
, an exquisite lyric of derring-do, the navigation of strange places and the imaginative ruses of a peculiar character.'”Further Reading:
The Reading Habits of Ultra-Successful People
52 Business Books the Fortune 500 CEOs Think You Should Read
If you carefully read the statement at the beginning of this post, it says a number of studies, but it doesn’t really cite any of the studies that report, “Business people who read at least seven business books a year earn over 2.3 times more than those who read only one book per year.” So do you believe that reading business books will allow you to earn more income?
People Who Read Business Books Make More Money – To Agree or Not to Agree
You have probably guessed by now that I do not believe the statement “people who read business books make more money“. I think it depends on the books that you read. In the Bersin & Associates report, How Executives Stay Informed, they report,
“In this study, less than one-quarter of respondents typically read books, articles, or journals in their entirety. The majority of the responses, two-thirds, indicated that they read summaries, skim the material, or read just the sections of interest. Comments from respondents strongly support that executives want easy-to-read, to-the-point, highly relevant pieces of information that can be accessed easily and digested quickly…. The topics of interest vary widely but the books most frequently relied-on are focused on four areas, including books on business strategy, major business trends, and by authors who are major business leaders…. Executives highly value the information in leading business books but cover-to-cover reading is difficult given the pace of business.”
Some New Information about People Who Read Business Books Make More Money
I originally wrote this blog post over 11 years ago. Recently, I noticed people were reading it. I searched for information to update it. Here's what I discovered.
The Correlation Between Reading and Income
“A study pulling from 5,280 men from Austria, Belgium, the Czech Republic, Denmark, France, Germany, Italy, the Netherlands and Sweden all of whom were born between the years 1920 and 1956 — indicates that those who read at least 10 non-compulsory-school-reading books ended up with 21% more income. The study also concluded, however, that after this number of books (10), there was no significant correlation between higher numbers of freely read books and higher additional incomes.” Source: Electric Lit
Thomas Corley, a certified public accountant and certified financial planner. He started his research journey to find out why some of his clients were struggling while others were wealthy, even when their businesses brought in the same amount of revenues. From his research findings, he discovered 10 rich habits, one of which the wealthy engage in self-improvement every day. Successful people read for self-improvement. They study their industry by reading journals and periodicals. Ongoing learning is a part of their life. Self-improvement activities improve your mind and expand your knowledge to better your career. As your knowledge increases, you’ll notice more opportunities.
A 2016 Pew Research Center survey found that 87% of workers believe it is essential to get training and develop new job skills throughout their work life to keep up with workplace changes. This highlights the importance of continuous learning, which can include reading business books.
Have you read?
Rich Habits by Thomas C. Corley, Summary
The Value of Reading in Business
While the direct correlation between reading business books and increased income may be overstated, the benefits of reading for business professionals are many:
- Knowledge Acquisition: Reading exposes you to new ideas and strategies.
- Critical Thinking: Engaging with diverse content enhances analytical skills.
- Continuous Learning: Regular reading habits foster a growth mindset.
- Networking Opportunities: Discussing books can lead to valuable connections.
The Impact of Continuous Learning
A 2016 Pew Research Center survey found that 87% of workers believe it is essential to get training and develop new job skills throughout their work life to keep up with workplace changes. This highlights the importance of continuous learning, which can include reading business books.
Self-Directed Learning and Adaptability
Many experts emphasize the importance of learning how to learn and being self-motivated to keep learning. The ability to adapt, or “pivot,” and the motivation to up-skill as needed are considered highly valuable capabilities for future workers. While these points don't directly address the correlation between reading business books and income, they highlight the importance of continuous learning and skill development in today's job market, which might lead to better career opportunities and higher income.
Reading and the Busy Executive
Reading is very important for success. If you find you don't have enough time to read, consider joining my membership site, the Art of Learning Academy, where you'll get access to my Bookish Notes.
Some Final Thoughts on People Who Read Business Books Make More Money
While the claim that “people who read business books make more money” may be an oversimplification, the habit of reading certainly contributes to personal and professional growth. The key takeaway is that reading, regardless of genre, can provide valuable insights and skills that may indirectly lead to greater success in business.
Rather than focusing solely on business books, consider diversifying your reading list. Embrace a variety of genres to broaden your perspective and enhance your critical thinking skills. Remember, it's not just about what you read, but how you apply the knowledge gained from your reading that truly makes a difference in your career and income potential.
I am writing this as a reminder to myself. When you read, you shouldn't take what you read as facts. Where possible, you need to verify the information. The quote that supports the research that says people who read business books make more money, come from the article, Read Any Good Business Books Lately, which is on Harvey Mackay's blog. Harvey Mackay is a well-respected business leader, but I have problems believing the statistics because it is contrary to what I've heard. I'll leave up to you to decide if people who read business books make more money.
I'd also like to add that now more than ever, it's important to read critically.
Further Reading
Read Any Good Business Books Lately?
Work Smarter with Evernote
by Alexandra Samuel (affiliate link)
Next Steps
Wondering what to do next, you can do all of:
If you want access to my Bookish Notes, please consider joining my membership site, the Art of Learning.
This post contains affiliate links and The Invisible Mentor® may earn commissions for purchases made through links in this post. For more details see here. Thank you so much for your support! UPDATE: This post was first published in May 2013
