Dave Ramsey’s Secret to Becoming a Millionaire: Turn Off the TV and Start Reading

Why Ditching Netflix for Nonfiction Can Change Your Life and Boost Your Wealth

by Bob Savar, Millennial Financial Times

Why Millionaires Read More and Watch Less TV: Unlocking the Secrets to Success

Ever wondered what sets millionaires apart from the rest of us? According to financial expert Dave Ramsey, the secret is simpler than you might think: turn off the TV and pick up a book. Ramsey famously said, “Want to be a millionaire? Turn off your television. The average millionaire reads a nonfiction book a month. This is how you make your life better: having knowledge tomorrow that you didn’t have today and then applying it.”

This quote might sound like a wake-up call or even a challenge, but it also offers a powerful insight into the habits that can lead to a richer, more fulfilling life. So, why does reading profoundly impact success, and how can we harness this habit to improve our lives? Let’s dive in and find out.

The Habit of Reading: A Cornerstone of Success

Most of us have heard that reading is good for us, but did you know it’s a habit common among millionaires? Studies show that the average millionaire reads at least one nonfiction book a month. They’re not just skimming through novels for entertainment — they’re absorbing information that can help them grow personally and professionally.

Think about it: reading expands your mind, introduces new ideas, and helps you understand different perspectives. There’s always something to learn, whether it’s a book on leadership, finance, psychology, or history. And for millionaires, learning isn’t just a pastime — it’s a pathway to wealth and opportunity.

Why Reading Beats Watching TV Any Day

You might be wondering, “Why should I trade my TV time for reading?” It’s a fair question. After all, watching TV is relaxing, easy, and entertaining. But here’s the thing: TV is designed to capture your attention and keep you hooked with minimal effort on your part. It’s passive, whereas reading is active.

When you read, you engage your brain. You have to think, analyze, and sometimes even question what you’re reading. This mental exercise is like a workout for your brain, strengthening your ability to focus, solve problems, and think creatively. Conversely, TV doesn’t demand much from you, leaving your brain in a passive, almost vegetative state.

Take Warren Buffett, for example, one of the wealthiest people in the world. He spends about 80% of his day reading. He has said, “Read 500 pages every day. That’s how knowledge works. It builds up, like compound interest.” Buffett’s reading habit has helped him make informed decisions and stay ahead of the curve in the ever-changing world of finance.

Real-Life Examples of Millionaires Who Are Avid Readers

Let’s look at a few real-life examples of successful people who prioritize reading:

• Bill Gates: The co-founder of Microsoft is an avid reader, going through about 50 books per year. Gates even shares his reading list with the world, recommending books that cover a wide range of topics from science to economics to human behavior. He attributes much of his success to his habit of learning through reading.
• Oprah Winfrey: Media mogul Oprah Winfrey credits books for helping her overcome a tough childhood and building a career that has made her one of the most influential people in the world. Her book club has inspired millions to read more, and she often mentions how books have shaped her perspectives and decisions in life.
• Elon Musk: When asked how he learned to build rockets, he famously replied, “I read books.” From science fiction to biographies and technical manuals, Musk’s passion for reading has fueled his success in multiple fields, from electric cars to space exploration.
• These examples aren’t just flukes; they show a consistent pattern among highly successful people. Reading allows them to acquire new knowledge, stay curious, and keep evolving.

What Kind of Books Do Millionaires Read?

So, what are these millionaires reading that’s so life-changing? It’s not just any book that makes the difference; it’s the content that matters.

1. Biographies and Autobiographies: Reading about the lives of successful people, their failures, and how they overcame obstacles can provide invaluable lessons and inspiration. Take Steve Jobs’ biography by Walter Isaacson, which offers insights into the mind of one of the most innovative entrepreneurs in history.
2. Self-Improvement Books: Titles like Dale Carnegie’s “How to Win Friends and Influence People” or James Clear’s “Atomic Habits” teach practical skills for personal and professional growth.
3. Books on Finance and Business: Millionaires often read books that enhance their understanding of finance, investing, and economics. Books like “The Intelligent Investor” by Benjamin Graham or “Rich Dad Poor Dad” by Robert Kiyosaki provide insights into money management and wealth building.
4. Science and Technology: Books that cover breakthroughs in technology, psychology, or science can provide fresh perspectives that are applicable across industries. Reading “Sapiens” by Yuval Noah Harari, for example, offers a deep understanding of human history and behavior, which can be beneficial in numerous fields.

How to Cultivate a Reading Habit and Change Your Life

If you’re convinced about the benefits of reading but don’t know where to start, here are a few tips to help you cultivate this millionaire habit:

• Start Small: Don’t pressure yourself to read a whole book in one sitting. Start with 10–15 minutes daily and gradually increase your time as you get more comfortable.
• Choose Wisely: Pick books that genuinely interest you. You’ll likely stick with the topic if you’re passionate about it.
• Set Goals: Set achievable goals, like reading one book a month or a few pages a day. Track your progress to stay motivated.
• Create a Routine: Dedicate a specific time each day to read. Make it a consistent part of your routine, whether it’s during breakfast, lunch breaks, or before bed.
• Join a Book Club: Engaging with a community of readers can keep you motivated and provide different perspectives on what you’re reading.

Applying What You Read: The Key to Transformation

But reading alone isn’t enough. As Ramsey points out, the real magic happens when you apply what you learn. Take those insights, strategies, and lessons from books and implement them in your daily life. Whether it’s improving your financial habits, building stronger relationships, or advancing your career, applying knowledge is where the transformation begins.

For example, if you’re reading a book on financial management, start by setting a budget, investing wisely, or cutting unnecessary expenses. If a biography inspires you, identify one habit or strategy the person used and try to implement it in your own life.

Turning Pages to Turn Your Life Around

At the end of the day, the choice is yours: You can spend hours in front of a TV, letting time slip away, or you can turn the pages of a book and take control of your future.

By adopting the habit of reading, you’re investing in yourself. You’re building a reservoir of knowledge, ideas, and strategies that can help you navigate life’s challenges and seize opportunities.

Conclusion

Dave Ramsey’s quote isn’t just about turning off the TV; it’s about turning on your brain. It’s about choosing active engagement over passive consumption. It’s about dedicating time to learning, growing, and becoming a better version of yourself daily.

So, the next time you’re tempted to binge-watch another series, grab a book instead. You never know, it might just be the first step toward changing your life.