Successful people, including self-made millionaires, spend their free time learning instead of indulging in habits like binge-watching TV. They read extensively, not just for pleasure, but to gain knowledge. They are known to read two or more books per month and also listen to audiobooks or podcasts during commutes. Even amidst busy schedules, these successful individuals find time to read daily, often adhering to the five-hour rule.
The five-hour rule, coined by Michael Simmons, founder of Empact, states that no matter how busy successful people are, they always spend at least an hour a day or five hours a week learning or practicing, across their entire career. This rule has its roots in the habits of Ben Franklin, who always made time to learn, often in the mornings.
Successful leaders have adapted Franklin's five-hour rule into three components: reading, reflecting, and experimenting. Millionaires like Mark Cuban and Dan Gilbert read one to three hours daily. Elon Musk, for example, learned how to build rockets, which led to SpaceX, by reading. Jack Ma, co-founder of Alibaba, suggests that reading gives one a good head start as it equips them with strategies and tactics known to a few.
The five-hour rule includes reflection and thinking, which involves activities like jotting down thoughts or simply taking time to think. People like Sara Blakely, Spanx founder, utilize this by journaling. Reflection allows for learning from past mistakes and successes, which aids in achieving goals and life improvement. A University of Texas study even indicated that mental rest and reflection enhances learning.
Experimentation is another crucial part of the five-hour rule. Successful individuals like Ben Franklin and Thomas Edison became leading inventors through their experiments. It's how we got Gmail, thanks to Google's culture of experimentation. The value of experiments lies in generating facts rather than assumptions. They indicate what works, facilitate learning from mistakes, and provide feedback. Moreover, experimentation aligns with regular activities, making it not as time-consuming as it might seem.
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