Think about the last book you read and how it affected your life. Given the way we often passively consume information, it’s probable that you’ll struggle to recall three main points.
Tai Lopez went from dead broke to running an empire of wildly successful companies, built on the back of a YouTube marketing juggernaut that nets him billions of views. He cites his ability to consume and apply information as the No. 1 reason he’s no longer broke and now worth millions of dollars.
Business giants like Mark Cuban, worth $3 billion, stop by his house. And he has regular one-on-one dinners with the former Microsoft CEO Steve Ballmer, worth an estimated $33 billion.
But Lopez didn’t learn how to crush it in college. He dropped out at age 19. He’s totally self-taught, reading a book a day and recommending the best ones in his popular online book club.
Lopez is not an outlier. Many of the world’s millionaires and billionaires cite reading voraciously as their secret competitive advantage. In fact, 1,200 of the world’s wealthiestpeople all read extensively.
When asked about the key to success, billionaire investor Warren Buffett once said: “Read 500 pages every day. That’s how knowledge works. It builds up, like compound interest.”
He’s not alone. Bill Gates consumes about a book a week. When asked how he learned how to build rockets, Elon Musk simply replied: "I read books."
“Everybody wants a six-pack body,” explains Lopez. “But where are the people who want six-pack brains?” The answer is: they’re in a room with Tai Lopez, making more deals and cash than they know what to do with.
Here’s how to start consuming information like a billionaire in four steps.
1. Start judging books by their covers.
Billionaires are discerning about what they read. That’s the first way they consume differently. You won’t find "50 Shades of Grey" or gossip magazines on their book shelves.
“The biggest problem non-millionaires have is what they read,” Lopez says. “You can be the best speed reader in the world, but it doesn’t matter if you’re reading the wrong stuff.” Lopez recommends reading high-quality content by authors with proven track records.
He cites "Made in America" by Walmart founder Sam Walton as a prime example. “Walton wrote 'Made in America' to pass along what he learned before his death,” Lopez says.
2. Spend your time on three types of books.
Once you understand who to read, Lopez recommends splitting your time between three types of reading (just like diversifying your investments).
“In the morning, read a classic book that’s more than 50 years old.” Freud, Darwin, Plato—take your pick. Classic books challenge your brain more than the breezy, shallow styles of many bestsellers.
During the day, read a how-to book or content related to your industry, so you’re always sharpening your marketable skills.
Keep a good autobiography or biography by your bed at night. Lopez recommends "Kon-Tiki" (about Thor Heyerdahl’s epic voyage across the ocean in a primitive raft) or Arnold Schwarzenegger’s biography, "Total Recall."
“Their courage rubs off on you,” Lopez says.
3. Divide your day into thirds.
Now that you have the content, it’s time to consume it. Billionaires don’t just read books when they’re on the beach. They voraciously read during every available moment.
“People often set the bar too low,” Lopez says. “If you really want to change the game, divide your day into thirds.”
He recommends one-third of the day be devoted to consuming raw data—this is like putting fuel in the tank to be used later. Spend another third strategizing on what you’ve read and how it applies to your life, wealth, and business. (Maybe take notes on the book’s inside back cover.) Finally, spend one-third of your day executing what you’ve learned and analyzed.
4. Put in the time and money.
There’s one final secret to how billionaires consume information, Lopez says. They dedicate large amounts of time and money to read more and better content.
“You don’t have to read six hours a day necessarily,” Lopez says. “But if you’re not putting in at least an hour a day, nothing will save you.”
He also recommends not blinking an eye when spending money on books, content, and courses. Billionaires, even millionaires, literally don’t give these costs a second thought—neither now or before they made their money. That’s exactly why they’re successful now.
“There are two things no one ever goes broke from,” Lopez says. “Giving to charity and doubling down on knowledge. Charity gives you purpose and knowledge cannot rust, rot, or depreciate.”
The more he learns, the more he earns. So can you. All it takes is dedicated commitment to consuming information like billionaires.
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