A man has been trying to cut a tree for hours but couldn't get the job done, so his neighbor
comes in and says: “you know what!
Why don't you try to sharpen your saw first, You're going to cut the tree much faster”
The man replies - “sharpening the saw is going to take a lot of time.
I am busy, i don't have time!
Can't you see that!”
This situation seems dumb, But the reality it, most of us are that dumb person with a
dull saw.
We complain about our dark financial situation while we can't even find an hour a week to
read a book on personal financial and learn how to manage our money better.
It's weird how people complain about their health, their inability to focus and struggle
to fall asleep, while they don't even set aside a few hours a week to exercise to keep
their body and mind healthy.
The guy who doesn't exercise is no different from the guy who is trying to cut the tree
with a dull saw and yet complains that he doesn't have the time to sharpen it.
You know how it is.
You graduate, find a decent job and never leave that comfort zone unless you are forced
out, while successful people all embrace learning throughout their lives, and that's why they
are successful.
Let's find out how to keep your saw always sharp?
Why do successful people follow the 5-hour rule?
And what is the 5-hour rule in the first place?
We will answer all of these questions and many, so smash that like button for the YouTube
algorithm and let's thank our sponsor, Datacamp, for making this video possible.
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And now, let's get back to the video.
The 5 Hour Rule
The 5-hour rule simply states - No matter how busy, successful people are, they always
spend at least an hour a day — or five hours a week — learning or practicing.
And they do this across their entire career.
The idea sounds simple but yet it is so powerful, and its the driving force behind most successful
people.
The rule is traced back to Benjamin Franklin, who was one of the founding fathers and also
a scientist, inventor and writer and was also known for constantly setting aside time to
learn.
The first thing he would do in the morning is read and write.
Warren Buffett, who is undoubtedly the greatest investor of all time, who made more money
than he could possibly spend, spends 80 percent of his day reading.
He reported reads around 600 pages every single day, I guess that's how he finds such great
investments.
That's how knowledge works.
It builds up like compound interest.
His friend Charlie Munger who is also a billionaire, said:
I constantly see people rise in life who are not the smartest, sometimes not even the most
diligent, but they are learning machines.
They go to bed every night a little wiser than they were when they got up, and boy does
that help, particularly when you have a long run ahead of you.
But Buffett isn't the only one who credits his success to reading.
The CEO of Tesla and SpaceX, Elon Musk, reportedly tough himself how to build rockets by reading
books.
The idea of starting a private space company seemed so crazy back then that no one was
willing to risk his career and join SpaceX as the CEO, so Musk had to teach himself rocket
science.
Bill gates who also doesn't need an introduction, made more money than most of you will probably
make in their entire lives, reads at least 50 books a year.
You can check out his favorite books on his channel.
Yeah, bill gates is also a YouTuber.
Let me give him a shoutout.
Whenever Benjamin Franklin would spend an hour learning or reading, he would accomplish
less on that particular day, however in the long, that knowledge would make him wiser
and more productive and would help him achieve significantly more.
It doesn't matter who the person is and how successful they are.
Whether they have toppled the Forbes billionaires list or became community leaders or successful
teachers or engineers, they have made learning an important part of their lives.
When I got into the stock market for the first
time, I would spend weeks analyzing a single company to find a good investment.
I was pretty bad at all of these things back then, but then I took a course on accounting
and finance.
I learned how to quickly read financial statements, analyze them and what to pay attention to
when reading quarterly reports.
And after learning a few techniques, now I can analyze a company much faster hence saving
myself a lot of time.
I can analyze a dozen of companies in the same amount of time that it used to take me
to analyse just one company.
When I took that course, I didn't accomplish much on that day, but over the long period,
I have saved myself a ton of time and made my time more valuable.
Most people get stuck in a job that they do every day for years without putting the time
to learn how to do that job more effectively or at least how to do that job much better
hence raise the amount of money they can earn in the same amount of time.
Here is how to implement the 5-hour rule
Divide your learning into three categories.
The first one is basic skills such as communication, personal finance, nutrition.
The more you improve your social skills, the better your social life is going to get, the
easier it will get to make new friends or connections.
And believe me, connections are underrated.
Sometimes all that you need is one good connection to build a successful business.
Secondly - general knowledge.
The world is moving too fast, and with every new innovation, new opportunities arise.
Whoever keeps himself up to the latest tech takes advantage out of them.
Cryptos are a great example.
Anyone who have spent at least a few hours learning about them when they weren't mainstream
has probably earned a few million dollars out of them.
The same could be said about the internet, electric cars, and more.
And guess what!
There will always be more opportunities ahead, so expand your knowledge!
And lastly, improve your professional skills.
Whatever your job, there are certainly ways to do your job a bit faster, better, or easier.
I am an investor, and part of what I do is read a lot.
Before I pick a certain company, I have to read everything about it just o be confident
that I am investing in the right company, and one of the best skills I have developed
is speed reading.
What used to take me an hour to read is now taking me just 20 minutes at best.
Or when I am researching a topic for a video, I have to do a lot of reading, sometimes I
have to read an entire book just to make a video.
That's when speeding helps a lot to speed up the process.
The 5-hour rule consists of 3 major steps.
The first is reading.
If an hour seems too much, start with 20 or 30 minutes.
If you don't have the time for that, at least listen to an audiobook.
By the way, I use audible, and there is an affiliate link in the description if you wish
to support the channel.
Secondly, reflect!
It's not just about reading but making sure that you get the best out of what you read.
Ask questions and take some time to answer them.
There is always more to what you read besides what you get at first glance.
And finally, experiment.
Learned something new?
Try it out!
Ben Franklin and Thomas Edison became leading inventors and thinkers because of their experiments.
We have Gmail because Google allowed employees to experiment with new ideas.
Experiments show you what's working.
If you can't apply your knowledge in real life, there is little use to it.
When you make learning a habit, you'll very likely be more successful and productive across
different areas of your life.
By investing in a reading habit, you can ensure you're growing.
I hope you guys have enjoyed this video.
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We are trying our best to make great videos for you and hopefully help you achieve your
financial goals.
Thanks for watching and until next time.