200 self-made millionaires had their after work habits studied. Here's what they all had in common.

Everyone wants to be a millionaire.

For a select few, they've managed to make the cut, often thanks to intergenerational wealth and a bit of luck. For others, they've worked hard and found success in another way, becoming what we know as 'self-made millionaires'.

For decades, we've looked closely at the super-successful and wondered what exactly it takes to get to that level. What do they eat for breakfast? How do they remain productive, even in energy slumps? And... what do they do in their spare time?

It's the latter question that has recently been answered in a five-year study that looked at more than 200 self-made millionaires to examine their habits and behaviours. And it turns out, endlessly scrolling on TikTok and Instagram isn't a big part of their daily habit (a shock to phone-obsessed me!).

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Interestingly, a whopping 86 per cent spend AT LEAST an hour reading after they've finished working, usually soaking up some chapters from self-improvement books.

The study was conducted by Tom Corely, the author of the award-winning book Rich, and he explained to Mamamia the sheer range of extra-curricular activities mentioned. 

And when Corely asked the people not as financially well off in his study, their answers were starkly different.

"A lot of them said 'well I work really hard during the day, and I'm tired when I get home so I'll have a beer, watch some TV, and go to bed'. There was a great difference – the size of the Grand Canyon – between the extra-curricular activities and habits," he said on Mamamia's Eight Minutes to Change Your (Work) Life podcast.

Spending a year analysing the data, Corely found that the time the self-made millionaires didn't spend watching TV compared to the average income earners was replaced with reading time. 

"They would devote an hour or two a day to reading before they went to bed – 88 per cent did more than 30 minutes of reading a day, and 86 per cent did at least an hour of reading. In comparison, only two per cent of average income earners were doing that," he explained.

Corely might be onto something.

Ellie Swift is a self-made millionaire, whose company has made approximately three million in the last five years.  

Speaking to Mamamia, Ellie said reading a combination of non-fiction and fiction has been transformative in helping her unwind after work, and also expand her horizons.

"Reading is both my No.1 hobby and the habit I'd credit most for my business success. There's no way I would have made multiple millions in my business without my consistent reading habit," she explained.

"The habit looks like this: I start and finish my day with books. In the morning over breakfast, I read a chapter of non-fiction – usually business or personal development – as part of my morning routine, and then finish my day with 30 minutes of reading time in bed before lights out."

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As Ellie said: "The evening ritual provides the escapism I need from entrepreneur life and acts as a gateway between the busyness of my day and the relaxation required to access deep sleep!"

Leela Cosgrove is a self-made millionaire who grew up on a housing commission estate in Brisbane, surrounded by violence, drug use and the ongoing rhetoric that she would amount to nothing. Now she runs a company that turns over two million a year, with over $19 million made in the last decade.

In her spare time, she swears by reading voraciously. And reading both fiction and non-fiction.

"I read non-fiction in the morning and fiction at night – because fiction is JUST as important to help you understand people and storytelling (a key factor in the success of ANY entrepreneur)," she told Mamamia.

"When I first started out in business 15 years ago, I read a lot of 'business books'. But honestly, there's really only so far you can go with them before it's the same thing over and over again. Now, my focus is more on books that are based around research, psychology, and spirituality."

And as for fiction, Leela is a big fan of the sub-genre 'witch lit' – primarily written by female authors and storylines often based on mythology. It's a way to decompress after a busy day and unwind with something still mentally stimulating but extra enjoyable.

I've never met a self made millionaire who didn't love reading and learning.

— Zain Jan (@zainjanofficial) January 9, 2023

When Jackson Yin arrived in Australia as an international student in 1996, all he had was $700 and a suitcase. Today, he has successfully built a business with a turnover exceeding eight figures, supplying hundreds of Australian families with affordable flatpack kit homes.

"I firmly believe reading and continuous self-betterment should be the daily habit of successful people," Jackson told Mamamia.

"Knowledge is power indeed! Thanks to the habit of reading, I managed to complete my studies, find a graduate job, and later on build a successful business. I continue reading books, newspapers, magazines, and web blogs every day to immerse myself into topics such as news, business, technology, finance, and arts, culture and history."

Ultimately, habits can put us on autopilot towards success. 

So if reading more per day will get me towards financial independence and personal growth – count me in!

Book recommendations:

Leela's non-fiction recommendations. 

Deep Work by Cal Newport. "This is a book every entrepreneur needs to read. It's all about how to eschew shallow work in favour of depth, and the ways in which this not only lets us be productive but – more importantly – fulfilled in our work. I re-read this book at least once a year."

The Art of Asking by Amanda Palmer. "Amanda is a musician, who also happens to be a pretty amazing entrepreneur. This book is such a perfect reminder that no one can build anything on their own, and we all need to know when to ask for (and allow people to) help."

Ellie's non-fiction recommendations.

Overdeliver by Brian Kurtz. "Marketing isn't the only thing. It's everything. Overdeliver helps readers build a business that maximises both revenue and relationships."

We Should All Be Millionaires by Rachel Rodgers. "It details a realistic, achievable, step-by-step path to create the support, confidence, and plan you need to own your success."

Big Magic by Elizabeth Gilbert. "This one is all about creating lives beyond fear!"

Leela's fiction recommendations. 

Wrath Goddess Sing by Maya Deane. "A stunning take on the Iliad with Achillies as a trans woman (written by a trans woman)."

Mists of Avalon by Marion Zimmer Bradley. "Arguably the book that started it all – the Arthurian legend from the women's point of view."

Ellie's fiction recommendations.

Where The Crawdads Sing by Delia Owens. "An all-time favourite. It follows a young girl abandoned by her family and shunned by her local community. Soon, she finds herself framed for her former boyfriend's death."

It Ends With Us By Colleen Hoover. "It's a captivating story and an unforgettable tale of love that comes at the ultimate price."

The Good Sister by Sally Hepworth. "Sally Hepworth is a New York Times bestselling author. This book grapples with complex family relationships, and has a gripping plotline."

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