Affluent Savvy
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What do billionaires read daily?

Consider the extreme reading habits of other billionaire entrepreneurs: Warren Buffett spends five to six hours a day reading five newspapers and 500 pages of corporate reports. Bill Gates reads 50 books a year. Mark Zuckerberg aimed to read at least one book every two weeks.

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Many leaders try and set aside at least an hour a day for things like deliberate practice or learning — what author Michael Simmons calls a "five-hour rule." These hours could be spent reading, following the example of leaders like Oprah, Bill Gates, and Warren Buffett.

Others, like Jack Dorsey, set aside their time for reflecting and thinking.

Visit Business Insider's homepage for more stories.

Top editors give you the stories you want — delivered right to your inbox each weekday. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy In the article "Malcolm Gladwell got us wrong," the researchers behind the 10,000-hour rule set the record straight: Different fields require different amounts of deliberate practice to become world class.

If 10,000 hours isn't an absolute rule that applies across fields, what does it really take to become world-class in the world of work?

Over the past year, I've explored the personal history of many widely admired business leaders like Elon Musk, Oprah Winfrey, Bill Gates, Warren Buffett, and Mark Zuckerberg to understand how they apply the principles of deliberate practice. What I've done does not qualify as an academic study, but it does reveal a surprising pattern. Many of these leaders, despite being extremely busy, set aside at least an hour a day (or five hours a week) over their entire career for activities that could be classified as deliberate practice or learning.

I call this phenomenon the five-hour rule.

How the best leaders follow the 5-hour rule

For the leaders I tracked, the five-hour rule often fell into three buckets: reading, reflection, and experimentation.

What is the smartest thing to do with a large sum of money?
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Pay down debt: One of the best long-term investments you can make is to pay off high-interest debt now. This is especially true of credit card...

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Do banks return money if scammed?

The Consumer Financial Protection Bureau is the regulator responsible for enforcing Regulation E, the 1978 federal rule that requires banks to repay customers if their money is stolen from a consumer account through an electronic payment initiated by another person.

Reports of scams and fraud on the bank-owned payment network Zelle are surging, but banks have refused to refund customers for most of their losses — at times outright flouting a federal consumer protection law, according to a report released on Monday by Senator Elizabeth Warren of Massachusetts. The report, based on data sent to Ms. Warren by several of the banks that run the Zelle network, is the first public glimpse of the size and scope of customers’ fraud claims. The claims at the four banks that provided data are on pace to exceed $255 million this year, up from $90 million in 2020, according to the report. Banks draw a distinction between what they consider scams — when a customer is tricked into sending money to a thief — and fraud, when an unauthorized person gains access to a consumer’s account and siphons off cash. Banks typically won’t refund customers who were scammed, but they are required by law to repay customers whose money is stolen through an electronic transfer that they did not authorize. The data that banks provided indicated that they reimbursed only 47 percent of the money that clients claimed was taken without their authorization in 2021 and the first half of 2022, according to Ms. Warren’s report.

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