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5-Hour Rule: If you're not spending 5 hours per week learning, you're being irresponsible
Charlie Munger
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IDEA EXTRACTED FROM:
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Key Ideas
Learning is an investment
Benjamin Franklin said, “An investment in knowledge pays the best interest.” It's the reason Warren Buffett (& other successful individuals) spends 80% of his time reading.
Automatization Problem
The irony is that the problem isn’t a lack of jobs. Rather, it’s a lack of people with the right skills and knowledge to fill the jobs.
Knowledge has Compound Value
But, unlike money, when you use knowledge or give it away, you don’t lose it. In fact, it’s the opposite. The more you give away knowledge, the more you remember it, connect it with other ideas, etc.
Intellectual Capital
Knowledge is the new money. While goods and services are becoming demonetized and replaced by machines, knowledge is becoming increasingly valuable.
Mastering the knowledge economy
- Identify valuable knowledge at the right time. Things move fast.
- Learn and master that knowledge quickly. Take advantage of existing opportunities.
- Communicate the value of your skills to others.
- Convert knowledge into money and results. Get a better job, demand better fees, etc.
- Learn how to financially invest in learning to get the highest return. Find the right “portfolio” of books, online courses etc.
- Master the skill of learning how to learn.
Demonetization (or Dematerialization)
The term coined by futurist Peter Diamandis is a process by which technology is rendering previously expensive products or services much cheaper — or even free.
It's mainly happening because we are moving hardware products to software. For example, the phone today has about $1M of applications from a decade ago.
SIMILAR ARTICLES & IDEAS:
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Key Ideas
The modern polymath
... is someone who becomes competent in at least 3 diverse domains and integrates them into a top 1-percent skill set.
In another words, they bring the best of what humanity has discov...
Creating an atypical combination of 2+ skills
Even if you're merely competent in these skills, combining them can lead to a world-class skill set.
Example: Scott Adams, the creator of Dilbert, one of the most popular comic strips of all time, was not the funniest person, not the best cartoonist, and not the most experienced employee. But by combining his humor and illustration skills while focusing on business culture, he became the best in the world in his niche.
Creative breakthroughs
Most creative breakthroughs come via making atypical combinations of skills.
Researcher Brian Uzzi, a professor at the Northwestern University Kellogg School of Management, analyzed more than 26 million scientific papers going back hundreds of years and found that the most impactful papers often have teams with atypical combinations of backgrounds.
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Key Ideas
Meaningful productivity
The best work happens in short intensive deep work spurts (1–3 hours, no distractions).
Your best thinking will actually happen while you’re away from your work, “recovering.” B...
The first 3 hours of the day
...are your most precious for maximized productivity.
Your brain is most attuned first thing in the morning, and so are your energy levels. Consequently, the best time to do your best work is during this time.
The “90–90–1” rule
Spend the first 90 minutes of your workday on your #1 priority, nothing else.
Zero distractions. Just get that work done.
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Key Ideas
The 5-Hour Rule
The most successful, busy people in the world dedicate at least 5 hours a week to deliberate learning.
The 5-Hour Rule is the most critical practice we can all adopt for long-term career suc...
The Simple Math
It takes about 6,400 hours of class time and studying to get a 4-year degree. Assume that it takes you only 5,000 hours to master your field.
While you are happy that you've prepared for your profession, the knowledge you've learned is fast becoming outdated. We can safely assume that in 10 years, 50% of the facts in the field would be outdated. This means that for you, just to keep up in your current field, you'd need to learn 5 hours per week, 50 weeks a year.
Trends To Consider
When we consider the future of work, there are two trends we should keep a note of. They are:
- Half-life of knowledge
- Law of increasing learning
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