Warren Buffett reads 500 pages a day. Here’s what that has to do with your debt.

Dear Chuck,

I have struggled with financial worries and stress most of my life. I brought it into our marriage, and after 21 years, I can’t shake it. I want to get better at managing money but need more than just another attempt at cutting up the credit cards and living on a budget.

Stressed to the Limit

Dear Stressed to the Limit,

Thank you for writing to us. I hope we can help set you on a new path.

Many people spend decades earning income but very little time learning how to manage it. As a result, they work hard but struggle with debt, stress, and marriage strife. I call it the “money but no margin” dilemma. It feels like living with a hole in the bottom of the bucket. No matter how much water goes in, nothing is retained.

Change beliefs before behavior

Financial literacy can plug that hole in the bucket by helping you change what you believe about managing money. Too often, people are told what to do but never told what to believe. Once you change what you believe, you can begin to budget wisely, eliminate debt, save consistently, invest prudently, and make decisions that build long-term stability.

The Bible places a high value on wisdom and understanding. Proverbs 4:7 (NIV) says, “Wisdom is supreme; therefore get wisdom. Though it cost all you have, get understanding.”  Read that again. What a profound financial statement — wisdom is priceless. And it is worth pursuing regardless of the cost, because it influences every area of life, including what you believe about money and the way you manage the money God entrusts to you.

Financial wisdom

One of the highest-return investments you and your loved ones can make is in financial wisdom. The starting point is to learn financial literacy. It can be attained in several ways: reading good books, learning from financially wise mentors, taking a biblical stewardship course, and listening to trusted financial teachers. Ask questions and seek answers. Become a lifelong learner. And put that knowledge to action!

What we put into our minds impacts the decisions we make with money. So, we need to be selective and protective. Wise financial literacy gained today can save you thousands of dollars tomorrow. It can help you avoid mistakes and enable you to experience peace and serve others.

Importance of reading

Warren Buffett has famously said he spends much of his day reading because knowledge compounds over time, much like money. Reading broadens your perspective, sharpens your judgment, and helps you avoid costly financial mistakes.

“I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So, I do more reading and thinking and make less impulse decisions than most people in business. I do it because I like this kind of life” (Warren Buffett).  

“Read 500 pages every day. That’s how knowledge works. It builds up like compound interest” (Warren Buffett).

Reading Scripture, biographies, and sound financial books equips you to make wiser decisions, recognize opportunities, and steward God’s resources faithfully. A growing mind leads to better choices, and better choices often lead to greater financial freedom and lasting impact. I estimate that I have read more than 200 books on the topic of personal finances. Not all of them were helpful, by the way. I judge them whether or not they align with God’s Word.

Importance of reading the Word

Numerous studies cite the benefits of reading. But how do we know if the advice is worthwhile if we do not know what the Bible says on the topic? Know the Word of God and judge all advice against it.

The impact of reading the Bible, accompanied with books by wise authors, impacts financial health in the following ways: career growth, financially rewarding employment, and discernment and understanding in setting goals — along with handling money today, tomorrow, and into eternity.

Meditating on the Word of God shapes our thoughts and reshapes how we make financial decisions, set goals, and view money altogether. It transforms our priorities because we begin to value what God values.

Regular meditation on God’s Word forms our worldview and influences our values. It shifts our focus from temporary gain to eternal purpose. This helps us pursue goals aligned with God’s Kingdom instead of personal success. It brings wisdom into decision-making so we avoid impulse spending, exercise patience and self-discipline, and seek counsel before reacting emotionally.

God’s Word cultivates contentment, freeing us from comparison and the desire for more. Consistent reflection on God’s provision and grace fuels generosity. We learn to view money as a tool to bless others. Biblical financial principles don’t just inform financial behavior; they transform the heart behind it.

“This Book of the Law shall not depart from your mouth, but you shall meditate on it day and night, so that you may be careful to do according to all that is written in it. For then you will make your way prosperous, and then you will have good success” (Joshua 1:8 ESV).

A case to become an avid reader

According to an article at The Atlantic, many people are not reading:

• The National Endowment for the Arts survey: Fewer than half of all adults reported reading any book in 2022.
• The American Time Use Survey: The proportion of Americans who read for pleasure on any given day fell from 28% in 2004 to 15% in 2023.
• Gambling has become a more common leisure activity than reading a book.
• Books are simpler than in the past. New York Times best sellers today are about 1/3 shorter than they were a century ago.
• Americans’ basic reading skills are declining.
• A national test in 2024 showed that 35% of high-school seniors were “proficient” at analyzing complex fictional themes and evaluating the effectiveness of an author’s argument.
• Adult literacy scores have dropped. 30% of American adults cannot paraphrase or make inferences from a multipage text. In 2017, the number was less than 20%.
• Children are not being read to as in the past, while fewer teens are reading for pleasure.

“Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day” (Charlie Munger).

“Reading was the only amusement I allowed myself” (Benjamin Franklin).

“We must read, not only for what we read but for what it makes us think” (Louis L’Amour).

“A man only learns by two things; one is reading and the other is association with smarter people” (Will Rogers).

Here are some good articles for extra reading:

Why Leaders Must Be Readers
Successful Leaders Are Avid Readers
Leaders Are Readers

If credit card debt is adding to your financial worries, Christian Credit Counselors can help. As a trusted Crown partner, they provide personalized debt management plans designed to reduce debt, lower financial stress, and help you regain control of your finances.