Read a plethora of picture books and your children will let you know their favorites; read favorites again and again. Make sure you balance fiction and nonfiction, even from the early years. Let your child see you being a voracious reader and a bit book crazy; have books everywhere (e.g., "johnny books" in the bathroom, books on nightstands, books on the kitchen table, books in the car and even books hiding in Mom's purse.)
Hook into your child's hobbies and get books on soccer, stamps, pirates, a variety of crafts, etc. Take a Saturday trip to the bookstore and explore the newest picture book gems. Look for books that have a chanting sound that beg to be read again and again.
Parents are the first and most important cheerleaders for reading; they set the stage for life-long reading.
Don't forget the wonderful habit of going to the library. Sample books to see which books will be read again and again.
Shel Silverstein poetry books are favorites and poems allow for rereading delights (e.g., Light in the Attic; Where the Sidewalk Ends).
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A thought . . .
Reading means quiet time and too many tugs on time may mean less reading. I wish parents would carefully consider the time tugging items and activities they shower on their children. (e.g., i-Pods, TV, wondering around malls, sleepovers, cell phones, unsupervised computer time on YouTube/MySpace). Is it any wonder students are not selecting to read as a favorite activity? Be creative and arrange for your child to have "free-time" moments so he/she will grab a book. Perhaps, by not being so willing to allow your child to "fill up" all of their waking time, habits for balancing time will be learned.