I've talked here about reading aloud to our children & I enjoy posting what books we are currently reading. It is our favorite part(s) of the day! Each day, we spend hours reading & reading aloud. Here is a great article about reading aloud to your children.
As the article mentions, reading aloud lays the foundation for your children's independent reading but you shouldn't stop once your child can read! Nor should you read at their reading level- pick books above their level! Eric read through the Lord of the Rings series when Matthias was a baby (that means Patricia was 4ish & Benjamin was 2ish). Take the time to read great literature! (Don't worry- we read a lot of picture books too, especially just before bed.) In addition to laying a foundation to your child's reading, reading aloud gives us opportunities to TALK with our children, which is key to truly educating our children.
Both reading & reading aloud are lost arts in our society. This is sad b/c it is such a joy & great tool to use in educating our children!