In
fact, your daily habits may be a major determinant of your wealth.
"The metaphor
I like is the avalanche," says Thomas Corley, the author of "Rich
Habits: The Daily Success Habits of Wealthy Individuals." "These
habits are like snowflakes — they build up, and then you have an avalanche of
success."
Corley
spent five years studying the lives of both rich people (defined as having an
annual income of $160,000 or more and a liquid net worth of $3.2 million or
more) and poor people (defined as having an annual income of $35,000 or less
and a liquid net worth of $5,000 or less).
He
managed to segment out what he calls "rich habits" and "poverty
habits," meaning the tendencies of those who fit in each group. But,
Corley explains, everyone has some rich habits and some poverty habits.
"The key is to get more than 50% to be rich habits," he says.
And
what are those rich habits that are so influential? Here are a few:
Rich people always keep their goals in
sight.
Rich people who agree: 62%
Poor people who agree: 6%
Not
only do wealthy people set annual and monthly goals, but 67% of them put those
goals in writing. "It blew me away," says Corley. "I thought a
goal was a broad objective, but the wealthy said a wish is not a goal." A
goal is only a goal, he says, if it has two things: It's achievable, and
there's a physical action you can take to pursue it.
And they know what needs to be done today.
"I maintain a daily to-do list."
Rich people who agree: 81%
Poor people who agree: 19%
Rich people who agree: 81%
Poor people who agree: 19%
Not
only do the wealthy keep to-do lists, but 67% of them complete 70% or more of
those listed tasks each day.
They don't watch TV.
"I watch TV one hour or less per
day."
Rich people who agree: 67%
Poor people who agree: 23%
Rich people who agree: 67%
Poor people who agree: 23%
Similarly,
only 6% of the wealthy watch reality shows, compared to 78% of the poor.
"The common variable among the wealthy is how they make productive use of
their time," explains Corley. "They wealthy are not avoiding watching
TV because they have some superior human discipline or willpower. They just
don't think about watching much TV because they are engaged in some other
habitual daily behaviour — reading."
They read … but not for fun.
"I love reading."
Rich people who agree: 86%
Poor people who agree: 26%
Rich people who agree: 86%
Poor people who agree: 26%
Sure,
rich people love reading, but they favor nonfiction — in particular,
self-improvement books. "The rich are voracious readers on how to improve
themselves," says Corley. In fact, 88% of them read for 30 minutes
each day, compared to 2% of poor people.
Plus, they're big into audio books.
"I listen to audio books during the
commute to work."
Rich people who agree: 63%
Poor people who agree: 5%
Rich people who agree: 63%
Poor people who agree: 5%
Even
if you aren't into audiobooks, you can make the most of your commute with any
of these commute-friendly self-improvement activities.
They make a point of going above and
beyond at the office.
"I do more than my job
requires."
Rich people who agree: 81%
Poor people who agree: 17%
Rich people who agree: 81%
Poor people who agree: 17%
It's
worth noting that while 86% of rich people (compared to 43% of poor) work an
average of 50 or more hours a week, only 6% of the wealthy people surveyed
found themselves unhappy because of work.
They aren't hoping to win the jackpot.
"I play the lottery regularly."
Rich people who agree: 6%
Poor people who agree: 77%
Rich people who agree: 6%
Poor people who agree: 77%
That's
not to say that the wealthy are always playing it safe with their money.
"Most of these people were business owners who put their own money on the
table and took financial risks," explains Corley. "People like
this aren't afraid to take risks."
They watch their waistline.
"I count calories every day."
Rich people who agree: 57%
Poor people who agree: 5%
Rich people who agree: 57%
Poor people who agree: 5%
Wealthy
people value their health, says Corley. "One of the individuals in my study
was about 68 and worth about $78 million. I asked why he didn't retire, and he
looked at me like I was from Mars. He said, 'I've spent the last 45 years
exercising every single day and watching what I eat because I knew the end of
my career would be my biggest earning years.' If he can extend his career four
to five years beyond everyone else, that's about $7 million for him."
And they take care of their smiles.
"I floss every day."
Rich people who agree: 62%
Poor people who agree: 16%
Rich people who agree: 62%
Poor people who agree: 16%
Enough said.
