Habits of the Rich

habitsSometimes, improving oneself is not so difficult as there are so many ways in which one can improve.  A good option is to mirror the behavior of successful people and one yardstick to measure success is to look at how rich and wealthy people are.  Mind you, there are many other yardsticks to measure success, but for the time being, let’s look at the Rich.

Tom Corley, author of “Rich Habits: The Daily Success Habits Of Wealthy Individuals” spent five years studying the lives of both rich (defined as having an annual income of $160,000 or more and a liquid net worth of $3.2 million or more) and poor (defined as having an annual income of $35,000 or less and a liquid net worth of $5,000 or less) people.

He managed to segment what he calls, “rich habits” and “poverty habits”, meaning the tendencies of those who fit in each group.  But Corley explains that everyone has some rich habits and some poverty habits.  “The key is to get more than 50% to be rich habits.” he says.

So what are those rich habits that are so influential?

Rich people always keep their goals in sight:

“I focus on my goals every day.”                                                  Rich = 62% vs. Poor =  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 continues, “if it has two things: it’s achievable and there’s a physical action you can take to pursue it.”

They know what needs to be done today:

“I maintain a daily to-do list.”                                                        Rich = 81% vs. Poor = 19%

The wealthy not only keep to-do lists, but 67% of them complete 70% or more of those listed tasks each day.

They don’t watch much TV:

“I watch TV one hour or less per day.”                                        Rich = 67% vs. Poor = 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.  “The 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 behavior—reading.”

They read.. but not for fun:

“I love reading.”                                                                                   Rich = 86% vs. Poor = 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 self-improvement 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 = 63% vs. Poor =  5%

Even if you aren’t into audiobooks, you can make the most of your commute with any commute-friendly, self-improvement activity.

They make a point of going above and beyond at the office:

“I do more than my job requires.”                                                Rich = 81% vs. Poor = 17%

It’s worth noting that while 86% of rich people (compared to 43% of poor) work an average of 50 or more hours per 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 =  6% vs. Poor = 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 value their health:

70% of wealthy people eat less than 300 junk calories per day, compared to 97% of poor people who eat more than 300 junk calories per day.

And they are always prepared for their smiles:

“I floss every day.”                                                                             Rich = 62%  vs. Poor = 16%

Enough said.  Not really.  One more.

6% of wealthy people say what’s on their minds, compared to 69% of poor people who don’t.

Found any habits you already have and some more that you could adopt?

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