Rich Habits Poor Habits Episode 1 | The Results of a 5-Year Study Discovering Why the Rich Keep Getting Richer

Almost everyone wants to become rich.42794377_l

According to Tom Corley’s 5 year Rich Habits research, being rich eliminates 67% of the problems that plague most people.

So, besides being able to buy that house by the beach, a Rolex watch or travel to exotic places, being rich means fewer problems in life.

Fewer problems equals less stress.

Less stress equals a healthier and happier life.

Watch this video as Tom and I chat about his 5 year study into the success habits of the rich – and it we discussed what I think was some intriguing information.

You’ll learn about:

    • The difference between rich habits and poor habits
    • What the rich do to become…rich
    • How your Reticular Activating System controls your thoughts and habits
    • How habits are formed and how to change hem

 

 

 

 

Rich Habits Poor Habits Episode 23 | Common Habits Stopping People From Getting Rich Part 1

Are your habits preventing you from getting rich?

In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered that your habits dictate your circumstances in life.

In this week’s video we discuss 5 common habits holding people back from being Rich.

These include:

1. Gambling

There is no such thing as getting rich quick.

Financial success takes time, takes initiative, and requires relentless effort

Those who gamble are deluded into thinking there is a shortcut to success.

In his study, 52% of poor people gambled on sports at least once a week and 77% played the lottery every week.

Conversely, 84% of rich people did not bet on sports and 94% did not play the lottery.

Self-made millionaires don’t pursue any get-rich quick schemes.

Instead, they make a habit of pursuing their dreams and their goals.

2. Eating an unhealthy diet

Poor health habits create detrimental luck.

In his study, 97% of poor people ate over three hundred junk food calories each day, 69% ate fast food three or more times a week, 69% ate candy more than twice a week, and 66% were overweight by at least 30 pounds.

Wealthy people value their health.

In addition to eating healthy, they exercise consistently, sleep seven or more hours every night, and make a daily habit out of flossing.

3. Drinking too much alcohol wine drink alcohol

While the occasional glass of wine or beer is fine, drinking too much could impede your chances of financial success.

Fifty-four percent of the poor in my study drank more than two glasses of beer, wine, or alcohol each day.

Eighty-four percent of the self-made millionaires in my study drank less than that.

Drinking too much could affect your memory and ability to think clearly.

Plus, it’s a lot of extra calories and isn’t part of a healthy diet.

4. Hanging out with toxic people

Who you hang out with matters more than you may think.

Eighty-six percent of the rich people in Corley’s study made a habit out of associating with other success-minded individuals.

They also make a point to limit their exposure to toxic, negative people.

On the flip side, only four percent of the poor in my study associated with success-minded individuals.

Ninety-six percent associated with negative, toxic individuals.

You are only going to succeed in life if you surround yourself with the right type of people.

5. Watching too much TV

Seventy-seven percent of the poor in my study watched more than an hour of TV every day. children-403582_1280

Sixty-seven percent of the self-made millionaires in my study watched less than an hour of TV every day.

The rich would rather be educated than entertained.

They replace TV time with reading, thinking, exercising, or any other form of self-education.

Making productive use of time is a hallmark of self-made millionaires

Wasting time is a hallmark of poor people.

You can catch up with past episodes of this weekly webcast here Rich Habit, Poor Habits – Tom Corley & Michael Yardney

You may also be interested in viewing:

RICH HABITS POOR HABITS EPISODE 22 | WHAT DOES IT TAKE TO BE SUCCESSFUL PART 2

RICH HABITS POOR HABITS EPISODE 21 | WHAT DOES IT TAKE TO BE SUCCESSFUL PART 1

RICH HABITS POOR HABITS EPISODE 20 | NO IS A RICH HABIT

RICH HABITS POOR HABITS EPISODE 19 | IS BEING RICH OR POOR A CHOICE?

 

 

 

 

SUCCESS Magazine Audio Interview With Darren Hardy – 16 Habits of the Very Rich

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If you want to hear more of these amazing SUCCESS Magazine interviews you can find them here, at SUCCESS Podcasts.

 

Top 6 Habits of Successful Entrepreneurs

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The life of an entrepreneur isn’t easy. The early stages of every start-up is fraught with obstacles, potholes, dead ends and wrong turns. I know a lot about successful entrepreneurs because I studied 177 self-made millionaires over a five year period in order to find out exactly what they did to become successful. I share much of that research in my book, Change Your Habits Change Your Life. One of the things I share in my book is that entrepreneurs have certain routines that enable them to navigate around or overcome the many obstructions that get in their way. Below is a snapshot of six of the top habits, the successful entrepreneurs from my study, had in common:

#1 They Are Obsessed With Self-Education

Successful entrepreneurs educate themselves like their life depended on it. They read books, articles and blogs. The listen to podcasts and audio books. They watch TEDx talk, educational videos and YouTube interviews of successful people. According to my research, 88% of self-made millionaires read thirty minutes or more every day solely for self-education.

#2 They Seek Out Expert Mentors

Successful entrepreneurs find mentors who are experts at what they do. They ask them questions, tapping their knowledge and experience. Finding a mentor is the fast track to wealth accumulation according to my study. Ninety-three percent of the rich in my study who had success mentors attributed their wealth to those mentors. Since the average rich person in my study was worth $4.3 million, this means finding a mentor is like having someone deposit $4.3 million into your bank account. Mentors smooth out the path towards success. They help you avoid making mistakes.

#3 They Are Real Life Action Heroes

Successful entrepreneurs are a lot like action heroes in that they take action that makes most people cower in fear. They take action because they know that only by taking action will you figure out what works and what doesn’t work. Action leads to knowledge, learning and growth. Successful entrepreneurs understand that in order to become successful they need to grow into the person they need to be in order for success to happen.

#4 They Are Process Oriented

Once they figure out what works, successful entrepreneurs document it. They create written processes for everyone on their team to follow. These processes automate success and minimize mistakes and errors.

#5 They Find Apostles for Their Cause

Successful entrepreneurs spend years finding and building a team of talented individuals. According to my research, it takes an average of three years to find the right team. Successful entrepreneurs are quick to fire and slow to hire, because most have very limited working capital starting out. They don’t have the luxury to carry anyone who isn’t adding value and helping them pull the cart. The successful entrepreneurs diligently search for talented individuals who buy into their dreams and goals.

#6 They Don’t Follow the Herd

Successful entrepreneurs are not followers. They’re trailblazers. Because they are pursuing a dream, they are forced to separate themselves from the herd. The herd is risk-averse. They avoid anything that’s outside their comfort zone. Successful entrepreneurs embrace the new and the different. Those entrepreneurs who succeed, soon find themselves with their own herd. Success brings more and more people into the herd of successful entrepreneurs. These entrepreneurs understand that the more people they bring into their herd, the more successful they will be and the more wealth they will accumulate. Millionaires have hundreds in their herd, deca-millionaires have thousands, and billionaires have millions in their herd.

 

Never Quit on Your Dream – How One Author Landed a Big Time Publisher

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I’ve been a self-published author since 2008. My first book, Rich Habits. went on to become an Amazon bestseller in the U.S., Canada, the UK, Australia and India. Two subsequent books also went on to become bestsellers. One of them, Rich Kids, even won an award from Writer’s Digest, a well-respected trade publication for writers.

But, none of my success came easy. At every step, I encountered obstacles and setbacks.

After completing the manuscript for Rich Habits, I spent six months trying to secure a literary agent. I sent out over 140 query letters to literary agents in my genre (self-help). About half ignored me and about half sent me rejection notice after rejection notice.

After that major fail, I spent another six months sending out query letters to over a hundred publishers of self-help books. Only ten cared to respond and all ten said, “no thanks”.

I wallowed in depression for some time. As I saw it, two options: quit or self-publish. I decided to self-publish.

Being a self-published author is not a choice for most authors. Rather, it’s a fallback option for authors who are ignored or rejected by literary agents and traditional publishers. It costs money to self-publish I found out. I spent close to $20,000 to self-publish my books. I spent another $50,000 for PR companies, publicists, book promotions, book giveaways, travel (speaking engagements), website revamping/tweaking, and many other costs, too painful to recount.

Despite all of my mistakes and failures, I nonetheless succeeded. I learned that success in the author business requires daily dedication. It’s almost a full-time job. In defense of traditional publishers, they  know most self-published authors won’t do the things they need to do in order to succeed. Those few who are committed to becoming successful authors, do three things every day for many many years.

The Three Daily Habits of Successful Authors [Read more…]

Rich Habits Poor Habits Episode 22 | What Does it Take to be Successful Part 2

Is success just a matter of luck?
expert leader chess game strategy business win success lose think mind psychology

Despite most people thinking that successful people just got lucky – the reality is it take much more than that.

Rich successful people have developed certain habits and beliefs that have guided them through their.

In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered that your beliefs dictate your circumstances in life.

The wealthy adopt certain beliefs that promote success.

In this week’s video we discuss 10 habits that successful people posses

These include:

  1. All success requires an optimistic, positive mental outlook
  2. All success requires the development of processes that work
  3. All success requires adding value to the lives of others
  4. All success requires creating a herd of followers
  5. All success requires stepping outside your comfort zone
  6. All success requires laser-like focus
  7. All success requires developing unique skills and the acquisition of knowledge specific to your industry
  8. All success requires creating the opportunity for luck to occur
  9. All success requires the ability to pivot around obstacles, pitfalls, mistakes and failures
  10. All success requires the ability to survive until you thrive

You can catch up with past episodes of this weekly webcast here Rich Habit, Poor Habits – Tom Corley & Michael Yardney

You may also be interested in viewing:

RICH HABITS POOR HABITS EPISODE 21 | WHAT DOES IT TAKE TO BE SUCCESSFUL PART 1

RICH HABITS POOR HABITS EPISODE 20 | NO IS A RICH HABIT

RICH HABITS POOR HABITS EPISODE 19 | IS BEING RICH OR POOR A CHOICE?

RICH HABITS POOR HABITS EPISODE 18 | FEARLESS HABITS OF ENTREPRENEURS

 

 

 

 

Rich Habits Poor Habits Episode 21 | What Does it Take to be Successful Part 1

What does it really take to be successful? success risk wealth

Despite most people thinking that successful people just got lucky – the reality is it take much more than that.

Rich successful people have developed certain habits and beliefs that have guided them through their.

In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered that your beliefs dictate your circumstances in life.

The wealthy adopt certain beliefs that promote success.

In this week’s video we discuss 10 habits that successful people posses

These include:

  1. All success requires passion
  2. All success requires unrelenting persistence
  3. All success requires taking risks
  4. All success requires action
  5. All success requires hard work
  6. All success requires a team of apostles who believe in you and your dream
  7. All success requires continuous daily self-education
  8. All success requires a leap of faith
  9. All success requires patience
  10. All success requires good daily habits

You can catch up with past episodes of this weekly webcast here Rich Habit, Poor Habits – Tom Corley & Michael Yardney

You may also be interested in viewing:

RICH HABITS POOR HABITS EPISODE 20 | NO IS A RICH HABIT

RICH HABITS POOR HABITS EPISODE 19 | IS BEING RICH OR POOR A CHOICE?

RICH HABITS POOR HABITS EPISODE 18 | FEARLESS HABITS OF ENTREPRENEURS

RICH HABITS POOR HABITS EPISODE 17 | POOR BELIEFS PART 2

 

 

 

 

Will Your Child be Rich or Poor? 15 Poverty Habits Parents Teach Their Children

Tom Corley boats - cropWhen I travel the country speaking to high school and college students about exactly what they need to do to become financially successful in life I always begin my presentation by asking three questions:

“How many want to be financially successful in life?”

“How many think they will be financially successful in life?”

Almost every time I ask the first two questions every hand rises in the air. Then I ask the magic third question: [Read more…]

Bright Shiny Object Syndrome

 

Tom Corley boats - cropOne characteristic of self-made millionaires is their ability to focus on one thing for a very long period of time. It may be five years, ten years or twenty years. That’s a long time. It requires a long time to succeed.

Unfortunately, for most, when something does not immediately pay off, they move on to the next bright shiny object. These Bright Shiny Object Syndrome sufferers never experience success because they lack dedication.

Just the other day I saw Facebook posts of two people I know who suffer from Bright Shiny Object Syndrome. They must be on to their fourth or fifth next big thing. They were very enthusiastic about their new venture. But I know in a year or two they will have lost all interest and moved on to the next big thing. That makes me sad.

Success requires grit, determination, devotion and a significant amount of time to overcome failures, mistakes and the obstacles, all of which lead to growth. Bright Shiny Object Syndrome victims never grow enough to learn what to do and what not to do. They quit and move on when the next bright shiny object catches their eye.

If you are struggling in realizing success in your life, let me ask you this: have you stuck to pursuing success on one specific thing for more than five years? If not, that is probably why you are not achieving success in life. Most individuals shift their focus to something else when things get hard. Unsuccessful people perpetually chase the next big thing because the thing they were previously pursuing did not immediately pay off, was too hard or was just taking far longer than they expected.

Success can take a long time. Those who succeed are relentless. They devote themselves to something and stick with it for a long time. How long? Until they succeed. Never quit. Never give up on your dream. Stop chasing every new idea that comes along and stick to one thing until you achieve success or die trying. Persistence is a trademark found in all self-made millionaires.

Frugal Spending Habits of Millionaires

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I’ve been studying the daily habits of the rich and poor since 2004. I’ve gathered an enormous amount of data on both groups and this data has been reported on by the media in 25 countries around the world.

The habits of the rich are not exactly what you might think. In my books, Rich Habits, Rich Kids, Change Your Habits Change Your Life and Rich Habits Poor Habits, I share many of the more shocking rich people habits. One of the categories I found to be eye opening was their spending habits. Below is a small sampling from my books of some of the unusual spending habits of the rich: [Read more…]