Rich Habits Poor Habits – Super Parents Raise Kids Who Become the 1%

Michael Yardney and Tom Corley discuss where the rich learned their rich habits – and it’s not what you think.

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Rich Habits Poor Habits – Do the Rich Work More or Less Than the Poor?

Michael Yardney and Tom Corley discuss why the more you work the richer you become – believe it or not.

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Rich Habits Poor Habits Episode 61 – Are You and Anchor?

When I embarked on my Rich Habits Study I was not content with identifying the Rich Habits of wealthy people. Success habits only get you half way down the field. In order to get down the rest of the field and score, you also need to know what not to do. That is why I also studied the Poor Habits of those struggling with poverty.
Poor Habits anchor you in poverty and affect everyone around you. What are some of the anchors dragging you and everyone around you down?

* Negative Beliefs — Negative beliefs are like apps you download onto your cell phone. They program your thinking and direct your behavior in a very bad way. Worse, they infect those within your social circle. People catch on, the word gets around, and eventually you will find yourself alone and ignored. What are some of the negative beliefs that are acting like an anchor around your neck and dragging you and others down? * I’m not smart * Poor people can’t become rich * Everyone in my family is overweight * I’m not lucky * I’m not a people person * I’m disorganized * I fail at everything

* Negative Talk – We are constantly talking to ourselves and others. When the words we use internally (self-talk) are negative, it’s like adding computer code to our negative programming. When the words we use externally (talking to others) are negative, it turns people off. Negative people suck the energy out of everyone they come into contact with. Negative people are simply exhausting to be around. People catch on, the word gets around, and eventually you will find yourself alone and ignored.

* Gossip — Most gossip is negative. When we engage in gossip it telegraphs to others that we cannot be trusted and, thus, should be avoided at all costs. People catch on, the word gets around, and eventually you will find yourself alone and ignored.

* Complaining — Everyone has problems. We are all trying to solve our own problems. When you complain to others about your problems it turns people off because they are overwhelmed trying to deal with their own problems. They don’t need or want to hear about your problems. They don’t have the energy to deal with their problems and your problems at the same time. People catch on, the word gets around, and eventually you will find yourself alone and ignored.

* Financial Mess — There are a lot of reasons why people struggle financially. They spend more than they make, they take on too much debt, they struggle holding onto a job, they mismanage their business, they gamble too much, they drink too much, they have a poor work ethic or they are not self-reliant and depend on the generosity of others to constantly bail them out financially. Those who are unable to manage their finances drag themselves down and everyone around them. People catch on, the word gets around, and eventually you will find yourself alone and ignored.

* Blame Thrower — Blame Throwers do not take responsibility for their life. They blame everyone and everything for their lot in life. Blame Throwers are by nature selfish individuals who have no control over their lives. People catch on, the word gets around, and eventually you will find yourself alone and ignored.

* Anchored in Ideology — When you are anchored in ideology, you are close-minded and resistant to change. You ignore the ideas, opinions or feedback of others. People catch on, the word gets around, and eventually you will find yourself alone and ignored.

* Needy — Those who are constantly needy are not just anchors around their necks, they are anchors around everyone they come into contact with. People catch on, the word gets around, and eventually you will find yourself alone and ignored.
We are our own worst enemy. Our anchors drag us down and everyone around us. Those anchors act like neon billboard signs that tell others: “I am an anchor who will drag you down”.
Find your anchors and remove them. If you don’t, people will catch on and you will find yourself alone and ignored.

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Rich Habits Poor Habits Episode 60 – The 1% Will Always Control The Wealth

I just finished reading a recent article complaining about the rich.
The author was upset at the fact that 1% controlled 82% of the wealth in the world. In the author’s mind, there was something inherently unfair about this.

The author, like many who are not in the 1%, felt that the wealth the 1% created didn’t necessarily belong to them and offered government solutions to cap or redistribute the wealth of the rich.
It’s true. One percent do control 82% of the wealth. And the top 1% will always control most of the wealth until the other 99% figure out how the 1% go about cultivating wealth.

So, how do the 1% cultivate wealth?

The top 1% cultivate wealth by doing certain things:

* Read to Learn Every Day — 88% of the rich in my Rich Habits Study read 30 minutes or more every day to learn. Reading is work. But it’s work that is necessary if you want to become rich. Rich people read because they know that knowledge can be leveraged to gain wealth. The more you know about your field, career or industry, the more valuable you are to those you service or sell to in your field, career or industry.

* Deliberate Practice — 69% of the rich in my study practiced some specific skill for two or more hours every day. Deliberate practice requires conscious practice as opposed to unconscious practice. Conscious practice is practice in which you study everything you do that goes into the skill you have. It’s about studying the intricate details that enable you to become a virtuoso at what you do.

* Pursue Long-Term Goals or a Dream — 70% of the rich in my study pursued some long-term goal or some dream. This is what really drives the disparity between the 1% and the other 99%. Pursuing big goals or dreams creates the opportunity for good luck to happen. The majority of the 1% are beneficiaries of good luck – but good luck they put themselves in a position to receive.

* Focus on Daily Goals — 62% of the rich in my study focused on their daily goals.

* Save — 94% of the rich in my study saved 20% or more of their income every year.

* Be Frugal With Your Money — 67% of the rich in my study were frugal with their money. They spent their money thoughtfully, not emotionally. They buy the best made quality products at the cheapest prices. This requires study and patience and delayed gratification.

* Forge Rich Relationships — 68% of the rich in my study forged relationships with other upbeat, success-minded people. These are people who can open doors for you. They are individuals who are either trying to become the 1% or are the 1%. These 1% have powerful relationships with other 1% individuals.

* Volunteer — 72% of the rich in my study volunteered 5 hours or more a month. Why volunteer? Most of the boards and committees in local non-profits are run by successful people within the community.

* 5 AM Club — 44% of the rich in my study woke up 3 or more hours before they began their work day to pursue dreams, goals, read, be productive, etc. Waking up early is important. It allows you to get things done first thing in the day that help move you forward in life.

* Become a Decision Maker at Work — 91% of the rich in my study were one of the decision makers where they worked. If you want to control the outcome of your life you need to be a decision-maker.

* Do Work You At Least Like — 86% of the rich in my study liked what they did for a living. When you like what you do, you will devote more time to doing it. More time in honing your skills. More time in reading to learn everything about your vocation. More time in building relationships with other success-minded people within your industry or field. More time devoted to improving yourself makes you more valuable.

Everyone wants to be on top of the mountain but few are willing to make the climb. The 1% control 82% of the wealth because the 1% are willing to climb the mountain.

If you want to be one of the 1%, you need to start climbing. You need to do the things that cultivate wealth.

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Rich Habits Poor Habits Episode 59 – Top 10 Common Habits of High Achievers

High Achievers are people who achieve some level of greatness in life. They might be successful entrepreneurs, professional athletes, Olympians, famous writers/authors, painters, engineers, singers, prominent religious figures, etc.

Essentially, they are individuals who, through their actions, achieve greatness. And these high achievers all share certain common habits. Relying on my vast stores of knowledge and research data in studying successful people, I will do my best to identify the top 10 common habits in their order of importance:

1. Consistency — High Achievers go at it every day even when they are down, lack motivation, are sick, financially destitute, when life goes wrong, etc. They have specific habits or routines they perform every day No Matter What.

2. Focus – High Achievers are single-mindedly focused on their goals, dreams and routines. They block out all distractions. They are masters at single-tasking. They never take their eye off the ball.

3. Visionaries – High Achievers have a vision or a blueprint. Most likely, it is in writing and it is very specific. Their vision or blueprint is the GPS or map they use to get them from where they are to where they want to be.

4. Persistent – High Achievers pursue their goals and dreams relentlessly. They overcome adversity. They overcome obstacles. They pivot or find ways to navigate around impasses. They never quit.

5. Obsessed – High Achievers are fanatics. They are obsessed about their goals, dreams and routines. They think about them 24/7. They even dream about them.

6. Processed-Oriented – High Achievers create processes through experimentation that work and that they follow.

7. Action-Oriented – High Achievers are in constant motion. They pursue activities that help them to continuously move forward in achieving their goals and dreams.

8. Calculated Risk Takers – High Achievers are calculated risk takers. They overcome their fear of failure, fear of making mistakes and fear of consequences by doing their homework, understanding the risks involved and taking that calculated risk.

9. Deliberate Practice – High Achievers engage in daily Deliberate Practice in order to maintain and improve their skills.

10. Self-Educators – High Achievers pursue knowledge every day. They become experts in their field by increasing their knowledge through self-education.

Based on my fifteen years of studying high achievers, this is what it takes to become a High Achiever. There are many moving parts, many variables, many ingredients to becoming a High Achiever. It’s not any one thing that makes them great. It’s a combination of many things.

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Rich Habits Poor Habits Episode 58 – 15 Habits of Self-Made Millionaires

Success doesn’t crop up overnight – all self-made millionaires had to start somewhere.

Here are some “rich habits” of self-made millionaires that you can start developing today:

1. They help others succeed

“Helping other success-minded people move forward in achieving their goals and dreams helps you succeed,” Corley writes.

“No one realizes success without a team of other success-minded people.

The best way to create your team is to offer help to other success-minded people first.”

You don’t want to give help to anyone and everyone, Corley notes: “You want to focus on helping only those who are pursuing success, are optimistic, goal-oriented, positive, and uplifting.”

2. They dedicate 15 to 30 minutes a day to just thinking

“Thinking is key to their success,” Corley observes.

The rich tend to think in isolation, in the mornings, and for at least 15 minutes every day.

“They spent time every day brainstorming with themselves about numerous things,” he explains.

The topics include careers, finances, family, health, problems, and business relationships.

They ask questions such as, “What can I do to make more money? Does my job make me happy? Am I exercising enough? What other charities can I get involved in?”

3, They seek feedback

“Fear of criticism is the reason we do not seek feedback from others,” Corley writes.

“But feedback is essential to learning what is working and what isn’t working.

Feedback helps you understand if you are on the right track.

Feedback criticism, good or bad, is a crucial element for learning and growth.”

Additionally, it allows you to change course and experiment with a new career or business.

As Corley says, “Feedback provides you with the information you will need in order to succeed in any venture.”

4. They ask for what they want

There’s a fear around asking for what you want. “It’s the fear of rejection and the fear of obligation that prevent us from asking for what we want,” Corley writes.

“You have to get over those fears and keep asking until someone says yes if you want to be successful in life.”

“Successful people overcome these fears and make a habit of asking everyone they can for help.”

5. They take calculated risks

Corley found self-made millionaires aren’t naturally fearless.

Instead, they “overcome their fear of failure and take calculated risks.”

And they understand risks come at a cost.

In fact, 27% of the study participants experienced failure and had to start over.

“The important point here is that they did start over,” Corley writes.

“The failed, made mistakes, and used the lessons they learned from these failures and mistakes to help them ultimately succeed.”

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Rich Habits Poor Habits Episode 57 – Habits of Self-Made Millionaires

Here are some “rich habits” of self-made millionaires that you can start developing today:

#1 They have multiple sources of income

“Self-made millionaires do not rely on one singular source of income,” Corley states.
“They develop multiple streams. Three seemed to be the magic number in my study … Sixty-five percent had at least three streams of income that they created prior to making their first million dollars.”

Examples of these additional streams are real-estate rentals, stock market investments, and part-ownership in a side business.

#2 They find and check in with mentors

“Finding a mentor puts you on the fast track to wealth accumulation,” Corley writes.
“Successful mentors do more than simply influence your life in some positive way,” he continues. “They regularly and actively participate in your success by teaching you what to do and what not to do. They share with you valuable life lessons they learned either from their own mentors or from the school of hard knocks.”

#3 They’re positive

“Long-term success is only possible when you have a positive mental outlook,” Corley states. “In my research, positivity was a hallmark of all the self-made millionaires.”

The problem for most people is that they’re completely unaware of their thoughts, positive or negative, he explains: “If you stop to listen to your thoughts, to be aware of them, you’d find most of them are negative.
But you only realize you are having these negative thoughts when you force yourself to be aware of them. Awareness is the key.”

#4 They don’t follow the herd

“We so desire to blend in, to acclimate to society, to be a part of the herd, that we will do almost anything to avoid standing out in a crowd,” Corley writes. Yet “failure to separate yourself from the herd is why most people never achieve success.”
Successful people create their own new herd and then pull others into it, Corley says: “You want to separate yourself from the herd, create your own herd, and then get others to join it.”

#5 They have good etiquette

“Self-made millionaires have mastered certain rules of etiquette principles you have to master if you want to be a success,” Corley writes.

These include sending thank-you notes, acknowledging important life events, such as a wedding or birthday, eating politely and using table manners, and dressing properly for various social

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Rich Habits Poor Habits Episode 56 – 15 Habits of Self-Made Millionaires

Success doesn’t crop up overnight.

All self-made millionaires had to start somewhere.

Here are some “rich habits” of self-made millionaires that you can start developing today:

#1 They read consistently

The rich would rather be educated than entertained.

As Corley writes, “Eighty-eight percent of the rich devote thirty minutes or more each day to self-education or self-improvement reading … Most did not read for entertainment … The rich read to acquire or maintain knowledge.”

Corley found that they tend to read three types of books: biographies of successful people, self-help or personal development, and history.

#2 They exercise

“Seventy-six percent of the rich aerobically exercise 30 minutes or more every day,” Corley reports. Aerobic exercise includes anything cardio, such as running, jogging, walking, or biking.

“Cardio is not only good for the body, but it’s good for the brain,” he writes.

“It grows the neurons (brain cells) in the brain … Exercise also increases the production of glucose. Glucose is brain fuel. The more fuel you feed your brain, the more it grows and the smarter you become.”

#3 They hang out with other successful people

“You are only as successful as those you frequently associate with,” Corley writes.

“The rich are always on the lookout for individuals who are goal-oriented, optimistic, enthusiastic, and who have an overall positive mental outlook.”

To cultivate these relationships, he writes, wealthy people do six things: wish people a happy birthday, call to say hello, call when a life event happens, network, volunteer, and participate in “formal or informal mastermind groups,” like a business group or weekly calls with people who share their same interests.

It’s equally important to avoid negative people and influences, Corley emphasizes: “Negative, destructive criticism will derail you from pursing success.”

#4 They pursue their own goals

Wealthy people are “obsessed” with pursuing goals, Corley found.

“Pursuing your own dreams and goals creates the greatest long-term happiness and results in the greatest accumulation of wealth,” he writes.

While too many people make the mistake of chasing someone else’s dream — such as their parents’ — rich people define their own goals and pursue them relentlessly and passionately.

“Passion makes work fun,” writes Corley.

“Passion gives you the energy, persistence, and focus needed to overcome failures, mistakes, and rejection.”

#5 They get up early

Nearly 50% of the self-made millionaires in Corley’s study woke up at least three hours before their workday actually began.

It’s a strategy to deal with inevitable daily disruptions, such as a meeting that went too long, egregious traffic, or having to pick up your sick kid from school.

“These disruptions have a psychological effect on us.

They can drip into our subconscious and eventually form the belief that we have no control over our life,” Corley writes.

“Getting up at five in the morning to tackle the top three things you want to accomplish in your day allows you to regain control of your life.

It gives you a sense of confidence that you, indeed, direct your life.”

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Rich Habits Poor Habits Episode 55 | The Thinking Actions of the Rich

One of the big separators between the rich and the non-rich is the rich have developed the Rich Habit of taking action.

Action is really two things:

    1. Thinking Action
    2. Physical Action

Thinking Action

We all think.

According to Psychology Today, the average person has 50,000 thoughts a day.

According to my research, the Thinking Actions of the rich are very different from the poor:

  • The Rich Are Positive Thinkers – 67% of the self-made millionaires in my study forged the habit of being positive and upbeat. A positive, mental outlook is critical to overcoming  problems, obstacles, pitfalls, mistakes and failures. Staying positive is a critical component to becoming wealthy. Positivity is like a radar in search of solutions to intractable problems. Thus, positive thinkers are able to see opportunities, where others see only negative consequences. 42794377_l
  • The Poor Are Negative Thinkers – 70% of the thoughts of the average person are negative (Psychology Today). Negative thinkers are unable to see solutions to problems. Thus, they are unable to overcome obstacles, pitfalls, their mistakes and their failures. Opportunities pass them by because they are not looking for opportunities. They are too focused on the negative consequences.
  • The Rich Are Decision-Makers – 91% of the rich in my study were decision-makers. Forging the habit of making decisions is critical to success. Those who develop the habit of making decisions are sought after as leaders, by others. Decision-makers have forged the habit of overcoming the fear of making decisions along with the paralysis of analysis associated with those unable to make decisions. The rich do not over think, which is a form of procrastination. It is impossible to know everything you need to know before making a decision. The rich forge the habit of being comfortable being uncomfortable about making decisions.
  • The Poor Let Others Make Decisions – 98% of the poor in my study were not decision-makers. They succumb to the fear of making a decision. They get lost in analysis and over thinking, which is a form of procrastination. The poor feel uncomfortable about making decisions, so they defer to others.
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Rich Habits Poor Habits Episode 54 | Becoming Rich Means Taking Risk or Making Sacrifices

There are four ways to become rich:

  1. Live Below Your Means
  2. Expand Your Means
  3. Do Both
  4. Getting Lucky

Living Below Your Means

Living below your means and investing your savings prudently is the only guaranteed way to become rich.

But, this approach requires enormous sacrifices – you must manage your spending your entire life and that requires making sacrifices: small house in an inexpensive neighborhood, no vacations, no restaurants, no kids. Woman Spending Too Much Money For Shop

If you do have kids your kids are forced to sacrifice along with you.

They have to buy their own stuff: iPhones, movie tickets, toys, cars, college education, etc.

Most are unwilling to make those sacrifices.

We want the nice home in the safe neighborhood, we want the nice vacations, we want to give our kids their iPhones and a college education.

So, for the vast majority, living below your means requires too much sacrifice.

But, for those willing to make the sacrifice, wealth is virtually guaranteed.

So, the question is, how bad do you want to be rich? Is being rich so important to you that you are willing to make the sacrifices that are required?

Expand Your Means   Tired Man Working On Digital Device

Expanding your means usually requires taking on risk and working long hours, by pursuing a dream or starting a business.

According to my research and many other studies on wealth creation, about 80% of the multi-millionaires and billionaires make their money this way.

The upside is enormous wealth where everyone in your family benefits from your risk taking and hard work.

The downsides include time away from family due to long work hours or poverty, you could fail.

Doing Both

Living below your means and expanding your means requires the most sacrifice.

Getting Lucky

Getting lucky means you fall into money somehow without any real effort. lottery-ticket-win-luck-gamble-odds

Examples of this are big gambling wins such as hitting the lottery, the slots, horses, etc.

Or, you you inherit your wealth – you’re born into a rich family or inherit money from a parent, grandparent, aunt, uncle, brother or sister.

The reason so many gamble is because they are unwilling to make the long-term sacrifices required.

Almost everyone wants to be rich, but they want that wealth without having to take on risk, work long hours, or make sacrifices for themselves or their family.

Becoming rich is not easy

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