Rich Habits Poor Habits Episode 51 | Rich Habits Part 3

The gulf between Rich Habits and Poverty Habits is staggering.

If you’re well off already, chances are you already adhere to most of these Rich Habits.

Integrating the ones you’ve neglected will push you further.

But be assured: If you’re doing fine now without minding these principles, it’ll catch up to you.

Some of the differences between rich and poor are obvious, while others are a little more surprising.

Here are the most important Rich Habits you can take up to reach and maintain your wealth potential.

1. Avoid toxic people

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We are only as successful as the people we spend the most time with.

Of wealthy, successful people, 86 percent associate with other successful people.

But 96 percent of those struggling financially stick with others struggling financially.1

If you want to end your financial struggles, you need to evaluate each of your relationships and determine if they are a Rich Relationship (with someone who can help you up) or a Poverty Relationship (with someone holding you back).

Start spending more and more time on your Rich Relationships and less on your Poverty Relationships.

Rich Relationships can help you find a better job, refer new business to you or open doors of opportunity.

2. Don’t give up

Those who are successful in life have three things in common: focus, persistence and patience.

They simply do not quit chasing their big goals.

Those who struggle financially stop short.

3. Set aside the self-limiting beliefs holding you back light bulb idea leader think smart clever failure motivate thought

If you’re hurting financially, you’ve probably told yourself some of these untruths before: Poor people can’t become rich. Rich people have good luck and poor people have bad luck. I’m not smart. I can’t do anything right. I fail at everything I try.

Each one of these self-limiting beliefs alters your behavior in a negative way.

Almost four out of five wealthy people attribute their success in life to their beliefs.

Change your negative beliefs into positive affirmations by reading lessons from the greats of personal development, like Napoleon Hill, Dale Carnegie and Jim Rohn.

4. Get a mentor

Among the wealthy, 93 percent who had a mentor attributed their success to that person.

Mentors regularly and actively participate in your growth by teaching you what to do and what not to do.

Finding such a teacher is one of the best and least painful ways to become rich.

If you know your goals, find someone who has already achieved them.

You’ll be amazed by how many people want to lend a helping hand.

5. Eliminate “bad luck” from your vocabulary

Those struggling financially in life have a way of creating bad luck for themselves.umbrella-1588167_1920

It’s a byproduct of their habits.

Poverty Habits, repeated over and over are like snowflakes on a mountainside.

In time, these snowflakes build up until the inevitable avalanche—a preventable medical problem, a lost job, a failed marriage, a broken business relationship or a bankruptcy.

Conversely, successful people create their own unique type of good luck.

Their positive habits lead to opportunities such as promotions, bonuses, new business and good health.

6. Know your main purpose

It’s the last Rich Habit, but it might be the most important. chess-game-leader-investment-strategy-win-success-negotiate-300x235

Those people who pursue a dream or a main purpose in life are by far the wealthiest and happiest among us.

Because they love what they do for a living, they are happy to devote more hours each day driving toward their purpose.

Odds are, if you are not making sufficient income at your job, it is because you are doing something you do not particularly like.

When you can earn a sufficient income doing something you enjoy, you have found your main purpose.

Believe it or not, finding this purpose is easy.

Here’s the process:

  1. Make a list of everything you can remember that made you happy. success risk wealth
  2. Highlight those items on your list that involve a skill, and identify that skill.
  3. Rank the top 10 highlighted items in the order of joy they bring to you. Whatever makes you happiest of all gets 10 big points.
  4. Now rank the top 10 highlighted items in terms of their income potential. The most lucrative skill of all is worth 10 points.
  5. Total the two ranked columns. The highest score represents a potential main purpose in your life. Presto!

As you can see, the differences between rich and poor are simple—sometimes intuitive—but not insignificant.

Aim to take up all 16 of these habits, and you’re almost guaranteed to become better off.

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RICH HABITS POOR HABIT EPISODE 47 | BEING RICH IS REALLY ABOUT TWO THINGS PART 1

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Rich Habits Poor Habits Episode 50 | Rich Habits Part 2

Intelligence, talent and charm are great, but more often than not these aren’t what separate the wealthiest among us from the poorest.

Instead, the differences are in our daily habits.

Do you realize that these subconscious, second-nature activities make up 40 percent of our waking hours?

That means that two out of every five minutes, all day and every day, we operate on autopilot.

It’s true: Habits are neural pathways stored in the basal ganglia, a golf ball-size mass of tissue right in the center of our brains, in the limbic system.

Here are the most important Rich Habits you can take up to reach and maintain your wealth potential:

1. Control your emotions

Not every thought needs to come out of your mouth.

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Not every emotion needs to be expressed.

When you say whatever is on your mind, you risk hurting others.

Loose lips are a habit for 69 percent of those who struggle financially.  

Conversely, 94 percent of wealthy people filter their emotions.

They understand that letting emotions control them can destroy relationships at work and at home.

Wait to say what’s on your mind until you’re calm and have had time to look at the situation objectively.

Fear is perhaps the most important negative emotion to control.

Any change, even positive changes such as marriage or a promotion, can prompt feelings of fear.

Wealthy people have conditioned their minds to overcome these thoughts, while those who struggle financially give in to fear and allow it to hold them back.

Whether you fear change, making mistakes, taking risks or simply failure, conquering these emotions is about leaning in just a little until you build up confidence.

It’s amazing how much confidence helps.

2. Network and volunteer regularly

You’ll build valuable relationships that can result in more customers or clients, or help you land a better job if you spend time pressing the flesh and giving back in your community. Families by state

Almost three-quarters of wealthy people network and volunteer a minimum of five hours a month.

Among those struggling financially, only one in 10 does this.

One perk of volunteering is the company you’ll keep.

Very often the boards and committees of nonprofits are made up of wealthy, successful people.

Developing personal relationships with these folks will often result in future business relationships.

3. Go above and beyond in work and business

Unsuccessful people have “it’s not in my job description” syndrome. business-2345812_1920

Consequently, they are never given more responsibility, and their wages grow very little from year to year—if they keep their jobs at all.

Wealthy individuals, on the other hand, make themselves invaluable to their employers or customers, writing articles related to their industry, speaking at industry events and networking.

Successful people work hard to achieve the mutual goals of their employers or their businesses.

4. Set goals, not wishes

You cannot control the outcome of a wish, but you can control the outcome of a goal.

Every year, 70 percent of the wealthy pursue at least one major goal.

Only 3 percent of those struggling to make ends meet do this2.

5. Avoid procrastination

Successful people understand that procrastination impairs quality; creates dissatisfied employers, customers or clients; and damages other non-business relationships.

Here are five strategies that will help you avoid procrastination: Business Patient

  • Create daily “to-do” lists. These are your daily goals. You want to complete 70 percent or more of your “to-do” items every day.
  • Have a “daily five.” These activities represent the crucial things that will help you get closer to realizing some major purpose or goal.
  • Set and communicate artificial deadlines. There’s nothing wrong with finishing early.
  • Have accountability partners. These are people you team with to pursue a big goal. Communicate with them at least every week, and make sure they hold your feet to the fire.
  • Say a “do it now” affirmation. This is a self-nagging technique. Repeat the words “do it now” over and over again until you begin a task or project.

6. Talk less and listen more meeting

A 5-to-1 ratio is about right: You should listen to others five minutes for every one minute that you speak.

Wealthy people are good communicators because they are good listeners.

They understand that you can learn and educate yourself only by listening to what other people have to say.

The more you learn about your relationships, the more you can help them.

YOU MAY ALSO BE INTERESTED IN READING:

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RICH HABITS POOR HABIT EPISODE 46 | 4 HABITS THAT WILL KEEP YOU FROM GETTING RICH

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Rich Habits Poor Habits Episode 49 | Rich Habits Part 1

Tom Corley spent years studying the difference between the habits of our country’s rich and poor, questioning hundreds of individuals.

On the rich side, these were people with annual gross income north of $160,000 and net liquid assets of $3.2 million or more

Some of the differences between rich and poor are obvious, while others are a little more surprising.

Here are the most important Rich Habits you can take up to reach and maintain your wealth potential:

1. Live within your means.

Wealthy people avoid overspending by paying their future selves first.  money savings

They save 20 percent of their net income and live on the remaining 80 percent.

Among those who are struggling financially, almost all are living above their means.

They spend more than they earn, and their debt is overwhelming them.

If you want to end your financial struggles, you need to make a habit of saving and budgeting what you spend.

Here are some sensible ways to budget your monthly net pay:

  • Spend no more than 25 percent on housing, no matter if you own or rent.
  • Spend no more than 15 percent on food.
  • Limit entertainment—bars, movies, miniature golf, whatever—to no more than 10  percent of your spending. Vacations should account for no more than 5 percent of your annual net pay.money bill finance debt
  • Spend no more than 5 percent on auto loans, and never lease. Ninety-four percent of the wealthy buy instead of leasing. These folks keep their cars until the wheels fall off, taking great care along the way so that they save money in the long run.
  • Stay away from accumulating credit card debt. If you are doing this, it’s a clear sign that you need to cut back somewhere.
  • Think of savings and investments as two completely different things. You should never lose money on your savings. Try to stash six months of living expenses in an emergency fund in case you lose your job or your business goes belly-up.
  • Contribute as much as you can afford to a retirement plan. If you work for a company that matches your contributions up to a certain percentage, great. Always take that free money when you can get it.

2. Don’t gamble.

Talk about a sucker bet: Every week, 77 percent of those who struggle financially play the lottery.

Hardly anyone who is wealthy plays the numbers.

Wealthy people do not rely on random good luck for their wealth.

They create their own good luck.

If you still want to bet after knowing the risk, use money from your entertainment budget.

3. Read every day

Reading information that will increase your knowledge about your business or career will make you more valuable to colleagues, customers or clients.

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Among wealthy people, 88 percent read 30 minutes or more every day.

Just as important, they make good use of their reading time:

  • 63 percent listen to audiobooks during their commute.
  • 79 percent read educational career-related material.
  • 55 percent read for personal development.
  • 58 percent read biographies of successful people.
  • 94 percent read current events.
  • 51 percent read about history.
  • 11 percent—only 11 percent—read purely for entertainment purposes.

The reason successful people read is to improve themselves.

This separates them from the competition. By increasing their knowledge, they are able to see more opportunities, which translate into more money.

Comparatively speaking, only one in 50 of those struggling financially engages in this daily self-improvement reading, and as a result the poor don’t grow professionally and are among the first to be fired or downsized.

4. Forget the boob tube and spend less time surfing the Internet

How much of your valuable time do you lose parked in front of a screen? Social media buttons on keyboard

Two-thirds of wealthy people watch less than an hour of TV a day and almost that many—63  percent—spend less than an hour a day on the Internet unless it is job-related.

Instead, these successful people use their free time engaged in personal development, networking, volunteering, working side jobs or side businesses, or pursuing some goal that will lead to rewards down the road.

But 77 percent of those struggling financially spend an hour or more a day watching TV, and 74 percent spend an hour or more a day using the Internet recreationally.

YOU MAY ALSO BE INTERESTED IN READING:

RICH HABITS POOR HABITS EPISODE 48 | BEING RICH IS REALLY ABOUT TWO THINGS PART 2

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RICH HABITS POOR HABIT EPISODE 46 | 4 HABITS THAT WILL KEEP YOU FROM GETTING RICH

RICH HABITS POOR HABIT EPISODE 45 | WILL YOUR CHILD BE RICH OR POOR? 15 POVERTY HABITS PARENTS TEACH THEIR CHILDREN

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Rich Habits Poor Habits Episode 48 | Being rich is really about two things Part 2

In Rich Habits Study, Tom Corley interviewed 233 wealthy individuals (177 of whom were self- made millionaires) with at least $160,000 in annual gross income and $3.2 million in net assets.

He found that becoming and staying rich tends to come from two actions:

1. Accumulating wealth farm seed soil grow wealth

2. Keeping the wealth you’ve accumulated

But accumulating wealth is only one part of the equation.

In his book “Rich Habits Poor Habits,” he shares another equally important part of being rich: holding on to the wealth you’ve accumulated.

Staying rich requires that you forge certain specific habits that ensure the wealth you’ve accumulated does not disappear.

Here are a few of the most important Rich Habits that will help you keep your wealth:

Putting your wealth to work. 

Putting your wealth to work means investing it wisely in stocks, bonds, real estate and other business opportunities.

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These investments create additional streams of income that pay dividends down the road.

Setting aside part of your wealth for retirement.

Save 10-20% of the income you make and put that money into long-term retirement assets that you don’t touch until you retire.

Watching what you spend.

Do you know where your money goes?

You should.

Tracking what you spend opens your eyes so you may know exactly where your money goes.

Tracking your spending allows you to make adjustments to how you spend your money.

If you don’t track your spending it can get out of control.

This “lifestyle creep” can cause your wealth to disappear over time.

Avoiding spontaneous or emotional purchases.

Never buy anything on impulse.

It is almost always the wrong thing to do.

That spontaneous or emotional purchase will lose its luster after only a few weeks.

Then you’re stuck with something you don’t need and that does not generate any income.

Living below your means.

Living below your means keeps you from falling into the trap of lifestyle creep. calculator coin money save debt

No matter what good fortune visits you in life, do not change your standard of living.

Don’t supersize your life by buying things you really do not need.

Live a modest, simple life.

Never forget wealth is a two-step process.

The game doesn’t begin and end with getting rich.

You must forge Rich Habits that guarantee the wealth you accumulate sticks around for a long time.

You may also be interested in reading:

RICH HABITS POOR HABIT EPISODE 47 | BEING RICH IS REALLY ABOUT TWO THINGS PART 1

RICH HABITS POOR HABIT EPISODE 46 | 4 HABITS THAT WILL KEEP YOU FROM GETTING RICH

RICH HABITS POOR HABIT EPISODE 45 | WILL YOUR CHILD BE RICH OR POOR? 15 POVERTY HABITS PARENTS TEACH THEIR CHILDREN

RICH HABITS POOR HABIT EPISODE 44 | BEING SELFISH GETS A BAD RAP

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Rich Habits Poor Habits Episode 47 | Being rich is really about two things Part 1

In Rich Habits Study, Tom Corley interviewed 233 wealthy individuals (177 of whom were self- made millionaires) with at least $160,000 in annual gross income and $3.2 million in net assets.

He found that becoming and staying rich tends to come from two actions:

1. Accumulating wealth  australian coins

2. Keeping the wealth you’ve accumulated

The first step, getting rich, requires that you forge certain specific habits that make getting rich possible.

In his book “Change Your Habits Change Your Life,” he shares some of the stories about how these self-made millionaires accumulated their wealth, but some of the most important Rich Habits for accumulating wealth.

This includes:

Pursuing daily growth

Daily self-improvement is a hallmark of self-made millionaires.  

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They read at least 30 minutes a day to gain knowledge.

They also devote significant time every day to practicing and perfecting their skills.

Dream-setting.

The rich build goals around each of their dreams.

This makes it possible to realize those dreams.

Think of every dream as a rung on your own ladder.

Your ideal, perfect life is realized when you reach the top of the ladder.

Eighty percent of the self-made millionaires in my study built goals around their dreams.

Saving.

Ninety-four percent of the rich saved 20% or more of their income for many years prior to becoming rich.

They then put their savings to use by taking calculated risks.

Taking calculated risks.

Fifty-one percent of the self-made millionaires in my study took a calculated risk in time and money.

Calculated risk is a unique type of risk that requires you to do your homework.

Being optimistic.

Seventy-one percent of the self-made millionaires in my study were optimistic about life.

Their optimism infected everyone around them.

They became magnets for other success-minded people. business data success

Being open-minded. 

Being open to new ideas, new ways of doing things and the opinions of others is critical to learning and growth.

Growth is the parent of success.

You must grow into the person you need to be in order for success to visit you.

Finishing what you start.

The rich don’t quit.

They stick to something until they succeed, go bankrupt, or die.

Eighty-percent were focused on achieving some goal and 55% spent one year or more on one singular goal.

But accumulating wealth is only one part of the equation.

In my book “Rich Habits Poor Habits,” I share another equally important part of being rich: holding on to the wealth you’ve accumulated.

You may also be interested in reading:

RICH HABITS POOR HABIT EPISODE 46 | 4 HABITS THAT WILL KEEP YOU FROM GETTING RICH

RICH HABITS POOR HABIT EPISODE 45 | WILL YOUR CHILD BE RICH OR POOR? 15 POVERTY HABITS PARENTS TEACH THEIR CHILDREN

RICH HABITS POOR HABIT EPISODE 44 | BEING SELFISH GETS A BAD RAP

RICH HABITS POOR HABIT EPISODE 43 | NEVER CLIMB A “MOUNTAIN” WITHOUT A GUIDE

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Rich Habits Poor Habits Episode 46 | 4 habits that will keep you from getting rich

Your money habits can make you rich or put you in the poor house.

According to a recent study by Brown University, in which nearly 50,000 families were surveyed, most of the habits we pick up in life come from our parents.

This includes money habits.

If your parents had bad money habits, it is likely those habits rubbed off on you.

But in order to change bad money habits you need to first become aware of them.

Below are some destructive money habits that Tom Corley uncovered in his five-year study on the daily habits of the rich and poor that will put you in the poor house unless you eliminate them.

Gambling habits

Gambling is not a sound plan to lift you out of poverty. lottery ticket win luck gamble odds

Gambling relies on random luck.

The odds of winning Powerball are 1 in 175 million.

That’s basically zero.

Seventy-seven percent of the poor — defined as having an annual income of $35,000 or less and a liquid net worth of $5,000 or less — admitted to playing the lottery regularly, versus 6% of the rich, defined as having an annual income of $160,000 or more and a liquid net worth of $3.2 million or more.

But it’s not just the lottery they gamble their money on: 52% of the poor admit that they gamble on sports at least once a week versus 16% of the wealthy.

Time-wasting habits

Time is money.

The rich understand this.

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Sixty-five percent of the rich created at least three streams of income during their lives.

Conversely, the poor all relied on one stream of income.

They didn’t invest their time wisely in building their careers or building a side business.

In my study, I uncovered many time-wasters the poor engaged in that ultimately cost them money: Seventy-seven percent of the poor admitted to watching more than one hour of TV each day.

Their preference?

Reality TV wins hands-down. Seventy-eight percent of the poor watch reality TV shows.

The rich, on the other hand, are not big on TV.

Sixty-seven percent watch less than an hour each day, and it’s not reality TV that they tune into.

Only 6% watch reality TV.

Another time waster is the internet.

Seventy-four percent of the poor in my study spent more than an hour each day on the internet.

These days that means Facebook, Twitter, Instagram, Snapchat, or YouTube. facebook checking

Conversely, 63% of the rich spent less than an hour each day on the internet.

This freed up more time to read for self-education. While many of the poor in my study said they read regularly, 79% admitted that they read strictly for entertainment.

Only 11% of the rich said that they read for entertainment.

Instead, they focused their reading on self-education: biographies of successful individuals, career-related reading, self-help, history, and money matters.

When you’re wasting your time watching TV, on social media, or reading for entertainment, it leaves little time to do productive things like reading to learn, building relationships with other success-minded individuals, via networking or volunteering, or building a side business.

Time does not discriminate.

Everyone gets 24 hours, rich or poor.

The rich simply choose to spend their time differently, doing things that are productive.

Bad spending habits

The rich in my study made a habit of tracking their spending in the early days of building their wealth.

It’s easy to lose sight of where your money is going. money savings

If you don’t have a lot of money you need to get into the habit of tracking every penny.

The poor in my study didn’t.

I uncovered certain poor spending habits that held the poor back in life: Ninety-three percent admitted that they did not budget their spending.

Sixty-six percent admitted that they were not frugal with their money.

They had a bad habit of making spontaneous purchases with their money.

Oftentimes, this required them to use credit cards.

Eighty-eight percent of the poor in my study had over $5,000 in revolving credit-card debt. household debt

Sixty-nine percent used those credit cards to purchase big-ticket items.

And 77% had multiple credit cards.

Conversely, 92% of the rich relied on only one credit card.

Sixty-eight percent of the poor said they don’t use coupons.

Sixty-one percent of the poor did not own their homes — they rented them — while 100% of the rich owned their homes.

When you don’t own you home, you are unable to build home equity, which comes in handy when you retire or to help your kids with college costs.

Poor savings habits

Only 5% of the poor in my study saved 10% of their income.

None saved 20% of their income.

Conversely, 94% of the rich in my study saved 20% or more of their income.

Many of the millionaires in my study started out poor and did not have large incomes during their lives, so this was a habit they adopted while they were still poor.

Fifty-one percent were small-business owners who watched what they spent in order to enable them to save money. money bill finance debt

They then invested their savings, as well as the investment income generated by their savings.

After many years, their savings and investments compounded, eventually turning them into self-made millionaires.

Building wealth takes time.

It doesn’t happen overnight.

It took the average millionaire in my study 32 years to become rich.

The younger you are, the more time you have to build wealth.

But that’s only possible if you eliminate destructive money habits and adopt sound ones instead.

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Rich Habits Poor Habit Episode 45 | Will Your Child be Rich or Poor? 15 Poverty Habits Parents Teach Their Children

When Tom Corley  travels the country speaking to high school and college students about exactly what they need to do to become financially successful in life he always begins his presentation by asking three questions… lose saving

“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 he asks the magic third question:

“How many have taken a course in school on how to be financially successful in life?”

Not one hand rises in the air, ever.

Clearly every student wants to be successful and thinks they will be successful but none have been taught by their parents or their school system how to be financially successful in life.

Not only are there no courses on basic financial success principles but there are no structured courses teaching basic financial literacy.

We are raising our children to be financially illiterate and to fail in life.

Is it any wonder that most Americans live paycheck to paycheck? kids money learn teach coin child lesson school piggy bank mum mother parent

That most Americans accumulate more debt than assets?

That many Americans lose their homes when they lose their job?

Is it any wonder that most Americans cannot afford college for their children and that student loan debt is now the largest type of consumer debt?

What’s worse is what our children are being taught by their parents, the school system, politicians and the national media.

They are teaching our children that the wealthy are corrupt, greedy, have too much wealth and that this wealth needs to be redistributed.

What kind of a message do you think that sends to America’s future generation?

It is teaching them that seeking financial success is a bad and evil thing.

Here are some statistics from his five-year study on the daily habits that separate the wealthy from the poor?

  1. 72% of the wealthy know their credit score vs. 5% of the poor.
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  2. 6% of the wealthy play the lottery vs. 77% of the poor.
  3. 80% of the wealthy are focused on at least one goal vs. 12% of the poor.
  4. 62% of the wealthy floss their teeth every day vs. 16% of the poor.
  5. 21% of the wealthy are overweight by 30 pounds or more vs. 66% of the poor.
  6. 63% of the wealthy spend less than 1 hour per day on recreational Internet use. 74% of the poor spend more than an hour a day in the Internet.
  7. 83% of the wealthy attend back to school night for their kids vs. 13% of the poor.
  8. 29% of the wealthy had one or more children who made the honor roll vs. 4% of the poor.
  9. 63% of wealthy listen to audio books during their commute vs. 5% of the poor.
  10. 67% of the wealthy watch less than 1 hour of TV per day vs 23% of the poor.
  11. 9% of the wealthy watch reality TV shows vs. 78% of the poor.
  12. 73% of the wealthy were taught the 80/20 rule vs. 5% of the poor (live off 80% save 20%).
  13. 79% of the wealthy network 5 hours or more per month vs. 16% of the poor.
  14. 8% of the wealthy believe wealth comes from random good luck vs. 79% of the poor.
  15. 79% of the wealthy believe they are responsible for their financial circumstances. 82% of the poor believe they are victims and not responsible for their poverty.

The fact is the poor are poor because they have too many Poverty Habits and too few Rich Habits.

The best parents teach their children good habits that lead to success and the worst parents teach their kids bad habits that lead to poverty.

We don’t have a wealth gap in this country we have a parent gap.

We don’t have income inequality, we have parent inequality.

Parents and our schools need to work together to instill good daily success habits.

They need to be teaching children specific Rich Habits that lead to success.

Here are some examples:

  • Limit TV, social media, video games and cell phone use to no more than one hour a day.
  • Require that children read one non-fiction book a week and write a one page summary of what they learned for their parents to review. children-403582_1280
  • Require children to aerobically exercise 20 – 30 minutes a day.
  • Limit junk food to no more than 300 calories a day.
  • Teach children to dream and to pursue their dreams. Have them write a script of their ideal, future life.
  • Require that children set monthly, annual and long-term goals.
  • Require working age children to work or volunteer at least ten hours a week.
  • Require that children save at least 25% of their earnings or the monetary gifts they receive.
  • Teach children the importance of calling family, friends, teachers, coaches, etc, on their birthday
  • Teach children the importance of calling family, friends, teachers, coaches, etc. when anything good or bad happens in their lives. Examples include births, deaths, awards, illnesses, etc.
  • Teach children to send thank you cards to individuals who helped them in any way. child children money learn teach rich poor lesson family budget
  • Reassure children that mistakes are good and not bad. Children need to understand that the very foundation of success is built upon the lessons we learn from our mistakes.
  • Discipline children when they lose their temper so they understand the consequence of not controlling this very costly emotion. Anger is the most costly emotion. It gets people fired, divorced and destroys relationships.
  • Teach children that the pursuit of financial success is a good thing.
  • Children need to learn how to manage money. Open up a checking account or savings account for children and force them to use their savings to buy the things they want. This teaches children that they are not entitled to anything. It teaches them that they have to work for the things they want in life, like cell phones, computers, fashionable clothes, video games, etc. family game parent kid child
  • Require children to participate in at least one non-sports-related extracurricular group at school or outside of school.
  • Parents and children need to set aside at least an hour a day to talk to one another. Not on Facebook, not on the cell phone, but face to face. The only quality time is quantity time.
  • Teach children how to manage their time. Teach them how to create a daily “to do” list. They can put their “to-do” list on their bedroom door so parents can check it each day.

Obviously, it is not possible to follow every Rich Habit recommendation I listed above.

From my research, I learned that all it takes is one or two Rich Habits to completely transform a life.

The reading habit, on its own, can set your children up for career success.

The savings habit, on its own, can set your children up to be financially independent. The exercise habit, on its own, can set your children up for a long, healthy life.

The happy birthday or life event calls, on their own, can set your children up to forge strong relationships. Pick just two habits to teach you kids and stay on top of them for six months. After six months the habits should stick.

YOU MAY ALSO BE INTERESTED IN VIEWING:

RICH HABITS POOR HABIT EPISODE 44 | BEING SELFISH GETS A BAD RAP

RICH HABITS POOR HABIT EPISODE 43 | NEVER CLIMB A “MOUNTAIN” WITHOUT A GUIDE

RICH HABITS POOR HABIT EPISODE 42 | ADMIRE OTHER RICH AND FINANCIALLY FREE PEOPLE

RICH HABITS POOR HABITS EPISODE 41 | DON’T WORRY – EVERYONE IS HARDWIRED TO BE MISERABLE

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Rich Habits Poor Habits Episode 44 | Being Selfish Gets a Bad Rap

What if I told you that being selfish is a success trait?

It might piss you off to hear a comment like that, right?

But what if I reworded it and said something like this: The path towards success requires the pursuit of dreams and goals that add value to the lives of other. 

Now that doesn’t sound so bad, does it?

It almost sounds selfless, instead of selfish, doesn’t it?

Tom Corley’s research on the habits and traits of successful people is pretty clear.

You need to be selfish in the pursuit of your dreams and goals.

Pursuing your dreams and goals is a selfish act.

It puts you first and others second because pursuing your dreams and goals comes at a cost – time spent with family and friends takes a back seat.

But here’s the rub.

Your dreams and goals must in some way benefit others, otherwise you will fail in realizing them. 20523264 L

No one will care about your dreams and goals if they benefit only you.

But if your dreams and goals add value to the lives of others, they will happily reach into their pocketbook or wallet, whip out their ATM card and reward you for improving their lives.

You see, selfishness is hard-wired into every human being.

It’s a biological imperative to be selfish.

Survival demands selfishness.

Everyone you come into contact with is focused on one thing – themselves.

The trick is to pursue dreams and goals that appeal to the selfishness genes that drive our very existence.

Pursuing your dreams and goals is a selfish act by its very nature.

But when those dreams and goals help improve the lives of others, your selfishness morphs into selflessness.

When you selfishly pursue dreams and goals that benefits humanity in some way, you have found the magic blue pill that not only changes your life for the better but also improves the lives of others.

Being selfish is a good thing but only when that selfishness benefits society.

Something to think about.

YOU MAY ALSO BE INTERESTED IN VIEWING:

RICH HABITS POOR HABIT EPISODE 43 | NEVER CLIMB A “MOUNTAIN” WITHOUT A GUIDE

RICH HABITS POOR HABIT EPISODE 42 | ADMIRE OTHER RICH AND FINANCIALLY FREE PEOPLE

RICH HABITS POOR HABITS EPISODE 41 | DON’T WORRY – EVERYONE IS HARDWIRED TO BE MISERABLE

RICH HABITS POOR HABITS EPISODE 40 | HOW MUCH DOES LUCK HAVE TO DO WITH SUCCESS?

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Rich Habits Poor Habits Episode 43 | Never Climb A “Mountain” Without A Guide

Whether it’s climbing Mt. Everest or any other challenging mountain it’s not safe to scale it alone. 

Families by state

The potential for danger is high; and like most journeys in life, having someone with you who’s been there before and who has your back — to guide you, encourage you to climb higher, and to warn you of any roadblocks or dangers — is critical to your success.

Guides make all mountaintops attainable.

And the same goes for success and building wealth.

Having guides, coaches, or teachers to help you climb that mountain of financial freedom is one of the most important principles to guarantee your life success.

Learn And Model From Others Who Have Succeeded Before You

What does “model” mean?

It means to emulate or follow someone else’s method.

If you were to climb Mt. Everest, would you try finding your own way up the whole mountain on your own?

Or would you maybe get an experienced guide to show you the way and lead you up the mountain?

I think you’d get a guide, yes?

Why?

Because otherwise you’d be dead.

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It’s really simple.

It’s no different when it comes to success in any field of endeavor.

Why on earth would you try to figure everything out on your own when you can learn from others who have succeeded before you?

That is one of the best things about the network marketing industry, for example.

In what other business would other people who sell the same product as you, actually do whatever they can to help you?

It would never happen.

People selling the same stuff as you would usually never help you.

Yet there are tons of people in the network marketing industry earning $20,000, $50,000, $100,000 or more per month.

Why isn’t everybody earning that kind of money in other industries?

It’s simple.

They’re not willing to learn and follow the method to earn that kind of money, to be rich and financially free.

Why?

Because they have to do it their way.

I’m not saying copy every blink the person who teaches you makes.Landscape 2124113 1920

But when climbing Mt. Everest, the difference between stepping directly in your sherpa’s footprint and 12 inches outside of it could be the difference between life and death.

I want to remind you of something I tell all of my students: Your way has gotten you exactly where you are.

I’m not saying that that’s bad, but it may not be all that fantastic either.

If you want something different, you’re going to need a new and different way.

Your way doesn’t work like that.

You have to be willing to follow your teacher’s guidance to the letter and do it exactly the way that they tell you to do so.

You do that for a certain amount of time, then you can do it your way.success

How much time do you try it their way?

It’s simple.

Until you’re rich!

When you’re rich, then do it your own way.

Until then, you do it the way of the person who is successful ahead of you.

Don’t be a smarty pants and say, “I know better. It’s my life, this works better.”

Well… I’ll say it again: Your way has gotten you exactly where you are. Are you happy with that?

Now I want to share with you one more bonus principle that radically changed my life and I believe it will do the same for you.

Rich And Financially Free People Admire Other Rich And Financially Free People Sunrise 840201 1920

I want to share with you a philosophy that changed my life.

It comes from Huna, an ancient Hawaiian philosophy of life: “Bless that which you want.”

If you see a beautiful car, bless that car and the owner of that car…

If you see a beautiful house, bless that house and the person who owns the house…

If you see somebody with a wonderful, amazing business, bless that business and that person…

Why?

Because anything that you negate, you can never have.

It doesn’t mean don’t be uncritical of the principles of the rich and successful folks you admire, but even then, there’s no room for jealousy.

The more you can learn to admire their achievements, the more you will spiritually be open to learning how they did it.

So when you find a teacher, a coach, or a person in a field of area doing really well that you relate to…

  1. Learn and model from them
  2. Admire them
  3. Follow their lead and don’t veer from it until you’ve made it to the top!

YOU MAY ALSO BE INTERESTED IN VIEWING:

RICH HABITS POOR HABIT EPISODE 42 | ADMIRE OTHER RICH AND FINANCIALLY FREE PEOPLE

RICH HABITS POOR HABITS EPISODE 41 | DON’T WORRY – EVERYONE IS HARDWIRED TO BE MISERABLE

RICH HABITS POOR HABITS EPISODE 40 | HOW MUCH DOES LUCK HAVE TO DO WITH SUCCESS?

RICH HABITS POOR HABITS EPISODE 39 | 19 TRAITS OF NEGATIVE PEOPLE PART 3

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Rich Habits Poor Habits Episode 42 | Admire Other Rich And Financially Free People

I want to share with you a philosophy that changed Tom Corley’s life.

It comes from Huna, an ancient Hawaiian philosophy of life: “Bless that which you want.”

If you see a beautiful car, bless that car and the owner of that car…  

If you see a beautiful house, bless that house and the person who owns the house…

If you see somebody with a wonderful, amazing business, bless that business and that person…

Why?

Because anything that you negate, you can never have. Families by state

It doesn’t mean don’t be uncritical of the principles of the rich and successful folks you admire, but even then, there’s no room for jealousy.

The more you can learn to admire their achievements, the more you will spiritually be open to learning how they did it.

So when you find a teacher, a coach, or a person in a field of area doing really well that you relate to:

  1. Learn and model from them
  2. Admire them
  3. Follow their lead and don’t veer from it until you’ve made it to the top

YOU MAY ALSO BE INTERESTED IN VIEWING:

RICH HABITS POOR HABITS EPISODE 41 | DON’T WORRY – EVERYONE IS HARDWIRED TO BE MISERABLE

RICH HABITS POOR HABITS EPISODE 40 | HOW MUCH DOES LUCK HAVE TO DO WITH SUCCESS?

RICH HABITS POOR HABITS EPISODE 39 | 19 TRAITS OF NEGATIVE PEOPLE PART 3

RICH HABITS EPISODE 38 | 19 TRAITS OF NEGATIVE PEOPLE PART 2

RICH HABITS EPISODE 37 | 19 TRAITS OF NEGATIVE PEOPLE PART 1

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