The Dave Ramsey Show: Interview with Tom Corley

Dave Ramsey Blog: 20 Things The Rich Do Every Day

[ Source: daveramsey.com ]
 

So what do the rich do every day that the poor don’t do?

In this radio interview, best-selling author Tom Corley outlines a few of the differences between the habits of the rich and the poor:

1. 70% of wealthy eat less than 300 junk food calories per day. 97% of poor people eat more than 300 junk food calories per day. 23% of wealthy gamble. 52% of poor people gamble.

2. 80% of wealthy are focused on accomplishing some single goal. Only 12% of the poor do this.

3. 76% of wealthy exercise aerobically 4 days a week. 23% of poor do this.

4. 63% of wealthy listen to audio books during commute to work vs. 5% for poor people.

5. 81% of wealthy maintain a to-do list vs. 19% for poor.

6. 63% of wealthy parents make their children read 2 or more non-fiction books a month vs. 3% for poor.

7. 70% of wealthy parents make their children volunteer 10 hours or more a month vs. 3% for poor.

8. 80% of wealthy make hbd calls vs. 11% of poor

9. 67% of wealthy write down their goals vs. 17% for poor

10. 88% of wealthy read 30 minutes or more each day for education or career reasons vs 2% for poor.

11. 6% of wealthy say what’s on their mind vs. 69% for poor.

12. 79% of wealthy network 5 hours or more each month vs. 16% for poor.

13. 67% of wealthy watch 1 hour or less of TV. every day vs. 23% for poor

14. 6% of wealthy watch reality TV vs. 78% for poor.

15. 44% of wealthy wake up 3 hours before work starts vs. 3% for poor.

16. 74% of wealthy teach good daily success habits to their children vs. 1% for poor.

17. 84% of wealthy believe good habits create opportunity luck vs. 4% for poor.

18. 76% of wealthy believe bad habits create detrimental luck vs. 9% for poor.

19. 86% of wealthy believe in life-long educational self-improvement vs. 5% for poor.

20. 86% of wealthy love to read vs. 26% for poor

Thomas C. Corley About Thomas C. Corley

Tom Corley understands the difference between being rich and poor. At age 9 his family went from being multi-millionaires to broke in just one night. For five years, Tom studied the daily activities of 233 wealthy people and 128 people living in poverty. He discovered there is a difference the size of the Grand Canyon between the daily habits of the wealthy and the poor. During his research he identified over 200 daily activities that separated the “haves” from the “have nots”. The culmination of his research can be found in his #1 bestselling book, Rich Habits – The Daily Success Habits of Wealthy Individuals (www.RichHabits.net). Tom recently released his 2nd book in his “Rich Series,” Rich Kids – How to Raise Our Children to be Happy and Successful in Life.
Tom is a CPA, CFP and holds a Master’s Degree in Taxation. He is also President of Cerefice and Company, CPAs, one of the top financial firms in New Jersey.

Tom has shared his insights on various network and cable T.V. programs, such as CBS Nightly News, Larry Kane's Voice of Reason, Yahoo Financially Fit T.V. , The Dawn Show and many others. Nationally syndicated radio shows, such as The Dave Ramsey Show, Marketplace Money and WABC have had Tom share his research with their listeners. Tom's been featured in numerous print and Internet publications such as Success Magazine, Kiplinger's Magazine, CNN, MSN Money, the Huffington Post and is a Business Insider contributor.

Phone Number: 732-382-3800 Ext. 103.
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Comments

  1. jun-pu manpan says:

    Every time you select a sample there will be some potential for sampling error; I understand that. However, to get close to the mark you need to strive to reduce sampling bias. That’s where I would argue your approach is weak. Yes, pollsters make generalizations, but the more accurate ones use random samples, not convenience samples. I like your research idea and I’m sure there is some truth to your findings, but your methods are questionable and you don’t seem to have a good defense for them. This approach would not even hold up in a BA-level research methods course.

    p.s. I am a pollster.

  2. Mike Logsdon says:

    I read regular books during my commute to and from work. I don’t get it — why are audio books better than regular books?

  3. They aren’t. It’s just hard to read a book when you are driving or traveling. Utilizing our travel time to listen to audio books is a good use of your time.

  4. Hi Charles. I used a broad 20 question list. I asked these questions to two groups (Wealthy & Poor) over a 4+ year period. The wealthy came from a combination of clients, business associates, former colleagues, people I worked with on nonprofits (charitable, civic and business groups), people I know, and those who responded to my free financial planning ads. The majority of the poor came from people I knew were poor, my free ad for financial planning and reduced tax return prep ads. I spent over 2 years asking the 233 wealthy my 20 question list. It took 2 years because they did not know they were part of a study and it took sometimes 5-6 meetings & phone calls to complete a list for one person. Studying the poor was an afterthought. When I told someone I know what I had done they asked me “what do poor people do?” I then spent another 2 years doing the same analysis for poor people. Once I completed my info gathering I spent 2 years grouping the data, analyzing it and comparing each group. Every 4-6 months, for the past 3 years, I have been going back over the data for things that are raised in my TV or Radio or Print interviews, which I missed in my original analysis. Such as gossiping, professions, education etc. Sometimes I tracked requested data and sometimes I did not. For instance, I did not track by age. I missed that one. But my gut recollection is that most (Rich and Poor) were between the ages of 40-60. I accumulated all this data on excel worksheets and then summarized it. I keep all the core data from the interviews in two large separate folders. One titled Rich and one titled Poor. Within each large folder are subsidiary folders for each participant with all my notes & the completed 20 question list. I hope that helps.

  5. Ricardo Soriano Cardenas says:

    Was the survey done regionally or across the country? Was culture and ethnicity taken into consideration?

  6. jun-pu manpan says:

    Hi, Thomas – You are making generalizations about an entire population based on a convenience sample. The potential for sampling bias seems quite high. For instance, you studied poor people who you knew were poor. There’s probably a segment of the poor population who you don’t realize are poor, and because they are not obviously poor, it’s likely they have different habits from those who you can tell are poor. The hidden poor probably have habits more similar to the wealthy. Have you thought about this? How would you defend your sampling approach?

  7. Across the country. 60% were white males, 25% Jewish and the balance made up of women and various races between the ages of 40-60.

  8. You’re making assumptions. I didn’t make assumptions. Whenever you are working with a sampling and you post the results of that sample you are making a generalization. Pollsters do this all the time. More often than not, they are close to the mark.

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  1. […] “88% of wealthy read 30 minutes or more each day for education or career reasons vs 2% for poor… 6% of wealthy say what’s on their mind vs. 69% for poor…” – RichHabits.net […]

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