I Spent 5 Years Studying Rich People, and Here are the 6 Best Pieces of Advice I Can Give You About Making More Money

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There are smart ways to try and make more money and their are the not so smart ways. Thanks to my five year study on rich people, I was able to uncover some of the best ways to make extra money. Here are six of the best pieces of advice I found from my study on making more money:

 

  1. Pursue Something You’re Passionate About as a Side Business – Build a side business doing something that you love and that provides value to others and society. The self-made millionaires in my study who loved what they did for a living accumulated an average wealth of $7.4 million over just twelve years. When you do something you love, you will devote all of your available time to it. The Wright brothers ran a bicycle business full time and on the side they conducted their famous experiments that eventually led to the invention of airplane. Over the course of five years, the two brothers often worked eight hours at their bike shop business and another eight hours on their passion, the airplane. When you do what you love, you are somehow able to find the energy and the time to devote to your passion.
  2. Take Calculated Risks With Your Savings – Success requires risk. You have to take some risk in time and money in order to build wealth of any kind. I’m not talking about gambling here. I’m talking about an entirely different type of risk called calculated risk. This risk requires that you gain some experience and working knowledge in some area and then put that knowledge to work by taking action. It might be real estate, investing in some private business, starting your own business, etc.
  3. Develop a Niche in Your Career or Business – Those in my study who had a unique expertise in a particular area were paid the most by their company or were able to charge more to customers or clients than their competition. You can develop your niche on the side, in the mornings, at night or over the weekend through self-study or by taking classes at night. Most of the millionaire in my study read thirty minutes or more every day for learning and many others went to night school to develop skills and gain knowledge that would eventually help them accumulate enormous wealth. While this takes time and effort, it is an investment in yourself that will forever pay dividends down the road.
  4. Organize a Partnership With Others – Many of the self-made millionaires in my study organized joint ventures with other individuals. Organizing a team of like-minded, success-focused individuals makes it much easier to achieve success in life and build wealth. Many hands make light work plus you have multiple brains to tap for ideas and solutions to problems. Andrew Carnegie, at one time the world’s wealthiest man, in the beginning of his working career organized joint ventures with others in the steel, railroad or coal industry in order to leverage what little money he had at the time. His partnerships created many millionaires and resulted in the mammoth company famously known as U.S. Steel.
  5. Work Part-Time as an Apprentice – Everyone is no doubt familiar with Donald Trump’s show The Apprentice. The winners get a chance to work with and learn from the Donald. If you lack skills in an industry you think you’d like to work in, seek out a successful person in that industry and offer your services as an apprentice. This has a triple benefit: # 1 it enables you to learn from a mentor, # 2 you can make some extra money, # 3 it gives you an opportunity to test the waters and see if you actually like the work . If you don’t, you can always quit and move on to something else.
  6. Change Careers – One of the common threads I uncovered in my study was that self-made millionaires put their own ladder on their own wall. Most people don’t do this. They pursue some career or profession that a parent, teacher or other influence in their life advised them to pursue. As a result they are not pursuing their own dreams or own goals, but instead the dreams and goals of someone else. It’s never too late to change careers. As I mentioned previously, the self-made millionaires who pursued what they loved were able to accumulate an enormous amount of wealth in a relatively short period of time. Changing careers may require you to go back to school at night, but you can do this while you’re still working. Once you get your degree or certification, you can then leave your current job or business for a new one that offers increased opportunities and potentially more money.

Making more money means doing something different than you are doing right now. It means working more or taking more risk or investing more time in yourself through either self-education or formal education. But it can be done. Many of the millionaires in my study were in the same boat as you at one time. The difference is that they took action to change their lives. Building wealth and becoming a success requires action. If you do nothing, in ten years you will be ten years older and probably still where you are right now. Wealth does not happen on its own. You have to make wealth happen.

 

Thomas C. Corley About Thomas C. Corley

Tom Corley understands the difference between being rich and poor: at age nine, his family went from being multi-millionaires to broke in just one night, due to a catastrophic fire that destroyed his Dad's thriving business. For fourteen years they struggled with poverty. There were eleven in Tom's family, and they lived in constant fear of losing their home.

Driven by the desire to unlock the secrets to success and failure, Tom spent five years studying the daily activities of 233 rich people and 128 poor people. He discovered there was an immense difference between the habits of the rich and the poor. During his research he identified over 300 daily activities that separated the “haves” from the “have nots.” Tom decided to write a book to share what he learned. That book, Rich Habits: The Daily Success Habits of Wealthy Individuals (1st Edition), went on to become an Amazon Bestseller in the United States forty times over a three year period. To give you some perspective, in order to be a true Amazon Bestseller in the United States, where you actually receive a specific Bestseller designation from Amazon, you need to be in the top 100 of all books sold by Amazon in the United States in a given day. Rich Habits did that for nearly thirty straight days, rising as high as #7, eclipsing such Bestselling authors such as Stephen Covey, Robert Kiyosaki and J.K. Rowlings. Imagine that - an unknown, first-time, self-published author selling more books than J.K. Rowlings!

Tom now travels the world, sharing his Rich Habits and motivating audiences at industry conferences, corporate events, universities, multi-level marketing group events, and global sales organizations’ presentations and finance conferences. He has even spoken on the same stage with famous entrepreneurs and personal development experts, such as Sir Richard Branson, Robin Sharma, Dr. Daniel Amen, and many others.

Tom has shared his insights on various national and international network, cable, and Internet television programs such as CBS Evening News, NBC News, Yahoo Financially Fit, Money.com, India TV, News.com Australia, and a host of others. He has been interviewed on many prestigious nationally syndicated radio shows, including the Dave Ramsey Show, Marketplace Money, and WABC.

Tom has been featured in numerous print magazines—such as Money magazine, Inc. Magazine, SUCCESS Magazine, Entrepreneur magazine, Fast Company magazine, More magazine, Epoca Magazine (Brazil’s largest weekly) and Kiplinger’s Personal Finance magazine—and various online publications, including USA Today, CNN, MSN Money, SUCCESS.com, Inc.com, and the Huffington Post. Tom is a frequent contributor to Business Insider, Credit.com, Bankrate.com and a few other media outlets.

National publicity has garnered international media attention for Tom and his Rich Habits research spanning 23 countries. Broadcast media, online publications, and television throughout Asia, the South Pacific, Europe, the United Kingdom, and Central and South America have shared his powerful message.

In an effort to help parents, grandparents, teachers and adults become success mentors to the younger generation, Tom released his second book, Rich Kids: How to Raise Our Children to be Happy and Successful in Life in 2014. This book was the self-help category winner of the 2015 New York Book Festival and Runner-up in the prestigious 2015 Writer’s Digest Self-Published Book Awards Contest. In 2016 Tom released his third book, Change Your Habits, Change Your Life. This book provides the latest science on habit change as well as more of Tom's unique research on the specific habits that helped transform 177 ordinary individuals into self-made millionaires.

Besides being an author, Tom is also a CPA, CFP, and hold a master’s degree in taxation. As president of Cerefice and Company, CPAs, Tom heads one of the premier financial firms in New Jersey.
 
Phone Number: 732-382-3800 Ext. 103.
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Comments

  1. TOM,
    THANK YOU FOR SHARING THESE EXCELLENT INSIGHTS THROUGH YOUR BLOG. I FOUND THIS POST PARTICULARLY INFORMATIVE. WE ALSO BOUGHT YOUR BOOK AND MY WIFE READ IT ALOUD TO ME ON A RECENT CAR TRIP.

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