Rich Habits News

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I am happy to announce that the Rich Habits brand is expanding.

This past month I have signed the following foreign publishing agreements: [Read more…]

How the New Tax Law Affects Vacation-Home Owners

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From Market Watch

By Bill Bischoff

Published: Nov 20, 2018 9:08 a.m. ET

The Tax Cuts and Jobs Act complicates things for people who rent out a second home

The tax rules for vacation homes require close attention.

If you own a vacation home that you use for both rental and personal purposes, now is a good time to plan how to use it for the rest of this year with tax savings in mind. Here’s what you need to know:

Rented less than 15 days during the year with more than 14 days of personal use

For a vacation home in this category, the tax rules are really simple. You need not report any of the rental income on your Form 1040. However, you cannot deduct expenses directly attributable to the rental period (rental agency fees, cleaning, and so forth). If your vacation home happens to be located near a major event — like a PGA golf tournament or a big multi-day concert — you may be able to rent the place out for a short period even at high rates and pay zero federal income tax.

Tax-smart year-end strategy: The more rental days between now and year-end, the better — as long as they don’t exceed 14 days for the year.

Rented more than 14 days with substantial personal use

Your vacation home falls into this category if you rent it for more than 14 days during the year and your personal use exceeds the greater of:(1) 14 days or (2) 10% of the rental days. For example, a vacation home that’s rented for 180 days during the year and used by you and family member for 60 days falls into this slot.

Personal usage includes use by you, other family members (whether they pay fair market rent or not) or anyone else who pays less than market rent. Personal use also includes time spent at your place by another party under a reciprocal sharing arrangement (“I use your place in exchange for you using my place”) whether the other party pays market rent or not.

Days devoted principally to repairs and maintenance are considered days of vacancy and are disregarded, even if family members are present while you work away.

The tax drill

Vacation homes in this category are treated as personal residences for federal income tax purposes. Follow this six-step procedure to account for the property’s rental income and all the expenses.

Step 1: Report 100% of rental income on Schedule E of Form 1040.

Step 2: Deduct 100% of any direct rental expenses (such as rental agency fees and advertising) on Schedule E.

Step 3: Allocate mortgage interest and property taxes between rental and personal use. See below for how to do that.

Step 4: Deduct as Schedule E rental expenses the allocable mortgage interest and property taxes from Step 3.

Step 5: If there’s any net rental income left after Step 4, deduct as rental costs allocable indirect expenses — maintenance, utilities, association fees, insurance, depreciation and so forth on Schedule E — but only to the point where you zero out rental income. In allocating these indirect expenses, consider only actual rental and personal-use days during the year, and ignore days of vacancy. For example, if you rent your vacation home for 90 days during the year and use the property 60 days for personal purposes, allocate 60% of the maintenance, utilities, and so forth to rental usage and 40% to personal usage. The 40% is non-deductible. Even so, the bottom line on Schedule E will often be zero, because the rental income will often be fully offset by deductible expenses.

Step 6: Write off the personal-use percentage of mortgage interest and property taxes as itemized deductions on Schedule A of Form 1040, subject to the new Tax Cuts and Jobs Act of 2017 (TCJA) limits for 2018-2025 (see “TCJA changes affecting vacation-home owners” below).

You are allowed to carry over any disallowed allocable indirect expenses to future years when you can deduct them against rental profits (if you ever have any).

Controversy regarding how to allocate mortgage interest and property taxes

The IRS says you should use only actual days of personal and rental usage to allocate all non-direct vacation-home expenses, including mortgage interest and property taxes. However, two Appeals Court decisions say you can allocate mortgage interest and property taxes differently, by treating actual rental occupancy days as rental days and all other days — including days of vacancy — as personal days.

Before the TCJA, the Appeals Court method was often more beneficial because (1) it allocates more mortgage interest and property taxes to Schedule A (where you could usually fully write off these expenses as allowable itemized deductions under prior law) and (2) it allocates less mortgage interest and property taxes to Schedule E, which usually allowed you to currently deduct more of the other expenses allocable to rental usage (property insurance, utilities, etc.) on Schedule E when applying the rental income limitation.

But after the TCJA changes, some vacation-home owners may benefit from using the IRS-approved method instead of the Appeals Court method. That’s because you will never get any tax benefit from allocating more interest and taxes to Schedule A than you can currently deduct after the TCJA changes. Your tax pro can run the numbers at tax return time and figure out the best allocation method for interest and taxes.

Tax-smart year-end strategy: If your property fits solidly into this category for 2018 and your expenses will comfortably exceed rental income (the usual situation), you will probably come out ahead by renting it out for some additional days between now and year-end. That way, you’ll receive more rental income (good for cash flow), and you can probably still offset all the rental income with direct expenses, allocable mortgage interest and property taxes, and allocable indirect expenses. So you’ll have that much more tax-sheltered rental income, which is always a good thing.

The bottom line

As you can see, the tax rules for vacation homes are complicated.

If you have a vacation home that is rented for more than 14 days during the year and your personal use does not exceed the greater of (1) 14 days or (2) 10% of the rental days, the home is classified as a rental property for tax purposes. (I’ll cover the tax rules for vacation homes that are classified as rental properties in next week’s column. So please stay tuned.)

TCJA changes affecting vacation-home owners

New limit on property-tax deductions: Before the TCJA, you could claim itemized deductions for an unlimited amount of personal state and local property taxes. For 2018-2025, however, the TCJA limits itemized deductions for personal state and local property and income taxes to a combined total of only $10,000 ($5,000 for those who use married filing separate status). This limitation can affect your ability to claim itemized deductions for property taxes on a vacation home.

New limits on home-mortgage interest deductions: The TCJA also places new limits on the amount of home mortgage debt for which you can claim itemized qualified residence interest expense deductions. These limits can affect your ability to claim itemized deductions for mortgage interest on a vacation home.

For 2018-2025, the TCJA generally allows you treat interest on up to $750,000 of home acquisition debt (incurred to buy or improve a first or second personal residence) as deductible qualified residence interest. If you use married filing separate status, the limit is halved to $375,000. Thanks to a grandfather provision for pre-TCJA mortgages (explained below), this change will mainly affect new buyers (those with post 12/15/17 mortgages).

TCJA change for home-equity debt: For 2018-2025, the TCJA generally eliminates the prior-law provision that allowed you to treat interest on up to $100,000 of home-equity debt as deductible qualified residence interest ($50,000 if you used married filing separate status).

TCJA grandfather rules for up to $1 million of home-acquisition debt: Under one grandfather rule, the TCJA changes do not affect qualified residence interest deductions on up to $1 million of home-acquisition debt that you took out: (1) before 12/16/17 or (2) under a binding contract that was in effect before 12/16/17, as long as the home purchase closed before 4/1/18. If you use married filing separate status, the limit is halved to $500,000.

Under a second grandfather rule, the TCJA changes do not affect qualified residence interest deductions on up to $1 million/$500,000 of home-acquisition debt that you took out before 12/16/17 and then refinanced later — to the extent the initial principal balance of the new loan does not exceed the principal balance of the old loan at the time of the refinancing.

Home-equity debt treated as home-acquisition debt: Say you spent or spend the proceeds of a home-equity loan to build, buy, or improve your first or second personal residence. The loan counts as home-acquisition debt for which qualified residence interest deductions are allowed, as long as the applicable home acquisition debt limit ($750,000/$375,000 or $1 million/$500,000) is not exceeded.

Bigger standard deductions: For 2018-2025, the TCJA almost doubled the standard deduction amounts. For 2018, they are:

  • $24,000 for married joint-filing couples.
  • $18,000 for heads of households.
  • $12,000 for singles.

This seemingly benign change can adversely affect vacation-home owners, because their allowable itemized deductions (including those for vacation home mortgage interest and property taxes) may not exceed their standard deduction amount for 2018-2025.

Health Savings Arrangements Are a Rich Habit

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A Health Savings Arrangement (HSA) is a tax planning tool that offers many tax advantages.

Why Would You Set Up an HSA?

  • The amounts you contribute to an HSA, every year, are tax deductible. You have up to April 15 to make your HSA contributions for the prior tax year.
  • You can also make pre-tax contributions to an HSA, if you are a participant in an employer-eligible HSA plan. These pre-tax employee contributions are not subject to income tax, social security tax or unemployment tax.
  • You can invest your HSA money in mutual funds, bonds, annuities, stocks, etc. Investment gains within the HSA are not taxed.
  • You can make tax-free withdrawals from your HSA for the following:
      • Qualified Medical Costs
      • Qualified Dental Costs
      • Qualified Vision Care Costs
      • Qualified Long-Term Care Costs
      • Health Insurance Premiums
      • Employee Health Insurance Premiums
      • Medicare Part ! Premiums
      • Medicare Part B Premiums
      • Medicare Part D (Prescription Drugs) Premiums
      • Medicare HMO Premiums
      • Medicare Advantage Premiums
      • Long-Term Care Premiums

How Much Can You Contribute to an HSA each year?

The amount you can contribute to an HSA can change every year, due to inflation. For 2019, the maximum contribution amounts are as follows:

  • Single HSA Plan – $3,500
  • Family HSA Plan – $7,000

One More Benefit

Once you reach 65, you become ineligible to contribute to an HSA. However, you can make non-qualified withdrawals without being subjected to the 20% penalty. The non-qualified withdrawal, however, will be subject to income tax.

In effect, you can use HSAs as a supplemental retirement plan.

Penalties

There are certain penalties to be wary of with respect to HSAs:

  • Non-Qualified Withdrawals – If you are under age 65, any non-qualified withdrawal is subject to a 20% penalty and the withdrawal is also subject to income tax.
  • Non-Qualified Contributions – If you make non-qualified or excess contributions, you will be assessed a penalty of 6% each year until you cure the violation. You cure it by withdrawing the disallowed or excess contribution.

Entrepreneurs Get New 20% Tax Deduction

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There’s a new tax deduction available for sole proprietors, S Corporation Shareholders, LLC Members, Real Estate Investors and Partners (Pass Through Businesses). It’s called the Qualified Business Income Tax Deduction.

If you qualify, you can get a deduction equal to 20% of the taxable profit from your business for calendar years beginning in 2018. [Read more…]

IRS Announces 2019 Tax Rates, Standard Deduction Amounts And More

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From Forbes

 

The Internal Revenue Service (IRS) has announced the annual inflation adjustments for more than 60 tax provisions for the year 2019, including tax rate schedules, tax tables, and cost-of-living adjustments. [Read more…]

Top 10 Rich Habits in Running a Construction Business

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It is not easy running a construction business. There are many pitfalls and numerous ways to lose money. But, if you follow some basic steps you can not only make a living, you can become very wealthy.

Successful construction contractors have learned there are certain things you absolutely must do right all the time and certain skills you must have or acquire in order to make it in this very competitive industry. In this article I will summarize the top 10 Rich Habits in running a construction contractors, in their order of importance.

Most Important Factor: Hands On Experience

Do not even think about starting a construction contractor business unless you have at least five years of broad (meaning, not specialized) construction experience. The only exception to this is if you intend on specializing in one area and one area only. We call this a niche. Niche’s can be very profitable, but they can also go away, change or be replaced by technology, new products, changes in the industry or societal changes. The best chance for success in the general contractor business is to gain experience doing everything.

This general experience has many benefits. It gives you the ability to identify and hire competent individuals, fire incompetent ones, evaluate good work product and identify poor work product. Probably the most important thing it gives you is the ability to transition from being a technician to being a manager. The best experience comes from small to mid-sized construction companies that require you to be a jack of all trades. Larger companies have a tendency to pigeonhole you into niches. That is fine if your business model is a niche, but if you start a general contractor construction business with skills in only a few niche areas, you will fail unless you hire to your weaknesses.

Second Most Important Factor: Outstanding Accounting System

If you do not have a sound accounting system your construction business will eventually fail. This CPA has witnessed this too many times than I care to recount. Sound accounting systems allow you to evaluate whether or not you make a profit on a job by job basis. Going with gut instinct is dangerous and fraught with risk. A sound accounting system helps you identify those things you do right on each job as well as the mistakes you’ve made. Numbers don’t lie.

Unfortunately, my experience has shown me that most construction contractors pay little attention to their system of accounting. There is a fear that proper accounting will set the business owner up for higher taxes. Thus, cash received on a job and cash disbursed go unreported in an effort to avoid tax.

What a mistake.

I don’t care how great you think your intuition is, if you don’t have an accounting of every penny on each job, you can rest assured you are flying blind and losing money on each job. You will go out of business and your family life will suffer.

If you decide to start your own business, you need to act like a professional business owner and that means creating a sound accounting system. Failed accounting systems lead to litigation, failure and bankruptcy.

Third Most Important Factor: Proven Processes = Success

When you have hands on experience in the industry, forged by many years (at least five years) of working in every facet of the construction business, you are better able to make the transition from technician to manager. Effective management requires that you have sound procedures on many aspects of your business. Well-defined, proven processes, along with task-specific checklists, allows you to drill your workers on every aspect of a task within a job.

You should have a process with accompanying checklists for every major task within a job. This eliminates human error and allows you to make corrections before the task is completed. Processes are a construction company owner’s #1 management tool. You must develop a process for each job and each task. This process must be in writing and stored in a binder for each job, along with the task checklist. The task checklist should be calendarized. Your jobs binder should include the following:

Tab #1 – A copy of the signed contract and any change orders.
Tab #2 – Budget for the job. Budget for each change order.
Tab #3 – Accounting for income and expenses. The income portion would include the contract bid price, monies received either as deposits or as the stages of the project are completed and monies received for change orders.
Tab #4 – Task List Summary.
Tab #5 – Task #1 Process Summary and Checklist.
Tab #6 – Task #2 Process Summary and Checklist.

Last Tab – Customer sign off letter on completed work along with standard testimonial letter signed by customer, listing customer’s name and contact information along with permission to use the testimonial in marketing and as a reference for prospective customers.

Transfer copies of each testimonial letter to a separate “Testimonial Binder” that you will take with you to each prospect. This Testimonial Binder may be the only thing separating you from your competition. It gives assurance to prospects that you take customer satisfaction very seriously and may be the difference maker. It allows prospects an opportunity to reach out to previous customers in order to obtain references. It also shows the prospect your company is very organized and well run. Lastly, have a picture of the before and after on each job in this binder.

Fourth Most Important Factor: Strong Business Partnerships

A stable of competent subcontractors who have many years of experience working together is crucial to the success of a job. Each job is a team effort and having a strong network of competent individuals/businesses available to you for each job, and who understand your businesses processes, will make each job run much more efficiently. Efficiency and competency = profit on each job.

Fifth Most Important Factor: Project Bidding Process

You can be the most skilled, best managed construction company, with a stable of talented subcontractors and still go out of business if you do not have a strong process in place on bidding for each job. You can lose your shirt if you underbid a job.

How does this happen?

The most common cause of underbidding is not doing your homework and relying on your gut or unverified estimates rather than a fail safe process of checking and double checking each cost within each task. The devil in any construction job is in the details.

The bidding process is very much like your business plan for each job. It must identify every task, every cost and each cost must be checked and double checked before bidding on the job.

Where many construction contractors go wrong is in estimating the cost of tasks incorrectly. These incorrect estimates are caused by flawed assumptions on the tasks and the associated costs, which is the result of not accurately verifying and then re-verifying every task and every cost. It is a painstaking process, but you must get the bid right. Your assumptions on each task must be vetted not once but at least twice. You know the rule: measure twice cut once. This adage is particularly true in the bidding process.

Sixth Most Important Factor: Marketing

Everyone in the construction business understands the importance of referrals. Most of your prospective customers come by way of referral. But referrals are not enough. What should be part of your marketing tool belt?

1. You should have an active web site that includes customer testimonials front and center.
2. You should join a local networking group.
3. You should join a local civic or business organization.
4. You should provide valuable assistance to local community non-profit groups (one or two non-profits is enough).
5. You should have a regular process of bidding jobs that are not referral-based.
6. You should have a process for direct mailings and/or social media marketing.
7. You should have business cards, stationary, job site signs.
8. You should advertise online.
9. Customer Testimonial Binder (referenced above).
10. You should have brochures you can hand out at events or give to prospects.

Seventh Most Important Factor: Stay Current With Technology and Replace Old Equipment/Tools

You must upgrade your equipment and tools to stay current with technological changes. This will not only improve efficiency but also the quality of each job. You must also replace old equipment and tools in order to get each job completed efficiently and on time.

You will know when it is time for new equipment and tools when the old equipment and tools begin breaking down at a rate that causes recurring delays. When equipment/tools breakdown it can cause cost overruns and result in late completions. No matter how good the quality of your work is, missing completion dates damages your reputation.

Eighth Most Important Factor: Hire To Your Weaknesses

No matter how much experience you have, and how skilled you may be, there are certain things each one of us does well and certain things we do badly. More often than not, the things we do well are the things we enjoy doing and the things we do badly are the things we hate doing.

A skilled business owner will hire people who have strengths in areas the business owner has weaknesses.

As an example, one of my clients nearly went out of business because he did not like having to make calls to collect receivables. My advise to him? Hire someone who is expert in collections. He took me up on my advise and eventually, his collections expert, became his partner. His business is thriving now.

Hire to your weakness and watch your business boom.

Ninth Most Important Factor: Document Mistakes and Failures

This should be incorporated into your Job Process/Task List Binder. You must learn from your mistakes. Mistakes should not be considered anything other than an experience learned. Document those bad experiences and incorporate them into your job process and task list binder so as to never repeat them again.

Tenth Most Important Factor: Change Orders

Most contracts include language regarding change orders. Change orders are caused by many factors, which is beyond the scope of this article. But let me be clear in saying that you must cost out every change order as if you were costing out the job in the initial bidding process.

You must then process the change order (list each task and assign a date of completion for each task) and attach a task checklist for each new task resulting from the change order.

Lastly, you must get the customer to understand and sign off on the change order or you will not collect your full price for the job. Many construction contractors do a poor job in addressing change orders. They are reluctant to highlight it with the customer and, consequently, gloss over it in an effort to avoid confrontation.

The reason?

The likelihood of change orders occurring are not adequately addressed up front when you are bidding on the job – this means you are not managing the expectations of the customer during the bidding process.

Customers only see the price you gave them in the initial bid and that is what they focus on.

You must address the likelihood of a change order occurring at the outset of the bidding process and before the contract is signed. If a customer understands from the very beginning that change orders do occur often and that a change order will increase the price of the job, you will be less shy about confronting the customer when a change order becomes necessary.

Remember, success is a process. And so too is failure.

[Read more…]

I.R.S. Is Raising 401(k) Contribution Limits in 2019

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From the NY Times today.

By Ann Carrns

Annual contribution limits for your workplace retirement plan are increasing by $500 next year. While that may not sound like much, the additional money can grow substantially over time, financial advisers say.

The Internal Revenue Service announced this month that the employee contribution limit for 401(k) and similar workplace retirement plans will be $19,000 next year, up from $18,500.

With 401(k) plans, workers save and invest part of their paycheck before taxes are taken out. The money isn’t taxed until it is withdrawn from the account.

Workers who are 50 or older also can make an extra $6,000 in “catch-up” contributions, an amount that isn’t changing for 2019. That means an older employee can contribute as much as $25,000 next year.

Join Me on Instagram

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Many of my fans and subscribers have been asking me over the past year to start an Instagram account so they can follow me on Instagram.

I listened and obeyed.

My Instagram account name is:

tomcorleyrichhabits

Please follow me on Instagram so I can follow you!

CNBC – How a Simple Daily Routine Can Turn Your Dreams Into Reality

 

 

 

In my book, “Change Your Habits, Change Your Life,” I introduced my readers to one of the tools successful entrepreneurs in my Rich Habits Study used that helped them become self-made millionaires. This tool is something called Dream-Setting.

Dream-Setting is a process in which you:

  1. Define your ideal, future life, via a script of 1,000 words or more. In this script, you go out into the future five or more years and paint a picture with words of every facet of your ideal, future life. The home you own, the neighborhood you live in, the income you earn, the money you accumulate, the car you drive, the amazing people who are your closest friends, the places in the world you travel to, etc.
  2. Bullet point each dream within your script
  3. Build goals around each dream
  4. Pursue each goal until it is achieved

As you realize each dream, you climb your individual Dream Ladder. When you reach the top of your ladder, only then are you living the life of your dreams.

Clearly, the hardest part of this Dream-Setting process is pursuing and achieving the goals behind your dream, or the Goal Pursuit & Achievement Process (Step 4).

Step 4’s Goal Pursuit & Achievement Process is the hardest part because it requires that you:

  1. Develop the knowledge and skills which enable you to pursue each goal, and
  2. Take action on each goal

Each of these two Goal Pursuit & Achievement Processes requires effort. Effort = time. Somehow, you must find the time to pursue and achieve the goals behind your dreams.

What makes devoting time to your goals so hard is that many who are pursuing their dreams and the goals behind their dreams have jobs which limit how much time they have to engage in this Goal Pursuit and Achievement Process.

So what do you do?

You must create a daily routine in which you block off time, every day, to dedicate to this Goal Pursuit & Achievement Process.

This routine can take as little as one hour a day. What makes this routine effective is transforming it into a daily habit. Day after day, you must go at each one of your goals.

Your daily routine is the scheduling system that transforms each of your dreams, and the goals behind your dreams, into reality.

This is why I harp so much on habits. Daily habits, built around your goals, make success possible.

Your daily routine is nothing more than a series of daily habits you engage in every day that enable you to achieve each one of your goals and ultimately, each one of your dreams.

Let me give you a real-life example.

When I began my Rich Habits Study in early 2004, I had just taken over as CEO of my company. I had responsibility for eight employees and close to one thousand clients. This new job required an enormous time commitment, meaning long hours. I also had three young children and a spouse I desperately wanted to spend time with.

So, I found the only time available: 4:30 a.m. – 6 a.m. on workdays and 4:30 a.m. – 8 a.m. on weekends. For nearly four years, my daily routine was waking up at 4:30 and devoting time to my Rich Habits Study. Because I only had that limited time, the study took four years. But, after four years, it was done.

Since then, I have continued to employ this daily morning routine to help me write five books over a seven year period. Like so many of the self-made millionaires in my Rich Habits Study, a simple daily routine helped transform me from a nobody into a world-wide best-selling author in a relatively short period of time.

If you are pursuing a dream and time is your enemy, you must create a routine and then you must habitualize that routine – schedule it every day. This is what successful high-achieving dreamers do. That is what the self-made millionaires in my Rich Habits Study did. They created and followed a consistent schedule, or daily routine.

Consistency transforms dreams into reality.

Tom Corley is an accountant, financial planner and author of “Rich Kids: How to Raise Our Children to Be Happy and Successful in Life.”

Interview With Gina Lofton

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Hello. This is Gena Lofton.

I would like to introduce you to Tom Corley.  Tom is a motivational and empowering speaker and is the author of several books that discuss the habits of the wealthy and how they differ from others. He discusses his childhood and how his successful businessman father ended up losing his fortune through a business sale that went bad.

He became interested in the habits of successful people when a friend with business problems asked him for advice. This sparked off an idea to conduct a study of people’s behavior and habits on what habits are required to derive success.

Early on he asked the question, “What do you do with your time at the end of your work day?” He got a lot of different answers, and he noticed that almost all of the wealthy people spent time away from home doing things that increased their knowledge and expanded their connections with others.

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His study ended up breaking down habits into twenty different categories. To get participants interested in the study he offered free tax planning. He gathered a lot of information from various individuals and compared their net worth.  He narrowed things down to ten essential habits which he used in his first book. Later he went into broader detail in subsequent books. He says, “It was important to not only learn what the successful were doing but also what those less successful were doing wrong.”

Tom says, “Most poor people would just kick back and look for entertainment in their evenings, while the wealthy, would often practice and improve their skills.” It doesn’t matter what your circumstances are anyone can change their habits. Either by getting rid of bad habits or taking on new good ones.

He discusses various ways to change and improve your life and one way is by surrounding yourself with people who already have what you want. One should find the people that have the habits you want and make friends with them so that you can emulate their habits and adopt for yourself.

He also wrote a book called Rich Kids to help instruct parents and teachers on methods of assisting young people to develop to become successful in life.   In that book, he goes through all of the different things people should be teaching children. One is encouraging children to read and learn and get away from distractions like video games and television. His book contains several stories about how parents can help their children be successful adults.

You can find out more at his website where he has a lot of free material and a regular newsletter.

Talking Points From This Week’s Episode

  • He studied the differences in habits between the wealthy and less wealthy.
  • One should learn and understand what are good and bad habits.
  • Anyone should be able to change their habits and integrate new ones.
  • He provides tips for helping educate children to be successful.

About Our Guest
Tom Corley is an internationally recognized authority on habits and wealth creation.
His inspiring keynote addresses cover success habits of the rich, failure habits of the poor and cutting-edge habit change strategies. Tom has spoken alongside Richard Branson, Mark Victor Hansen, Robin Sharma, Dr. Daniel Amen and many other notable speakers.

In Tom’s five-year study of the rich and poor, he identified over 300 daily habits that separated the “haves” from the “have not’s.”

Tom is a bestselling and award-winning author. His books include Rich Habits, Rich Kids, Change Your Habits Change Your Life and Rich Habits Poor Habits.

Tom has appeared on or in CBS Evening News, The Dave Ramsey Show, CNN, MSN Money, USA Today, the Huffington Post, Marketplace Money, Success Magazine, Inc. Magazine, Money Magazine, Kiplinger’s Personal Finance Magazine, Fast Company Magazine, Epoca Magazine (Brazil’s largest weekly) and thousands of other media outlets in the U.S. and 25 other countries. Tom is a frequent contributor to Business Insider, CNBC, and other national media outlets.

Tom is also a CPA, CFP, holds a Master’s Degree in Taxation and heads a CPA firm in New Jersey.