Rich habits, Poor habits Episode 30 | Will Your Child be Rich or Poor? Part 2

In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered that we adopt the beliefs of our parents, family, mentors, culture, and environment.

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:

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  • 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.
  • 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.
  • 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. child children money learn teach rich poor lesson family budget
  • 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.
  • 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 listed above.

From Tom’s research, he learned that all it takes is one or two Rich Habits to completely transform a life. parent money family

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 HABITS EPISODE 29 | WILL YOUR CHILD BE RICH OR POOR? PART 1

RICH HABITS POOR HABITS EPISODE 28 | WHAT IS THE VALUE OF A MENTOR?

RICH HABITS POOR HABITS EPISODE 27 | YOU SIMPLY CANNOT THINK YOUR WAY TO SUCCESS

RICH HABITS POOR HABITS EPISODE 26 | MYTHS ABOUT THE WEALTHY PART 2

 

 

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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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