Sorry Warren, There is No Age Limit on Habit Change

tip-o-the-morning

Tom Corley boats - crop

I love interacting with my followers/subscribers. I pay very close attention to every email I receive from them. One of my subscribers asked the following question, which I think is important enough to address:

I just saw a YouTube video of Warren Buffet. He is speaking to students. He is claiming, that habit changing is only possible when you are young. What is your opinion about that?

My Response

Tks for your email XXXX. Unfortunately, Warren Buffet is wrong.

Like you, I admire Warren Buffet. He spent years, single-mindedly focused on ONE THING – finding undervalued companies.

His mentor, Benjamin Graham, was his professor in college. Graham wrote a famous book called The Intelligent Investor. I’ve read this book. It teaches many fundamental principles about investing. Perhaps Graham’s greatest contribution is his expertise in identifying undervalued companies. Warren Buffet spent his entire adult life honing this one singular skill. Buffet is an expert in value investing, mentored by the world’s greatest value investing expert, Benjamin Graham.

I’ve studied Warren Buffet and from all of the books I’ve read, Buffet devotes 8-12 hours every day perfecting his one amazing, great skill – value investing. He admits that he devotes little to no time on anything else, such as the neurology behind habit formation.

So, let me clear things up a bit regarding habit formation.

Habits are formed when neurons repeatedly communicate with each other. This is called a synapse. Given enough time (average of 66 days according to the famous University College London habit study), the Basal Ganglia will take notice of this synapse and, when it does, it will send one of its many long dendrites up to the synapse and anchor it in the vicinity of those neurons. When it does this, these neurons become marked by the basal ganglia as a permanent habit. Age has nothing to do with this process. You don’t stop forming synapses until you die or the brain shuts down. You can form new synapses and new habits well into your 70’s, 80’s or for as long as you and your brain remain healthy and alive.

In today’s fast-paced, highly technologically-driven culture, anyone can voice their opinion. We see celebrities opining about topics they have little to no knowledge or real-world experience in, and this is dangerous.

Just because someone has celebrity, does not mean they have any idea what they are talking about. Actors are expert at acting. Singers at singing. Basketball and football players are professionals in their respective sports. And Warren Buffet is an expert in value investing.

As a rule, ignore celebrities when they are sharing their opinion about anything, unless you know for certain that they have devoted their lives to honing their expertise in the thing they are opining on.

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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.
 
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Comments

  1. Great stuff, Tom. Please keep the good work flowing!

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