Those Who Love Their Jobs Get Richer Quicker

Tom Corley boats - cropJust how important is it to love what you do for a living?

Answer: Very important when it comes to happiness and wealth. Those who love their jobs make more money, accumulate more wealth and are happier than those who don’t love what they do for a living.

According to a 2012 survey conducted by “Big 4” accounting firm Deloitte, 80% of those surveyed did not like their jobs. In another survey conducted by Gallup in 2013, 63% of the 230,000 employees in the survey said they were unhappy with their jobs.

When I analyzed the data I gathered in my study on the habits of the rich and poor, there was a direct correlation between job satisfaction and wealth accumulation. Here’s some of that data:

  • 96% of the poor did not like what they did for a living.
  • 86% of the rich liked what they did for a living.
  • 7% of the rich loved what they did for a living.

What interested me more about the data I gathered on the rich was how much wealth they were able to accumulate and how long it took them to accumulate that wealth:

Rich People Who Liked Their Job

Eighty Six percent of the rich people in my Rich Habits study liked what they did for a living. It’s clear, from my data, that in order to become wealthy you must at least like what you do for a living. Those rich people who at least liked what they did for a living accumulated an average of $3.4 million. It took them thirty two years to accumulate their wealth.

Rich People Who Loved Their Job

Only 7% of the rich people in my study loved what they did for a living. But what shocked me was how important loving what you do for a living is to wealth accumulation. Those rich people who loved what they did for a living accumulated an average of $7.4 million or $4 million more than the wealthy who liked their jobs. It took this group of rich people twelve years to accumulate their wealth, or twenty fewer years than the first group.

When you compare these two groups, it’s startling how important loving what you do for a living is with respect to wealth accumulation. The group who loved their jobs accumulated more than twice the wealth of the group that liked their jobs and it took them about a third of the time to get there.

When I continued to dig, I found out why. Those who loved what they did for a living worked an average of fifty eight hours per week. Those who liked what they did for a living worked an average of fifty one hours per week, or seven hours less per week. That’s a difference of approximately 336 additional hours a year that the job lovers worked.

Some might argue that the rich love what they do for a living because they make a lot of money. In other words, the money made them love their job.  My response to this is to consider that it took an average of twelve years for those who loved their jobs to become rich. For twelve years they were not rich and they had no way of knowing if the job they loved would make them rich. There was no crystal ball they could look into that would tell them to keep at it because they would eventually ring the bell. These rich people were so passionate about what they did for a living that their only real goal was to make enough money to pay their living expenses so that they could continue doing the work they loved.

I think the real question is this: If the rich did not make enough money to meet their living expenses would they still do what they love? Thankfully, I have some research on this. Sixty five percent of the self-made millionaires in my study had side jobs or side businesses that provided additional streams of income, which allowed them to continue pursuing their dream job. Twenty seven percent had a spouse who worked full-time or part-time to help carry the financial load until the millionaires made enough money at their dream job to allow their family to survive financially. There is clearly a financial risk doing something you love. It’s the risk of not making enough money to provide for your family. Self-made millionaires become rich because they are willing to take that risk and, in some cases, so too are their spouses.

There are five takeaways, or lessons, from my research regarding pursuing a dream job:

Lesson #1 – When you love what you do for a living you’ll spend more time doing it.

Lesson #2 – When you spend more time doing what you love to do for a living, you’ll get better at doing it.

Lesson #3 – When you are better at what you do than your competition, the world will pay you more money.

Lesson #4 – When you make more money than your competition, you can accumulate more wealth in a shorter period of time.

The final lesson, I believe, sums everything up:

Lesson #5 – If you want to become richer quicker, find a job that you love and never quit.

 

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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