The More You Work the Richer You Become

Tom Corley boats - cropAccording to my Rich Habits study, one of the reasons the wealthy accumulated so much wealth was due to the fact that they worked more hours than those who were not rich, or who were poor. Here’s some of the data:

  • 44% of the wealthy worked 11 hours more each week than the poor.
  • 86% of the wealthy who had full time jobs worked 50 hours or more each week, whereas 57% of the poor who had full-time jobs worked less than 50 hours each week.
  • 88% of the wealthy took fewer sick days than the poor.
  • 79% of the wealthy, on top of their robust work hours, networked 5 or more hours each month. 55% of this networking was done during their lunch hour.
  • 65% of the wealthy were working so many hours, in part, because they had 3 sources of income to manage.
  • 45% had 4 sources of income. Only 6% of the poor had more than one source of income.
  • 67% of the wealthy watched less than an hour of T.V. a day, whereas 77% of the poor watched more than an hour of T.V. a day.
  • 63% of the wealthy spent less than an hour a day on the Internet whereas 74% of the poor spent more than an hour a day on the Internet.

So, the rich are just harder working than everyone else? Yes. But not necessarily because they have a better work ethic. They just like what they do and, as a result, devote more hours. Eighty six percent of the rich in my study liked what they did for a living. Seven percent loved what they did for a living. Those who loved what they did for a living worked 58 hours a week on average vs. 51 hours a week for those who liked their jobs. That’s an average of 7 hours a week more. This works out to 336 more working hours a year for the job lovers (less 4 weeks for time off).

I initially thought this disparity in work hours, between the rich and the poor, was in large part due to the fact that 91% of the wealthy in my study liked their jobs and were decision makers, which carries with it more responsibility and, thus, more work hours. But that’s not the case. According to the Census Bureau, the average wealthy household (defined by the IRS as the top 20% of income earners in the U.S.) worked five times as many hours as the average poor household. The cause of this, according to Census data, is due to:

  • The high rate of single parent households among the poor – The poverty rate in single parent households is triple the rate of two parent households – 42% vs. 13%.
  • Fewer workers in the household – 95% of poor households have only one worker. 75% of the wealthy households have two or more workers.
  • Unemployment – 60% of poor households have no one working at all.

When politicians, bent on bashing the wealthy, tell us the poor work just as hard as the rich, they’re lying. And they know it because they have access to the same Census data as we do. When these same politicians pontificate that the only way to fix the wealth gap is through higher taxes on the wealthy, wealth redistribution policies, increasing the minimum wage or outright government assistance, they are missing the elephant in the room. The genesis of much of the poverty in our country has nothing to do with policy or that evil 1%. It has everything to do with the broken family unit. 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.

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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  1. […] to working more – you invest time that you will never recoup. Don’t misunderstand me here. Working more to make more money can be a good thing. But where the goal goes south is when you then use that money to buy stuff, […]

  2. […] working more – you invest time that you will never recoup. Don’t misunderstand me here. Working more to make more money can be a good thing. But where the goal goes south is when you then use that money to buy stuff, […]

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