How Long Does it Actually Take to Become Rich?

How long does it take for the average rich person to become rich? Ten years, twenty years? How about thirty-two years. That’s how long it took the average self-made millionaire, according to my data. It took 38 years for 52% and 42 years for 21% to become rich. Only a handful, 4%, became wealthy in less than 27 years.

Let me share some of my data with you. 76% of the wealthy in my Rich Habits Study (http://richhabits.net/rich-habits-study-background-on-methodology/) were self-made millionaires. They came from non-wealthy households . 31% of these self-mades came from poor households. 45% came from middle-class households. What’s more compelling about the data I gathered, is the age in which these self-made millionaires actually rang and bell and struck it rich. Here’s the breakdown:

  • 1% (2 out of 233) became wealthy before the age of 40
  • 3% (6 out of 233) became wealthy between age 40 and 55
  • 16% (38 out of 233) became wealthy between age 46 and 50
  • 28% (66 out of 233) became wealthy between age 51 and 55
  • 31% (73 out of 233) became wealthy between age 56 and 60
  • 21% (48 out of 233) became wealthy after the age of 60

The romanticized notion of getting rich quick always finds an eager audience. We are stimulated by stories about the young and the wealthy. The immediate success of youthful billionaires like Facebook’s Mark Zukerberg or Google founders Larry Page and Sergey Brinbut play to our get rich quick desires. We obsess over stories about lottery winners. And the lottery people know it. California’s lottery catchphrase is Imagine What a Buck Could Do. New York’s lottery catchphrase is  Dollar and a Dream. Australia’s got a dandy: Live a Lotto Life. There is even a popular reality T.V. show called Lottery Changed My Life about how the lives of lottery winners were changed. Immediate gratification, especially when it comes to wealth accumulation, is the rallying cry of many in the modern world these days.

Unfortunately, getting rich quickly is a rare phenomenon. It’s clear from the above data that accumulating wealth takes a very long time. It just doesn’t happen overnight. In fact, 80% of the self-made millionaire in the Rich Habits Study did not become wealthy until after age 50. What’s even worse, 27% of these self-made millionaires tried and failed at least once in business. The path to riches is a long lonely one, paved with many potholes and numerous dead ends. Those few who do make it, are seasoned veterans in the world of entrepreneurs, deserving of their own, well-deserved catchphrase – Self-Made Millionaire.

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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Comments

  1. Elias Wafula Onyango says:

    thanks for giving me hope that i still have enough time to join the millionaires club. i 38 and was worried was running out of time.
    Elias

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