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According to the self-made millionaires in my Rich Habits Study, consistency was more important than how many hours they work in a day. By consistency, the millionaires meant:
- Consistently working every day on the goals behind the dreams they were pursuing.
- Consistently studying every day to learn and improve. Here their study was related to their goals, their job, their industry.
- Consistently practicing some skill they used in their work, two – four hours a day. These were the Virtuoso Millionaires in my Study.
- Consistently building and improving relationships with individuals who were door openers – influences, who with a phone call, email or text, can open doors that make the achievement of their goals or the realization of their dreams possible. Ninety-seven percent of the Dreamer-Entrepreneur-millionaires and Big Company Climber-millionaires said that they owed much of their success to just one powerful door opener. Other comments were that door openers accelerated their success and saved them years of grinding it out.
- Consistently exercising and eating healthy every day. One of the self-made millionaires in my study told me that he had been exercising and eating healthy every day for over thirty years so he could work until he was 70. He said he was certain that the the last years of his career would be his most significant earning years. When he retired, I reached out to him and asked him if he turned out to be Nostradamus. He told me his intuition was right. He earned more in his last five years, before retirement, than he had earned in ALL of the prior years, combined. Wow! He retired with $17 million in wealth, $9 million of which he accumulated in the last five years of work.
- Consistently saving and consistently/prudently investing those savings. This habit applied primarily to the Saver-Investor Millionaires and Virtuoso Millionaires.
- Consistently paying down debt. For the Dreamer-Entrepreneurs this was an especially difficult thing to do since they reinvested most of the profits from their business into the business to keep growing the business. They also went into debt to grow their business. For the Entrepreneurs, once their cash flow from their businesses reached some comfort level, they focused on paying down that debt. Once most of the debt was paid down, they then began obsessively saving and investing those savings, more so in terms of percentage of income, than the Saver-Investor-Millionaires, Virtuoso-Millionaires and Big Company Climber Millionaires. The typical Entrepreneur in my Study saved/invested 60% or more of their net income towards the later years of work. This was possible because they had created multiple streams of income that became larger towards the last decade of their work lives. They were, in effect, playing catch up.
- Consistently being frugal with their spending. These were primarily the Saver-Investor Millionaires and Virtuoso Millionaires. But interestingly, the Big Company Climbers and Entrepreneurs became frugal with their money, towards the end of their careers. The Big Company Climbers took their stock compensation/bonus money, which became significant once they reached the C Suite, and morphed into Saver-Investors, becoming frugal with their spending and hiring financial advisors to help them grow the wealth they accumulated from the stock compensation and bonuses they received as Executives. Like the Big Company Climbers, the Entrepreneurs also morphed into Saver-Investors, once the cash flow from their businesses became consistent and they no longer needed to reinvest their cash flow or take on debt. Their cash flow was adequate to help them fund growth without having to reinvest it or rely on debt.
- Consistently focus on their priorities. Their priorities were typically related to their goals and dreams.
Tom Corley is an accountant, financial planner and author of “Rich Kids: How to Raise Our Children to Be Happy and Successful in Life”, Effort-Less Wealth, Change Your Habits Change Your Life, Rich Habits Poor Habits and “Rich Habits: The Daily Success Habits of Wealthy Individuals.”
Tom Corley is an accountant, financial planner and author of “Rich Kids: How to Raise Our Children to Be Happy and Successful in Life”, Effort-Less Wealth, Change Your Habits Change Your Life, Rich Habits Poor Habits and “Rich Habits: The Daily Success Habits of Wealthy Individuals.”
