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One of the questions I get asked a lot from the media is this:
How long does it take before the Rich Habits begin to produce results?
According to my research, some Rich Habits start to pay dividends immediately and others take many years.
If the Rich Habit you adopted is Dream-Setting (defining your dreams and then building goals around those dreams), it will take you about twelve years.
The self-made millionaires in my study with this Rich Habit became wealthy ($160,000 or more in annual income plus $3.2 million in investments) after twelve years.
If the Rich Habit you adopted was living below your means, saving 20% or more of your net pay check and then prudently investing those savings, this will take you the longest – on average thirty-two years.
The self-made millionaires in my study with this Rich Habit became wealthy after thirty-two years.
If the Rich Habit is daily growth so that you can become an expert in your industry, this will take you about twenty-one years.
It took the self-made millionaires in my study who became experts within their industry, on average twenty-one years to accumulate their wealth.
If the Rich Habit you adopted is to become healthy by exercising aerobically 20 minutes or more every and and eating healthy food, you will see immediate benefits after about one month. It will take you another twelve months to lose most of your fat. Lastly, it will take you twenty-four months from the date you adopt this Rich Habit to be in the best physical health of your life.
Habit change is not an immediate gratification thing. It takes time for good habits to begin to pay dividends. It all depends on the Rich Habit you adopt. Rich Habits intended to make you wealthy, take the most time. Rich Habits intended to transform you into an expert in your industry also takes a long time. Rich Habits intended to make you healthy, take the least amount of time.
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.”
HAPPY NEW YEAR Tom!