How the Best Practice

Rich Habits

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Being a Virtuoso at what you do is one of the four paths to building wealth the self-made millionaires in my Rich Habits Study took.

What does it mean to be a Virtuoso?

A Virtuoso is someone who is exceptionally knowledgeable or skilled in a certain field. There are two types of Virtuosos: Knowledge-Based Virtuosos and Skill-Based Virtuosos.

In either case, the road to becoming a Virtuoso requires an enormous investment in time and often money.

Knowledge-Based Virtuosos spend many years in continuous study. Oftentimes, building wealth this way requires formal education, such as advanced degrees.

Skill-Based Virtuosos devote themselves to many years of practice. This practice almost always involves three specific types of practice:

  1. Core Practice – Practicing core skills a minimum of three hours a day.
  2. Deliberate Practice – Practicing sub-sets of their core skills between one to two hours a day.
  3. Analytical Practice – While engaged in practice, Skill-Based Virtuosos enlist the services of a coach, mentor, or some expert who can evaluate them and provide immediate feedback, as they practice. This feedback enables the Skill-Based Virtuoso to tweak what they are doing and then incorporate those modifications into their skill-set.

Skill-Based Virtuosos have to work long hours, not only in perfecting their skills but also in maintaining and improving them. Skill-Based Virtuosos are rare, and therefore in high demand. Because they are among the best at what they do, they can command compensation that is among the highest in their field.

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.”