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Thirty-nine percent of the self-made millionaires in my Rich Habits Study were employees. Those self-made millionaires who made their millions as an employee did one or more of the following:
- Put in the Hours – Average hours worked = 51 per week. Forty-four percent began their work day three hours earlier than other employees within their company.
- Developed a Niche Within their Company – Developed some unique expertise within their company. There were typically niches others avoided because they involved more work, had obstacles or required an enormous investment in time for the learning curve. I am mentoring my daughter to copy this Rich Habit. We can discuss if you like.
- Forged Strong Relationships With Decision-Makers Within and Without their Company – Built strong relationships with senior executives within the company and with senior executives in other companies within their industry (i.e. Trade groups, charitable groups, non-profits, etc.). They volunteered at the same charity or non-profit senior executives in their company were involved in.
- Took on Additional Responsibility – They sought out projects that enabled them to learn new skills or develop existing skills. They took on projects that enabled them to work with other senior people within their organization (showcasing their skills, knowledge and work ethic to others within the company they did not work with day to day).
- Patience and Persistence – They were patient and persistent in pursuing promotions. Many employees who are denied the promotion they believe they deserve leave their company. The rich employees in my study stuck it out and eventually were rewarded with the promotion they desired.
- Controlled Emotions – They made a habit of being upbeat and optimistic and made a habit of never losing their temper. This put others they worked with at ease. Because people liked working with them, they were the first ones to receive the promotions.
- Good Gossip – Most gossip is negative. Good gossip is when you make a habit of saying only positive, nice things about others within the organization when they are not around. Good and bad gossip always has a way of finding an audience. Self-made millionaire employees developed a reputation of saying nice things about others. As a result, they were well-liked and trusted by others.
- Saved 20% or More of Net Pay – Many saved 100% of their Net Pay from any Bonuses they received or used the Bonus money to pay down their home mortgage.
- Consistently and Prudently Invested Their Savings – They put their savings to work almost immediately.
Not everyone gets rich running a business. There are many paths to wealth and one of those paths is being an indispensable Saver-Investor Employee.
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.”