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Building wealth isn’t about luck or shortcuts—it’s about consistent, intentional habits that shape success over time. Tom Corley, a CPA, financial planner, and author of Rich Habits: The Daily Success Habits of Wealthy Individuals, spent five years studying the daily routines of 233 millionaires, 177 of whom were self-made, alongside 128 individuals living in poverty. His Rich Habits study revealed stark differences in the habits of the wealthy versus the poor, uncovering a set of growth-oriented behaviors that propelled ordinary people to extraordinary financial success. Below, we explore the top growth habits of self-made millionaires based on Corley’s research, offering actionable insights for anyone looking to invest in themselves and build a prosperous future.
Dream-Setting and Goal-Oriented Planning
Self-made millionaires are visionaries who don’t just dream—they plan. Corley emphasizes “dream-setting” as a cornerstone habit, where individuals create a clear script for their ideal life 10 to 15 years in the future. This involves identifying specific dreams and building actionable goals around them. For example, if the dream is to earn $200,000 annually, millionaires outline the precise steps—such as acquiring new skills or certifications—needed to achieve it. In his study, Corley found that millionaires dedicate time daily to pursuing these goals, often scheduling five key tasks each day to move closer to their dreams. This habit of consistent, goal-driven action transforms aspirations into reality over time.
Actionable Tip: Write a detailed vision of your ideal future, including career, finances, and personal goals. Break it into smaller, measurable goals, and commit to completing five daily tasks that align with them, even if they’re small steps.
Lifelong Learning and Self-Education
A commitment to continuous learning sets millionaires apart. Corley’s research shows that 88% of self-made millionaires dedicate at least 30 minutes daily to self-education, reading books on personal development, biographies of successful people, or industry-related material. Unlike the 77% of poor individuals in his study who watched over an hour of TV daily, millionaires prioritize education over entertainment. They also seek knowledge through audiobooks during commutes or by attending industry events, ensuring they stay ahead in their field. This habit of deliberate learning builds expertise and confidence, making them virtuosos in their careers.
Actionable Tip: Replace 30 minutes of TV or social media time with reading a book related to your career or personal growth. Start with titles like Think and Grow Rich or industry-specific journals to spark inspiration.
Frugality and Smart Spending
Contrary to popular belief, self-made millionaires are not lavish spenders. Corley found that 95% of millionaires save 20% or more of their net income, with many automating 10% to retirement accounts and another 10% to investment accounts. They live below their means, keeping housing costs below 25% of their net pay and avoiding “want spending” on luxury items like expensive cars or vacations. Instead, they focus on quality purchases, buying in bulk, and planning meals to minimize waste. This frugal mindset allows them to accumulate savings for prudent investments, leveraging compound interest to grow wealth over decades.
Actionable Tip: Set a savings goal of 20% of your income. Automate transfers to a retirement or investment account, and create a weekly budget to curb impulsive purchases, focusing on needs over wants.
Cultivating Rich Relationships
Millionaires are selective about their inner circle, prioritizing “rich relationships” with optimistic, goal-oriented individuals who share their drive. Corley’s study revealed that 86% of millionaires actively seek feedback daily and build strong connections with mentors and influencers who open doors to opportunities. They nurture these relationships through thoughtful gestures like birthday calls, life event acknowledgments, or networking at professional events. Conversely, they avoid toxic relationships that drain energy or foster negativity, which Corley notes is a common trait among the poor.
Actionable Tip: Identify one mentor or success-minded individual in your network and reach out monthly to seek advice or offer help. Join a professional organization to meet like-minded people who inspire growth.
Health and Wellness as a Foundation
Physical and mental health are non-negotiable for millionaires. Corley found that 76% of self-made millionaires exercise aerobically for 30 minutes or more, four days a week, and 93% sleep at least seven hours nightly. Activities like jogging, biking, or walking not only boost physical health but also enhance cognitive function by growing neurons in the brain. This discipline translates into greater energy, focus, and longevity, giving them more time to build wealth. In contrast, 97% of poor individuals in the study consumed over 300 junk food calories daily, contributing to poor health and reduced productivity.
Actionable Tip: Commit to 30 minutes of cardio exercise (e.g., walking or running) four times a week. Set a consistent sleep schedule to ensure at least seven hours of rest each night.
Persistence and a Positive Mindset
A positive, resilient mindset is a hallmark of self-made millionaires. Corley’s research shows that 96% of millionaires maintain an optimistic outlook, believing anything is possible, and actively seek solutions rather than dwelling on problems. They overcome fear and doubt, which Corley notes sabotages the poor, by taking calculated risks and persisting through setbacks. This mindset is reinforced by habits like daily reflection—86% of millionaires spend 15–30 minutes thinking or strategizing—and seeking feedback to course-correct. Only 8% of millionaires attributed their wealth to random luck, emphasizing that persistence creates “luck” through opportunity.
Actionable Tip: Spend 15 minutes daily reflecting on your goals or journaling to cultivate positivity. When faced with a challenge, ask for feedback from a trusted colleague or mentor to find solutions.
Multiple Streams of Income
Self-made millionaires don’t rely on a single paycheck. Corley found that 65% of millionaires had at least three income streams before reaching their first million, such as rental properties, stock investments, or side businesses. They take calculated risks with their savings, like the lawyer in Corley’s study who grew a $250,000 investment into a $2.5–$3 million portfolio over 30 years. This diversification not only builds wealth but also provides financial security, unlike the 95% of poor individuals who accumulated debt to sustain their lifestyle.
Actionable Tip: Explore one additional income stream, such as investing in a low-cost ETF, starting a small side hustle, or renting out a spare room. Research and start small to minimize risk.
Mentorship and Paying It Forward
Mentorship is a two-way street for millionaires. Corley’s study found that 73% of self-made millionaires actively mentor others, inspired by their own mentors who provided guidance. They seek out success mentors who offer valuable life lessons and avoid get-rich-quick schemes, focusing instead on long-term strategies. This habit of giving back strengthens their network and reinforces their own growth, as helping others clarifies their own path to success.
Actionable Tip: Offer to mentor someone in your field or community, sharing insights from your experience. Seek a mentor whose success aligns with your goals and ask for specific advice.
Why These Habits Matter
Corley’s research underscores that wealth-building is a marathon, not a sprint. The self-made millionaires in his study took an average of 12 to 32 years to amass their wealth, with Saver-Investors taking 32 years to reach $3.3 million and Entrepreneurs averaging 12 years to hit $7.4 million. These habits—dream-setting, lifelong learning, frugality, rich relationships, health, positivity, diversified income, and mentorship—create a compounding effect. As Corley notes, “The mundane, routine things you do every day… nudge you inch by inch up the long, steep mountain of success.”
Final Thoughts
The Rich Habits study reveals that self-made millionaires aren’t born with special talents—they cultivate deliberate habits that anyone can adopt. By setting clear goals, prioritizing education, living frugally, nurturing relationships, staying healthy, maintaining positivity, diversifying income, and embracing mentorship, you can invest in yourself and pave the way to financial success. Start small, be consistent, and over time, these habits can transform your life, just as they did for the 177 self-made millionaires in Corley’s study. To dive deeper, check out Rich Habits or visit richhabits.net for more resources.
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.”
