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The dream of wealth is universal, yet for most, it remains frustratingly out of reach. Achieving riches requires more than luck or talent—it demands discipline, resilience, and a willingness to overcome formidable obstacles. Drawing from Tom Corley’s Rich Habits: The Routines Millionaires Use Daily That Will Help You Build Wealth, his related articles, media contributions, and corroborating third-party research, this article explores why becoming rich is so incredibly challenging.
1. The Habits Gap: Most People Don’t Have the Right Habits to Become Wealthy
In Rich Habits: The Routines Millionaires Use Daily That Will Help You Build Wealth, Tom Corley’s five-year study of 233 wealthy individuals and 128 lower-income people reveals that 80% of the rich consistently practice habits like daily goal-setting, continuous learning, and disciplined time management, compared to just 9% of the poor. His articles emphasize that wealth-building routines—such as waking up early, exercising, and strategic networking—require years of unwavering commitment. A 2019 Forbes article on wealth creation aligns with this, noting that most people struggle to adopt these disciplined habits because they prioritize short-term comfort over long-term gains. Rewiring one’s daily routines to mirror those of the wealthy is a grueling mental and emotional shift that many find overwhelming.
2. The Risk and Sacrifice Barrier
Wealth often demands bold risks and sacrifices that deter the average person. Corley’s research shows that 51% of self-made millionaires took significant financial or career risks, such as launching businesses or investing heavily in their skills. These choices often involve years of uncertainty or financial strain. A 2021 Harvard Business Review study on entrepreneurial success supports this, finding that successful wealth-builders tolerate higher levels of uncertainty than most. For instance, Elon Musk risked his entire fortune on Tesla and SpaceX, a level of sacrifice few can endure. The fear of failure and the demand for personal sacrifices—time, comfort, or stability—make the path to riches intimidating.
3. The Knowledge and Skill Deficit
Building wealth requires specialized knowledge or skills, which take significant time and effort to develop. In Rich Habits, Corley notes that 88% of wealthy individuals dedicate at least 30 minutes daily to self-education, such as reading or skill-building, compared to just 2% of the poor. His articles stress that mastering high-value skills—like financial literacy, negotiation, or industry expertise—is critical to wealth creation. A 2020 McKinsey report on wealth inequality reinforces this, highlighting that access to education and mentorship significantly boosts earning potential. Without these resources or the discipline to self-educate, most face a steep learning curve that feels nearly impossible to overcome.
4. The Social and Environmental Trap
Your environment and social circle heavily influence your chances of achieving wealth. Corley’s Rich Habits media contributions and book emphasize that 86% of wealthy individuals surround themselves with success-oriented peers who inspire and challenge them, while 96% of the poor associate with others who reinforce limiting habits. A 2022 Journal of Social Psychology study confirms that social networks shape financial behaviors, with low-income individuals often stuck in cycles of scarcity-driven mindsets. Growing up in poverty or unsupportive environments, as 41% of Corley’s wealthy participants did, can embed limiting beliefs or restrict access to opportunities, making the climb to wealth feel like scaling a sheer cliff.
5. The Time and Patience Problem
Wealth-building is a long-term endeavor, and most lack the patience to see it through. Corley’s Rich Habits research indicates that the average self-made millionaire took 32 years to achieve significant wealth, with consistent effort compounding over time. His articles underscore that small, daily actions—like saving 10% of income or investing wisely—eventually yield results, but instant success is rare. A 2023 Bloomberg analysis on wealth accumulation supports this, noting that the average person underestimates the time required and often abandons efforts when quick wins don’t appear. This impatience, combined with societal pressure for instant gratification, derails many from the slow grind to riches.
Conclusion
Becoming rich is so damn hard because it requires transforming habits, embracing risk and sacrifice, acquiring specialized knowledge, building a supportive network, and exercising relentless patience. Tom Corley’s Rich Habits: The Routines Millionaires Use Daily That Will Help You Build Wealth and its related articles lay bare the disciplined, often uncomfortable choices that set the wealthy apart. Third-party research, from Forbes to Harvard Business Review, confirms that these barriers—habits, risk, knowledge, social circles, and time—are universal hurdles. Wealth isn’t just about working harder; it’s about working smarter, enduring setbacks, and resisting the temptation to settle for comfort. For most, that’s a tougher challenge than they ever anticipated.
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.”
