Have you ever looked at the AFR Rich List or reports on the richest people in the world and wondered what they were doing that you’re not?
Well…they’re probably doing things very differently to you according to my good friend and best-selling author Tom Corley who conducted a five-year study of 233 wealthy people and 128 people living in poverty, and then wrote the book Rich Habits.
Now Corley wasn’t specifically studying investors, but if you accept that the way you do one thing is they way you do everything you’ll agree that these success principles will also help you rise to the top of the pack amongst property investors.
Here are what Corley identifies as the top 10 lessons you should learn from the affluent.
1. They are Self-educators
Corley said that rich people were often self-educators.
This means that most of them read to learn.
They read material that helped their dreams and goals on a day-to-day basis.
Many of these people also wrote down what they learned and implemented their new knowledge in their daily lives.
2. They apply the 80-20 Rule
Wealthy people tend to follow a 80:20 rule when it comes to money.
That means that they saved a lot of the money that they earned instead of wasting it away.
Corley says there are 3 ways to accumulate wealth: Save 20% of what you earn, expand your means of income, or both.
The third way is the fastest way a person can become rich.
3. They Chase their Dreams
About 80% of wealthy people were obsessed with their dreams.
Corley noted that 55% spent a year or more pursuing just one goal.
80% of wealthy are focused on accomplishing some single goal. Only 12% of the poor do this.
4. They Befriend successful people
Wealthy people associate with other successful people because they know this is the key to expanding their networks.
This is the reason why wealthy people volunteer in organisations and groups where other successful people are also involved in.
Successful people also make a point to minimise contact with those they see as unsuccessful.
Those who are not rich but are yearning for success should expand their networks and forge new relationships for opportunities.
5. They don’t quit
3 traits were identified in every wealthy person who was pursuing a long-term goal. These traits were focus, persistence and patience.
Corley also found that these traits caused wealthy people to sacrifice everything for their goals – they never give up.
6. They do what they love
According to Corley, 85% of the wealthy loved what they did for a living.
If they were unhappy, they would find something they were passionate about, change careers or pursue them as hobbies for a start.
7. Be Open minded
As they are already yearning to learn more every day, successful people are open minded and welcome new ideas, possibilities and ways of thinking.
Their thoughts evolve over time, allowing them to stand out from non-wealthy people.
8. They’re Good Listeners
Wealthy people tend to be good listeners too.
They listen more than they talk and because of that, they learn more about the people around them.
9. They Don’t waste time
Corley found in his study that 67% of the wealthy watch less than one hour of TV every day.
They spend their free time reading, networking and volunteering instead.
10. They are Creative Thinkers
Most wealthy people believe in creative thinking.
Creativity allows rich people to create services and products that add value to society, hence reaping monetary reports for themselves
There you have it…do what successful people do and you’re also likely to become successful and if you don’t – you won’t.
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