[Podcast] Why the 1% will always control the wealth with Tom Corley

Have you ever wondered why the rich keep getting richer and how you can join the ranks of the wealthy and successful?

There’s been a lot of research into this question, including by my good friend and guest today Tom Corley who spent 5 years studying the rich, which he then documented in his first book, Rich Habits Poor Habits.

Today we're going to talk about why the 1% control over 80% of the wealth in the world, and you may well be surprised that if you're listening to this show, you fall into that 1%.

Why the 1% control over 80% of the wealth

The topic for today’s show was inspired by an article I recently read article complaining about the rich.

The author was upset at the fact that 1% controlled 82% of the wealth in the world.

Now there’s no doubt the rich are getting a lot richer and doing so a lot faster, and of course, this has been fodder for some sensational headlines and a lot of commentaries.

Let me be clear…No one’s hardship should be belittled.

Becoming unemployed or not being able to keep up with your mortgage payments aren’t just financial problems. They’re social and emotional problems that strike at your sense of worth.

But things always need to be kept in perspective.

Some really interesting numbers emerge when you expand your view and look at the richest 1% in the entire world.

So, how do the 1% cultivate wealth?

That’s what I’m going to discuss today with my good friend Tom Corley who is my co-author of our internationally best-selling book Rich Habits Poor Habits.

Tom is a CPA, and CFP and heads one of the top financial firms in New Jersey.

For 5 years, Tom observed and documented the daily activities of wealthy people and people living in poverty, and in his research, he identified over 200 daily activities that separated the “haves” from the “have nots,” which culminated in his #1 bestselling book, Rich Habits, Poor Habits.

So what do the rich do differently?  Habits. The top 1% cultivate wealth by doing certain things:

1. Read to Learn Every Day — 88% of the rich in my Rich Habits Study read 30 minutes or more every day to learn.
2. Deliberate Practice — 69% of the rich in my study practiced some specific skill for two or more hours every day.
3.  Pursue Long-Term Goals or a Dream — 70% of the rich in my study pursued some long-term goal or some dream.
4. Focus on Daily Goals — 62% of the rich in my study focused on their daily goals.
5. Save — 94% of the rich in my study saved 20% or more of their income every year.
6. Be Frugal with Your Money — 67% of the rich in my study were frugal with their money.
7. Forge Rich Relationships — 68% of the rich in my study forged relationships with other upbeat, success-minded people.
8. Volunteer — 72% of the rich in my study volunteered 5 hours or more a month.
9. 5 AM Club — 44% of the rich in my study woke up 3 or more hours before they began their workday to pursue dreams, and goals, read, be productive, etc.
10. Become a Decision-Maker at Work — 91% of the rich in my study were a decision-maker where they worked.
11. Do Work You At Least Like — 86% of the rich in my study liked what they did for a living.

The Bottom Line.

Everyone wants to be on top of the mountain, but few are willing to make the climb.

The 1% control 82% of the wealth because the 1% are willing to climb the mountain.

If you want to be one of the 1%, you need to start climbing.

Links and Resources

Michael Yardney

Metropole’s Strategic Property Plan – to help both beginning and experienced investors

Tom Corley’s blog

Get your copy of Rich Habits, Poor Habits here- www.RichHabitsPoorHabits.com

Join Tom Corley and me at Wealth Retreat 2023 – click here to find out more

Some of our favorite quotes from the show:

“There’s dumb luck, as we’ve spoken about before, and there’s good luck, but interestingly, you’ve got to be in the right position to recognize that.” – Michael Yardney

“It’s not just who you know, it’s who who you know knows.” – Michael Yardney

“The way this works is you only need a slight edge to be above other people.” – Michael Yardney

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