[Podcast] Here’s how to avoid the 7 Deadly Habits that Prevent Wealth with Tom Corley

We often ponder the habits that pave the path to success and wealth.

But have you ever considered the habits that do the exact opposite?

What are the behaviours and patterns that lead to financial struggles and life dissatisfaction?

In this episode, I talk to wealth creation expert Tom Corley to help you avoid the 7 deadly habits that prevent you from becoming wealthy.

Time-Wasting: The First Deadly Habit

This habit is often rooted in a lack of clear life goals or dreams, leading to an aimless existence where time is filled with valueless activities.

The antidote to this deadly habit is cultivating a focus on dreams and goals, which provide direction and motivation, reducing time wasted on non-productive activities.

Poor Health Choices: The Second Deadly Habit

The second habit is poor health choices.

Good health isn't just important for longevity; it's crucial for financial success. Maintaining good health ensures you're physically capable of working towards your financial goals.

Procrastination and Lack of Discipline: The Third Deadly Habit

This habit is about delaying or avoiding tasks that need to be accomplished.

Procrastination and lack of discipline can lead to missed opportunities, poor performance, and stress, all of which can hamper your journey to success.

Not Meeting Expectations: The Fourth Deadly Habit

Avoid creating expectations that you can't meet. When you fail to meet expectations, people lose trust and respect for you, which can affect your relationships and potential for success.

Gossip: The Fifth Deadly Habit

Engaging in gossip, especially negative gossip, can destroy relationships and trust. Stick to engaging in positive, upbeat gossip if any, and always speak positively about people when they're not present.

Having Poor Relationships: The Sixth Deadly Habit

Negative people, particularly those in your inner circle, can drag you down with their bad habits. The wealthy and successful foster positive relationships, which helps them succeed and grow.

Lack of Financial Literacy: The Seventh Deadly Habit

The last deadly habit is a lack of financial literacy. Understanding what true wealth is and how to achieve it is key to becoming wealthy. There’s a difference between being rich and being wealthy, where the latter involves having financial security and investments that grow over time.

The Impact of Habits on Success and Relationships

Poor habits have a devastating impact on relationships and success.

Awareness of these habits and taking steps to replace bad habits with good ones can lead to transformational change.

Cultivating good habits is a fundamental aspect of achieving success and wealth.

Awareness and transformation of bad habits can bring about significant change to your life.

By adopting the habits of wealthy and successful individuals, we can nurture and grow our relationships and set ourselves on the path to success.

Remember, it's not about reinventing the wheel but taking a page out of the playbook of the wealthy.

Links and Resources:

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

Get your bundle of eBooks and reports at www.PodcastBonus.com.au

Some of our favourite quotes from the show:

“So, what we're talking about with the time-wasting habits are streaming TV, streaming videos, video games, texting, excessive Instagram. I think we're really talking about excess as opposed to moderation.” – Michael Yardney

“Everybody's got options when they buy things, when they meet people, when they choose who their service providers are – and I guess your boss similarly has options as well.” – Michael Yardney

“You've heard me say it before: unless you're making money while you're asleep, you'll never be wealthy.” – Michael Yardney