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[Podcast] Only 4% of poor people become rich, why is it so hard? With Tom Corley

[Podcast] Only 4% of poor people become rich, why is it so hard? With Tom Corley
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Today we're going to dive into the world of wealth creation and breaking the cycle of poverty.

Joining me is Tom Corley, who's dedicated his career to understanding the behaviours that separate the rich and the poor. My Podcast 579 Poor Become Rich Tom Corley

According to Tom's research, only 4% of people born into poverty become rich.

Now, that's a shocking statistic.

Why is it so hard to break free?

What are those habits holding people back and, most importantly, what can be changed?

Tom's going to answer those questions, and we're going to discuss the habits and mindsets that contribute to poverty, the role of knowledge and mentorship, and how to overcome the limiting beliefs that keep people stuck.

No matter where you are on your wealth journey, I'm sure my chat with Tom will be of benefit to you.

My conversation with Tom covered a range of topics, from the critical role of mindset to actionable habits that can transform financial futures.  Wealth

  • Why only 4% of people born into poverty manage to amass wealth
    • Experts discuss poverty in terms of systemic issues like unfair taxation and lack of social support
      • However, the fundamental cause of poverty boils down to habits learned in childhood
    • The transformative power of mindset
      • The importance of self-awareness and positivity in breaking free from a victim mentality
    • How long-term goals and uplifting influences can change life trajectories
    • Critical habits that set the wealthy apart, such as daily reading and "dream setting"
    • Practical strategies for breaking the cycle of poverty
      • Engaging with nonprofits and seeking mentors Growing Wealth
      • The impact of daily reading for education
        • 88% of wealthy individuals read at least 30 minutes each day
      • The significance of maintaining good habits and controlling one's life, especially in financial management and property investment

This episode is a must-listen for anyone seeking to improve their financial situation or build wealth.

Hopefully, our conversation gave you a deeper understanding of the habits and mindsets that can unlock your wealth potential.

Links and Resources:

Michael Yardney

Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us

Tom Corley’s blog

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

Some of our favourite quotes from the show:

“So your inside world affects the outside world, but I've found a lot of poor people feel like a victim.”—Michael Yardney

“I think a lot of the poor people are living for the here and now. They actually don't have a long-term focus.” — Michael Yardney

“Why are you taking life so seriously anyway? Why are you worrying about all those things? Because, remember, most of the things we worry about never happen.” — Michael Yardney


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Michael is the founder of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media.

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