[Podcast] Top 7 money myths about rich people, with Tom Corley

[Podcast] Top 7 money myths about rich people, with Tom Corley

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Today wealth-creation expert Tom Corley joins me to share valuable insights into the habits and strategies that distinguish wealthy people.

We’ll debunk common misconceptions about the rich, such as they don't pay their fair share of taxes or they are uncharitable. My Podcast #485 Tom Corley 08

We're going to dive deep into his findings about these seven common money myths and discuss what truly sets the rich apart.

Get ready to challenge your preconceptions about wealth, success, and the habits that foster them.

Money myths about rich people

Rich people only represent a small portion of society, but you’ll hear no shortage of talk about them.

You hear about what the rich are like in the news, on blogs, from your crazy doomsday prepper uncle, and so on.

The problem with many of the widespread beliefs about rich people is that many are completely wrong and give you an inaccurate idea of what it means to be wealthy.

Today, Tom and I are going to look at some common myths about rich people and set the record straight on some top misconceptions.

7 Myths About the Wealthy

  • The majority of rich people inherited their wealth
    • Tom’s study showed that 76% of wealthy people are self-made Rich People Celebrate
    • He also mentions a different study that shows the percentage of self-made rich people as high as 85%
  • The rich pay less tax than everyone else
    • Tom cites Tax Institute findings that:
      • The tax rate on the wealthy was 9% higher than the middle class.
      • In the United States, over 50% of the taxes that are collected are collected by those in the 1%
    • The rich are lucky
      • Rich people create their own luck by pursuing wealth, working hard, and creating opportunities
    • The rich are better educated
      • There are paths to wealth that don’t require a college degree Rich People
    • The rich aren't charitable
      • Wealthy people routinely donate time and money to charities and non-profits
    • Money doesn't buy happiness
      • Money can, however, buy the removal of a lot of unhappiness
        • When you have money, a problem that can be solved by money isn’t really a problem
      • Rich people lead extravagant lives
        • Self-made wealthy people tend to carry habits with them that they learned growing up in poverty or the middle class rather than living extravagantly
          • The 1% of the 1% -- the wealthiest millionaires or even billionaires – may live extravagantly because there’s no way for them to spend all their money, but they’re the minority

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 favorite quotes from the show:

“I guess in some ways the rich are lucky, but it's not the way people think.” – Michael Yardney

“Well, some people just seem to attract wealth and luck and others don't. But it's not because they're lucky per se, it's because they've done the hard work in the hard yards and they actually know how to take advantage when an opportunity arises.” – Michael Yardney

“We recognize that money is important in those areas where it's important, and it's not all important in a lot of other areas of your life.” – Michael Yardney


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Michael is a director 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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