Yes it’s true that 1% control around 82% of the wealth in the world?
And today we’re going to explain why.
I recently read that the world’s richest people have seen their share of the globe’s wealth increase significantly since the Global Financial Crisis.
In the mind of the article’s author there was something inherently unfair about this wealth inequality.
The author, like many who are not in the 1%, felt that the wealth the 1% created didn’t necessarily belong to them and offered government solutions to cap or redistribute the wealth of the rich.
The problem is… the top 1% will always control most of the wealth until the other 99% figure out how the 1% go about cultivating wealth.
So, how do the 1% cultivate wealth?
As you listen to this, the first of our monthly Rich Habits Poor Habit’s podcasts you’ll hear my discussion with Tom Corley who explains that 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.
Reading is work. But it’s work that is necessary if you want to become rich.
Rich people read because they know that knowledge can be leveraged to gain wealth.
The more you know about your field, career or industry, the more valuable you are to those you service or sell to in your field, career or industry.
2. Deliberate Practice — 69% of the rich in my study practiced some specific skill for two or more hours every day.
Deliberate practice requires conscious practice as opposed to unconscious practice
Conscious practice is practice in which you study everything you do that goes into the skill you have.
It’s about studying the intricate details that enable you to become a virtuoso at what you do.
3. Pursue Long-Term Goals or a Dream — 70% of the rich in my study pursued some long-term goal or some dream.
This is what really drives the disparity between the 1% and the other 99%.
Pursuing big goals or dreams creates the opportunity for good luck to happen.
The majority of the 1% are beneficiaries of good luck – but good luck they put themselves in a position to receive.
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.
They spent their money thoughtfully, not emotionally.
They buy the best made quality products at the cheapest prices.
This requires study and patience and delayed gratification.
7. Forge Rich Relationships — 68% of the rich in my study forged relationships with other upbeat, success-minded people.
These are people who can open doors for you.
They are individuals who are either trying to become the 1% or are the 1%.
These 1% have powerful relationships with other 1% individuals. dream-clock-time-business-man-life-motivation-happy-dream
8. Volunteer — 72% of the rich in my study volunteered 5 hours or more a month.
Most of the boards and committees in local non-profits are run by successful people within the community.
9. 5 AM Club — 44% of the rich in my study woke up 3 or more hours before they began their work day to pursue dreams, goals, read, be productive, etc.
Waking up early is important.
It allows you to get things done first thing in the day that help move you forward in life.
10. Become a Decision Maker at Work — 91% of the rich in my study were one of the decision makers where they worked.
If you want to control the outcome of your life you need to be a decision-maker.
11. Do Work You At Least Like — 86% of the rich in my study liked what they did for a living.
When you like what you do, you will devote more time to doing it.
More time in honing your skills.
More time in reading to learn everything about your vocation.
More time in building relationships with other success-minded people within your industry or field.
More time devoted to improving yourself makes you more valuable.
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.
You need to do the things that cultivate wealth.
Links and Resources:
Some of our favourite quotes from the show:
“One of the things the papers forget to mention is, if you’re listening to the podcast or reading their articles, you’re probably already in the top 1% in the world.”
“School’s not out when you leave school or leave college. You have to keep continuously educating yourself.” – Michael Yardney
“It’s often said that you’re like the five people you spend most of your time with.” – Michael Yardney
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