Rich Habits Poor Habits | Being rich is really about two things Part 1

In Rich Habits Study, Tom Corley interviewed 233 wealthy individuals (177 of whom were self- made millionaires) with at least $160,000 in annual gross income and $3.2 million in net assets.

He found that becoming and staying rich tends to come from two actions:

1. Accumulating wealth  

2. Keeping the wealth you've accumulated

The first step, getting rich, requires that you forge certain specific habits that make getting rich possible.

In his book "Change Your Habits Change Your Life," he shares some of the stories about how these self-made millionaires accumulated their wealth, but some of the most important Rich Habits for accumulating wealth.

This includes:

Pursuing daily growth. 

Daily self-improvement is a hallmark of self-made millionaires.  

They read at least 30 minutes a day to gain knowledge.

They also devote significant time every day to practicing and perfecting their skills.

Dream-setting.

The rich build goals around each of their dreams.

This makes it possible to realize those dreams.

Think of every dream as a rung on your own ladder.

Your ideal, perfect life is realized when you reach the top of the ladder.

Eighty percent of the self-made millionaires in my study built goals around their dreams.

Saving.

Ninety-four percent of the rich saved 20% or more of their income for many years prior to becoming rich.

They then put their savings to use by taking calculated risks.

Taking calculated risks.

Fifty-one percent of the self-made millionaires in my study took a calculated risk in time and money.

Calculated risk is a unique type of risk that requires you to do your homework.

Being optimistic.

Seventy-one percent of the self-made millionaires in my study were optimistic about life.

Their optimism infected everyone around them.

They became magnets for other success-minded people. 

Being open-minded. 

Being open to new ideas, new ways of doing things and the opinions of others is critical to learning and growth.

Growth is the parent of success.

You must grow into the person you need to be in order for success to visit you.

Finishing what you start.

The rich don't quit.

They stick to something until they succeed, go bankrupt, or die.

Eighty-percent were focused on achieving some goal and 55% spent one year or more on one singular goal.

But accumulating wealth is only one part of the equation.

In my book "Rich Habits Poor Habits," I share another equally important part of being rich: holding on to the wealth you've accumulated.

You may also be interested in reading:

RICH HABITS POOR HABIT EPISODE 46 | 4 HABITS THAT WILL KEEP YOU FROM GETTING RICH

RICH HABITS POOR HABIT EPISODE 43 | NEVER CLIMB A “MOUNTAIN” WITHOUT A GUIDE

………………………………………………………….

IF YOU’RE ALREADY AN EXPERIENCED PROPERTY INVESTOR OR YOU WANT TO “FAST TRACK” YOUR SUCCESS…

Here’s your chance to invest 2 powerful days and learn renovation and development strategies that experienced property experts are using around Australia to “manufacture” capital growth and generate strong rental returns, so that they can win in today’s challenging property markets.

TAKE YOUR PROPERTY INVESTING TO A WHOLE NEW LEVEL BY JOINING ME IN OCTOBER AT MY…

PROPERTY RENOVATIONS & DEVELOPMENT WORKSHOP.

What’s it all about? Click here and find out more.

Maybe now it’s time you stepped up and played in the big league by getting started in property renovations or development.

This is the course where other “experts” who are now teaching got their education. Click here find out more and reserve your place

Michael Yardney

………………………………………………………….

About Michael Yardney 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.