Are your habits preventing you from getting rich?
In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered that your habits dictate your circumstances in life.
In this week’s video we discuss 5 common habits holding people back from being Rich.
There is no such thing as getting rich quick.
Financial success takes time, takes initiative, and requires relentless effort
Those who gamble are deluded into thinking there is a shortcut to success.
In his study, 52% of poor people gambled on sports at least once a week and 77% played the lottery every week.
Conversely, 84% of rich people did not bet on sports and 94% did not play the lottery.
Self-made millionaires don't pursue any get-rich quick schemes.
Instead, they make a habit of pursuing their dreams and their goals.
Poor health habits create detrimental luck.
In his study, 97% of poor people ate over three hundred junk food calories each day, 69% ate fast food three or more times a week, 69% ate candy more than twice a week, and 66% were overweight by at least 30 pounds.
Wealthy people value their health.
In addition to eating healthy, they exercise consistently, sleep seven or more hours every night, and make a daily habit out of flossing.
While the occasional glass of wine or beer is fine, drinking too much could impede your chances of financial success.
Fifty-four percent of the poor in my study drank more than two glasses of beer, wine, or alcohol each day.
Eighty-four percent of the self-made millionaires in my study drank less than that.
Drinking too much could affect your memory and ability to think clearly.
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Plus, it's a lot of extra calories and isn't part of a healthy diet.
Who you hang out with matters more than you may think.
Eighty-six percent of the rich people in Corley's study made a habit out of associating with other success-minded individuals.
They also make a point to limit their exposure to toxic, negative people.
On the flip side, only four percent of the poor in my study associated with success-minded individuals.
Ninety-six percent associated with negative, toxic individuals.
You are only going to succeed in life if you surround yourself with the right type of people.
Seventy-seven percent of the poor in my study watched more than an hour of TV every day.
Sixty-seven percent of the self-made millionaires in my study watched less than an hour of TV every day.
The rich would rather be educated than entertained.
They replace TV time with reading, thinking, exercising, or any other form of self-education.
Making productive use of time is a hallmark of self-made millionaires
Wasting time is a hallmark of poor people.
You can catch up with past episodes of this weekly webcast here - Rich Habit, Poor Habits - Tom Corley & Michael Yardney