15 habits of self-made millionaires Part 1 | Rich Habits Poor Habits [VIDEO]

Success doesn’t crop up overnight.

All self-made millionaires had to start somewhere.

Much of their transformation from ordinary to seven-figure status can be attributed to “rich habits,” a term coined by Thomas C. Corley, who spent five years researching the daily habits of 177 self-made millionaires.

Here are some “rich habits” of self-made millionaires that you can start developing today:

1. They read consistently 

The rich would rather be educated than entertained.

As Corley writes, “Eighty-eight percent of the rich devote thirty minutes or more each day to self-education or self-improvement reading … Most did not read for entertainment … The rich read to acquire or maintain knowledge.”

Corley found that they tend to read three types of books: biographies of successful people, self-help or personal development, and history.

2. They exercise

“Seventy-six percent of the rich aerobically exercise 30 minutes or more every day,” Corley reports. Aerobic exercise includes anything cardio, such as running, jogging, walking, or biking.

“Cardio is not only good for the body, but it’s good for the brain,” he writes.

“It grows the neurons (brain cells) in the brain … Exercise also increases the production of glucose. Glucose is brain fuel. The more fuel you feed your brain, the more it grows and the smarter you become.”

3. They hang out with other successful people 

“You are only as successful as those you frequently associate with,” Corley writes.

“The rich are always on the lookout for individuals who are goal-oriented, optimistic, enthusiastic, and who have an overall positive mental outlook.”

To cultivate these relationships, he writes, wealthy people do six things: wish people a happy birthday, call to say hello, call when a life event happens, network, volunteer, and participate in “formal or informal mastermind groups,” like a business group or weekly calls with people who share their same interests.

It’s equally important to avoid negative people and influences, Corley emphasizes: “Negative, destructive criticism will derail you from pursing success.”

4. They pursue their own goals

Wealthy people are “obsessed” with pursuing goals, Corley found.

“Pursuing your own dreams and goals creates the greatest long-term happiness and results in the greatest accumulation of wealth,” he writes.

While too many people make the mistake of chasing someone else’s dream — such as their parents’ — rich people define their own goals and pursue them relentlessly and passionately.

“Passion makes work fun,” writes Corley.

“Passion gives you the energy, persistence, and focus needed to overcome failures, mistakes, and rejection.”

5. They get up early 

Nearly 50% of the self-made millionaires in Corley’s study woke up at least three hours before their workday actually began.

It’s a strategy to deal with inevitable daily disruptions, such as a meeting that went too long, egregious traffic, or having to pick up your sick kid from school.

“These disruptions have a psychological effect on us.

They can drip into our subconscious and eventually form the belief that we have no control over our life,” Corley writes.

“Getting up at five in the morning to tackle the top three things you want to accomplish in your day allows you to regain control of your life.

It gives you a sense of confidence that you, indeed, direct your life.”

You may also be interested in reading:

RICH HABITS POOR HABITS EPISODE 55 | THE THINKING ACTIONS OF THE RICH

RICH HABITS POOR HABITS EPISODE 54 | BECOMING RICH MEANS TAKING RISK OR MAKING SACRIFICES

RICH HABITS POOR HABITS EPISODE 53 | SELF-DETERMINATION VS. PREDETERMINATION

RICH HABITS POOR HABITS EPISODE 52 | 5 QUESTIONS THAT COULD CHANGE YOUR LIFE

About Michael Yardney 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.