Why are some people rich and other people poor?

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When I began my Rich Habits Study, I wanted to know the answer to one question: why are some people rich and other people poor?

Five years, and 51,984 questions later, I learned the answer – Habits.

Weight Scale Between Rich Man And Poor Man. Business Metaphor ConceptHabits dictate your circumstances in life.

This is a truly groundbreaking discovery.

Habits affect just about every aspect of your life.

And there are many shades of habits.

We have money habits, eating habits, drinking habits, exercise habits, sleeping habits, downtime habits, work-time habits, reading habits, relationship habits, happiness habits and thinking habits.

We have morning habits, afternoon habits and nighttime habits.

If you’re interested, here’s a list of all of the habits I documented over the years: Proof Habits Control Your Life.

According to a 2006 Duke study, 40% of your daily behaviors are habits.

Money habits have the most profound impact on your financial circumstances.

Money habits can be broken down into two categories:

  1. Spending Habits and
  2. Savings Habits

Self Made MillionairesMany of the self-made millionaires in my study were able to accumulate their wealth by virtue of having learned smart money habits from either their parents or some mentor in life.

I called these millionaires Saver-Investors.

When you have smart money habits, you spend less than you make and you then save and invest the difference.

Over time, your savings and investments grow and compound.

Those who dutifully follow this guaranteed path to wealth eventually become financially secure.

Some even become multi-millionaires.

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About

Tom is a CPA, CFP and heads one of the top financial firms in New Jersey. For 5 years, Tom observed and documented the daily activities of wealthy people and people living in poverty and his research he identified over 200 daily activities that separated the “haves” from the “have nots” which culminated in his #1 bestselling book, Rich Habits – The Daily Success Habits of Wealthy Individuals. Visit the website: www.richhabits.net


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