“One of the reasons they call it ‘the secret to success’ is that people don’t even understand that their habits are the cause of their wealth or poverty.” – Tom Corley
The Cheat Sheet:
- A goal is only a goal if it has these two things: what are they? (4:50)
- Is wealth really as simple as working harder and working more? (17:05)
- Consistency: why it’s so important (22:50)
- For 30 minutes every day, the rich do this: what is it? (34:05)
- The best strategy to network with the rich, even if you are average or poor. (35:20)
- What is opportunity luck? (38:40)
- And so much more…
Have you wondered what separates the rich from the not-rich? Is it luck or some closely-guarded secret? Or do the wealthy simply do things differently every day? Are there rich habits and are there poor habits?
Our guest for episode 313, Tom Corley, has done extensive research and written a book on the subject. He says there are habits that separate the rich from the poor. In this show, Tom and I talk about what those rich habits are, how we can change them, how to network with the wealthy, whatever size your bank account…and so much more!
More About This Show:
Tom Corly is a CPA by trade who spent 5 years interviewing 233 rich people and 120 poor people. He analyzed that data over a 16 month period and came up with some startling revelations: there is no “secret” to getting wealthy, there are simply daily habits the rich engage in and daily habits that poor people do too. And the two sets of habits are miles apart.
With the data he gathered and the insights he uncovered from his study, Tom wrote the book Rich Habits and launched his Rich Habits web site. On the show today, he shares some of the material in the book as well as his personal story of being wealthy as a child, losing it all and the impact that experience had on him.
When Tom was 9, his family was running a business that had made them very wealthy. They were worth $4-$5 million dollars (quite a lot back then), until a fire took all of that overnight. Tom’s family struggled to rebuild and he had to put himself through college. He worked nights as a janitor, and went to school during the day. All the while that painful loss from his childhood acting as a thorn in his side, urging him on.
That loss would play a factor in why he undertook his 5 years of research and later published his first book. But the tipping point that pushed him over the edge was when a wealthy client of his came to him for help. The man was losing his business, everything he had worked for and he had no idea what he was doing wrong. He asked Tom for help.
There wasn’t much Tom could for him and he had no advice to give. All of his clients were already wealthy when they joined his company so he had never watched them grow and amass their fortunes. So Tom began to look for resources for his floundering client; Tom wanted to understand what the rich did differently on a daily basis. Not finding any books or other sources on the topic, Tom saw the opportunity to fill a gap in the marketplace and his Rich Habits brand was born.
On this episode, Tom and I talk about those rich habits and what they are. Did you know 79% of rich people watch under an hour of TV a day? Instead, they are out hustling: they are volunteering at charitable organizations, teaching, speaking or networking several nights a week. And all of those activities are focused on getting them to their next goal or dream.
But Tom admits it goes deeper than simply working harder and doing more. Rich habits are also built by our belief systems, or mini computer programs as Tom calls them. In fact, beliefs might be the “secret” to what’s holding you back if you aren’t wealthy. The good news is you can change those beliefs. It’s a matter of awareness, and then creating a new habit to replace the old, negative one that is holding you back. And consistently doing so over a period of time, Tom recommends 18-254 days to create a new habit.
There’s plenty more of those nuggets in this episode! Tom was an awesome guest who provides insightful how-tos on building your rich habits every day, networking with the wealthy on your way to the top and creating something he calls opportunity luck. Have a listen and then starting shifting those daily habits into rich habits! We’ll see you next time.
THANKS TOM!
Resources from this episode:
How The Rich Spend Their Time, Tom’s blog post
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