All self-made millionaires had to start somewhere. Much of their transformation from modest to seven-figure status can be attributed to “rich habits,” a term coined by Thomas C. Corley, who spent five years studying the daily habits of 177 self-made millionaires .
“ From my research, I discovered that your daily habits determine how successful or unsuccessful you are in life ,” he writes in his upcoming book “Change Your Habits, Change Your Life.” “ There is a cause and effect involved with habits. Habits are the cause of wealth, poverty, happiness, sadness, stress, good relationships, bad relationships, good health or poor health .”
The good news is that all habits can be changed. Here are some “rich habits” of self-made millionaires that you can start developing today :
Typical habits of self-made millionaires
Rich people prefer to be educated rather than entertained. As Corley writes, “ 88% of rich people spend thirty minutes or more each day reading for self-improvement or self-education… Most do not read for entertainment… Rich people read to acquire or retain knowledge .”
Corley found that they tend to read three types of books: biographies of successful people, self-help or personal development books, and history books.
“ Seventy-six percent of wealthy people do 30 minutes or more of aerobic exercise every day ,” Corley reports. Exercise includes any cardiovascular exercise, such as running, jogging, walking, or cycling.
“Cardiovascular exercise is not only good for the body, it is also good for the brain,” Corley writes. “It grows neurons in the brain… Exercise also increases glucose production. Glucose is fuel for the brain. The more fuel you give your brain, the more it grows and the smarter you get. ”
As the saying goes, "A good friend is a treasure trove." Corley says, " Rich people seek out individuals who are goal-oriented, optimistic, enthusiastic, and have a positive mental outlook. "
Corley stresses that it's equally important to stay away from negative people and influences: " Negative, destructive criticism will keep you from pursuing success ."
“ Pursuing your own dreams and goals will create the greatest long-term happiness and lead to the greatest accumulation of wealth ,” Corley writes.
While too many people make the mistake of pursuing someone else's dreams — such as their parents' — wealthy people set their own goals and pursue them relentlessly and passionately.
“ Passion makes work fun ,” Corley shares. “ Passion gives you the energy, persistence, and focus needed to overcome failures, mistakes, and rejection .”
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 for dealing with inevitable daily interruptions, such as a meeting that runs too long, a bad traffic jam, or having to pick up a sick child from school.
According to Corley, “ These interruptions have a psychological impact on us. They can seep into our subconscious and eventually form the belief that we have no control over our lives .” “ Waking up at five in the morning to tackle the three most important things you want to accomplish that day allows you to take back control of your life. It gives you a sense of confidence that you are actually directing your life .”
“ Self-made millionaires don't rely on a single source of income ,” says Corley. “ They develop multiple streams of income. Three seems to be the magic number in my research… 65% had at least three streams of income that they created before making their first million dollars .”
Additional income streams you can try include renting out real estate, investing in the stock market, and owning a share in a side business.
“ Finding a mentor puts you on the right path to accumulating wealth ,” Corley writes.
“ Successful mentors do more than just influence your life in some positive way .” “ They are constantly and actively involved in your success by teaching you what to do and what not to do. They share with you valuable life lessons they learned from their own mentors or from the hard way .”
“ Long-term success can only be achieved when you have a positive mental outlook ,” says Corley. “ In my research, positivity was the hallmark of all self-made millionaires .”
The problem for most people is that they are completely unaware of their thoughts, whether positive or negative, he explains: “ If you stop to listen to your thoughts, to become aware of them, you will find that most of them are negative. But you only realize you are having these negative thoughts when you force yourself to become aware of them. Awareness is the key .”
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