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One hundred percent of the self-made millionaires in my Rich Habits Study said that they put off things they wanted to do and things they wanted to spend money on in order to build their wealth. Building wealth took priority over fun and enjoyment, at least during their wealth-building years.
This is known as delayed gratification.
Only 48% of the poor individuals in my study said they were engaging in delayed gratification.
The self-made millionaires engaged in delayed gratification because they were convinced that making sacrifices today would benefit them many years into the future. These millionaires were able to muster the discipline to make sacrifices because they had a very clear vision of the ideal, future life they desired – their dream life
And, they were not fatalists, meaning they did not believe they would die before being able to reap the benefits of the sacrifices they were making. This was possible because of the following mindset/habits they possessed:
- 98% believed fate did not dictate their ability to become wealthy
- 53% believed they would be financially successful in life
- 100% believed they were responsible for their financial circumstances
- 67% said they were optimists
- 85% believed wealthy people were good, honest, hardworking people
- 0% believed wealth was accidental
- 78% said they were frugal
- 94% did more than their job required
- 94% did not believe wealthy people were greedy
- 75% believed wealthy people were charitable. In fact, 72% of the wealthy in my study said they were involved in some charity
- 94% were healthy due to many years of exercise and healthy eating
- 79% liked what they did for a living
- 96% considered themselves disciplined.
Tom Corley is an accountant, financial planner, public speaker, and author of the books “Effort-Less Wealth: Smart Money Habits At Every Stage of Your Life” and “RichKids: How to Raise Our Children to Be Happy and Successful in Life“. Corley’s work has appeared on CNN, USA Today, The Huffington Post, SUCCESS Magazine, and many other media outlets and podcasts in the U.S. and 27 other countries. Tom is a frequent contributor to Business Insider and CNBC.
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