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Hi Guys,
I am a huge fan of Tom Corley's book "Rich Habits: The Daily Success Habits of Wealthy Individuals". Corley interviewed 300 wealthy people and 300 poor people, from his study he distilled that wealth accumulation was a matter of daily action - lots of small behaviors added up to personal and financial success over time.
Rather than spout a bunch of fluff about how great he is, I just wanted to summarize his best recommendations for what to do to build wealth - e.g. "rich habits" vs. what not to do "poor habits".
I like these because they provide a roadmap for getting ahead, you just need to start adapting the rich habits into your own life as well as avoid the poor habits.
Here are his rich habits:
1. Commit to forming good daily habits and following them each and every day.
2. Set a goal for each day, each month, each year and focus on your goals daily.
3. Engage in self-improvement each and every day.
4. Devote part of each day to caring for your health.
5. Devote part of each day to forming lifelong relationships.
6. Live each day in a state of moderation.
7. Accomplish your daily tasks each and every day; adopt a "do it now" mindset.
8. Keep your thinking, upbeat, positive and focused on achievement.
9. Save 10% to 20% of each paycheck.
10. Control your thoughts and emotions each and every day.
Here are the poor habits that Corley says should be eliminated from your life:
1. Watching more than one hour of television or messing around on the internet for an hour per day.
2. Eating more than 300 junk food calories per day.
3. Drinking more than 2 glasses of beer, wine or hard alcohol per night.
4. Not exercising aerobically a minimum of thirty minutes a day, four days a week.
5. Treating your relationships on an "as needed" basis. Only reaching out to your friends to socialize or when you have problems and need their help.
6. Procrastinating so much that it’s the rule rather than the exception. Not accomplishing at least 70% of your daily "to-do" list.
7. Devoting very little time to your career beyond working, not reading at least 30 minutes a day of educational, self-help or career related reading material.
8. Not networking or volunteering at least 5 hours per month.
9. Doing the bare minimum at work, maintaining an "it’s not my job" mentality.
10. Talking too much and not listening enough.
11. Saying whatever is on your mind, thereby putting your foot in your mouth and damaging your personal relationships.
12. You pride yourself on speaking your mind, even though it hurts other people.
13. You are not generous with your time or money with respect to your relationships.
14. You don't save at least 10% to 20% percent of your income every month. You are a spender, not a saver.
15. You spend more than you earn and your debt is overwhelming you.
16. You don't control your thoughts or emotions on a daily basis. You lose your temper too often and belittle others too much. You're envious of others.
17. You think a wish is a goal. Goals require specific activity and specific timelines, otherwise they are just wishes.
Corley's stuff is best summarized in his book on parenting called "Rich Kids: How to Raise Our Children to be Happy and Successful in Life". So, if you're into learning more that book is a good first place to start.
I am a huge fan of Tom Corley's book "Rich Habits: The Daily Success Habits of Wealthy Individuals". Corley interviewed 300 wealthy people and 300 poor people, from his study he distilled that wealth accumulation was a matter of daily action - lots of small behaviors added up to personal and financial success over time.
Rather than spout a bunch of fluff about how great he is, I just wanted to summarize his best recommendations for what to do to build wealth - e.g. "rich habits" vs. what not to do "poor habits".
I like these because they provide a roadmap for getting ahead, you just need to start adapting the rich habits into your own life as well as avoid the poor habits.
Here are his rich habits:
1. Commit to forming good daily habits and following them each and every day.
2. Set a goal for each day, each month, each year and focus on your goals daily.
3. Engage in self-improvement each and every day.
4. Devote part of each day to caring for your health.
5. Devote part of each day to forming lifelong relationships.
6. Live each day in a state of moderation.
7. Accomplish your daily tasks each and every day; adopt a "do it now" mindset.
8. Keep your thinking, upbeat, positive and focused on achievement.
9. Save 10% to 20% of each paycheck.
10. Control your thoughts and emotions each and every day.
Here are the poor habits that Corley says should be eliminated from your life:
1. Watching more than one hour of television or messing around on the internet for an hour per day.
2. Eating more than 300 junk food calories per day.
3. Drinking more than 2 glasses of beer, wine or hard alcohol per night.
4. Not exercising aerobically a minimum of thirty minutes a day, four days a week.
5. Treating your relationships on an "as needed" basis. Only reaching out to your friends to socialize or when you have problems and need their help.
6. Procrastinating so much that it’s the rule rather than the exception. Not accomplishing at least 70% of your daily "to-do" list.
7. Devoting very little time to your career beyond working, not reading at least 30 minutes a day of educational, self-help or career related reading material.
8. Not networking or volunteering at least 5 hours per month.
9. Doing the bare minimum at work, maintaining an "it’s not my job" mentality.
10. Talking too much and not listening enough.
11. Saying whatever is on your mind, thereby putting your foot in your mouth and damaging your personal relationships.
12. You pride yourself on speaking your mind, even though it hurts other people.
13. You are not generous with your time or money with respect to your relationships.
14. You don't save at least 10% to 20% percent of your income every month. You are a spender, not a saver.
15. You spend more than you earn and your debt is overwhelming you.
16. You don't control your thoughts or emotions on a daily basis. You lose your temper too often and belittle others too much. You're envious of others.
17. You think a wish is a goal. Goals require specific activity and specific timelines, otherwise they are just wishes.
Corley's stuff is best summarized in his book on parenting called "Rich Kids: How to Raise Our Children to be Happy and Successful in Life". So, if you're into learning more that book is a good first place to start.
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