The Daily Habits of Millionaires
What if I told you that success wasn’t a stroke of luck, it was a habit?
‘Rich habits’ is a term coined by author Thomas Corley, who spent five years researching the daily habits of 177 self-made millionaires and penned his findings in his books Change Your Habits, Change Your Life and Rich Habits: The Daily Success Habits of Wealthy Individuals.
“There is a cause and effect associated with habits,” he writes. “Habits are the cause of wealth, poverty, happiness, sadness, stress, good relationships, bad relationships, good health, or bad health.”
The good news is that habits can be changed: bad habits can be replaced with good habits, and here are some easily adoptable rich habits as observed by Thomas Corley.
1. They read
“Eighty-eight percent of the rich devote thirty minutes or more each day to self-education or self-improvement reading.”
Thomas found they tend to read three types of books: biographies of successful people, self-help or personal development, and history.
2. They rise early
Almost 50 percent of those Thomas studied woke up at least three hours before their work day began, in a strategy to combat inevitable daily disruptions.
“These disruptions have a psychological effect on us. They can drip into our subconscious and eventually form the belief that we have no control over our life. “Getting up at five in the morning to tackle the top three things you want to accomplish in your day allows you to regain control of your life.
It gives you a sense of confidence that you, indeed, direct your life.”
3. They dedicate 15 to 30 minutes a day to just thinking
“[The rich] spent time every day brainstorming with themselves about numerous things,” Thomas found, on topics including careers, finances, family, health, problems, and business relationships.
They ask questions such as, ‘What can I do to make more money?’, ‘Does my job make me happy?’, ‘Am I exercising enough?’, and ‘What other charities can I get involved in?’.
4. They ask for what they want
Driven by an obsession to pursue their own goals, the rich are not afraid to ask for what they want.
Whether it’s for feedback, help or finances, you have to get past the fear of rejection and obligation and “keep asking until someone says yes if you want to be successful in life”.
5. They have multiple streams of income
Self-made millionaires do not rely on one singular source of income. “Three seemed to be the magic number in my study…Sixty-five percent had at least three streams of income that they created prior to making their first million dollars,” Thomas writes.
Additional streams included real estate rentals, stock market investments and part-ownership in a side business.
6. They hang out with other successful people
One of Thomas’s observations was that you are only as successful as those you frequently associate with, and for this reason the rich gravitate towards individuals who are goaloriented, optimistic, enthusiastic, and have an overall positive mental outlook.
He found they do six things to cultivate these relationships: 1) wish people a happy birthday 2) call to say hello 3) call when a life event happens 4) network 5) volunteer and 6) participate in formal or informal “mastermind groups”, like a business group or weekly calls with people who share their same interests.
But it’s also equally important to avoid negative influences, Thomas notes. “Negative, destructive criticism will derail you from pursuing success.”