Ever wonder how the rich people get rich or stay rich? With so much economic uncertainty these days, it seems almost everyone I know is a bit nervous about their financial future. Interestingly enough, there seems to be some common traits in how rich people structure their day.
Farnoosh Torabi of Yahoo! Finance recently highlighted financial planner Tom Corley and his book Rich Habits: The Daily Success of Wealthy Individuals. (“Wealthy” here is defined as earning at least $160,000 annually and maintaining assets of at least $3.2 million.)
Mr. Corley spent 5 years studying 320 “rich” individuals and determined several common behavior patterns.
1) Early Risers
Almost half of the wealthy individuals are early risers, waking up 3 hours before work; the time is spent reading or working out.
Wealthy people do not waste time. They maintain daily lists of tasks and complete (and check off) approximately two-thirds every day. Also worth noting, wealthy people have short and long term goals (which they review diligently).
3) No Long Lunches
In the movie Wall Street, Gordon Gekko said, “Lunch is for wimps.” He appears to have good company in that Mr. Corley determined that most wealthy people forgo long social lunches; instead they network or conduct business at lunch.
4) Calorie Counting
Wealthy people watch their weight. They limit alcohol and junk food snacks to 300 calories a day. Health is wealth to them.
Only 6% of those interviewed admitted to gossiping; they are too busy making money to care about anyone else’s business.
6) Limited Internet
High net worth people spend their down time networking or socializing, whereas the lower net worth interviewees spend at least one hour a day on Facebook and/or elsewhere on the internet.
I don’t know about you but I am going to start setting my alarm clock quite a bit earlier and avoid the snooze button!
These are excellent points we can all learn from. I particularly like #4, where rich people believe health is wealth. So true. A lot of people don’t pay attention to their health and just focus on wealth building, only to regret about it in the future when they become too sick to enjoy their wealth.
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