Tom Corley a financial planner, studied 233 wealthy individuals on their daily habits over five years. Most of his subjects were self-made millionaires, and he put his findings together in a best-selling book, Change Your Habits, Change Your Life.
These are seven habits he found they had in common.
Of the rich people Corley interviewed, 88 per cent said they use 30 minutes or more a day to reading books that educate them or self-improvement. They rarely read for entertainment, preferring instead self-help books, biographies and history books. “There are important life lessons to be learned in biographies of people with rags-to-riches stories,” Corley writes. “Biographies expose the thinking habits, challenges, and ups-and-downs of the subject.”
Working out regularly clears your head and makes you feel more motivated. According to Corley, 76 per cent of the rich set aside 30 minutes or more a day for aerobic exercises like jogging, biking or walking.
3. Investing in positive relationships
“You are only as successful as those you frequently associate with,” Corley writes. You can always increase the number of highly-motivated people in your personal network by volunteering which is a good way to meet new people. You could also join groups related to your industry or your personal interests However, you need to be picky about whom you spend time with. “(Successful people) also make a point to limit their exposure to toxic, negative people,” says Corley.
4. Sleeping well
Albert Einsten reportedly preferred to get at least 10 hours of sleep a night. An overwhelming 89 per cent of self-made millionaires sleep seven or eight hours each night, or more. “Sleep is critical to success,” Corley writes, citing it’s effects on memory function and creative thinking.
5. Chasing after goals
Most self-made millionaires don’t end up rich accidentally. They make plans. Eighty per cent of the wealthy are “obsessed with pursuing goals,” Corley writes, referring to both their daily and long-term goals regularly. “I’m here to tell you to avoid putting your ladder on someone else’s wall and then spending the best years of your life climbing it, “Corley says. “Find your own wall, your own dreams, and your own goals, and pursue them.”
6. Developing multiple income sources
“Self-made millionaires do not rely on one singular source of income, “Corley says. “They develop multiple streams.” So how many sources of income do they have? “Sixty five per cent had at least three streams of income that they created prior to making their first million dollars,” Corley says. Having a side-business or income-generating investmests are a few common additional sources allows you to weather the inevitable economic downturns.
7. Avoiding time wasters
Time is as important a resource to wealthy people as money is. “When we invest our time in anything, it’s lost forever, “Corley writes. Be choosy about the apps you spend your time on; don’t mindlessly spend hours watching TV or looking through Instagram, Twitter and Facebook. “When you see time as the greatest risk of all, it will force you to become more aware of exactly how to invest your time,” says Corley.