Over the course of 5 years, author Thomas Corley observed 233 wealthy people and 128 people living in poverty and developed a list of 16 habits that defined their differences. Here they are in brief: 1) Live within your means. 2) Don’t gamble. 3) Read every day, stuff that adds to your knowledge. 4) Limit TV and Internet time. 5) Control your emotions, especially fear. 6) Network and volunteer regularly. 7) Be a star at work and business, give extra. 8) Set goals, not wishes. 9) Avoid procrastination, be proactive. 10) Talk less and listen more. 11) Avoid toxic people. 12) Don’t give up. Focus, persistence, and patience pays off big time. 13) Believe! Set aside self-limiting beliefs. 14) Get a mentor. 15) Eliminate ‘bad luck’ from your inner dialogue. 16) Know and seek out your ‘main purpose’.
All of these 16 habits were overwhelmingly practiced by the wealthy people he observed and practically nonexistent with the people living in poverty. Corley said that these habits became the “autopilot mode” that determines whether you are rich or poor. You may have noticed that these are habits that EVERYONE can adopt, regardless of their starting point.
The PBC Wealth Creation Challenge.
There is no time like the present, for resetting your autopilot on a course for wealth. I challenge you all to try on any of the wealth habits for a month. These are my top 6:
1. FIND YOUR MAIN PURPOSE: For me, probably the most important thing the rich have in common is that they often know their ‘main purpose’ in life. They do what they love and they love what they do; they are wealthy and happy. (see also our blog post “It all Starts with Happiness”) If you’re just making a living but not loving your present occupation, you probably haven’t found your main purpose yet. Here is a process to help you reflect on this:
Make a list of everything you remember that made you happy.
Highlight the skills involved in those episodes.
Rank those skills in order of the happiness they give you.
Then rank them in order of earnings potential.
Total the two lists and the highest scorer is a potential ‘main purpose’.
2. READ EVERY DAY: 88% of rich people in Corley’s study read more than half an hour every day. However, don’t just read the comics. Read material that is useful rather than escapism. Listen to self-improvement audio books as you work out. Read to add to your knowledge, education, and skills. Read for personal development. Read success biographies, current events, and history. Only 11% of rich people read for escapism.
3. NETWORK: 75% of wealthy folks Corley observed network and volunteer at least 5 hours every month. They build relationships and attract clients while putting value back into their local community. Could doing what the rich do be easier? Or more satisfying? See our white paper on networking for practical networking ideas.
4. BE PROACTIVE: Procrastination pulls the plug on wealth creation. Here are 5 strategies to get more out of every day;
Have your daily to-do list displayed in front of you.
Make a daily top 5 ‘must do’s’ of activities that get you closer to your goals.
Set pre-deadlines for yourself (and tell everybody). Always aim to meet your commitments early.
Work with associates and team members. Ask them to demand much from you and hold you accountable for your promises.
Make ‘Do It Now’ your mantra for all tasks and repeat this to yourself as an affirmation.
5. SLEEP: 89% of rich people in Corley’s study sleep 7 hours or more each night. When Darren Hardy asked Dr. Oz about the most important factor to anti-aging, vitality, and good health, his #1 answer was SLEEP.
6. GET MOVING: 76% of rich people observed exercise at least 30 minutes, 3 times per week. Our bodies were designed to move and the health benefits of regular exercise are countless. We just have to commit to a small amount of time, to have very big results. Take those 30 minutes no matter how busy you are.
You probably already do several of these habits in your business life. Really successful wealth creators do most of them in every aspect of their personal and work lives. And I’m sure you have habits that work for you. We would like to hear about them.
Call PBC for a free consultation and remember to ‘Do It Now’. Take the PBC Challenge to add wealth building habits to your daily routine!
Connect with us on social media and be part of the dialog.