Habits of the Rich: Interview with Tom Corley

Podcast: Play in new window | Download

Interview with Tom Corley

Tom Corley, author of Rich Habits: The Daily Success Habits of Wealthy Individuals joins me for a discussion about the habits of the rich. In this interview with Tom Corley we also learn the 4 things that can make you un-fireable.

Last year I read “Rich Habits: The Daily Success Habits of Wealthy Individuals”.

I found it to be a very entertaining and enlightening story, almost like The Wealthy Barber. It is not as data-driven as The Millionaire Next Door by Thomas J. Stanley but it does paint a picture of how changing our habits can change our financial position.

I learned that many of the habits of the rich weren’t really about making money or being frugal, they were just good habits that are achievable for anyone at any income level.

Habits of the Rich:

Tom Corley published a number of Rich Habits, which you can find here:

http://blog.richhabits.net/2013/02/28/20-things-the-rich-do-every-day-that-the-poor-dont.aspx

The ones that took me buy surprise were:

•  70% of the wealthy consume less than  300 junk food calories per day. 97% of poor people eat more than 300 junk food calories per day.
• 63% of wealthy parents make their children read 2 or more non-fiction books a month vs 3% for the poor
• 80% of the wealthy “Happy Birthday” calls vs 11% of poor
• 6% of wealthy watch reality TV vs 78% for poor

What Wealthy people do before work:

• Get up 3 hours early
• Prepare a “To-do list” for their day
• Write or study
• Aerobic exercise for 30 minutes
• Listen to audiobooks on the way to work (and probably PODCASTS!)

Habits of the Rich during the workday:

• Accomplish as much of their to-do list before lunch
• Network with clients/prospects during lunch
• Only check their emails once or twice during the day
• Listen to audiobooks/podcasts on the way home

Daily Habits of the Poor

• Give themselves just enough time to get dressed for work
• Listen to music on their commute
• Gossip at work
• Discuss shopping or sports or read entertainment magazines on their lunch break
• Spend their evening watching TV before going to bed

Gossip is a Poor Habit

Tom Corley’s study showed a stark contrast in how many wealthy people participated in gossip, 6%, versus the poor, 79%.

This is not to say that gossiping will make you poor. It does, however, prevent you from performing productive habits.

Tom Corley reports that gossiping damages relationships. The wealthy value relationships like gold and would not risk damaging them with gossip.

IN HONOR OF TOM CORLEY, I WILL TYPE THE REMAINDER OF THIS BLOG POST IN ALL CAPS. (LISTEN TO THE END OF THE EPISODE TO LEARN WHY).

AND NO – I’M NOT SHOUTING 🙂

FOUR STRATEGIES TO BECOMING “UN-FIREABLE”

TOM CORLEY ALSO FOUND COMMONALITIES THAT MADE THE SUCCESSFUL MORE LIKELY TO KEEP THEIR JOB:

1. READ – FEEDING THEIR BRAIN WITH KNOWLEDGE TO HELP EXCEL
2. WRITE – CONTRIBUTE TO TRADE ARTICLES OR A BLOG
3. SPEAK – ATTEND INDUSTRY CONFERENCES AND SPEAK AT EVENTS
4. DO – PERFORMING THE SAME GOOD HABIT OVER AND OVER

CAN YOU SEE HOW THESE ACTIVITIES CAN HELP YOU BECOME MORE VALUABLE TO YOUR EMPLOYER? THEY CAN ALSO HELP YOU GET PROMOTED.

FOR MORE, AND TO LEARN THE 4 LEVELS OF LUCK (AND HOW THE RICH CONTROL THEM), LISTEN TO THE LAST HALF OF THE EPISODE.