“Many people say there isn’t a secret to becoming rich, but I would disagree. I truly believe the reason why someone is either rich or poor can be traced back to daily habits.”
This is what certified financial planner and author Tom Corley, who spent five years studying the differences between 233 rich people and 128 poor people, told Chris Peach, owner of Money Peach Blog and self-proclaimed survivor of the paycheck-to-paycheck regime.
Peach has been practicing Corley’s “rich habits” as featured in his Corley’s book, Rich Habits: The Daily Success Habits of Wealthy Individuals.
Here is what Peach learned about the habits of rich people that we can all incorporate in our own lives.
In his research, Corley found that rich people exercised an average of 30 minutes, four days a week. Peach says he dedicates an hour a day to fitness. “While I used to squeeze in workouts whenever I could spare the time, I now make it happen no matter what.”
The results: Peach has found that focusing on fitness has markedly improved his mental clarity: “I hit the gym after working a couple of hours in the morning. When I return, I’ve noticed I’m more proactive and able to focus better for the rest of the afternoon.”
2. Build relationships
Relationships are the currency of the wealthy, according to Corley.
“Self-made millionaires are very particular about who they associate with. Their goal is to develop relationships with other success-minded individuals,” writes Corley.
Peach keeps a running list of positive influencers that he stays in regular contact with. The habit has paid off handsomely for Peach with various relationships leading directly to opportunities.
3. Visualize your goals
Corley says what’s important to you, your Dream Goals as he calls it, should never be put on the back burner. They need to be the first things you do at the start of every day. As he explains, every day is unpredictable, you never know what can disrupt your day, but if you tackle the most important things in the mornings, even if everything goes wrong with your day, you know you are still moving forward on your dreams.
Peach shares that using Evernote he created a list of goals for the day, month and year and one result was that he achieved his goal to double his income. Not bad!
4. Read. A lot
According to author and speaker Grant Cardone, the most successful CEOs read an average of 60 books a year, whereas the average American worker reads just one—and earns 319 times less.
“After setting my own goal of consuming two books a month, I followed Corley’s other tips to make time: I stopped watching TV and listen to audiobooks in the car,” says Peach.
The results were phenomenal. Focusing on reading material about self-development, leadership and health titles, Peach noticed that he was more prepared to make positive changes in his personal life and career and even tested a few marketing strategies that he read about, which helped him to increase his income and grow his business.
5. Practice affirmations
According to Corley the key to successful affirmations is choosing a mantra that’s tied to a dream and a realistic goal. For example, if you want to bank six figures, you wouldn’t say: “I make $100,000 a year” because that creates an inner conflict conscious and subconscious. Instead, try something specific, achievable and true: “I’m working 10 extra hours a week to make $100,000 by next year.”
Peace says that using affirmations has improved his self-concept, giving him the confidence that he can grow and be successful.
In his study of the daily habits of the rich and poor Corley found that 72% of the wealthy volunteer five or more hours per month. Says Corley: There are a number of reasons the wealthy volunteer including: giving back to the community, to meet new people, to grow stronger relationships, and for business networking purposes.
Peach says he volunteers for two hours on the weekends and serves on the board of directors for a statewide charity organization. “Both opportunities have allowed me to give back and to create relationships with high-level thinkers I wouldn’t have connected with otherwise.”
7. Confide in a mentor who’s been in your shoes
Mentors provide invaluable opportunities for growth. The right mentor can spot and point out what is important both personally and professionally.
The right mentor would be someone you look up to but can also relate to, someone with a proven record of high-level success.
This is the huge results Peach got from the lunch dates with his mentor: “After a few months together, we’d created a new, actionable plan to grow my business that went beyond what I could have done alone. Before, I’d been so in the weeds—answering emails, creating content, scheduling appointments—that it was difficult to see the big picture and keep progressing.
“My mentor has helped me identify areas to outsource, which frees up time for me to spend on the most important tasks. Since this epiphany, my business has grown every month even though the time required from me remains the same.”