What habits of the wealthy are so different from the rest of society? After studying 233 wealthy individuals and 128 poor individuals for five years, accountant and financial planner Thomas Corley uncovered the daily success habits of the rich in his book Rich Habits: The Daily Success Habits of Wealthy Individuals. Of the 233 millionaires, 177 were self-made, and 56 inherited their money.[1]
Corley’s intensive research yielded fascinating conclusions about the habits of these high-net-worth individuals. This article will summarize Corley’s findings and the top takeaways regarding the habits and practices that enabled these individuals to attain millionaire status. The daily routines, personality traits, and relationships of these wealthy individuals provide a blueprint of rich habits anyone can adopt to achieve greater prosperity. Disciplines like nurturing relationships, reading extensively, focusing on health, and decisive decision-making compounded positively over time for the millionaires studied. By examining the consistent habits of those already successful, you can gain insight into emulating their mindset and practices. After studying these 233 millionaires, the conclusion is clear: rich habits manifest rich lives.
The conclusion after studying 233 millionaires is as follows:
- The wealthy make ten key commitments for success.
- The wealthy are avid readers and constant learners.
- The wealthy have confidence, optimism, and passion.
- The wealthy make decisions decisively after careful thought.
- The wealthy avoid gossip and control their emotions.
- The wealthy nurture relationships while valuing honesty
- The wealthy surround themselves with supportive mentors.
- Good habits attract good luck; bad habits lead to misfortune.
- Overcoming procrastination is critical to developing good habits.
- The wealthy focus on health through exercise and diet.
Let’s dive deeper into each of these concepts.
1. The Wealthy Make 10 Key Commitments for Success
In his book “Rich Habits,” Thomas Corley identifies ten commitments that the wealthy individuals in his study lived by daily:
- Cultivate daily habits
- Set daily, monthly, yearly, and long-term goals
- Enhance self-worth daily
- Pay attention to physical health daily
- Build and maintain relationships daily
- Live a disciplined life daily
- Complete today’s tasks on time
- Live with a wealth-building mindset
- Save 10% of every paycheck
- Control thoughts and emotions daily
Making and keeping these ten commitments leads to forming habits that attract opportunities and good fortune. The wealthy recognize that success doesn’t happen accidentally but through dedication to these principles.
2. The Wealthy Are Avid Readers and Constant Learners
Corley found that the rich he studied read extensively to improve themselves. Over 85% read at least two books per month, and 79% read professional literature to stay updated in their field. Biographies of successful people were popular for gaining insights from their experiences. This lifelong learning helps explain the confidence and wisdom the wealthy display in pursuing their passions and goals. Their commitment to self-education demonstrates why hard work is more important than intelligence in building wealth.
3. The Wealthy Have Confidence, Optimism, and Passion
The millionaires Corley surveyed believed they controlled their destiny through hard work. Over 90% felt optimism was crucial to success and that passionately pursuing interests would attract good fortune. They trusted their abilities and decision-making, which fueled their determination to spend an average of 10 years working toward their dreams. The wealthy protect their time and boldly eliminate obstacles because they have the confidence and passion needed to persevere.
4. The Wealthy Make Decisions Decisively After Careful Thought
Wealthy individuals study issues thoroughly before making significant decisions for their businesses and personal lives. Once they’ve contemplated the options, they decide firmly and promptly, like a general on the battlefield. This avoids endless procrastination but doesn’t mean they are reckless. Their expertise and preparation enable them to commit to choices without reservation. This decisive approach marks an excellent decision-maker and provides the clarity needed for successful execution.
5. The Wealthy Avoid Gossip and Control Their Emotions
Corley found the rich think carefully before speaking to avoid gossip and negativity. Rather than vocalizing every thought, they proactively control inappropriate emotions like anger or anxiety. This thoughtful communication style earns trust and respect. The wealthy also realize uncontrolled emotions can lead to poor decisions and damaged relationships. Their emotional discipline enables rational responses instead of reactions in stressful situations.
6. The Wealthy Nurture Relationships While Valuing Honesty
The millionaires studied deliberately maintained long-term relationships. Simple acts like sending birthday wishes, remembering important events, and telling the truth strengthened bonds with friends and associates. Surrounding themselves with supportive mentors provided invaluable guidance on achieving their aspirations. While they invested time caring for people, the wealthy were selective in avoiding toxic relationships that didn’t align with their purpose and values.
7. The Wealthy Surround Themselves with Supportive Mentors
In line with their love of learning, the wealthy intentionally associated with knowledgeable mentors who provided constructive feedback and held them accountable. They observed that praise was less impactful for performance than constructive criticism. The rich realize advice should come from those successfully living out their ideals, not necessarily the oldest or most recognized person. Seeking out this guidance multiplies opportunities and minimizes costly mistakes on the path to prosperity.
8. Good Habits Attract Good Luck, Bad Habits Lead to Misfortune
Corley argues that good and bad luck aren’t as random as they seem. Good habits produce opportunities just as bad habits result in misfortune. He likens habits to seeds that eventually bear the fruits of either fortune or failure. The wealthy demonstrate that self-discipline in health, productivity, relationships, and finances compounds over the years into a better life. Conversely, patterns of procrastination, waste, and neglect make misery increasingly probable.
9. Overcoming Procrastination Is Key to Developing Good Habits
Since procrastination is the enemy of progress, the rich avoid putting things off. Procrastination starts from a false belief about ourselves that leads to habitual delay. The wealthy stay proactive by finding purpose and passion in their daily work. Having a “why” provides the motivation needed to form habits consistently without postponement. Procrastination may seem harmless, but it drastically limits potential and the cultivation of disciplines that generate success.
10. The Wealthy Focus on Health Through Exercise and Diet
The millionaires studied by Corley made physical health a top priority through exercise and diet. Over 75% engaged in regular cardio exercise to maintain energy and mental acuity. Despite busy schedules, they found time for healthy routines, knowing that good health enables peak performance. The rich also avoided impulsive overindulgence in unhealthy food because the long-term consequences weren’t worth short-term gratification. Their self-control freed them from destructive addictions that would sabotage their habits and productivity.
Key Takeaways
- The wealthy make ten vital commitments to achieve success
- The prosperous are eager readers and constant learners
- The affluent have faith, a positive outlook, and passion
- The rich carefully ponder before acting decisively
- The wealthy avoid gossip and regulate emotions
- The prosperous nurture connections while valuing honesty
- The affluent surround themselves with supportive mentors
- Good practices summon good luck; bad habits invite misfortune
- Overcoming hesitation is vital to developing good routines
- The wealthy focus on health through training and nutrition
Conclusion
The habits that enable success are available to any person willing to make the same commitments to creating the proper habits. While the wealthy aren’t flawless, their intentional living can be replicated to yield greater prosperity. By examining those who have navigated the path ahead, you can gain a roadmap to financial freedom and rewarding relationships through discipline and endurance. As shown, rich habits compound over the years to create financial prosperity. The wealthy provide a model to emulate for those aspiring not just to material wealth but overall abundance and success in all areas of life. Corley discovered that rich habits compound over the years to create a prosperous life.
