Rich Habits Blog

Tom Corley city_compressRich Habits is all about unlimited opportunity, achieving the American Dream and ending poverty.

It is the by-product of  a 5-year study I conducted on the daily habits of wealthy people and poor people.

Follow me on this blog and I will share with you many of the secret strategies that I uncovered in my research.

The discoveries I have made will dramatically improve your life!

Rich Habits Poor Habits Episode 28 | What is the value of a mentor?

In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered that we adopt the beliefs of our parents, family, mentors, culture, and environment. teacher mentor learning

He shares some of those revelations with regards to the value of a mentor

Finding a mentor is like having someone deposit $4 million into your bank account.

Only 24% of the wealthy in my study were fortunate enough to have had someone mentor them in their lives.

Of this 24%, however, 93% attributed their enormous wealth to their mentors.

The average net liquid wealth of the 233 rich people in my research was $4.3 million.

This means the value of their mentor(s) was $4 million.

Mentors do more than simply influence your life in some way.

They regularly and actively participate in your success by teaching you what to do and what not to do.

They share with you valuable life lessons they learned either from their own mentor or from the school of hard knocks.

When you think about the value of finding a mentor, now you know the answer – $4 million.

Finding a mentor is one of the best and least painful ways to become rich.

So how do you go about finding a mentor?

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The easiest way is to find someone where you work who is outstanding and ask them to be your mentor.

“John, I’ve been watching you for some time and you are very good at what you do.

I would like to follow in your footsteps. Would you be my mentor here at work?”

How could John say no.

John will be very flattered and say yes.

Being a mentor is not a one-way street.

Mentoring helps the mentor become a better teacher.

You have to really know your area of expertise to be able to teach it to someone.

Being a mentor benefits both parties.

As the mentoring begins, your relationship with your mentor will grow strong.

In time, the mentoring will move beyond the workplace and the lessons your mentor will share with you will move beyond the workplace as well.

Your mentor will teach you about success both inside the workplace and in life.

He or she will share with you their morality, success principles and daily habits. expert leader

They will share with you the mistakes they’ve made and the life lessons they learned from those mistakes.

This means you won’t have to repeat their mistakes.

You won’t have to attend the school of hard knocks.

Mentoring is like paving the road to success with a smooth surface.

It removes the rocks and potholes.

It removes the detour signs.

Mentoring is the most direct map to your financial success.

But what if there is no one at work who fits the bill?

There are other ways to find mentors in life.

Join a network group.

Network groups are a great way to meet new people both within and without your field of expertise.team puzzle help build

Over time, your relationships will grow stronger and you will be able to identify outstanding individuals who can act as your mentor.

Volunteering at non-profits or civic organizations will introduce you to individuals who can become your mentors in life.

Many wealthy, successful individuals sit on the boards of these non-profit organizations or work in the various committees that every non-profit has.

In these nonprofits you will find that outstanding individual who can act as your mentor.

Trade groups or trade organizations are another avenue to finding a mentor in your industry.

Getting involved in these trade groups will expose you to many individuals.

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RICH HABITS POOR HABITS EPISODE 27 | YOU SIMPLY CANNOT THINK YOUR WAY TO SUCCESS

RICH HABITS POOR HABITS EPISODE 26 | MYTHS ABOUT THE WEALTHY PART 2

RICH HABITS POOR HABITS EPISODE 25 | MYTHS ABOUT THE WEALTHY PART 

 

 

My Latest Podcast Interview

When Entrepreneurs Fail

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Thirty-four percent of the 177 self-made millionaires in my Rich Habit Study acknowledged that they had failed at least once in business.

Failure is painful. It emotionally and financially threatens your family life. No one likes to fail. But failure forces you to change and grow. The lessons you learn from failure stick. Failure leaves scar tissue on the brain. You never forget your failures and the hard lessons failure teaches. Failure forces you to learn what to do and what not to do. For those who are somehow able to pick themselves up and try again, failure is almost always temporary.

In my books, Change Your Habits, Change Your Life and Rich Habits Poor Habits, I share many of the reasons entrepreneurs fail. Here are the top 8 reasons: [Read more…]

Rich Habits Poor Habits Episode 27 | You Simply Cannot Think Your Way to Success

In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered that we adopt the beliefs of our parents, family, mentors, culture, and environment.

He shares some of those revelations with regards to The Law of Attraction.

The Law of Attraction’s origins are muddied. house dream young land property build

Some historians cite Buddha as the first to articulate the law.

Others, Jesus.

No one really knows.

But we do know that The Law of Attraction first gained world-wide recognition thanks in large part to Napoleon Hill’s 1937 book Think and Grow Rich.

While Hill’s version of The Law of Attraction was heavily weighted towards thinking, it nonetheless emphasized the importance of taking action on your thoughts.

Thinking, followed by action, was Hill’s message.

Then, in 2006, The Law of Attraction, underwent major surgery thanks to a little book called The Secret.

The Secret was, and still is, a big hit.

It has sold over 19 million copies to date.

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It’s popularity is anchored in the notion that thoughts become things.

The Secret promised riches, success, happiness and an amazing life.

All you had to do was visualize what you wanted and that simple act would attract it.

The major surgery performed by The Secret, was in removing the organs of action from the patient.

No work, no hardship, no obstacles, no goals, no mistakes, no failure.

For the first time a self-help book offered success without all the effort.

With its millions of devoted followers, you’d naturally expect to see an explosion in the number of millionaires since 2006.

But that didn’t happen.

Why?

Because the real secret is that visualization does not attract that which you desire.

The purpose of visualization is clarity. idea success

Visualization, or thinking in pictures about the life you desire, forces the conscious and subconscious parts of your brain to work in harmony in revealing, or making clear, the path you must take in order to produce the life you desire.

Clarity is knowing exactly what you want in life and what you need to do to get what you want.

Clarity reveals the path you must take.

It provides the blueprint for the life you desire.

That blueprint is just a plan.

Executing that plan requires effort.

It requires action.

You simply cannot think your way to success.

YOU MAY ALSO BE INTERESTED IN VIEWING:

RICH HABITS POOR HABITS EPISODE 26 | MYTHS ABOUT THE WEALTHY PART 2

RICH HABITS POOR HABITS EPISODE 25 | MYTHS ABOUT THE WEALTHY PART 1

RICH HABITS POOR HABITS EPISODE 24 | COMMON HABITS STOPPING PEOPLE FROM GETTING RICH PART 2

RICH HABITS POOR HABITS EPISODE 23 | COMMON HABITS STOPPING PEOPLE FROM GETTING RICH PART 1

Three Things The Successful Do Differently

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Become an Industry Expert

One of the individuals in my study (Tom) started his career in the Pharmaceutical industry working in the equivalent of their mail room. He very much desired to rise up the ladder so he decided to join a Pharmaceutical trade group. He immersed himself in the trade group by signing up for various committees. For years he worked hard on the trade group, on his own time, learning more and more about the industry.

Tom told me that one day the trade group had a big lunch event in which only the top industry executives were invited. The CEO of Tom’s company was at the lunch event.  Another CEO, from another Pharmaceutical company, who was active in the trade group, was sitting at the table next to Tom’s CEO. The competitor CEO told Tom’s CEO how lucky he was to have Tom on his management team. The competitor CEO praised Tom’s hard work ethic and dedication to the trade group.

When Tom’s CEO got back to the office he asked his secretary who this Tom was. [Read more…]

Brain Fog Can Cripple Your Business

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When your brain is foggy, you cannot think clearly, you make poor decisions, your memory suffers and things slip through the cracks that can damage your career and ability to make money.

Common Causes of Brain Fog: [Read more…]

Some Common Bad Money Habits

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Thanks to my Rich Habits Poor Habits research, I have accumulated a lot of data on bad money habits. Below is a list of some of the most egregious Poor Money Habits: [Read more…]

Good Habits Make Getting Rich Easy

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On the face of it, running three miles is nothing special. What makes it special, however, is when you run three miles every day for, say twenty years.

Habits get a bad rap. Because they are routine behaviors, few give them their due. And that’s too bad because habits are truly an amazing evolutionary invention. Good habits are the most important advantage the rich and successful have over everyone who isn’t rich and successful.

There’s a very good reason why our human brains create habits. Habits have a purpose. Habits allow each of us to perform tasks without thinking and this saves the brain from having to do work, allowing it to conserve precious brain fuel (glucose and ketones).

In a very famous study on habits, conducted by Duke University in 2006, it was determined that an average of 40% of all daily human activities are habits. Habits include both physical and mental behavior. These daily habits unconsciously control our lives. Our daily habits, as boring as they may be, are the font of success, failure or mediocrity.

There was a famous author who was asked about his daily routine. He said he woke at 5 am every day and wrote 500 words, which took him about three hours. Barring his infamous vacations and fishing excursions, he did this every day, every weekend, on holidays and even on his birthday. That author was Ernest Hemingway, considered one of the most prolific writers of all time. His books are legendary: Old Man and the Sea, Farewell to Arms, A Moveable Feast, The Sun Also Rises and For Whom the Bell Tolls are perennial classics that fill libraries and bookcases around the world.

His three hour a day writing habit doesn’t seem that extraordinary. In fact, many reading this probably work far more than three hours a day. Yet, that one small daily habit, performed relentlessly over the course of Hemingway’s lifetime transformed him from ordinary to extraordinary.

That is the power of habits. As I explain in my book Rich Habits, just one good habit can transform your entire life. It can take you from ordinary to extraordinary, poor to wealth, unhappy to happy. And the beauty of habits is that they are not work. They do not require some exceptional discipline or unimaginable willpower to force their engagement. Because they’re habits, you just do them, without thought, every day.

Success is a process. And by developing a few good habits, it’s a process that doesn’t have to be excruciatingly hard. Habits put success on autopilot. They make success easy

The Rich Believe in Luck

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If you’re going to have beliefs one you must have, if you want to become rich, is to believe in luck. One of the fascinating things I discovered in my Rich Habits research was that virtually every self-made millionaire, at some point, got rich because they got lucky.

  • 84% of the rich attributed their good luck to their daily habits.
  • 87% of the rich said they were lucky.
  • 92% of the rich said they created their own luck.

The rich do not believe random good luck plays a role in wealth creation. They do believe, however, that you create your own luck. There are many ways the wealthy create their own luck:

  • Pursuing a Dream – Luck visits dreamers who take action on their dreams.
  • Forging Habits Around Your Dreams – Good habits are like snowflakes on a mountainside. You don’t notice the accumulation of good that they do until they produce an avalanche. Good habits create an avalanche of good luck.
  • Building Relationships with the Right People – Who are the right people? They are success-minded people who can open doors for you through their relationships. Good luck likes to associate with positive, upbeat people.
  • Learning New Things – Learning something new opens your eyes to opportunities. Opportunity is the home good luck resides in.
  • Taking Calculated Risks – Calculated risk is a type of risk that requires you to do your homework. Good luck finds the prepared.
  • Finding a Mentor – Mentors open up doors for you and steer you down the right paths in life. Good luck will find you if you are on the right path and will avoid you if you’re on the wrong path.
  • Being a Mentor – Mentees eventually become experts. Like mentors, mentees can open up doors for you. Good luck is often found behind those closed doors.
  • Staying Upbeat and Positive – Negativity shuts down part of your prefrontal cortex and effectively blinds you to opportunities. Good luck only visits optimists.
  • Staying Focused – Focus allows you to accomplish and learn things very quickly. Good luck always finds the most focused individuals.
  • Be Persistent – Devoting yourself to one thing for many years gives luck a chance to happen. The law of averages only works if you keep showing up. You have to keep taking swings day after day, month after month and year after year. Good luck always finds the persistent.

 

Strategies Millionaires Use to Avoid Making Costly Mistakes

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When you do things wrong, too often, those mistakes can offset all of the good you’ve done. Mistakes set you back. If you make too many mistakes it can lead to failure.

One of the keys to success, therefore, is to minimize mistakes. Making fewer mistakes allows you to keep moving forward in life.

In my book Change Your Habits Change Your Life I share numerous strategies the rich use to minimize mistakes. Below, I’d like to highlight three of the most powerful ones:

Study the Experts

There are two ways to learn:

  1. Learn by doing (school of hard knocks learning) or
  2. Learn from the experts.

The school of hard knocks is the hard way to learn. In the school of hard knocks you learn by making mistakes. The problem with the school of hard knocks is that by the time you figure out what to do and what not to do, you could very well run out of time and money, leading to failure or bankruptcy.

When you study what the experts in your company, field or industry do, however, you learn without the heartache and without the loss of time and money. Reading books, reading industry trade magazines, reading blogs related to your field or reading any articles related to how you make a living will save you from making costly mistakes that can set you back.

Studying the experts allows you to stand on the shoulders of those who know what they are doing.

Practice Relentlessly

Practicing over and over again, when no one’s watching or when it doesn’t matter, allows you to perfect your skills without being under pressure to perform. This is one of the many reasons I am so big on volunteering and interning. Volunteering or interning at an organization that allows you to practice new skills or practice improving your existing skills will help you become an expert technician without having to worry about getting fired for making too many mistakes. Non-profits are always looking for volunteers. And they are very patient.

Many large companies offer internship programs. These big companies know their interns have limited skills. Their job is to help them learn the skills they will need to succeed in their organization, should they be hired.

Volunteering or interning at a big company gives you a lot of rope to make mistakes, without those mistakes damaging your career.

Find a Success Mentor

Success mentors have knowledge, experience and wisdom. When you find a mentor they can share with you that knowledge, experience and wisdom. The few who find mentors, learn what works and what doesn’t work. Finding a mentor is the fast track to success. It tees you up for success.

Mentors are everywhere. You just have to seek them out. They are in your neighborhood, volunteering at non-profits, at work, at school, in books and on the Internet. There are five places to find a Success Mentor:

  1. Parents – Parents are often the only opportunity any of us have at having a mentor in life. This is why parenting is so important. Those who are lucky enough to be raised by a parent who mentors them for success get out the gate very early and usually stay way ahead of their competition during their careers.
  2. Teachers – The best teachers are success mentors. Teachers can reinforce the mentoring children receive at home from their parents, or step in to provide the much needed success mentoring absent at home.
  3. Career Mentors – For those not fortunate enough to have had parents or teachers who provided success mentoring, finding someone at work who can act as a mentor virtually guarantees you will become successful. Find someone at work who you admire, trust and respect and just ask them to be your mentor.
  4. Books – Many of the self-made millionaires from my Rich habits study attributed their success in life to self-help, success authors such as Dale Carnegie, Earl Nightingale, Og Mandino or Jack Canfield. They found their mentors in books.
  5. School of Hard Knocks – When you learn good daily success habits through the school of hard knocks you are essentially your own mentor. You teach yourself what not to do. You learn from your mistakes and failures. This is the hard way because those mistakes and failures cost you financially.

Since mistakes set you back, making fewer of them through the strategies outlines above, will help you gain through subtraction. Fewer mistakes saves you time, money and anguish.