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!

Raising Young Adult Children to be Financial Juggernauts

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According to a study by Brown University habit study by Dr. Pressman, we pick up most of our habits from our parents. If parents are bad at managing money, their kids will be bad at managing money. When you’re bad at managing money it has a tendency to disappear. That means no savings, no retirement assets, runaway debt and a life filled with financial worries.

No parent wants their kids to grow up to struggle financially as adults. Yet, since most people do struggle financially, its clear parents have been and are failing to be financial success mentors to their kids.

Well, let’s put an end to this generational parenting malpractice.

In my award winning and bestselling book Rich Kids, I share many parent mentoring success strategies that help parents in raising their kids to succeed in life financially. Here are a few of those strategies: [Read more…]

Employees Who Become Rich Make Themselves Indispensable

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Thirty-nine percent of the self-made millionaires in my Rich Habits Study were employees. Those self-made millionaires who made their millions as an employee did one or more of the following: [Read more…]

Rich Habits Poor Habits Episode 31 | Self-Determination vs. Predetermination

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.

There are two opposing schools of thought that divide mankind.

School of Thought #1: Self-Determination Drives Life Circumstances

School of Thought #2: Predetermination Drives Life Circumstances

Those who subscribe to School of Thought #1 … Confused mind think thought

Believe we are in control of our life circumstances.

There is no one out there, no higher power, watching over us, guiding us.

Those in this school believe success, wealth, failure and poverty are manufactured.

We turn left or right, decide A or B, or do X or Y as a matter of free will, instinct or internal guidance.

In other words, the circumstances of our lives are dictated by our own decisions, our own behaviors and the choices that we make.

We, in effect, create our own destiny.

Those who subscribe to School of Thought #2… 

Believe we are not in control of our life circumstances.

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Some higher power is watching over us, determining the circumstances of our lives.

Those in this school believe success, wealth, failure and poverty are outside our control.

We turn left or right, decide A or B, or do X or Y because some force of nature acts upon us, directing us in every aspect of our lives.

In other words, the circumstances of our lives are not determined by us, but by external factors we cannot possibly control.

We, in effect, are powerless over the course of our lives.

When you subscribe to School of Thought #1 you embrace the concept that you are in control of your destiny; that you have power over the course of your life.

As a result, you develop a mindset of self-reliance.

Through hard work and personal initiative you seek to create the life you desire.

You pursue lifelong self-education, take calculated risks, seek feedback from others and carefully weigh every decision you make.

You search for mentors to help you forge good habits that put you on the right path.

When you subscribe to School of Thought #2 you embrace the concept that your destiny is predetermined; that you are powerless over the course of your life.

As a result, you feel you are not in control of your life. light bulb idea leader think smart clever failure motivate thought

You are a mere victim of the luck of the draw.

Because you feel you are not in control of your life, you do very little to affect the circumstances of your life.

You float along in life like a leaf on a fall day, carried by the wind.

Which are you?

Something to think about.

YOU MAY ALSO BE INTERESTED IN VIEWING:

RICH HABITS, POOR HABITS EPISODE 30 | WILL YOUR CHILD BE RICH OR POOR? PART 2

RICH HABITS, POOR HABITS EPISODE 29 | WILL YOUR CHILD BE RICH OR POOR? PART 1

RICH HABITS POOR HABITS EPISODE 28 | WHAT IS THE VALUE OF A MENTOR?

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

 

 

 

A Father’s Day Letter to His Children on Living Happy, Successful Lives

Dear Kids:

It’s Father’s Day. Usually I’m the one getting the cards and letters from you guys but I thought I’d turn the tables & send each of you a letter instead, as my days of parenting are coming to an end. All of you are fast becoming adults. I want you to know I loved every minute being your dad. Each of you has given your mom and I so much joy, happiness and laughter. I would gladly do it all over again but time marches on. How we spend that time determines if we have happy, successful lives or unhappy, poor lives and that is why I am writing this letter to each of you. I want each of you to have happy, successful lives. But happiness and success just don’t happen. You need to create happiness and success by doing specific things. Here’s a list of some of those things that will help put you on the track towards happiness and success: [Read more…]

Rich habits, Poor habits Episode 30 | Will Your Child be Rich or Poor? Part 2

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.

The best parents teach their children good habits that lead to success and the worst parents teach their kids bad habits that lead to poverty.

We don’t have a wealth gap in this country we have a parent gap.

We don’t have income inequality, we have parent inequality.

Parents and our schools need to work together to instill good daily success habits.

They need to be teaching children specific Rich Habits that lead to success.

Here are some examples:

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  • Limit TV, social media, video games and cell phone use to no more than one hour a day.
  • Require that children read one non-fiction book a week and write a one page summary of what they learned for their parents to review.
  • Require children to aerobically exercise 20 – 30 minutes a day.
  •  Limit junk food to no more than 300 calories a day.
  • Teach children to dream and to pursue their dreams. Have them write a script of their ideal, future life.
  • Require that children set monthly, annual and long-term goals.
  • Require working age children to work or volunteer at least ten hours a week.
  • Require that children save at least 25% of their earnings or the monetary gifts they receive.
  • Teach children the importance of calling family, friends, teachers, coaches, etc, on their birthday
  • Teach children the importance of calling family, friends, teachers, coaches, etc. when anything good or bad happens in their lives. Examples include births, deaths, awards, illnesses, etc.
  • Teach children to send thank you cards to individuals who helped them in any way.
  • Reassure children that mistakes are good and not bad. Children need to understand that the very foundation of success is built upon the lessons we learn from our mistakes. child children money learn teach rich poor lesson family budget
  • Discipline children when they lose their temper so they understand the consequence of not controlling this very costly emotion. Anger is the most costly emotion. It gets people fired, divorced and destroys relationships.
  • Teach children that the pursuit of financial success is a good thing.
  • Children need to learn how to manage money. Open up a checking account or savings account for children and force them to use their savings to buy the things they want. This teaches children that they are not entitled to anything. It teaches them that they have to work for the things they want in life, like cell phones, computers, fashionable clothes, video games, etc.
  • Require children to participate in at least one non-sports-related extracurricular group at school or outside of school.
  • Parents and children need to set aside at least an hour a day to talk to one another. Not on Facebook, not on the cell phone, but face to face. The only quality time is quantity time.
  • Teach children how to manage their time. Teach them how to create a daily “to do” list.

They can put their “to-do” list on their bedroom door so parents can check it each day.

Obviously, it is not possible to follow every Rich Habit recommendation listed above.

From Tom’s research, he learned that all it takes is one or two Rich Habits to completely transform a life. parent money family

The reading habit, on its own, can set your children up for career success.

The savings habit, on its own, can set your children up to be financially independent.

The exercise habit, on its own, can set your children up for a long, healthy life.

The happy birthday or life event calls, on their own, can set your children up to forge strong relationships.

Pick just two habits to teach you kids and stay on top of them for six months.

After six months the habits should stick.

YOU MAY ALSO BE INTERESTED IN VIEWING:

RICH HABITS, POOR HABITS EPISODE 29 | WILL YOUR CHILD BE RICH OR POOR? PART 1

RICH HABITS POOR HABITS EPISODE 28 | WHAT IS THE VALUE OF A MENTOR?

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 29 | Will Your Child be Rich or Poor? Part 1

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 found that children are being taught that the wealthy are corrupt, greedy, have too much wealth and that this wealth needs to be redistributed.

When Tom travels and speaks to  students about exactly what they need to do to become financially successful in life he always begin his presentation –  by asking three questions: 

  1. “How many want to be financially successful in life?”
  2. “How many think they will be financially successful in life?”
    Almost every time he asks the first two questions every hand rises in the air. Then he asks the magic third question:
  3. “How many have taken a course in school on how to be financially successful in life?”
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Not one hand rises in the air, ever.

Clearly every student wants to be successful and thinks they will be successful but none have been taught by their parents or their school system how to be financially successful in life.

Not only are there no courses on basic financial success principles but there are no structured courses teaching basic financial literacy.

We are raising our children to be financially illiterate and to fail in life.

It’s so secret that children are a sponge for the information they are given – therefore most of what they are taught will naturally stay with them in their adult years.   

The fact is the poor are poor because they have too many Poverty Habits and too few Rich Habits.

The best parents teach their children good habits that lead to success and the worst parents teach their kids bad habits that lead to poverty.

Here are some statistics from Tom Corley’s five-year study on the daily habits that separate the wealthy from the poor:

  1. 72% of the wealthy know their credit score vs. 5% of the poor. kids money learn teach coin child lesson school piggy bank mum mother parent
  2. 6% of the wealthy play the lottery vs. 77% of the poor.
  3. 80% of the wealthy are focused on at least one goal vs. 12% of the poor.
  4. 62% of the wealthy floss their teeth every day vs. 16% of the poor.
  5. 21% of the wealthy are overweight by 30 pounds or more vs. 66% of the poor.
  6. 63% of the wealthy spend less than 1 hour per day on recreational Internet use. 74% of the poor spend more than an hour a day in the Internet.
  7. 83% of the wealthy attend back to school night for their kids vs. 13% of the poor.
  8. 29% of the wealthy had one or more children who made the honor roll vs. 4% of the poor.
  9. 63% of wealthy listen to audio books during their commute vs. 5% of the poor.children-403582_1280
  10. 67% of the wealthy watch less than 1 hour of TV per day vs 23% of the poor.
  11. 9% of the wealthy watch reality TV shows vs. 78% of the poor.
  12. 73% of the wealthy were taught the 80/20 rule vs. 5% of the poor (live off 80% save 20%).
  13. 79% of the wealthy network 5 hours or more per month vs. 16% of the poor.
  14. 8% of the wealthy believe wealth comes from random good luck vs. 79% of the poor.
  15. 79% of the wealthy believe they are responsible for their financial circumstances. 82% of the poor believe they are victims and not responsible for their poverty.

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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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My Latest Podcast Interview

When Entrepreneurs Fail

Tom Corley boats - crop

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.

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