The 17 Habits Of Truly Wealthy People

Source: https://medium.com/yardcouch-com

Photo by Ali Pazani from Pexels

“Every luxury must be paid for, and everything is a luxurystarting with being in this world” — Cesare Pavare

In November 2020, I read a book that changed everything: Rich Habits – The Daily Success Habits of Wealthy Individuals: Thomas C. Corley

It is my favorite book at the moment because of the relatable way in which the concepts are presented. It made me feel like I had finally read a book whose advice I was finally going to act upon.

And I have acted upon it for the most part, and my life has fully been transformed. I am more physically fit, I have better mental health, my relationships have improved, I feel more spiritual, and my finances have grown. It seems the law of attraction is finally working for me in that area.

With such transformation in just a few months, I had just one pertinent question: ‘ Is it possible to become a self-made millionaire by copying their habits?’

The short answer is yes

According to research by the Business Insider, millionaires make important choices about who they spend their time with, what goals they pursue, and who they turn to for advice.

The author of Rich HabitsThomas C. Corley, spent years studying rich people and the book is the condensation of what he learned from observing them. He interviewed 233 people with at least $160,000 in annual gross income and $3.2 million in net assets, 177 of whom were self-made.

He found that most people who became wealthy didn’t have special talents, fancy job titles, high salaries, or excessive material possessions. Financial success is available to almost anyone who is willing to save diligently, invest prudently, work hard, and maintain good habits.

“All self-made millionaires had to start somewhere” — Thomas C. Corley

If you want to become wealthier, then consider giving these 17 habits of self-made millionaires a try. You can easily adapt them for yourself to become a part of their club.

1. They practice magic

“There is no magic. There is only knowledge, more or less hidden” — Gene Wolf

They do not practice voodoo magic, at least not that I am aware of. But they do have knowledge of the magic words that are hidden in plain sight. There is a reason most parents call these phrases the magic words when they are teaching their children good manners and how to socialize;

  • Please.
  • Sorry/I’m Sorry.
  • Excuse Me.
  • Thank you.

Self-made millionaires have mastered certain rules of etiquette principles you have to master if you want to be a success and become wealthy. These include sending thank-you notes, acknowledging important life events such as a wedding or a birthday, eating politely and using table manners, and dressing properly for various social events.

What you can do:

Practice using the magic words/phrases in your daily life. Say please, sorry, thank you, excuse me, as the need may arise. They help other people feel more favorable towards you. Here is a song we have taught my nephew to teach him the magic words.

2. They read and act on what they learn

“Once you learn to read, you will be forever free ”— Frederick Douglass

In the book, Thomas stated that 88% of rich people devote thirty minutes or more each day to self-education or self-improvement reading and that most did not read for entertainment.

The rich read to acquire or maintain knowledge. They tend to read three types of books: biographies of successful people, self-help or personal development books, and history books.

What you can do:

Think of a successful person who inspires you and read their biography. You will realize that the people who become widely successful are not that different from you and me. They also faced challenges growing up, and they had to work hard and make sacrifices to achieve that success and wealth.

3. They exercise consistently

“Take care of your body. It is the only place you have to live.”— Jim Rohn

This is the one I have struggled with the most. I am kind of a crocodile when it comes to physical exercise. I only want to move my body when I absolutely have to and I let that count towards exercise. In Rich Habits, I learned that up to 76% of the richest people aerobically exercise for 30 minutes or more daily.

According to Healthline, aerobic exercise means “with oxygen.” Your breathing and heart rate will increase during aerobic activities. Aerobic exercise helps keep your heart, lungs, and circulatory system healthy. It can include activities like brisk walking, swimming, running, or cycling. You probably know it as “cardio.”

What you can do:

Take baby steps towards becoming more physically active. Take the stairs instead of the elevator, take the longer route to your place of work, do 20 jumping jacks at the top of every hour — basically, do something that gets your heart rate up.

4. They know this to be true: ‘Birds of a feather flock together’

“If you are going to be successful, you have to start hanging out with successful people”— Jack Canfield

You are only as successful as those you frequently associate with. The rich are always on the lookout for individuals who are goal-oriented, optimistic, enthusiastic, and who have an overall positive mental outlook.

It’s equally important to avoid negative people and influences because negative, destructive criticism will derail you from pursuing success.

What you can do:

Level up. Start hanging out with people who inspire you to be better. Find the people you want to be like and spend more time with them.

5. They set dreams and work towards them

“Your achievement can be no greater than the soundness of your plans ”— Napoleon Hill

The world’s wealthiest people make plans. They set dreams. This involves scripting your ideal future life. In the study of Rich Habits, 61% of the self-made millionaires reported practicing this planning strategy.

In this process, you define your future life, the future you, by imagining all your dreams coming true; then you put it to paper in five hundred to a thousand words.

What you can do:

Put to paper in at least 500 words exactly what your ideal future life looks like. Use the present continuous tense: I earn $XXX per ear, I drive this kind of car, I live in this neighborhood in this kind of house — set out to achieve your big dreams and let me know how it’s going 6 months down the road 🙂 I will be here to congratulate you!

6. They pursue specific goals

“Pursuing your own dreams and goals creates the greatest long-term happiness and results in the greatest accumulation of wealth” — Thomas Corley

While too many people make the mistake of chasing someone else’s dream — such as their parents’ dreams— truly wealthy people define their own goals and pursue them relentlessly and passionately.

According to most self-made millionaires, passion makes work fun and gives you the energy, persistence, and focus needed to overcome failures, mistakes, and rejection.

What you can do:

What are your goals in life? What constitutes success for you? Write these down and gravitate towards activities that align with your goals.

7. They sleep and get sufficient rest

“Sleep is an investment in the energy you need tomorrow “— Tom Rath

The wealthy consider sleep as critical to success. In the study, 89% of the self-made millionaires reported sleeping seven or more hours every night. Sleep accomplishes so many things behind the scenes, including memory formation, he said.

In 2015, the National Sleep Foundation recommended that everyone between age 18 and 64 should get seven to nine hours of sleep. Children and teens need even more sleep. But senior citizens can get by just fine with a maximum of eight hours.

What you can do:

A good night’s sleep is as important as the activities you are doing to become wealthy. Get some good sleep rest at the end of every day.

8. They wake up early

“Early to bed and early to rise, makes a man health, wealthy, and wise”— Unknown

Nearly 50% of the self-made millionaires said they woke up at least three hours before their workday actually began. It’s a strategy to deal with inevitable daily disruptions, such as a meeting that went too long, egregious traffic, or having to pick up your sick kid from school.

These disruptions have a psychological effect on us. They can drip into our subconscious and eventually form the belief that we have no control over our life.

Another author, Robin Sharma, recommends getting up at 5 am in the morning to tackle the top three things you want to accomplish in your day. This allows you to regain control of your life. It gives you a sense of confidence that you, indeed, direct your life.”

What you can do:

Consider joining the 5 AM club. It is a popular concept started by Robin Sharma where you wake up at 5 AM do twenty-minutes exercise, twenty-minutes planning and twenty-minutes study.

9. They have multiple sources of income

“Never depend on a single income. Make investment to create a second source”— Warren Buffet

Self-made millionaires do not rely on one singular source of income, they develop multiple streams. Most millionaires had at least three steady streams of income before they made their first million dollars.

Examples of these additional streams are real-estate rentals, stock-market investments, and part-ownership in a side business.

What you can do:

Recommended reading: The Richest Man in Babylon.

10. They have mentors

“Our chief want in life is somebody who will make us do what we can ”— Ralph Waldo Emerson

I have served as a mentor, and have had the opportunity to be mentored by others. No matter the aspect of life where you need mentorship, being mentored helps you avoid pitfalls that would delay your success.

Finding a mentor puts you on the fast track to wealth accumulation. Success mentors do more than simply influence your life in some positive 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 mentors or from the school of hard knocks.

What you can do:

Bob Proctor said a mentor is someone who sees more talent and ability within you, than you see in yourself, and helps bring it out of you. Thankfully, the internet has made the world a small village and opportunities for mentorship are all around us. Find a mentor.

11. They support others to succeed

“It is literally true that you can succeed best and quickest by helping others succeed”— Napoleon Hill

Helping other success-minded people move forward in achieving their goals and dreams helps you succeed. No one realizes success without a team of other success-minded people. The best way to create your successis to offer help to other success-minded people first.

The wealthy do not give help to just about anyone and everyone, they focus on helping only those who are pursuing success, are optimistic, goal-oriented, positive, and uplifting.

What you can do:

Adjust your mindset to help other people up the ladder of success. Share whatever you learn with others who might need it. Success always leaves clues; let your journey towards wealth leave clues for those that come after you.

12. They are positive thinkers and doers

“The positive thinker sees the invisible, feels the intangible, and achieves the impossible”— Winston Churchill

Long-term success is only possible when you have a positive mental outlook. According to Thomas Corley, positivity is a hallmark of all self-made millionaires.

The problem for most people is that they’re unaware of their thoughts, positive or negative. If you stop to listen to your thoughts, to be aware of them, you’d find most of them are negative, but you only realize you are having these negative thoughts when you force yourself to be aware of them.

Awareness is the key.

What you can do:

Combine your positive actions with positive thinking and you will be well on your way to abundant wealth.

13. They do not follow the group for the sake of it

“The opposite of courage is not cowardice, it is conformity. Even a dead fish can go with the flow”— Jim Hightower

According to this research study conducted by the University of Kansas, humans have a strong desire to blend in, to acclimate to society, to be a part of the group, that we will do almost anything to avoid standing out in a crowd. Yet failure to separate yourself from the group is why most people never achieve wealth or success.

Successfully wealthy people create their own group and then pull others into it.

What you can do:

Separate yourself from the group, create your own group, and then get other like-minded people to join it.

14. They volunteer

“Life’s most persistent and urgent question is, ‘What are you doing for others?”— Martin Luther King Jr.

I found this one very surprising — I thought wealthy people are always too busy creating and protecting their wealth to volunteer their time, services, and skillsets. To surround themselves with good people, many self-made millionaires turn to charity.

In the book, it is emphasized that this is why so many wealthy people volunteer for charitable organizations, civic groups, or trade groups. It helps them expand their network of other success-minded people. Of the millionaires he studied, 72% volunteered five hours or more every month.

What you can do:

Volunteer to give back to those who are less fortunate than you are, and when you do, be on the lookout for other like-minded people you can connect with.

15. They think, critically

“I do not fix problems. I fix my thinking, and the problems fix themselves”— Louise L. Hay

Most self-made millionaires claim that clear thinking is the key to their success. The rich tend to think in isolation, in the mornings, and for at least 15 minutes every day. They spend time every day brainstorming with themselves about numerous things from careers and finances to health and charity.

They ask questions such as: What can I do to make more money? Does my job make me happy? Am I exercising enough? What other charities can I get involved in?

What you can do:

Do your own thinking. Do not fall prey to reinforcing your own past prejudices, but really think of new positive thoughts, always focusing on looking inward and keeping your goals at the top of your mind.

16. They welcome feedback

We all need people who will give us feedback. That is how we improve. — Bill Gates

It is common knowledge that it is not worthBill Gate’s time to pick up a dropped $100 bill from the ground. With a worth of $72 billion, a 6% rate of return would earn Bill Gates roughly $114.16 per second he is alive, making it a poor investment for him to bother picking up a $100 bill if he dropped it.

He is one of the wealthiest people in the world and he seeks feedback so that he can improve.

According to the most self-made millionaires, fear of criticism is the reason we do not seek feedback from others but feedback is essential to learning what is working and what isn’t working. Feedback helps you understand if you are on the right track. Feedback criticism, good or bad, is a crucial element for learning and growth.

What you can do:

If you have surrounded yourself with the right people, most feedback is more constructive than criticizing. Welcome and accept feedback. Feedback provides you with the information you will need in order to succeed in any venture.

17. They do not ever give up

“Temporary defeat is not permanent failure” — Napoleon

Self-made millionaires are persistent. They never quit on their dream. They would rather go down with the ship than quit. In his study of their rich habits, Thomas Corley found that almost half of the participants failed at least once in their business — and picked themselves right back up.

If you want to be wealthy and successful in life, you have to persist in the face of seemingly unending adversity.

What you can do:

Never give up. It takes a lot of courage to push through hard times. Good things are coming your way, do not give up.