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Last Updated on August 23, 2020 by Chris Panteli
Habits Of Successful People
Do you think the habits of successful people are what makes them successful?
Making money, growing wealth and living a great life is the byproduct of action. Most people don’t get there by accident (looking at you, lottery winners).
For people that work hard, show ingenuity and dedication; success is the end result Unfortunately, this isn’t an elixir that can be bottled and sold.
However, these daily rituals and behaviours of extremely successful people can be observed.
Thomas Corley is a certified public accountant and worked with hundreds of wealthy clients. He believes rich and successful people possess wealth-creating habits.
For his book, ‘Rich Habits – The Daily Success Habits of Wealthy Individuals‘, he interviewed 233 rich people and 128 poor people over a five year period whilst researching for his book.
What’s most exciting is that he believes these inherent habits of successful people can be implemented by anyone.
So lets explore ‘7 Habits Of Successful People‘ that can set you on the path to riches.
Facts from this article are taken from a Thomas Corley interview show notes which can be found here.
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1. Don’t Gamble
I’m reminded of that line from Titanic said by Billy Zane’s character Caledon Hockley, ‘A real man makes his own luck‘.
There is a truism to this statement that really resonates with me. I hold no grudge towards those fortunate enough to be born into wealth. But I am in ore of those that are not, and evidently ‘self-made’.
Gambling is a risk and not financially prudent.
Most entrepreneurs and successful people do of course take risks and are often blessed with a certain amount of luck.
Leonard C. Green, the entrepreneur in residence at Babson College and author of The Entrepreneur’s Playbook states that “Entrepreneurs are not risk-takers. They are calculated risk-takers,”
77% of those who struggle financially play the lottery. Almost no successful people gamble consistently.
Gambling is a none-calculated risk and most definitely not a habit of successful people. Poor people often don’t have the inner belief that they can break free of their environment. Gambling is seen as a way to win a ticket to wealth and freedom.
This is a mindset that successful people simply do not have. Instead, they take calculated risks that best positions them to earn their ticket.
If you want to take a ‘calculated risk’ with your finances then why not use a micro-investment platform? Acorns let you invest your spare-change and provides the opportunity to enjoy market-beating returns.
The wins are smaller, but the strategy is well defined. This reworks the gambler’s mindset and creates a healthy habit.
2. Live Within Your Means
In the UK, household expenditure now surpasses income. On average, households spend £900 more than they earn.
And in the US, 55% of Americans with credit cards have debt. Experian reported that the national average credit card debt is just over $4000. Paying back just the minimum monthly payments would cause you to remain in debt for 15 years.
To put it simply, many of us live way beyond our means. Spending what we don’t have, often on things we don’t need, and accumulating more and more debt in the process.
Rich and successful people just have better financial habits. They will not spend beyond their means. And they will prioritise their future financial stability by saving money now.
According to Corley, wealthy people save 20 percent of their net income and live on the remaining 80 percent.
To think like the rich and wealthy you should follow their habits with your finances:
3. Wake Up Earlier
Waking up earlier is one of the habits of wealthy people that when I adopted made a huge difference in my life. It fundamentally gives you more time to achieve your goals and ambitions.
So, will waking up early make me successful?
Not on its own. Again, with all these habits, the super successful people consistently practice a myriad of good habits. It is this culmination of choices over a long period of time that is key to achieving success.
44% of wealthy people wake up 3 hours before work starts, compared to 3% for poor people.
- Richard Branson – Virgin Group – 5.45 am
- Jack Dorsey – Square – 5.30 am
- Tim Cook – Apple – 3.45 am
- Michelle Obama – FLOTUS – 4.30 am
- Indra Nooyi – PepsiCo – 4.00 am
Getting up early is one of the habits that wealthy and successful people do. It is also something the average person can implement themselves almost immediately.
You can make the process a whole lot easier if you improve the quality of sleep you are getting. You could read ‘How the Hell do I Sleep?‘ for some great tips.
Finally, a little something that has helped me considerably is my Amazon Show. I have it set right next to my bed and programmed for the radio to come on as my alarm.
This way I am able to absorb the important news of the day first thing. And if the story is particularly interesting, you can’t help but sit up and pay attention.
4. Set Goals
Wealthy and successful individuals set goals. However, they don’t do this arbitrarily.
Setting clearly defined and achievable goals allows us to concentrate our focus. By doing this, the chances of success are greatly increased.
I want to retire at 50
This goal is pretty much useless from the offset. The path towards its achievement is not clearly defined. Therefore, how are you supposed to take actionable steps towards making it a reality?
I would define this as a dream or aspiration. And that’s a great thing to have. But to realise a dream, you should break down the steps towards achieving it.
Consider using the SMART goal approach:
You can break down the dream of ‘retiring at 50’ into SMART goals:
This is how wealthy and successful people do it. And I have always believed that if someone else can do something, then why can’t I?
Every year, 70 per cent of the wealthy pursue at least one major goal. Only 3 per cent of those struggling to make ends meet do this.
Finally, write down your SMART goals. Studies show that you will be 42 per cent more likely to achieve your goals and dreams, simply by writing them down on a regular basis.
You may have noticed that one of the main reasons wealthy people wake up early is to exercise. It’s not a coincidence that one of the habits of successful people is to incorporate regular exercise into their lives.
Corley found that 76% of wealthy people do aerobic exercise at least four days per week, compared to 23% of poor people.
Exercising regularly has an enormous amount of benefits. It is an incredible way to keep your body healthy and your mind active.
It can reduce your risk of major illnesses, such as heart disease, stroke, type 2 diabetes and cancer by up to 50% and lower your risk of early death by up to 30%.
This is one of those habits of successful people that will positively impact your life no matter your goals or ambitions. In fact, it’s worth remembering that health is one thing money can’t buy (in the most part).
If you are on a mission to grow your wealth and master your finances, then a gym membership is perhaps the last thing on your mind. Ditching the gym is a great way to save money. And if you can’t afford the monthly membership, you don’t want to start living beyond your means by paying for one.
A great cheaper alternative to the gym is the Beachbody on Demand service. They have loads of different online programs token you motivated and healthy. At just $99 billed annually, that works out to just $8.25/month.
6. Cut Down TV
66% of wealthy people choose to watch TV less than 1 hour per day.
On average, American adults are watching five hours and four minutes of television per day. And the bulk of this consumption is for live TV.
The fact that TV avoidance is a habit of successful people should really be of no surprise. It is unrealistic to think that major goals can be achieved if so much time is wasted on a mindless activity.
Now, that’s not to dismiss the pleasure that TV and film can bring. I am a huge fan myself, and often spiral into a box set marathon.
But in recent years I have totally changed my TV watching habits to be more in line with that of successful people.
By limiting the amount of TV to just 1 hour a day I have been able to check off more of my SMART goals and at a faster rate. Also, I have completely eradicated live TV from my life.
It’s too constricting to be at the will of the TV schedule and means there is less flexibility for other things.
I use Amazon Prime Video that comes with my Prime membership and I also have access to my family Netflix multi-screen account (which is a great way to save money as well).
7. Read Every Day
Reading every day is a habit of successful people that probably does directly correlate with their success.
Rich and successful people are obsessed with continuous self development and education. That means they aren’t reading the latest Dan Brown novel. Instead, they devour non-fiction to better themselves and their understanding.
Statistics from Inc.com:
Warren Buffet is possibly the worlds greatest ever investor. I love what he said in this Inc.com article:
“Read 500 pages every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.”Warren Buffet
By focusing more of our energy on productive activities we are able to achieve at a higher level. The person who reads 500 pages a day compared to the individual that’s binge-watching Friends is far more likely to enjoy success.
Developing these habits is difficult, but essential in the ever-increasing competitive environment.
But remember, you can ‘read’ your material in a different way now. Audiobooks and Podcasts makes absorbing the plethora of non-fiction now available far more accessible.
63% of wealthy people choose to listen to audiobooks during their commutes to work.
I am a man obsessed with audiobooks. It’s opened up a whole new world of education to me. I have an Audible subscription and make use of the hundreds of free educational Podcasts available.
This is a habit of successful people anyone can begin to implement themselves immediately.
You can get the Audiobook for Thomas Corley’s “Rich Habits: The Daily Success Habits of Wealthy Individuals“, and discover the unique habits of wealthy and successful people that anyone can replicate to increase their own success
We are often in ore of the wealthy and successful. It’s easy to dismiss the ability to enjoy the same successes that they have.
But what is clear from Thomas Corley’s research is that poorer people will take the easier road. This is not the mindset of a winner, and probably the reason they aren’t successful.
These habits can become an integral part of your daily life. Making small changes now will have a significant impact on your future. By mimicking the habits of successful people, your own future success will not only be possible but also achievable.
- Start by incorporating these daily habits into your daily lives. Your personal development and personal growth will soon be similar to other highly successful people.
- Spend time disassociating yourself with negative people that prevent this growth from taking place.
- Set short and long term goals, try new things and you will achieve success.
- Becoming a successful person yourself is closer than you may think…
- Copy the Habits Of Successful People and live a successful life.
Want to save more money? – How to Save Money Fast | 17 Ways to Start Today
Want to make more money? – 11 Ways You Can Definitely Make Money Online (Extra Income)
Which habits will you change first?