After 5 years of studying the rich and the poor, author Thomas C. Corley concluded that there are “rich habits” – what individuals earning over $160,000 a year and having assets over $3.2 million tend to do – and “poor habits” – what individuals earning less than $35,000 a year and having assets less than $5,000 tend to do.
Corley states that daily habits can define success in one’s life. Here are 11 “poor habits” that you should avoid if you want to succeed and start accumulating wealth.
1. Gambling
Corley writes, “There’s no shortcut to wealth. Financial success requires time, initiative, and relentless effort. Gamblers are fooled by the thought that there’s a shortcut to success.” In Corley’s study, 52% of the poor have a habit of gambling at least once a week, and 77% of the poor play the lottery every week. In contrast, 84% of the rich do not gamble, and 94% do not play the lottery.
2. Unhealthy eating
“Poor health habits create disadvantages,” writes Corley. 97% of the poor in his study consume over 300 calories from snacking daily, and 69% eat fast food more than three times a week. 66% of the poor are overweight by at least 13.5 kg.
3. Excessive drinking
“54% of the poor in my study consume more than two glasses of wine, beer, or alcohol a day. 84% of the self-made millionaires in my study consume less,” says Corley. Excessive drinking affects your memory and cognitive abilities.
4. Associating with the wrong people
86% of the rich have a habit of associating with individuals who are focused on success. Corley adds, “The wealthy also limit their exposure to negative, toxic people.” In contrast, only 4% of the poor associate with someone who has a success-oriented mindset.
5. Watching too much TV
“77% of the poor in my study watch more than one hour of TV per day. 67% of the self-made millionaires in my study watch less than one hour of TV per day. Efficient time usage is a hallmark of the self-made wealthy,” shares Corley.
6. Negative thinking
“Long-term success only comes if you have a positive mindset,” says Corley.
9 different habits of the rich and the poor
(TNO) Daily habits have a great impact on one’s wealth. The rich and the poor have many different perspectives and actions every day.
7. Procrastination
“Procrastination thwarts even the most talented individuals from achieving success,” says Corley. Author Napoleon Hill also concurs by saying that the rich are the most decisive. “Whether you realize it or not, procrastination is one of the reasons why you’re experiencing difficulty with your finances,” writes Corley.
8. Not seeking feedback
“The fear of criticism prevents us from seeking input from others. However, feedback is essential for us to learn what works, and what doesn’t. Feedback helps you understand if you’re on the right track. Seek feedback, both positive and negative. It’s critical for learning and growth,” says Corley.
9. Overspending
Spending more than what you earn is a surefire path to financial disaster. Corley writes, “95% of the poor in my study do not save and rely on credit to subsidize their daily living. They have no money for retirement, for their children’s education, or for pursuing opportunities to express themselves.”
10. Sticking to a job you hate
Being exhausted from a job you dislike only adds more stress, dissatisfaction in life, and hinders the wealth potential that you could achieve. The wealthiest, most successful people pursue their passions. Passion ignites education, intelligence, skills, and “any advantage that someone who lacks passion could never have,” emphasizes Corley.
11. Staying in your comfort zone
While most people seek comfort in what is familiar and hesitate when it comes to leaving their comfort zone, the rich find comfort in uncertainty. “Wealth demands that you embrace risk. Most people don’t, and that’s why so few become rich,” writes Corley.
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