Welcome to my blog. Statistics say: one percent of people own half of the world's wealth. The remaining 99% are sure that getting rich requires only a little luck. But scientific research proves that there are habits of rich people that are formed in childhood and certainly lead their owners to success. So today we’ll talk about the habits of millionaires.
Thomas Corley spent five years studying the lifestyles of people whose annual income was $160,000 or more (and they made it themselves) and who owned assets worth $3.2 million or more. He came to the conclusion that wealthy people are similar in many ways. As a result, he wrote a book about how the habits of billionaires differ from the lifestyle of average workers.
Why do people who accidentally get rich inevitably go broke?
The lucky ones who suddenly inherited a fortune or won a lottery jackpot, in most cases, spent all the money within a few years.
For example, Vivian Nicholson from the USA won $3 million in 1961. In comments to reporters, she said she would “spend, spend, spend.” It took her only five years - nothing was left of her rich life. She was widowed, remarried (five more times), became a drunk, tried to commit suicide several times and ended up in a mental hospital. Having spent all her funds, she remained single and lived the rest of her life on a pension of $300.
They say that money can change your life: unfortunately, both for good and for bad.
What habits of rich, strong and successful people helped them achieve and maintain prosperity?
Always carry a notepad with you
In one of his interviews with Richard Branson shares his travel tips for CNN, Richard Branson, founder of Virgin, mentioned this useful habit:
The main thing for me is to carry a small notepad in my back pocket. It can be used to record important thoughts, contacts, suggestions, ways to solve problems. I could never have built the Virgin Group without this notebook.
According to Take note, it's time to take notes by Branson, 99% of his acquaintances in leadership positions do not take notes, and in vain. This opinion is shared by other business sharks. For example, Greek shipping magnate Aristotle Onassis, who states: “Write everything down. This is a million-dollar lesson that for some reason they don’t teach in business school.”
Nike CEO Mark Parker, entrepreneur and author James Altucher, and Facebook COO Sheryl Sandberg all prefer paper notepads to online note-taking services.
There are several reasons for this. The paper is not dependent on the Internet and does not need to be charged. In addition, a blank notepad gives you more freedom: you can keep lists, draw graphs and draw in it, but you still have to try to find an application that can do all this at once.
Recording all your ideas, thoughts, sudden insights, activities and contacts is very important. The human brain has a nasty tendency to forget everything, but a notepad has no such disadvantage.
Psychological research and questionnaires from Thomas Corley
The psychology of wealth and the habits of the rich is a topic of interest to many. Thus, American experts from Brown University conducted a large-scale study in this area. It took 5 years.
They observed the daily habits of 50 thousand families consisting of almost 150 thousand people. Analyzing the way people handle money, the pronounced biases of poor people have been revealed. The rich did not have these habits at all or tried to get rid of them. Heirs were not included in the study. The scientists included in the sample only those who achieved financial success on their own thanks to many years of habits.
The aforementioned Thomas Corley interviewed 233 rich and 128 poor people for his book “The Key to Success: The Daily Habits of Every Rich People.” It turned out that, indeed, the former have their own habits, which relate not to actions, but to attitude towards life.
Make time for idleness
It may seem that the words “billionaires” and “idleness” cannot be combined in the same sentence. But Jeff Weiner, CEO of LinkedIn, argues The Importance of Scheduling Nothing to the contrary:
I put periods of time on my calendar during which I do nothing at all. I just sit and think. This usually takes from one and a half to two hours a day. Use this time to catch your breath.
Even the most productive people in the world can't stay busy all the time. Find at least a little time every day to be idle. Think about anything other than work. Meditate. Write some entries in your diary. This way you will relieve your brain and avoid overwork.
Habits of wealthy people
So, after compiling several studies, I have compiled a list of the most important habits of “wealth” - the lifestyle of millionaires and billionaires.
They read a lot
The interests of rich people are not limited to just their career. They spend a lot of time on self-development, improving skills, so-called skills.
The richest people on the planet call the habit of reading one of their most important daily activities. This can be either scientific, professional, or fiction.
Playing sports
Sports is another important point that distinguishes the habits of the poor and the rich.
You will say that the poor simply do not have enough time for this. But, according to scientists, the habit of leading a healthy lifestyle and regular exercise can increase not only the amount of energy, but also stimulate mental activity.
Dedicate 15-30 minutes to reflection every day
Rich people know that to make good decisions, it is important to stop and think. You can also plan your day over a cup of coffee in 15 minutes.
Get up early and go to bed early
It is not for nothing that it is said that whoever gets up early, God gives to him. The lives of billionaires prove this truth. So, early risers plan their time better and earn more.
But that doesn't mean you can't change your daily routine. Getting up and going to bed early is a habit you can accustom your body to.
Plan for the day, week, month, years
Planning is the key to success not only in business, but also in your personal life.
Rich people often draw up a personal financial plan for decades in advance, and also set goals for the coming day, week, month. Often, a personal accountant is hired for this, who draws up a detailed document breaking down income, expenses, and investments.
It is also customary abroad to draw up pension funds in order to know exactly what savings you will have in 10, 20, 30 years.
Focus only on what is truly important
Useful articles
Who is the richest person in the world today according to Forbes magazine?
Why do some people make a million by the age of 30, while others are doomed to poverty?
The main step on the path to wealth: long-term investments
Let's take an example: how do rich people save?
What is important is up to you to determine.
But setting priorities is not a luxury: anyone (not just the rich) can do it if they want. For example, most rich people, in addition to making money, are interested in sports, healthy eating, traveling and taking part in social activities. The poor, according to scientists, on the contrary, have a habit of not being interested in other areas besides everyday life.
Act quickly without delay
Don't put off until tomorrow what you can do today. This is a habit that contributes to financial success.
Being organized and understanding that your destiny and future rich life depends only on you will help you make quick decisions.
They pursue only their own goals and work only for themselves
I don’t mean pure selfishness, as you might think. It is important that rich people know how to focus on their desires and clearly set goals for their realization. Many people strive to work for themselves, but only a few gain courage.
Set global goals
I'm not talking about taking over the planet (rich cartoon characters often have such habits). Poor people usually think about how to quickly escape from work and relax, what to do on the weekend, what purchases to make. The rich set global goals, for example, where they want to be in 10 years, what to do, what kind of people to surround themselves with. This is an obvious difference in mindset.
Doing what they love
If you enjoy assembling a car engine in your garage, make it your business. History knows a lot of examples of billionaires who turned a hobby into their life’s work, became famous and earned a fortune, becoming rich people.
Looking for mentors
It's never too late to learn. Even if you are a professional, there will always be someone who knows and can do more. Seek guidance and don't be afraid of rejection. 93% of rich people have a personal mentor to whom they owe their success.
They know their worth
“I don’t sell, I buy,” is one of the important principles of a rich person. He will never work for next to nothing, much less for free. Each work has its own market value - and you must know it exactly.
Have a positive outlook on life
Of course, wealth itself leads to positive thinking. But, turning to the stories of millionaires, one can trace a trend - even in moments of failure, they did not give up and continued to believe in their success and a rich life.
Don't follow the majority and think outside the box
Thomas Corley in his book says that rich people are not afraid to stand out from the crowd, although herd behavior is genetically embedded in us. Most rich people believe that creativity, not intelligence, is critical to achieving financial success, while just 11% of poor people agree.
Learn new things and improve themselves
Taking care of yourself doesn’t just mean going to beauty salons and the gym. Rich people regularly attend trainings, seminars and events that allow them to develop.
They value their time
And again the truism: “Time is money.” People who spend both wisely become successful. Make it a habit to appreciate every minute.
Take responsibility
Millionaires are not afraid to jump over their heads: for example, take a higher position or take out a loan to start their own business. Although this will bring not only new responsibilities, but also responsibility for people or other people's money.
Help others become successful too
The rich are grateful for their position and are often ready to help people like them reach new heights. They do not have the habit of gloating over other people's failures; they will always lend a helping hand to less wealthy colleagues or friends.
They seek feedback and make new contacts
68% of rich people and only 11% of poor people say they love new acquaintances. This habit, research shows, correlates with respondents' belief that relationships are critical to business success.
In addition, rich study participants said the habit of liking new people was important. Although this must be learned if you do not have natural talent.
Spend time with other successful people
Yes, yes, the Masonic lodge is a reality for the rich and successful. They unite in closed groups and clubs based on interests. This allows you to establish new connections, which are so important for business. In addition, it has become a habit for many rich people to attend specialized events, various charity evenings, film festivals, and theater premieres.
See opportunities
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One of the greatest investors of our time, Warren Buffett, who started out selling trash bags and delivering newspapers, once said: “The best investment opportunities arise when thriving companies suddenly find themselves in difficult situations.” It was the habit of seeing such opportunities and the courage to make innovative decisions that made Buffett a billionaire.
Invest
How do rich people behave to protect their capital from inflation? Rich people have a good habit of investing in risk-free or low-risk instruments:
- shares of reliable companies that regularly pay dividends;
- bonds;
- deposits;
- gold;
- gems;
- real estate;
- pension funds.
Always looking for additional sources of income (passive)
Even successful businessmen, owners of large businesses, have the habit of renting out their villas, apartments, offices, yachts and other property. And they are not shy about it. Financial instruments can also become a good source of passive income in a new, rich life.
Always spend less than you earn
Billionaires believe that it is important to spend less than you earn, that is, to save and accumulate capital. The poor are sure that they just need to earn more - and this has nothing to do with them.
Get into the habit of putting 1,000 rubles a month into a bank account and investing this money, for example, in mutual funds. In 10 years, pay for your children’s education or open your own business—it’s up to you.
Don't give up
If you haven't heard of Traf-O-Data, I'm not surprised. This is Bill Gates' first company. He invented a device that he could never sell to anyone. The venture was not successful, but it marked the beginning of the development of the first Microsoft product. Today, Gates' fortune is estimated at $92 billion. He learned a valuable lesson from his first experience and did not give up. This habit will not be superfluous for anyone.
Make decision making easier
Mark Zuckerberg, founder of Facebook, tries to live a simple life. This is reflected in his clothing preferences - for example, he always wears the same blue jeans, gray T-shirt and hoodie.
In 2014, during a public Q&A session on Facebook, Zuckerberg was asked by Here's The Real Reason Mark Zuckerberg Wears The Same T‑Shirt Every Day about this approach to his own wardrobe. And this is what he replied:
I want to clear my life of unnecessary things so that I have to make as few extraneous decisions as possible that are not related to work. I feel like I can put the saved energy to better use.
This is how Mark copes with decision fatigue. And he is not alone. Steve Jobs always wore the same black turtleneck, blue jeans and New Balance sneakers. Tucker Hughes, managing director of Hughes Marino, plans what he will wear and what he will eat for the week ahead.
Former US President Barack Obama once told Vanity Fair's Obama's Way that he only wears gray or blue matching suits because he wants to pare down his options and focus on other, more important decisions.
Make yourself a wardrobe, menu, exercise list, daily plan, schedule, and then just follow the regime. This will save you time and effort.
Habits that keep the poor from getting rich
And now about the sad thing... what habits prevent 99% of the world's population from achieving success? How to become rich?
Self pity
Feeling sorry for yourself is a feeling that often occurs even among the rich, but it can be overcome. Psychologists believe that this destructive emotion leads to negative thinking, self-doubt, anxiety and fear.
At first, pity may be mild in nature, associated with stress and external circumstances. But after some time, it no longer needs any excuses to grow. It will be fueled by negative feelings. Complaining will become a habit.
First of all, realize that only you are responsible for your life. Identify the reasons for self-pity and think about what to do to overcome unfavorable circumstances, resentment or injustice.
Doing things that don't bring you satisfaction
Sociologists say that a quarter of Russians are not satisfied with their jobs. Just over a third (37%) are satisfied with their salary. At the same time, 9% of respondents have 2 jobs, another 2% have three. Why do you need the habit of living without pleasure?
Think about what you dreamed of as a child. If you wanted, for example, to be a veterinarian - go volunteer at a dog shelter, fate itself will give you the opportunity to learn, earn money and get rich doing what you really like.
Whining and communicating with whiners
More than once I have watched office workers over a mug of coffee tell each other what a bad boss, job, and salary they have. Just think, this time can be spent usefully - discussing plans, attending a seminar or training, and ultimately looking for a new job.
Greed and stinginess
Uncle Scrooge, although he is the standard of a rich stingy man, does not reflect the truth of life.
Often it is poor people who spare money, and on the most important things, for example, education. To start self-development, you don’t have to spend money. There are now plenty of free online courses from leading universities in the world. Make it a habit to constantly study.
Beliefs that wealth is bad
And again the popular wisdom: “It is not money that spoils a person, but its absence.” The idea that being rich is bad is a remnant of the USSR. Nevertheless, officials could afford what an ordinary, not so rich citizen could not, and did not feel like villains. Now the system gives you the opportunity to earn as much as you want.
Short term thinking (here and now)
Living for today in the modern world is an unaffordable luxury. Poor people are united by this very harmful habit - running around in a vicious circle of “home/work” and not even thinking about the near future.
A simple exercise - take a piece of paper and write down how much you want to earn in a month, a year, 5 years. Next to it, indicate what needs to be done for this. Stick it on the wall and get into the habit of looking at the recording every day.
Love of borrowed money
Credit, if it is not used to make money, is absolutely useless and sometimes even dangerous. Don't spend more than you earn.
Living beyond your means
Another problem of our time is that the market offers a huge selection of absolutely unnecessary goods, and advertising forces people to buy them. Moreover, a person does this out of habit, and not out of necessity.
Stop and think about whether you really need this gadget, car, suit or watch.
Obsession with money
Don't think about money. Think about what would make you happy and how to achieve it. And the money will definitely come a little later.
Comparing yourself to others
Comparison is not always a bad thing; for example, during sports competitions, it determines the winner. But in life, the habit of comparing oneself with others most likely leads to envy, irritation and negativity, and this prevents one from achieving results.
It’s better to think about what experience to learn from a rich colleague or friend in order to get what you want.
Wasting time on entertainment
Business before pleasure. However, there are entertainments that, in addition to relaxation, can bring real benefits - sports, reading, attending various events, communicating with successful people. These are useful habits for a future rich life.
Fear of change
This is one of the most powerful psychological factors. The fear of change is as natural for people as the fear of death. Why do we habitually fear new things?
The unusual order of things increases stress levels and creates a feeling of unpredictability and uncertainty. We can and should fight this. Psychologists advise identifying the factors that you influence, focusing on the result and going towards it.
Thank you for reading our article. I sincerely wish you all success and prosperity! Be rich! Subscribe to my blog and pages on social media, share with friends.
Do simple tasks first
If you're overwhelmed with things to do and your to-do list makes you feel sick, consider whether all the items on it will take up the same amount of time. Most likely, you have simple, small tasks that are easy for you, and only a couple of really difficult tasks. In his book “10 Lessons in Leadership,” Zuckerberg also mentioned his habit that helps him deal with a lot of worries:
The simplest rule of business is this: choose the things that are easier for you first and do them. Then you can really make a lot of progress.
Do the simplest tasks first that don't take up much time. There are two reasons for this. Firstly, this way you will save more time on really complex projects. Secondly, you will experience moral satisfaction from the fact that you crossed out half of the elements in your task list without spending too much energy. An obvious but effective strategy.
Mark Zuckerberg - $71 billion
Zuckerberg has come under intense pressure in recent years over privacy scandals and political campaigns, but his business continues to grow. In 2022, it added 32% and brought the owner about $11 billion. Zuckerberg is the most authoritative young billionaire, whose advice is listened to by people from all over the world.
“If a person has brains, he does not have the moral right to work not for himself and give his time and the results of his achievements to the employer”
Mark has always been a person for whom ideas are more important than money. In high school, he and Adam DiAngelo developed an MP3 player that created playlists based on user preferences. The students refused to sell the program for $950,000, and then patented the technology, spending $12,000 on it.
“We don’t create services to make money. We earn money to create better services"
Bernard Arnault - $72 billion
Arnault heads the LVMH group, which produces luxury goods known throughout the world: Louis Vuitton, Givenchy, Guerlain, Chaumet, Moët & Chandon, Hennessy. In 2022, the holding showed a record level of sales and increased profits by 29%. In addition, a high-profile deal worth $13 billion thundered - Christian Dior was added to the collection of brands.
“The main thing in organizing a company is balance. Neither the commercial nor the creative side should outweigh"
Despite his specific niche, Bernard Arnault is aware that for a long-term game it is important to be flexible, dynamic, and responsive to trends. The market is changing, demand in some countries is falling, but the businessman remains true to himself and does what he loves - fashion, luxury and art.
“Anyone who wants to develop their business should focus on China. In this country, the population is growing at a tremendous pace, and with it the demand for luxury. Even troubles in Western countries are not destroying the luxury market, because it is quickly being occupied by China, India and Russia.”
Bill Gates - $90 billion
The advice of billionaires will definitely not be complete without this person. Bill Gates is one of the most famous entrepreneurs in the world, whose name is familiar even to those who are far from high technology. Created more than 40 years ago, the corporation continues to grow, but now his share in it is a modest 3%. And this is only 13% of his fortune. The rest consists of assets in large companies from the USA and Canada, as well as the Breakthrough Energy investment fund.
“I don’t like conferences in all sorts of exotic places. It seems that the nicer the venue, the less real work there is at the event.”
Charity occupies a large place in the modern life of a billionaire. In addition to the Giving Pledge, he works with his own Bill and Melinda Gates Foundation. The organization's key areas of activity are combating the food crisis in poor countries and improving global health care.
“I'm afraid to lose. Every day, when I come to the office, I ask myself: Are we doing a good job? Was anyone ahead of us? Is this or that product really good? Is there anything else that can be done to improve it?”
Advice on how to get rich from Donald Trump: “Think like a billionaire”
Donald Trump, an American businessman, president of the Tramp Organization, advises:
- “To succeed, you need to separate yourself from 98 percent of the world's population. You can certainly be in the top two percent. Intelligence, hard work or carefully thought-out investments have nothing to do with it. There is a recipe, a formula for success, that the top two percent live by and that you too can follow to get rich.”
- “Always remember one simple rule: dress for the job you want, not the job you have.”
- “When purchasing any product or service, do not hesitate to bargain, seeking more favorable conditions for yourself. I consider pride, which prevents you from saving your own money, to be a huge stupidity.”
Amancio Ortega - $70 billion
Despite the fall in Zara shares and a decrease in wealth by $1.3 billion, Amancio Ortega is still one of the richest people. He founded the company, which unites dozens of brands, with his wife in 1975. By 1980, the chain of stores had completely occupied Spain, and in 1989 it began expanding into the United States. Another source of income for a businessman is dividends from real estate in the largest cities of the world: Barcelona, London, New York, Miami, Madrid, Chicago.
“People should be published in a newspaper three times: after birth, after marriage and after death.”
Ortega does not project the image of a typical rich man. He spends a lot of time at the factory, almost never holds large receptions, dines in the work canteen and avoids publicity. Amancio is extremely humble and believes it is important to constantly improve.
“It is important to remember that acquired experience does not guarantee leadership. We must constantly make efforts and improve ourselves - this is the inspiration of my company."
Jeff Bezos - $112 billion
The richest person in the world and the only one with a net worth of more than $100 billion is Jeff Bezos, founder and CEO of Amazon.com. The shares and capitalization of this company are growing at an insane pace - in five years the price of one security has risen 5 times. And it all started with a simple, but relevant idea for 1994 - to sell books on the Internet.
“When you work for the long term, you ensure that the interests of shareholders and customers coincide.”
Bezos puts the client at the forefront of his business and believes that in any situation it is necessary to first start from the interests of the consumer. In addition, in his company, everyone, even senior managers and himself, is required to spend two full working days in the help desk every two years.
“If you focus on competitors, you won’t take a step without them. If you focus on the customer, you can become a pioneer in your business."
Bezos is also no stranger to charity. In January, he donated $33 million to scholarships for undocumented immigrant students. In September - $1 billion each for the Day One Fund and a fund that helps organize preschool education in poor areas.
In addition, the businessman continues to pursue his own dreams - since 2000, he has been investing in space research through the private company Blue Origin.
Read: Think like Galitsky: 10 tips from a Russian billionaire and philanthropist
Warren Buffett - $84 billion
The most famous investor in the world increased his net worth by 11% over the year. Shares of the Berkshire Hathaway holding rose by 16% - this is one of the main reasons for the growth in wealth of the “Oracle of Omaha.”
“Time is the friend of a successful business and the enemy of an underdeveloped one”
Buffett has been investing since he was 11 years old. Then he borrowed money from his father, bought three shares of Cities Service Preferred and soon resold it for a higher price. Having become one of the richest people on the planet, he, together with Bill Gates, founded the “Giving Pledge”, to which he plans to give 99% of his fortune.
“For all the billionaires I knew, money only revealed their character. If they were rednecks before they got rich, they remained rednecks for a billion dollars."
Carlos Slim Helu - $67.1 billion
The key source of income for Mexico's richest man is telecommunications giant America Movil. It is the largest mobile operator in Latin America, with shares up 37% in 2022. In addition, he has a 17% stake in The New York Times, as well as holdings in mining and real estate businesses.
“Avoid excess even at the best of times. This is a guarantee of stability in the most difficult periods of life."
In an interview, Elu repeatedly repeats that developing a business just for the sake of profit leads to a dead end. Poverty and problems, in his opinion, create a promising environment for growth. Money becomes a reward for those who have a burning desire to improve their own and others’ lives.
“Many people want to make a difference in the world for their children. I'm trying to change my children so they can make the world a better place."
Thus, many billionaire councils promote that, above all, a business should generate value for others.
Charles Koch - $60 billion
Charles is 5 years older than his brother and is considered a slightly richer man. In 2022, under his auspices, the venture capital company Koch Disruptive Technologies, which is managed by his son Chase Koch, was launched. So far, the subsidiary is investing in industries that are little related to the core activities of Koch Industries - medicine, cloud and smart technologies, solving the food crisis in the world. Koch Sr. believes that the main task of business is to improve the world around it.
“People should only make a profit when they make other people's lives better.”
Brothers Charles and David form one of the most influential duos in American politics, philanthropy and business.
“Businesses must use resources wisely to make products and services that improve people’s lives, and to act fairly and legally.”
Set realistic goals
When you dream of owning your own business, it's easy to start imagining your company as a future Apple killer or even something cooler. But if you aim for too grandiose achievements, you risk wasting resources and energy without getting closer to your goal. Mukesh Ambani, the Indian oil tycoon and chairman of Reliance Industries Limited, warns against making plans that are too ambitious:
I don't think the word "ambition" is bad for an entrepreneur. But our ambitions must be realistic. You must understand that you cannot keep up everywhere.
Choose less ambitious goals for yourself and start small. It is better to have a small but stable business than to try to create a huge startup that will eventually fail.
