Thomas Corley spent five years studying the lives of 233 wealthy individuals and 128 poor people, discovering key behavioral differences that contribute to success. His findings were published in the bestselling book “Will Your Child Be Rich or Poor?”. Below is a summary of the 15 most successful habits Corley identified, which are worth cultivating from an early age to pave the way to prosperity.
Key Findings
- 63% of future millionaires were encouraged by their parents to read two or more non-fiction books a month.
- Only 6% of wealthy people participate in lotteries, compared to 77% of the poor.
- 82% of millionaires pursued their dreams.
- 68% of wealthy individuals learned success from their parents.
- Only 21% of the rich were overweight by more than 15 kg, compared to 66% of the poor.
- 63% of wealthy individuals spent less than an hour a day on the internet for entertainment, compared to 74% of the poor.
- 67% of the rich watched less than an hour of TV per day, compared to 23% of the poor. Only 9% of the rich watched reality TV, while 78% of the poor did.
- 83% of the wealthy attended their children’s school events, compared to just 13% of the poor.
- 63% of the rich listened to audiobooks during their commutes.
- 92% of millionaires attribute their success to hard work and persistence, while 79% of the poor believe wealth is a matter of luck.
- 79% of the rich believed they were responsible for their financial well-being, compared to 82% of the poor who felt they were stuck with their financial status.
- 78% of millionaires ate less than 300 calories of unhealthy food per day, while 97% of the poor consumed more than that.
- 95% of millionaires exercised aerobically for more than 30 minutes a day, four days a week, compared to only 23% of the poor.
- 63% of the wealthy maintained a positive, optimistic attitude toward life, while 94% of the poor had a pessimistic outlook.
- 100% of millionaires had a mentor who guided them in their career path, while none of the poor had such a mentor.
The Key Differences
The research reveals that poor people remain in poverty because they inherit habits of poverty from their parents, who fail to teach them the habits of success. To make it easy, here’s a straightforward list of successful habits that can be adopted.
15 Habits of the Wealthy
- Limit TV, social media, and video games to no more than one hour a day.
- Encourage children to read at least one non-fiction book a week and have them summarize what they learned for review.
- Get children involved in daily aerobic exercise for 20-30 minutes a day.
- Limit junk food to no more than 300 calories a day.
- Teach children to dream big and follow their dreams. Have them write a scenario of their ideal future.
- Encourage children to participate in charity and volunteer work.
- Teach children the importance of acknowledging others’ birthdays and other significant events.
- Encourage written thank-you notes for any kind act or gift received.
- Instill in children the belief that success comes from learning from mistakes.
- Teach emotional control. Explain that anger is costly, leading to lost jobs, divorces, and damaged relationships.
- Teach children that pursuing financial success is commendable.
- Instruct children in money management. Open a savings account and make them responsible for funding their own purchases.
- Enroll children in at least one non-sport extracurricular activity.
- Spend at least an hour a day talking face-to-face with your child, avoiding phones and social media.
- Teach time management by helping children create daily task lists and manage their time effectively.
It may not be easy to follow all these recommendations, especially when it involves consistently pushing children to do something. However, according to Corley, even implementing just one or two of these habits for six months can lead to significant progress. Learning and teaching the habits of the wealthy may not be so difficult after all—and wealth may follow in due time.