09/02/2022
These 5 Habits Will Help You Become Rich
1. Plan and set goals.
Rich people are goal-setters. They list what they want to achieve daily, weekly, monthly, and they can tell you where they want to be in 20 years.
Poor people just sort of wing it.
“Ninety-five percent of the poor people in my study had no life plan,” Corley wrote. “Without a blueprint, without long-term goals, we are like leaves on a fall day, floating in the air aimlessly.”
The bottom line is you don’t have to be rich to make a plan. You do need a plan if you want to be rich.
2. Don’t overspend.
The simplest and surest path to wealth is to save money and invest it. It’s like planting an acorn and watching it sprout into a tree. The problem for millions of Americans is acquiring an acorn to plant.
A 2018 Federal Reserve report found that four in 10 adults would not be able to cover an unexpected $400 expense much less an emergency fund. The U.S. Bureau of Labor Statistics put it at 6%, the lowest level since the 2008 financial crisis.
If you barely make enough money to pay your bills and can’t save, the obvious solution is to make more money. That leads us to the next poverty habit.
3. Create multiple streams of incomes.
A 2019 U.S. Census Bureau study found that only 8.8% of women and 8.0% of men have two or more jobs.
Corley found that 65% of wealthy people had at least three different streams of income set up prior to making their first $1 million.
“Poor people have one income stream,” he wrote. “Their eggs are all in one basket.”
So, if you lose your job, you run into a medical emergency or you fall behind paying bills, you’re single source of income probably isn’t going to be enough to bail you out.
4. Read and educate yourself.
Wealthy people not only work dual jobs, they make time to read. But they’re not reading Stephen King or Danielle Steel.
They read educational and self-improvement books. Corley found that only 8% of low earners read educational or self-improvement books.
“Success requires growth, he wrote. “That growth comes from reading and educating yourself on a daily basis.”
5. Avoid toxic relationships.
Psychology plays a huge role in wealth accumulation. It may sound corny, but a Can-Do attitude is a must. It’s hard to maintain one if you associate with Can’t-Do people. Corley found that only 4% of low-income people associate with “success-minded” people.
“You are only going to succeed in life if you surround yourself with the right type of people,
