Becoming wealthy is not a fluke. I spent five years studying rich people in order to find out what they did from the moment they woke up in the morning to the moment they put their head on the pillow.
In my book, Change Your Habits Change Your Life, I share ten incontrovertible truths about creating wealth that you should know if you want to be rich:
- Wealth Requires Daily Practice – You must read to learn every day. You must practice some marketable skill every day. Daily practice is how you grow into the person you need to be in order to become successful and wealthy.
- Wealth Requires Good Habits – You must forge good habits and eliminate bad habits. Good habits lift you up. Bad habits pull you down.
- Wealth is Not Inherited – Depending on the study, 80% or more of wealth in America is first generation. Meaning, 80% or more of the wealthy rose from poverty or the middle-class.
- Wealth Requires Work – You will have to work 50 hours or more every week, for many years, in order to become rich. The work you do will have to be focused work. Focused work is intentional work – the daily pursuit of goals related to a dream or dreams you are passionately pursuing.
- Wealth Requires Relentless Persistence – Those who succeed and become rich never quit. They will go bankrupt, rather than quit. They will get divorced, rather than quit. They will die, rather than quit. They will sacrifice just about everything in the pursuit of their dreams and goals. They are relentlessly, obsessively persistent.
- Wealth Requires a Team – You must surround yourself with apostles who believe in what you are doing and who will follow you off the cliff in the pursuit of your dream.
- Wealth is Attracted to Dreamers – Those who amass the most wealth are dreamers. They devote their lives to pursuing some dream.
- Wealth Requires Passion – You must like or love what you do for a living in order to become wealthy. When you like or love what you do, you will devote more time to it.
- Wealth Requires Good Health – You can’t make money from a hospital bed. You must exercise every day and eat nutritious, healthy food.
- Wealth Requires Luck – Luck is a common denominator of every self-made millionaire. Persistence creates luck. Those who refuse to quit, eventually get lucky.
Times may change but truths never do.
These are hard truths that apply to every generation interested in accumulating wealth. Individuals who embrace these truths change the circumstances of their lives, and the lives of their children, forever. We call these individuals self-made millionaires.
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Tom Corley is an accountant, financial planner, public speaker, and author of the books “Effort-Less Wealth: Smart Money Habits At Every Stage of Your Life” and “RichKids: How to Raise Our Children to Be Happy and Successful in Life“. Corley’s work has appeared on CNN, USA Today, The Huffington Post, SUCCESS Magazine, and many other media outlets and podcasts in the U.S. and 27 other countries. Tom is a frequent contributor to Business Insider and CNBC.
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