Here is a quick video I like by Farnoosh Torabi. In it she details some of the habits of people making more than $150,000 annually with $3.2 million in investable assets.
The video is below:
If you don’t have time to check it out, basically wealthy people do the following:
1. Get up early and utilize their time for self improvement
2. Keep to-do lists at work and generally take care of most of the things on their list
3. Keep lunches short and focus on deal making or networking
4. Set short and long term goals
5. Count calories & stay healthy so they can work longer and harder
6. Spend free time socializing or networking
7. Don’t gossip.
The video pretty much summarizes the work of Tom Corley – an accountant and well known proponent of the idea that wealth is generated through one’s daily habits. If you like the video and want to learn more about Corley’s data you might consider picking up a copy of his book Rich Habits – The Daily Success Habits of Wealthy Individuals. Its his best work. I don’t recommend Corley’s books for children or some of his other work. They’re considerably less insightful and harder to get through.
Here are some more articles on the mechanics of personal finance worth reading:
Building Wealth on $600 A Month
The Pros and Cons of Mutual Funds
Nine Ways To Make Extra Money
6 Ways We Financially Thrive On $35,000 a Year With a Family!
Readers, if you have any other videos you’d like featured shoot us an email or leave a comment below, we’d love to have a look at them!
Editors Note: One important factor to consider in your personal success is your peer group. You’ll want to surround yourself with people who are interested in becoming wealthy themselves. There are several good resources here including the white coat investors group, the saving advice forums and some smaller ones like my-father.com. And, if you want a good overview of traditional wealth building advice, consider reading How Much Is That In Taco’s article on the basic path to wealth.
James Hendrickson
James Hendrickson is an internet entrepreneur, blogging junky, hunter and personal finance geek. When he’s not lurking in coffee shops in Portland, Oregon, you’ll find him in the Pacific Northwest’s great outdoors. James has a masters degree in Sociology from the University of Maryland at College Park and a Bachelors degree on Sociology from Earlham College. He loves individual stocks, bonds and precious metals.
Thanks for sharing the video. I agree with what they say about the wealthy as well. What was interesting was the gossip at work. If you want to be successful at work and you have an agenda you don’t have time to piss about and gossip. Gossip is for people who aren’t happy at work and need to find a job that keeps their minds going. I also believe that eating less, eating right and keeping fit are essential. I also get up early or do what I need to in the morning when I can as I have an odd schedule but my time is not spent in front of the tube it’s spent motivating and educating myself and others. I may never be wealthy but inside I know I’m doing what’s best for me. Cheers mate
Thank for sharing the video. Research has shown that 40% of our time is spent following habitual patterns of action.
So it makes sense to install the habits which will make the greatest positive difference to your life.
If you want to be successful at work one piece of advice that my father gave me that has served me well is too keep your mouth shut and do your job. Be informed, be positive, be accountable, be available. You will go far with that advice.
The road along the extra mile isn’t crowded, that’s for sure.
Mr. James, I really like the way you think. O agree 100%.
Beau,
There are two additional author’s I’d recommend for anyone interested in putting some of these habits to work in their lives.
First, Tom Corley has an excellent in depth study of the wealthy – as well as the daily habits of what they’re doing to implement positive changes in their lives.
Second, Brendan Bruchard has a good read called ‘High Performance Habits’, which is backed by extensive psychological research.