How millionaires achieved the wealth they wanted to achieve
Who hasn’t dreamed of having bank accounts brimming with zeros? From those looking to find their millionaire partner to those gambling on the stock market or hoping for an inheritance, the pursuit of wealth has been a constant throughout history. However, if attaining wealth were a simple task, we wouldn’t be constantly searching for new formulas to achieve it.
Thomas Corley, a well-known writer and speaker on investment strategies, is not a familiar name to everyone, but his research has shed light on the secrets of financial success. Corley went from a multimillion-dollar family to ruin after a devastating fire destroyed the family business. After 14 years of struggling with poverty, his desire to unlock the secrets of success and failure led him to study the daily activities of 233 rich people and 128 poor people for five years. What he discovered were the significant differences in daily habits that separated them, identifying more than 300 activities that made the difference.
His research culminated in his first book, ‘Rich Habits: The Daily Success Habits of Wealthy Individuals’, which remained a top seller on Amazon for three years. Corley posits that there are two types of millionaires: those whose wealth comes from family inheritances and those who built their own fortune. It was on the latter group that Corley focused his research to unravel their lifestyle and financial habits.
The Road to Wealth
Success doesn’t happen overnight. All self-taught millionaires had to start somewhere. According to Corley, much of the transformation of ordinary people into individuals with seven figures in the bank is attributed to “rich people’s habits,” a term he coined. “From my research, I discovered that it all depends on the day-to-dayness of your life,” he says. “There is a cause and effect associated with habits, and these are the cause of wealth, happiness, sadness, stress, poverty, good and bad relationships, or health,” he explains to ‘Business Insider’.
Passion plays a key role in making work fun and effective. It provides the energy, persistence and mindset needed to overcome failure. But the key to achieving wealth, according to Corley, is discipline, diligence and maintaining a modest lifestyle. The road to wealth can take up to 32
years, and there are two predominant approaches: risky and thrifty. “Achieving it requires discipline, diligence and adhering to a modest lifestyle,” Corley assures.
In short, daily habits and mindset are the foundation of wealth. While we can’t all achieve millionaire status, we can adopt these habits and approaches in our lives to achieve greater financial stability and, who knows, maybe a few extra zeros in our bank accounts!
The Habits of Millionaires: Keys to Achieving Wealth
If you’ve ever wondered how some individuals manage to accumulate wealth and build an empire from scratch, you’re in the right place. Thomas Corley, an expert in investment strategies, has analyzed the lives and habits of millionaires who forged their fortunes on their own. Here are the keys that will lead you to financial success.
1. Constant Saving
94% of self-taught millionaires save 20% or more of their take-home pay. Setting savings goals throughout your life is essential. Starting with your first paycheck, begin setting aside a portion in an untouchable account. This savings habit will become a fundamental part of your financial life. The ultimate goal for those aspiring to wealth is to save 20% or more and invest those savings.
2. Help Others Achieve Success
No one achieves success without the support of others who have already succeeded. Offering help to those who are pursuing their goals in an optimistic and positive way is a critical key. Millionaires are always looking for focused, enthusiastic and positive-minded people to build relationships with.
3. Meaningful Relationships
Cultivating meaningful relationships is essential to financial success. Millennials take six key actions: congratulate people on their birthdays, say hello, call on important events, participate in formal or informal groups, share common interests, and avoid negative people or bad influences. Staying away from destructive criticism is critical.
4. Reading and Reflection
Millennials prefer education over entertainment. 88% of them dedicate at least thirty minutes a day to self-education and reading books related to personal development, biographies of successful people and self-help topics. In addition, they spend 15 to 30 minutes a day reflecting on topics ranging from finance to personal relationships and health.
5. Income Diversification
Wealthy people don’t rely on a single source of income. They develop multiple streams of money, with three being the magic number according to Corley’s research. Sixty-five percent of them had multiple income streams before reaching their first $1 million. Examples include rental income, stock market investments, and involvement in side businesses.
6. Positive Mindset
Positive mindset is a hallmark of all self-made millionaires. Awareness of your thoughts is key, as most people tend to have negative thoughts if they are not attentive. Positive thinking is essential to achieving long-term success.
7. Mastering the Rules of Etiquette
For success, it is important to master the rules of etiquette. This includes sending thank you notes, recognizing important events in the lives of others, maintaining good table manners, and dressing appropriately for different social events.
While wealth may not be within everyone’s reach, adopting these habits in your life can lead you toward greater financial stability and, who knows, perhaps bring you closer to the accumulation of wealth you so desire!
Determined and Calculating: Keys to Overcoming Fear of Failure
One of the biggest obstacles on the road to financial success is the fear of rejection and obligation. Many people are afraid to ask for what they want and when they want it. However, Thomas Corley, an expert in investment strategies, reveals that fear is precisely what prevents us from reaching our financial goals. To succeed, it is necessary to overcome these fears and create the habit of seeking help when needed.
Self-made millionaires are not courageous in the traditional sense; rather, they overcome their fears of failure and take calculated risks. They understand that risk-taking comes at a cost, and they are willing to pay it. In fact, according to Corley’s study, 27% of participants failed at some point and had to start over. The key here is resilience: learning from mistakes and failures, and then picking yourself up and continuing on the path to success.
Overcoming fear of rejection and obligation is essential to achieving what you want in life. Successful individuals understand that asking for help is a necessary step and are not afraid to do so. While rejection can be discouraging, it should not stop us. Persistence and determination are key qualities in overcoming these obstacles.
In short, to achieve financial success, we must be determined and calculating. Overcoming our fears, taking calculated risks, learning from failures and persisting even when faced with rejection are the keys to forging our path to wealth and success.