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In a world obsessed with get-rich-quick schemes, the real barrier to wealth often lies in the subtle, daily choices we make. Tom Corley, CPA and author of Rich Habits: The Routines Millionaires Use Daily That Will Help You Build Wealth, spent five years studying the behaviors of 233 wealthy individuals—defined as those earning over $160,000 annually with $3.2 million in net assets—and 128 lower-income people earning under $35,000 with less than $5,000 in liquid assets.
His groundbreaking research, featured on www.richhabits.net and profiled in outlets like CNBC and SUCCESS Magazine, uncovered over 300 habits separating the rich from the poor.
Shockingly, 40% of our daily actions are autopilot habits that dictate financial destiny.
While the wealthy build empires through disciplined routines, the poor sabotage themselves with five insidious habits. Breaking them could tip your seesaw toward success. Let’s dive in.
1. Wasting Hours on TV and Social Media and Binge-watching or scrolling endlessly? You’re not alone—but it’s costing you dearly. Corley’s data reveals 77% of poor people watch reality TV shows daily, compared to just 23% of the rich. Additionally, 62% of wealthy individuals limit non-work Internet use to under an hour, while the poor average far more. This “poor habit” devours the 240 discretionary minutes we all have daily, time the rich use for self-education or networking.
Third-party validation comes from a Columbia University study showing how such passive consumption triggers addictive cycles, mirroring smoking’s gateway to worse behaviors.
Swap the remote for a book—94% of millionaires read 30 minutes daily for growth—and reclaim your future.
2. Spending More Than You Earn
Living paycheck to paycheck? It’s a trap. Corley’s findings show poor individuals often spend beyond their means, leading to debt spirals, while 88% of the rich save at least 10-20% of income.
This overspending cascades into “transfer effects,” like credit card overuse or comfort eating, eroding wealth-building potential.
Corley emphasizes budgeting as a cornerstone habit. Echoing this, Indiana University research confirms keystone habits like prudent saving foster healthier choices across life areas.
Track expenses today—apps like Mint can help—and watch compound interest work its magic.
3. Skipping Daily Self-Education
Knowledge is power, yet 70% of poor people never read for self-improvement, versus 88% of the rich who do so daily.
Corley’s study links this gap to stunted career growth; without learning, opportunities pass you by. His site details how millionaires dedicate time to industry knowledge, turning novices into experts. An analysis of Tom Corley’s Rich Habits data validates this, noting early risers gain hours for strategic reading, aligning with Harvard studies on lifelong learning boosting earnings by 20%.
Commit to 30 minutes of podcasts or articles—your brain’s ROI will skyrocket.
4. Gambling and Seeking Quick Wins
Dreaming of lottery jackpots? Corley found 77% of poor play the lotto weekly, while zero wealthy do—it’s a “lottery mindset” fostering instant gratification over persistence.
True wealth demands deliberate practice, not dice rolls. Richhabits.net stories highlight how self-made millionaires endure failures and learn how to survive until they thrive.
Behavioral economists at Yale corroborate Corley’s findings: gambling erodes delayed gratification, a trait in 80% of high-net-worth individuals per SUCCESS Magazine.
Redirect your idle time into skill-building.
5. Surrounding Yourself with Negative Influences
Your circle creates your ceiling. Corley notes poor people gossip 6.5 hours weekly, versus 0.5 for the rich, who network with mentors. In fact, 93% of the self-made credit success to their mentors.
Toxicity breeds complacency. A Barnes & Noble review of Rich Habits Poor Habits affirms: positive networks amplify habits, backed by Australian psychology studies showing accountability partners double goal achievement.
Audit your contacts—seek uplifters.
Corley’s work, validated by global media and academia proves habits are choices. Ditch these five Poor Habits, adopt their opposites, and millionaire status isn’t a dream; it’s inevitable.
Start small, stay consistent. Your reward will be wealth.
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