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Author spent 5 years interviewing 177 selfmade millionaires to find their secrets. Findings inside.

Anything related to matters of the mind

ChrisV

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"Corley conducted a survey by interviewing 233 wealthy people who make $160,000 or more in annual income and hold at least $3.2 million in net liquid assets (177 of whom were self-made, coming from poverty or the middle class) and 128 poor people who make less than $35,000 per year and have less than $5,000 in assets. Over five years, Corley posed 144 questions in 20 categories to each person and saw distinct patterns emerge.”

There are some very distinct differences that we see emerge, many having to do with self discipline. The rich are extremely disciplined. They would rather sacrifice today for a better tomorrow. The prefer $7 tomorrow to $5 right now.

Some of his specific findings: the wealthy read constantly, exercise regularly, eat a healthy diet, hang out with other successful people, pursue their own goals, get up early, have multiple sources of income, are positive, and have great etiquette (thank-you notes, birthday cards, calls on special occasions, etc.)

His full findings:

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You can read the rest of his work on http://richhabits.net/


Edit 8/16/18 - This is a different Author who had similar findings:


 
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  • Rich Habits.pdf
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The EL Maven

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Very interesting, thank you for posting.

It does look as though a minimum of 6% of his "rich" aren't really rich at all, but even with this potential sampling mistake, there are some categories that are really telling.
 

ChrisV

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What is the 6% you're referring to?

If you really take some time and read through them, they’re really telling. I updated the original post with the raw pdf. He also has some good books and articles out there.
 

ApparentHorizon

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There are some very distinct differences that we see emerge, mostly having to do with self discipline. The rich are extremely disciplined. They would rather sacrifice today for a better tomorrow. The prefer $7 tomorrow to $5 right now.

The Stanford Marshmallow Experiment covers this with kids.

You put the marshmallow on a table, and you say. You can either have 1 now, or 2 later.

The ones who waited, had better outcomes later in life.
 

ChrisV

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The Stanford Marshmallow Experiment covers this with kids.

You put the marshmallow on a table, and you say. You can either have 1 now, or 2 later.

The ones who waited, had better outcomes later in life.

Yes, the Stanford Marshmallow experiment was a topic of my study for a long long time. I was planning on writing a thread on that as well. In relation to this thread, while self-discipline is part of Thomas Corley’s research.. it goes way more into depth than that. But Self-Discipline seems to be at the core.
 
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ChrisV

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There are some gems here in the patterns on 'rich people' side. It's even more interesting to look at the contrast between the two.

That’s where I found 90% of the value in this. One of the things I found interesting was how frugal Self-Made Wealthy are. It’s funny because people think that the wealthy just throw money around, but it was the opposite. 0% of the Self-Made said they would buy a new car, most of them carried Credit Cards that offered reward points, etc. The patterns I noted was that the wealthy were almost obsessively focused on profits, no matter where they could get them. They milked every gain and minimized every loss, Rich-Dad/Poor-Dad style. Which may sound obvious, but it’s funny how the public thinks that the rich throw around money, when in reality it’s the opposite.
 
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luniac

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only 1% below 40, since this the demographic a lot of us are aiming for, im dissapointed.
 
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G. Wellthy

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It is not possible that 100% of Rich self-made respondents have a CPA... that must be a typo. My experience is that most self-made rich are driven intrinsically and a CPA is a classic "my parents think I should go slave away in a big accounting firm for four (?) years because it is a great security blanket" way of thinking (certainly not FL thinking!)
 

Velocke

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It is not possible that 100% of Rich self-made respondents have a CPA... that must be a typo. My experience is that most self-made rich are driven intrinsically and a CPA is a classic "my parents think I should go slave away in a big accounting firm for four (?) years because it is a great security blanket" way of thinking (certainly not FL thinking!)

I thought something similar at first. Then I figured that means they use the services of a CPA, not that they personally have the credential.
 
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GoGetter24

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Nice. I thought these were insightful:

bought a used car
alcohol
exercise
read biographies of successful people
lying is part of wealth creation

And especially this one:
learned good success habits from parents

As I always say: you have no choice if you inherit shit genes from your parents, but you do have a choice where you inherit your ideas from. If your parents are shit, rebel and get guidance elsewhere from the wisest you can as soon as possible.
 

SquatchMan

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Unhappy Due to Finances
Rich: 0%
Poor: 98%

How many of those 98% say that money can't buy happiness?

It is not possible that 100% of Rich self-made respondents have a CPA... that must be a typo. My experience is that most self-made rich are driven intrinsically and a CPA is a classic "my parents think I should go slave away in a big accounting firm for four (?) years because it is a great security blanket" way of thinking (certainly not FL thinking!)

"Having a Certified Public Accountant (CPA)" generally refers to using the services of a CPA, which makes much more sense than 100% of wealthy people "being a Certified Public Accountant."
 
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ZF Lee

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only 1% below 40, since this the demographic a lot of us are aiming for, im dissapointed.
The survey didn't cover the younger folks anyway.
Folks our age are less likely to get up to speed with networking, formation of growth mindset principles and others. Apparently society is still SCRIPTED to believe that 20-30 year olds are to be somewhat green and naive.


But the patterns in great habits and usage of assets like relationships, networking and good hobbies are excellent benchmarks for us to aim for.

I didn't expect the survey to cover specific choices, like luck and work ethic. Whoever did the survey gets my respect for the thorough job. I've seen too many surveys go bland and biased.

I'm happy to get some boxes ticked off for my case, according to the findings. I think there is still room for me to level up on business relationships, management of credit cards (mostly should be directed to set up credit lines for business, something to think of later) and physical exercise though.
 

Merging Left

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This is the tidbit that stood out the most to me:
upload_2018-8-6_9-13-13.png

I think that's fascinating, especially given how many of us on this forum, myself included, are trying to go it alone.

Perhaps networking is the most critical skill for building wealth...
 
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MJ DeMarco

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I think that's fascinating, especially given how many of us on this forum, myself included, are trying to go it alone.

But you aren't going it alone, that's why you're here. That's why you read books.
 

GPM

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Essentially using this forum and finding like minded individuals IS like having a mentor of sorts. Compare this to never knowing anyone ever.

The biggest take away for me are how they "think" about being rich. Poor believe in chance luck, rich believe in working hard to make your luck. Huge locus of control here.

Also reading. Reading changes the world. By choosing to read you can literally unlock all the knowledge that the world has ever had EVER. By choosing not to read you are skipping all that, for whatever bonehead reason. "I don't read", "I don't like to read" = lazy and ignorant. There is no way around that.
 

Fox

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Interesting to see the influence of parents, mentors, and connections.

You become what you surround yourself with - choose wisely.
 
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ZCP

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This is the tidbit that stood out the most to me:
View attachment 20797
I think that's fascinating, especially given how many of us on this forum, myself included, are trying to go it alone.
Perhaps networking is the most critical skill for building wealth...
If you are on this forum and have not reached out to a possible mentor or joined a group that is holding each other accountable, why not?!?!
 

Invictus

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I see a lot of examples of locus of control there.

This caught my eye immediately.

bL9v8Z5.png



That picture is worth a million words.

Not going to analyze it, but what I find just as interesting as who says the American Dream is no longer possible is who says the American Dream means home ownership.
 
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ZCP

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If you are not going in and talking to middle school kids, please do. They need to know the reality of the world. Not the CNN version. The 'you can make it if you want to' mentality. The positive 'opportunity is everywhere, though it will not be handed to you. you have to go get it' mentality.
 

karakoram

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If y'alls' minds are not already blown, here's a little something that will blow it. I think this just corroborates the RichHabits.net site findings.
 

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  • Talent vs Luck - The Role of Randomness in Success and Failure.pdf
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karakoram

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It is not possible that 100% of Rich self-made respondents have a CPA... that must be a typo. My experience is that most self-made rich are driven intrinsically and a CPA is a classic "my parents think I should go slave away in a big accounting firm for four (?) years because it is a great security blanket" way of thinking (certainly not FL thinking!)

Originally, that was my thought as well. I now think the question was do you have a CPA? in other words, "Do you use a CPA?", not, "Do you have a CPA certification?"
 
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