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TOM@RICHHABITS.NET
In a world obsessed with get-rich-quick schemes, the real barrier to wealth often lies in the subtle, everyday choices we make. Tom Corley, CPA and author of Rich Habits: The routines millionaires use every day that will help you build wealthspent five years studying the behavior of 233 wealthy individuals (defined as those earning more than $160,000 annually with $3.2 million in net assets) and 128 lower-income individuals earning less than $35,000 with less than $5,000 in liquid assets.
His groundbreaking research can be seen at www.richhabits.net and profiled in outlets such as CNBC and SUCCESS Magazine, uncovered more than 300 habits that separate the rich from the poor.
Shockingly, 40% of our daily actions are autopilot habits that determine our financial destiny.
While the rich build empires through disciplined routines, the poor sabotage themselves with five treacherous habits. Breaking them can tilt your seesaw toward success. Let’s dive in.
1. Wasting hours on TV and social media and binge watching or endless scrolling? You are not alone, but it costs you a lot of money. Corley’s data shows that 77% of poor people watch reality TV shows every day, compared to just 23% of the rich. Furthermore, 62% of wealthy individuals limit internet use outside of work to less than an hour, while the poor use much more on average. This ‘bad habit’ eats up the 240 free minutes we all have every day, time that the rich use for self-study or networking.
Third-party validation comes from a Columbia University study showing how such passive consumption sets off addictive cycles, mirroring smoking’s gateway to worse behavior.
Trade the remote for a book (94% of millionaires read 30 minutes a day to grow) and claim your future.
2. Spend more than you earn
Living paycheck to paycheck? It’s a trap. Corley’s findings show that poor people often spend beyond their means, leading to debt spirals, while 88% of the wealthy save at least 10 to 20% of their income.
This overspending results in “carryover effects,” such as overuse of credit cards or comfort eating, which erodes the potential for wealth building.
Corley emphasizes that budgeting is a cornerstone habit. Following on from this, research from Indiana University confirms that key habits, such as wise saving, promote healthier choices in all areas of life.
Track your spending today (apps like Mint can help) and watch compound interest work its magic.
3. Skipping daily tutorial
Knowledge is power, yet 70% of poor people never read for self-improvement, compared to 88% of the rich who do so every day.
Corley’s research links this gap to slowed career growth; without learning, opportunities will pass you by. His site details how millionaires spend time gaining industry knowledge, turning beginners into experts. An analysis of Tom Corley’s Rich Habits data confirms this, noting that early birds gain hours for strategic reading, which echoes Harvard studies on lifelong learning, boosting earnings by 20%.
Invest in 30 minutes of podcasts or articles; your brain’s ROI will skyrocket.
4. Gambling and seeking quick profits
Do you dream of lottery jackpots? Corley found that 77% of the poor play the lottery every week, while zero of the rich do so. It’s a “lottery mentality” that promotes instant gratification over persistence.
True wealth requires deliberate practice, not dice rolls. Richhabits.net’s stories show how self-made millionaires endure failure and learn how to survive until they thrive.
Behavioral economists at Yale confirm Corley’s findings: Gambling erodes delayed gratification, a trait in 80% of wealthy individuals according to SUCCESS Magazine.
Spend your idle time building skills.
5. Surrounding yourself with negative influences
Your circle creates your ceiling. Corley notes that poor people gossip 6.5 hours a week, compared to 0.5 hours for the rich, who network with mentors. In fact, 93% of self-made credit success is due to their mentors.
Toxicity leads to complacency. A Barnes & Noble review of Rich Habits Poor Habits confirms: Positive networks strengthen habits, backed by Australian psychology studies showing accountability partners achieve dual goals.
Check your contacts – look for uplifting people.
Corley’s work, validated by global media and academia, proves that habits are choices. Throw away these five bad habits, adopt their opposites, and millionaire status is not a dream; it’s inevitable.
Start small, stay consistent. Your reward will be wealth.
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