One of the interesting discoveries I made in my Rich Habits study was that self-made millionaires created multiple streams of income. Three seemed to be the magic number.
But the questions I often get asked are:
How were they able to avoid spreading themselves too thin?
How were they able to focus their time to each of their businesses?
The answer is – by Compartmentalizing.
Compartmentalizing is the act of single-mindedly focusing on one thing for a number of hours and then moving on to the next focal point.
Millionaires are so good at this, that it almost appears, to the untrained eye, to be an inherently unique trait possessed by the mighty few.
Only it isn’t.
It’s actually just a habit.
And, it’s a habit anyone can forge.
Once I understood how millionaires Compartmentalize, I forged this daily habit. Here’s how I did it.
I have three core businesses:
- CPA Firm – 5 employees and about 1,000 clients
- Financial Planning Company – I am part of a company with 130 financial planners.
- Rich Habits Institute – I write books, I write articles for the media, I do speaking engagements, I do media interviews on my books and research and I occasionally offer Rich Habits training sessions to the public.
I typically manage my CPA business from 9am-5pm.
I typically manage my Financial Planning business from 5pm – 8pm.
I typically manage my Rich Habits business from 4:30am – 7am.
Occasionally, these businesses cross each other, but I do my best to focus on each core business by devoting specific, daily blocks of time to each.
This is something I learned from the entrepreneur-millionaires in my study. They Compartmentalized their businesses and by doing so, they were able to single-mindedly focus on each individual business at a time, ensuring its best chances for success.
About Thomas C. Corley
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