The 1% Will Always Control the Wealth – And Here’s How They Do It

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I just finished reading a recent article complaining about the rich. The author was upset at the fact that 1% controlled 82% of the wealth in the world. In the author’s mind, there was something inherently unfair about this. The author, like many who are not in the 1%, felt that the wealth the 1% created didn’t necessarily belong to them and offered government solutions to cap or redistribute the wealth of the rich.

It’s true. One percent do control 82% of the wealth. And the top 1% will always control most of the wealth until the other 99% figure out how the 1% go about cultivating wealth.

So, how do the 1% cultivate wealth?

The top 1% cultivate wealth by doing certain things:

  • Read to Learn Every Day – 88% of the rich in my Rich Habits Study read 30 minutes or more every day to learn. Reading is work. But it’s work that is necessary if you want to become rich. Rich people read because they know that knowledge can be leveraged to gain wealth. The more you know about your field, career or industry, the more valuable you are to those you service or sell to in your field, career or industry.
  • Deliberate Practice – 69% of the rich in my study practiced some specific skill for two or more hours every day. Deliberate practice requires conscious practice as opposed to unconscious practice. Conscious practice is practice in which you study everything you do that goes into the skill you have. It’s about studying the intricate details that enable you to become a virtuoso at what you do.
  • Pursue Long-Term Goals or a Dream- 70% of the rich in my study pursued some long-term goal or some dream. This is what really drives the disparity between the 1% and the other 99%. Pursuing big goals or dreams creates the opportunity for good luck to happen. The majority of the 1% are beneficiaries of good luck – but good luck they put themselves in a position to receive.
  • Focus on Daily Goals – 62% of the rich in my study focused on their daily goals.
  • Save – 94% of the rich in my study saved 20% or more of their income every year.
  • Be Frugal With Your Money – 67% of the rich in my study were frugal with their money. They spent their money thoughtfully, not emotionally. They buy the best made quality products at the cheapest prices. This requires study and patience and delayed gratification.
  • Forge Rich Relationships – 68% of the rich in my study forged relationships with other upbeat, success-minded people. These are people who can open doors for you. They are individuals who are either trying to become the 1% or are the 1%. These 1% have powerful relationships with other 1% individuals.
  • Volunteer – 72% of the rich in my study volunteered 5 hours or more a month. Why volunteer? Most of the boards and committees in local non-profits are run by successful people within the community.
  • 5 AM Club – 44% of the rich in my study woke up 3 or more hours before they began their work day to pursue dreams, goals, read, be productive, etc. Waking up early is important. It allows you to get things done first thing in the day that help move you forward in life.
  • Become a Decision Maker at Work – 91% of the rich in my study were one of the decision makers where they worked. If you want to control the outcome of your life you need to be a decision-maker.
  • Do Work You At Least Like – 86% of the rich in my study liked what they did for a living. When you like what you do, you will devote more time to doing it. More time in honing your skills. More time in reading to learn everything about your vocation. More time in building relationships with other success-minded people within your industry or field. More time devoted to improving yourself makes you more valuable.

Everyone wants to be on top of the mountain but few are willing to make the climb. The 1% control 82% of the wealth because the 1% are willing to climb the mountain.

If you want to be one of the 1%, you need to start climbing. You need to do the things that cultivate wealth.

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Thomas C. Corley About Thomas C. Corley

Tom Corley is a bestselling author, speaker, and media contributor for Business Insider, CNBC and a few other national media outlets.

His Rich Habits research has been read, viewed or heard by over 50 million people in 25 countries around the world.

Besides being an author, Tom is also a CPA, CFP, holds a master’s degree in taxation and is President of Cerefice and Company, a CPA firm in New Jersey.
 
Phone Number: 732-382-3800 Ext. 103.
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Comments

  1. Heera Sidhu says:

    This one is an all-timer! Great post, Tom!

  2. Great daily posts, Tom.

  3. Wanda Rosseland says:

    I hope you sent this article to the complaining author, Tom.
    And ask him to do it for six months and tell you what happened.

    It’s excellent. Thank you.

  4. TOM SPEAR says:

    Tom, you nailed it! Thank you for writing this

  5. Craig Haynes says:

    Why does the motivation need to be the “1%?” When will “having enough” be just as meaningful, powerful, successful as having more than is needed. This obsession to acquire, conquer, impress, control, is already “out of control” in America. For some, it is an amoral exercise that justifies being mean, uncivil, manipulative and crass. Moreover, teaching folks to be satisfied with having enough, is probably more realistic and it is definitely more honest. The 1% will never be able to buy clean air, clean water and blue skies. Nor will they ever be able to buy a cure for incurable disease and unwellness of mind or body or death. The wealthy are those who do not take the free stuff for granted and do their best to have enough, as honestly as they are able to do so. First, do no harm.

  6. What an entitled prick. Such words of wisdom – become a decision maker at work! Wow! As if that’s a choice. Just as useful as – become rich by earning more money. Wake up at 5am? Sure, if you don’t work the night shift, or have to take your kids to their school, or not too tired after two jobs so you can pay the rent. Frugal with your money, that’s another good one. Why eat every day when you can save yourself for the weekend? I despise people like you. Not because you’re successful, but because you’re blind and ignorant. Your explanation for why volunteering says it all. Not to share with less fortunate, but to create further opportunities for yourself.

  7. Nothing in life is guaranteed except taxes and death. The majority of the US population is not privileged and most will not want to do the work to reach half of what the 1% have. It is time for those complainers to look in the mirror and do what they need to move forward . It is not easy, but so worth every drop of sweat.
    Thanks for the reminder.

  8. Absolutely true. People who think they can ‘redistribute the wealth’ are morons. Look how well that’s worked *everywhere* in the world it’s been tried. USSR, China, NK, Zimbabwe.. do people have no brains anymore?

  9. Thank you Tom, if a few people use all or some of your advice and proven facts the world will be a little better.

  10. Promod George says:

    Being honestly ambitious is what Tom is referring to. I do see few posts against him. Whats wrong with being ambitious? Remember the parable of the master and the 3 servants? Its good that you are working two jobs and have other troubles but if you continue with sound principle’s you are bound to succeed and come out of the situation. And then, probably, to grow further, you wiil come back and visit these points from Tom 🙂

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