Rich Habits Poor Habits Episode 55 | The Thinking Actions of the Rich

One of the big separators between the rich and the non-rich is the rich have developed the Rich Habit of taking action.

Action is really two things:

    1. Thinking Action
    2. Physical Action

Thinking Action

We all think.

According to Psychology Today, the average person has 50,000 thoughts a day.

According to my research, the Thinking Actions of the rich are very different from the poor:

  • The Rich Are Positive Thinkers – 67% of the self-made millionaires in my study forged the habit of being positive and upbeat. A positive, mental outlook is critical to overcoming  problems, obstacles, pitfalls, mistakes and failures. Staying positive is a critical component to becoming wealthy. Positivity is like a radar in search of solutions to intractable problems. Thus, positive thinkers are able to see opportunities, where others see only negative consequences. 42794377_l
  • The Poor Are Negative Thinkers – 70% of the thoughts of the average person are negative (Psychology Today). Negative thinkers are unable to see solutions to problems. Thus, they are unable to overcome obstacles, pitfalls, their mistakes and their failures. Opportunities pass them by because they are not looking for opportunities. They are too focused on the negative consequences.
  • The Rich Are Decision-Makers – 91% of the rich in my study were decision-makers. Forging the habit of making decisions is critical to success. Those who develop the habit of making decisions are sought after as leaders, by others. Decision-makers have forged the habit of overcoming the fear of making decisions along with the paralysis of analysis associated with those unable to make decisions. The rich do not over think, which is a form of procrastination. It is impossible to know everything you need to know before making a decision. The rich forge the habit of being comfortable being uncomfortable about making decisions.
  • The Poor Let Others Make Decisions – 98% of the poor in my study were not decision-makers. They succumb to the fear of making a decision. They get lost in analysis and over thinking, which is a form of procrastination. The poor feel uncomfortable about making decisions, so they defer to others.
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Good Habits – Friends With Benefits

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The more you peel the onion of success, the more confusing it becomes.

One book tells you – Success Requires Grit.

Another tells you – Success Requires Passion.

Yet another tells you – Success Requires Daily Self-Improvement.

It can be so overwhelming, you just want to quit on success.

But, here’s a little secret:

Good habits automatically come with success traits built in.

Good daily habits are like a freight train engine. Behind that engine are all of these railroad cars that each good daily habit pulls along with it:

  • Persistence
  • Focus
  • Grit
  • Self-Improvement
  • Work Ethic
  • Passion
  • Patience

Because habits are automatic, so too are all of the benefits that are attached to them.

For example, when you have the Rich Habit of Daily Deliberate Practice, maintaining and improving your skill or craft, this one daily habit automatically imbues you with: Persistence, Focus, Grit, Self-Improvement, Work Ethic and Patience.

Another Rich Habit, such as Dream-Setting, comes with all the same benefits plus another success trait –  Passion.

By focusing on forging good habits, you don’t need to worry about having acquiring success traits, because everything you need to succeed is already attached to each Rich Habit. All of the success traits required for success are automatically integrated into every good habit.

So, all you need to succeed are good habits. You don’t need anything else. That’s because good habits come with benefits.

For Entrepreneurs, Rich or Poor is a Very Fine Line

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Believe it or not, there are not that many things which separate the rich from the poor.

According to my Rich Habits research, the differences between those who grab life’s brass ring and everyone else, often comes down to just one or two daily habits.

For Ben Carson, famed neurosurgeon and former Presidential candidate, there was only one habit that separated him from the rest of his peers in the ghetto – his daily Rich Habit of reading for self-improvement.

For Benjamin Franklin, one of our most famous founding fathers, there were three habit differences:

#1 Curiosity – His curiosity habit led him to the invention of bifocals, the lightening rod, the Franklin Stove, the public library, the first post office and the urinary catheter.

#2 Desire to Improve – Franklin identified 13 virtues he wanted to have. He created a worksheet, listing each virtue, which he tried to transform into daily habits.

#3 Read to Learn – Franklin was a voracious daily reader. His homes were jammed, floor to ceiling, with books had read.

For Arnold Schwarzenegger, his one big habit difference was Dream-Setting. Arnold made a habit of pursuing his dreams.

  • His first dream was to become the world’s #1 bodybuilder.
  • His second dream was to become a successful real estate investor. Long before he became a Hollywood star, Arnold was already a multi-millionaire real estate investor. This allowed him to pick and choose his acting gigs.
  • His third dream was to become a famous Hollywood actor. He succeeded in becoming one of the highest paid actors in the world.
  • His fourth dream was to become the Governor of California.

Arnold forged the daily habit of pursuing each dream at a time and would not quit until he succeeded.

The lesson here is to focus on only one Rich Habit and then devote yourself to it for many years. As my research shows, there are often only one or two habits rich people have and the poor don’t have. And one habit can completely change your financial circumstances.

Here’s Why We Sleep

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Believe it or not, sleep is still little understood.

But that’s changing. In the last ten years there have been many studies on the purpose of sleep. Here’s some of their findings:

  • Sleep Repairs Cell Damage – When we sleep, our cells repair themselves. Old, end of life cells, are replaced by new cells. Damaged cells are repaired. The Glymphatic System is called into action, sending lympatic fluid where it is needed in order to remove dead cells.
  • Sleep Creates Memories – During the REM stage of sleep, new information we acquire during the day is looped back and forth, thousands of times, between the hippocampus and the neocortex.  Once stored it becomes part of our long-term memory. Long-term memory is also known as Long-Term Potentiation.
  • Sleep Clears Out Waste Material Within Each Cell – Glucose or Ketones are the primary fuel source for every cell within our body. This fuel enters every cell. It is then converted to ATP, which the mitochondria (power plants within each cell) use to power the cell. During this conversion process, Free Radicals (free electrons) result. Free Radicals represent dangerous waste material. Unchecked, they will bounce around inside every cell and can damage the Nucleus (where our DNA and genes reside – causing cell mutations) or they can damage the inner lining of the cell wall. In order to prevent them from mutating or damaging the cell, these Free Radials must be removed. During sleep, oxygen is deployed to soak up these Free Radicals, carry them outside the cell wall and into our blood. Our blood then carries them to the lungs, converts the Free Radical-soaked oxygen into carbon dioxide, which is then exhaled into the environment. Goodbye waste.
  • Sleep Helps Grow & Repair Muscles – During sleep, the pituitary gland releases a growth hormone, which stimulates muscle growth and repair. 
  • Sleep Erases Memory – During sleep, the brain will do a self-diagnosis with respect to stored information. Information (memories) it deems irrelevant, are erased – forever.
  • Sleep Grows & Distributes New Brain Cells – During sleep, new brain cells are created and dispersed to various parts of the brain, where they are most needed.
  • Sleep Oxygenates the Eyes – The purpose of Rapid Eye Movement (one of the 5 sleep stages) is to oxygenate our eyes. This is the only way our eyes receive the oxygen they need to survive.
  • Sleep Restores Willpower – When willpower is depleted, we become unable to focus and think clearly, causing us to be distracted and to make poor decisions. Sleep helps to restore our depleted reserves of willpower.
  • Sleep Reduces Inflammation and Helps You Think Clearer – Sleep slows down your Sypathetic Nervous System, reducing stress. This not only helps you think clearer but also helps to reduce inflammation throughout the body. Chronic inflammation is associated with all sorts of diseases, including cancer and heart disease. Individuals who do not get enough sleep make poor decisions, suffer from chronic inflammation and are susceptible to disease.
  • Sleep Cleans Brain Cells – Amaloid is a protein that builds up on the neural receptors of every brain cell. The uncontrolled build up of Amaloid is believed to result in Alzheimers. Sleep flushes away these Amaloids.

How much sleep do you need?

The average adult requires between four to six sleep cycles a night. Each sleep cycle is composed of five separate levels of sleep: alpha, theta, delta, rapid eye movement (REM) and then back to theta. The first three sleep levels last approximately 65 minutes. REM lasts 20 minutes and the final level of sleep, theta, lasts 5 minutes. So, each sleep cycle lasts about 90 minutes. Four sleep cycles is about six hours of sleep. Five sleep cycles is 7.5 hours of sleep and six sleep cycles is approximately nine hours of sleep.

The number of hours you sleep is less important than the number of complete sleep cycles your brain requires every night. Five sleep cycles a night, or 7.5 hours, is considered optimal.

This is why some individuals require more or less sleep than others. It all depends on how many sleep cycles your brain requires each night.

94% Have No Purpose

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Prominent Psychologist, William Marsten, surveyed 3,000 people and found that 94% had no purpose in life.

In another study, called the 2015 UK Optimism Audit, 69% of the 2,000 study subjects said they were unhappy with their lives. The main reason?

Unfulfilled work.

When you do not have a main purpose in life, life becomes drudgery. The result is unhappiness.

According to my Rich Habits research, having a main purpose in life is critical to success, building wealth and happiness.

82% of the self-made millionaires in my study had pursued some big dream. This spurred them on to achieve great things in life.

Dreams give you a purpose in life. When you pursue a dream, it toggles on a number of success traits:

  • Self-Motivation
  • Intense Desire
  • Hard Work Ethic
  • Enthusiasm
  • Positive Mental Outlook
  • Self-Education – Desire to Learn
  • Focus
  • Emotional Control
  • Patience
  • Persistence
  • Meaningful Goal-Setting
  • Forging Success Relationships (Birds of a Feather)
  • Financial Literacy
  • Greater Risk Tolerance
  • Increased Confidence
  • Adopting Good Habits – Habits That Help You Achieve Your Dreams/Goals
  • Self-Awareness
  • Delayed Gratification
  • Open Mind
  • Team Building
  • Efficient Time Management
  • Expectations Management
  • Leveraging Resources
  • Fearlessness
  • Seeking Feedback
  • Asking for What You Need or Want
  • Eliminate time Wasters
  • Asking the Right Questions

All of these success traits reside inside each person. They are only revealed when you pursue a dream or some main purpose in life.

Put your ladder on your wall.

Don’t waste your life pursuing someone else’s dream or main purpose in life. It’s your life. Pursue your dreams. Find your main purpose.

Yes, God Does Love the Rich

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Many believe the pursuit of wealth is wrong and that the wealthy are evil.

I know this because I have received thousands of very angry and abusive emails and comments over the years from individuals in response to one of the many media articles on me or my Rich Habits research. There is no shortage of hatred for rich people.

Many of those angry emails/comments, oftentimes referenced some Bible passage, as if their Bible knowledge somehow invalidated my research.

What my haters didn’t know, however, was that I knew a little bit about the Bible too. At one point, very early in my life, I was on the path to become a priest. So, for many years I had studied the Bible, almost on a daily basis.

The Bible is not black and white on the topic of wealth. In fact, within its pages are many passages that seem to shine a favorable light on wealth, especially the Book of Proverbs.

  • Proverbs 13:11 – Whoever gathers money, little by little, makes it grow.
  • Matthew 25: 14-30 – Parable of the Talents
  • Proverbs 10:4 – Lazy hands make for poverty, but diligent hands bring wealth.
  • Proverbs 22:7 – Just as the rich rule the poor, so the borrower is servant to the lender.
  • Proverbs 21:20 – The wise have wealth and luxury but fools spend whatever they get.
  • Luke 6:38 – Give and you shall receive. The amount you give will determine the amount you get back.
  • Deuteronomy 16:17 – All must give as they are able, according to the blessings given to them by the Lord your God.
  • Proverbs 10:15 – A rich man’s wealth is his strong city; the poverty of the poor is their ruin.
  • Proverbs 28:20 – A faithful man will abound with blessings, but whoever hastens to be rich will not go unpunished.
  • Proverbs 23:21 – For the drunkard and the glutton will come to poverty; and slumber will clothe them with rags.
  • Proverbs 21:5 – The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty.

Growing up, I was taught by my mother that the pursuit of wealth was a mortal sin. As a result, I was programmed into believing the wealthy were sinners.

And, almost daily, my belief was validated by the media and many politicians, who almost unanimously, vilified the rich.

My belief system came crashing down in 2009, however, after completing my five-year study on the daily habits of the rich and poor. That study opened my eyes for the first time. I discovered that wealthy individuals were not the evil people I had been brainwashed into believing them to be.

According to my data, 72% of the self-made millionaires in my study were involved in some charitable organization. And 61% were on the boards or committees of a charitable organization.

These charities they supported helped feed and shelter the poor, paid medical bills for the poor, built homes for the poor, helped educate the poor, bought wheel chairs for the disabled, and in many ways, helped improve the lives of those otherwise cast aside by society.

I also learned, from my Rich Habits research, that many of the self-made millionaires who ran their own companies were very generous to their employees. They loaned them money so they could purchase a home. They helped pay college costs for their children. They bought them cars. They co-signed loans. They paid for unexpected medical expenses. And they mentored them so they could also one day become successful.

My Mom was wrong. Wealthy people are not evil. In fact, they are among the finest human beings to walk the earth.

53% of Unhappiness is Self-Inflicted

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All seek happiness. Happiness is the ultimate goal in life.

But for the majority, happiness is elusive.

Why?

Because of unhappiness.

Unhappiness is far more prevalent than happiness and it throws a wrench into living a happy life.

There are certain things in life that create unhappiness:

  1. Stress
  2. Toxic Relationships
  3. Boring, Unsatisfying Work
  4. Being Ignored or Taken for Granted
  5. Inactivity
  6. Negative Beliefs
  7. Personal Physical Illness
  8. Illness of a Close Family Member
  9. Illness of a Close Friend
  10. Death of a Close Family Member
  11. Death of a Close Friend
  12. Anxiety and Worry
  13. Sadness
  14. Depression
  15. Unhappy Family
  16. Unhappy Friends
  17. Hate
  18. Anger
  19. Unmet Expectations
  20. Debt
  21. Inability to Pay Bills
  22. Poverty
  23. Marital Problems
  24. Divorce
  25. Mistakes
  26. Failure
  27. Catastrophes Wrought by Nature (Hurricane’s, Earthquakes, etc.)
  28. Economic Recessions or Depressions
  29. Job Loss
  30. Loss of Income

When you look at this list, how many are completely within your control?

Stress, Toxic Relationships, Boring, Unsatisfying Work, Negative Beliefs, Being Ignored or Taken for Granted, Distractions, Anxiety and Worry, Sadness, Hate, Anger, Debt, Inability to Pay Bills, Poverty, Mistakes and Failure.

If you do the math, that’s 53%.

53% of unhappiness is self-inflicted.

We are our own worst enemies.

Control what you can control and you will eliminate 53% of the unhappiness in your life.

Something to think about.

Rich People Avoid Poor People – Here’s Why

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Are you happy or unhappy?

Are you successful or struggling?

Are you upbeat, positive and enthusiastic about your life?

Or, are you too often pessimistic and down about your life?

Who you associate with on a regular basis determines the circumstances of your life.

The average person unconsciously chooses their friends, their boss, their spouse or their significant other. They unknowingly seek out individuals who they feel comfortable with and then they wind up surrounding themselves with those similar people. Their associations all have similar habits, similar mental outlooks, a similar work ethic, and many other shared traits.

It’s the birds of a feather flock together maxim. And, as I said, for the average individual, it’s all happening unconsciously.

In my extensive research for my book Change Your Habits Change Your Life, I found that one of the hallmarks of wealthy, successful people was their ability to somehow break free of this human tendency to unconsciously forge relationships with others.

According to my Rich Habits research, the self-made rich, long before they became rich, made an intentional, conscious effort to only forge relationships with individuals they aspired to be – other rich and successful people.

The poor, conversely, unconsciously forged relationships with other poor people.

But, there’s no need to blindly forge relationships that drag you down in life. You can choose those relationships that will lift you up and you can choose to avoid those relationships that drag you down.

You can choose to be rich, by choosing who you associate with.

In order for you to know who to associate with, however, you must first know what to look for.

Rich Relationship have one or more of the following traits: [Read more…]

When You Lack Passion & Purpose – Everything is Work

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Tom Corley boats - cropAccording to a 2012 survey conducted by “Big 4” accounting firm Deloitte, 80% of those surveyed did not like their jobs. In another survey conducted by Gallup in 2013, 63% of the 230,000 employees in the survey said they were unhappy with their jobs.

Job dissatisfaction is driven by a number of factors:

  1. No Direction – You have no idea where you are going in life. Your job has no purpose other than to provide a paycheck. It does not lead anywhere. It’s a dead-end job. When you can visualize where you want to be in say five or ten year’s, you will eventually find a job that helps you get there.
  2. No Plan – Because you have no direction, you have no plan. Without any plan you are floating around like leaves on a fall day. You allow the wind to blow you from job to job. The solution is to define what you want to do in life and then develop a plan that will get you there.
  3. No Passion – You’re not good at what you do and you’re not good at what you do because you lack passion. As a result, you put in the bare minimum at work – enough to keep you from getting fired. When you do not do your best, when you don’t give it 100%, you feel dissatisfied. The solution is to find your innate talents or something you are passionate about. This requires experimentation – experimenting with different income-produing activities. Through experimentation, you will eventually find something you enjoy doing and you will devote significant hours to it, until you become expert in it.
  4. Wrong Wall – Your Ladder is on Someone Else’s Wall – You only excel when you pursue your own goals and your own dreams. When you pursue the dreams and goals of your parents or some influencer in your life, you are pursuing their dreams and goals. Your dissatisfaction is the result of not doing what you should be doing in life. You need to put your own ladder on your own wall.

When you find your passion and purpose in life, work ceases to be work. It changes from drudgery to pleasure. Your mindset shifts from negative to positive. Your work-life takes on new meaning. You feel you are doing something you were born to do. And this leads to happiness, mastery and, in time, more money and the accumulation of wealth.

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