If you’re serious about obtaining wealth and success in life, you’ll know that it doesn’t come easy. Even if you’re talented, have a solid plan and work your butt off, there’s no guarantees it will be enough. So, what exactly is it that sets the rich apart?
Financial planner and author Tom Corley decided to find out. He conducted an extensive study of 233 rich and 128 poor individuals to find out how they spend their time, to try and pinpoint exactly what the wealthy are doing differently from the rest of us.
He discovered 5 powerful daily habits that separate the rich from the poor. Here’s what he found out.
It All Comes Down To 240 Minutes A Day
No matter who we are or what we do, we all have 1440 minutes every single day. According to the study, most people spend around 1200 of these doing essential activities like sleeping, eating, working and commuting. It’s those extra 240 minutes a day that there is a noticeable difference between the activities of the rich and the poor. The wealthy make every minute count, through these 5 simple but powerful daily habits.
1. 60 Minutes of Dream-Setting
Over 80% of the wealthy who were interviewed spent an hour every day on dream-setting activities. This was defined by anything related to “the pursuit of a dream and the goals behind”.
For the rich, this goes beyond simply setting goals for personal development or to progress their career. It is more strategic and purposeful. They are dreaming up new ideas outside of their main source of work that can generate one or more sources of additional income, and this is a key way they get ahead.
2. 60 Minutes of Deliberate Practise or Education
Almost 80% of the wealthy who were interviewed spent an hour every day practising a skill and expanding their knowledge on that skill, or something related to their career or industry.
This habit of continual learning is critical to their success. They know that even when you’re the best in the business there is always room for improvement and development. They understand that you can’t afford to stand still for long, or you will soon be overtaken.
3. 30 Minutes of Aerobic Exercise
Nearly all the surveyed rich spent half an hour a day doing aerobic exercise. We all know the health benefits of regular exercise, but how does it increase your wealth? Healthy people have less sick days and more energy, which results in higher levels of productivity. Regular exercise also reduces the risk of serious illness and disease which is obviously a plus.
Aerobic exercise can also improve your mental functioning by increasing oxygen flow to the brain. And importantly, it reduces stress and makes us happier, and this allows us to be our best.
4. 30 Minutes on Building Rich Relationships
Almost 90% of the self-made rich in the study devoted half an hour a day to maintaining and growing powerful relationships.
Like many successful business people, they increased their networks through their involvement in trade associations, business organisations and not-for-profits. They also devoted regular time to calling important people in their lives just to say hi, on their birthdays or after a significant life event. In today’s world where a large chunk of our contact with other people comes via email, text or social media, this small but meaningful gesture has more impact than ever.
5. 60 Minutes of Relaxation and Leisure Activities
All the wealthy in the survey enjoyed some time in their day to relax. But an important distinction was that they limited their daily downtime to one hour. This gave them time to recharge the batteries, while also allowing them to fit in their essential daily habits that are a such an important part of their success.
How Will You Spend Your 240 Minutes Today?
Every day you wake up with a clean slate and the opportunity to make the most of your time.
What is clear from the results is that the rich are disciplined and methodical with how they spend their days. Over many years their simple but significant daily habits guide them towards wealth and success. Every productive minute counts – so start your powerful daily habits today!
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