Things the rich do that the poor don’t

[Resp3]

October 20, 2016

by Tyler Atwell, CBInsight.com


A certified financial planner and CPA Tom Corley wrote a book entitled “Rich Habits,” where he breaks down a five-year study on 233 wealthy people (defined as having an annual income of $160,000 or more and a liquid net worth of $3.2 million or more) and 128 poor people (defined as having an annual income of $35,000 or less and a liquid net worth of $5,000 or less). In his book he was able to separate out rich habits and poor habits. He explains that everyone has some rich habits and some poor habits, but we should strive for more rich than poor. Here are a few of his findings.

They always keep their goals in sight

“I focus on my goals every day.”
Rich who agree: 62%
 Poor who agree: 6%

Similarly, 81% of wealthy people create daily to-do lists, compared to 19% of the poor. Corley says that successful people are goal- oriented and are constantly creating goals even throughout the day.

They keep their cool

“I’ve been known to lose my temper”
Rich who agree: 19%
 Poor who agree: 43%

Corley concluded that those who are poor tend to not be able to control their emotions. Having the ability to keep a cool head in any situation can pay off in the end.

They don’t watch a lot of TV

“I watch TV one hour or less per day.”
Rich who agree: 67%
 Poor who agree: 23%

Similarly, only 6% of the wealthy watch reality shows, compared to 78% of the poor. An interesting figure, though if Netflix counts as TV, then I personally may be poor forever.

They read, but not necessarily for fun

“I love reading.”
Rich who agree: 86%
 Poor who agree: 26%

Rich people do love reading, but they favor nonfiction. More specifically they are reading self-improvement books, 88% of them for 30 minutes each day, compared to 2% of poor people.

They go above and beyond in the office

“I do more than my job requires.”
Rich who agree: 81%
 Poor who agree: 17%

This is the easiest to identify correlation to wealth of all Corley’s questions. Those who go above the call at work are often recognized and rewarded to continue earning more.

They monitor their health

“I count calories every day.”
Rich who agree: 57%
 Poor who agree: 5%

Corley says that wealthy people value their health, and even shared a client’s explanation of why. His wealthy client admitted he exercises and eats healthy because he knows that the end of his career will be his biggest earning years.

They watch what they say

“I always say what is on my mind.”
Rich who agree: 6%
 Poor who agree: 69%

A few conclusions could be drawn from this statistic, but I am reminded of a quote often attributed to Roger H Lincoln. “There are two rules to success: 1) Never reveal everything you know.”


https://www.cbinsight.com/things-rich-poor-dont.html

[Idaho_Cowboy]

Good habits and I try, but some of those are a lot easier to do when you have the luxury of a few extra bucks.

[Wingnut]

Good habits and I try, but some of those are a lot easier to do when you have the luxury of a few extra bucks.

If my Daddy (lets call him Fred) would give me a small loan (lets say One Million dollars) I could develope some habits that rich people have.  They might not be good habits.

[Idaho_Cowboy]

If my Daddy (lets call him Fred) would give me a small loan (lets say One Million dollars) I could develope some habits that rich people have.  They might not be good habits.

I've always viewed Citizen Kane as a cautionary tale of unearned wealth and unchecked ambition.

Proverbs 30:8 Remove far from me vanity and lies: give me neither poverty nor riches; feed me with food convenient for me.

Or as the title song to the classic War Wagon:
A piece of land, my cattle brand, a place to rest my head, the feeling of a women's love are all you really need for living....

In the global perspective I'm already very rich by the blessing of having been born an American. It's hard to complain about wanting more.

[dfwgator]

I've always viewed Citizen Kane as a cautionary tale of unearned wealth and unchecked ambition.

Proverbs 30:8 Remove far from me vanity and lies: give me neither poverty nor riches; feed me with food convenient for me.

Or as the title song to the classic War Wagon:
A piece of land, my cattle brand, a place to rest my head, the feeling of a women's love are all you really need for living....

In the global perspective I'm already very rich by the blessing of having been born an American. It's hard to complain about wanting more.

"And that's the only thing I need is *this*. I don't need this or this. Just this ashtray... And this paddle game. - The ashtray and the paddle game and that's all I need... And this remote control. - The ashtray, the paddle game, and the remote control, and that's all I need... And these matches. - The ashtray, and these matches, and the remote control, and the paddle ball... And this lamp. - The ashtray, this paddle game, and the remote control, and the lamp, and that's all *I* need. And that's *all* I need too. I don't need one other thing, not one... I need this. - The paddle game and the chair, and the remote control, and the matches for sure. Well what are you looking at? What do you think I'm some kind of a jerk or something! - And this. That's all I need."

[jmyrlefuller]

So basically, showing one's emotions and being honest destines you for a life of poverty. No wonder our society's so screwed up.

[geronl]

A certified financial planner and CPA Tom Corley wrote a book

 

[jmyrlefuller]

A certified financial planner and CPA Tom Corley wrote a book entitled “Rich Habits,”

More specifically they are reading self-improvement books, 88% of them for 30 minutes each day, compared to 2% of poor people.

Self-improvement books, like the one Corley's selling?

Nice try.

Fuller's Rule of Life: "If you want to tell lies and have people believe them, publish them in a book."

[geronl]

He's double certified!

LOL

[Sanguine]

So basically, showing one's emotions and being honest destines you for a life of poverty. No wonder our society's so screwed up.

I don't think that's what they're saying.  Emotions come and go, and say more about the person experiencing the emotion than it does about who you're expressing it to.

[Smokin Joe]

So basically, showing one's emotions and being honest destines you for a life of poverty. No wonder our society's so screwed up.

I have found it isn't what you say so much as how you say it. I'm always honest, but I am generally gentle when the news is bad. Just the facts, point no fingers and no 'I tolja so', just stick to the problem and propose a solution if you have one. Lay it out as calmly and clinically as you can, and there is a whole lot less defensiveness. You cut to the chase and get people on the road to a solution. If that doesn't work, you really didn't want to work there, anyway.

[Idaho_Cowboy]

I have found it isn't what you say so much as how you say it. I'm always honest, but I am generally gentle when the news is bad. Just the facts, point no fingers and no 'I tolja so', just stick to the problem and propose a solution if you have one. Lay it out as calmly and clinically as you can, and there is a whole lot less defensiveness. You cut to the chase and get people on the road to a solution. If that doesn't work, you really didn't want to work there, anyway.

Good advice Joe.

[Suppressed]

He's double certified!

LOL

@geronl

So he's a CFP and CPA, what am I missing?

[geronl]

@geronl

So he's a CFP and CPA, what am I missing?

He's very certifiable.

[mountaineer]

Here's what some rich folk do. Party like it's 1999.

[Cripplecreek]

Certainly true of my wealthy uncle.

He's retired but still has a lot of pokers in the fire. He's taking a month long vacation on India but also appears to be investigating certain small family run business methods he thinks our family may be able to use here.

[Idaho_Cowboy]

Here's what some rich folk do. Party like it's 1999.

They sure look happy. not. Actually they both look like they've got a wad of chew if ask me.

[mountaineer]

He's dancing, not that anyone could tell.

[mirraflake]

My wife and I both grew up in fairly wealthy homes.

Not a single brother or sister on  either side has a tattoo, weird piercing or smokes and nearly everyone watches their weight. No one has lived together out of wedlock. Every sibling has a college degree except one. My wifes brother though he has a very profitable plumbing and heating co.

Most of my nieces and nephews are married and no tat's or smoking either.  I went to my nieces HS graduation party 5 years ago..none of her friends had tat's or smoked that i saw.

Now on my mom's blue collar side of the family.. obese, living together, tat's & smokers.

If you observe the wedding announcements in the paper today all the people getting married are college grads and have good jobs for the most part.

Nearly all poor people are poor due to lifestyle choices.

[mirraflake]

Do you know what is required to be a CFP? Or CPA?
@geronl

[Wingnut]

Here's what some rich folk do. Party like it's 1999.

The white side of him is showing.  He ain't got no rhythm.

[roamer_1]

I'll just be poor and happy...thank you very much....   

YEP. A tin roof and a gravel road. Anything more is just varying shades of crazy.

[uglybiker]

Does this include those 'rich' people who, even though they're bringing in 160+ a year, are still living paycheck to paycheck because the they're up to their eyeballs in debt?

[Sanguine]

YEP. A tin roof and a gravel road. Anything more is just varying shades of crazy.

Very true.

[Smokin Joe]

YEP. A tin roof and a gravel road. Anything more is just varying shades of crazy.

It's a plus if the roof doesn't leak.

Only people I know who have money who aren't bedeviled by it are old money. You won't see most of them at the latest resort, or on the pages of People or any of the gossip mags. They live quietly and well, for the most part.

Remove alcohol or drugs from either rich or poor, and people make better decisions, as a rule. An observation, though. There was a woman who had leaders of the world who revered her, was known worldwide, who spent far more time with those who owned little, that those who had enormous wealth or power, but was known by people from all walks of life. Personally, she owned little but was rich beyond compare. I speak, of course, of Mother Teresa.

There are many ways to measure 'wealth'. I am ever reminded that only one of those can follow us to the grave and beyond.

I like nice things, I like pretty places, but given a choice, I'd rather be with personable company and have just enough things, and be surrounded instead with the love of family and friends. Better a little rumble in the belly than a hungry spirit.