In previous articles I have talked about how almost 95% of the decisions we make everyday are habits, not conscious choices. This is why our habits largely dictate our level of success in life. Here is one habit that separates the rich from the poor.
We all want to have more money, get to our ideal weight, and break other bad habits that we may have. The average American household saved 12% of their income in the 1970s, unfortunately today that number has dropped to 5%. The bottom 40% save less than 1% with many going further into debt!
Much of the reason our savings rate has gone down is because of our habits. We are used to getting immediate satisfaction, buying what we want (instead of what we need), instead of looking towards the future. Getting into the habit of tracking your money, spending less than you earn, and investing the difference aren’t easy habits for many to follow.
Tom Corley author of Rich Habits – The Daily Success Habits of Wealthy Individuals outlines several of the differences between the habits of the rich and poor. How many of these habits do you have?
- 70% of wealthy eat less than 300 junk food calories per day. 97% of poor people eat more than 300 junk food calories per day. 23% of wealthy gamble. 52% of poor people gamble.
- 80% of wealthy are focused on accomplishing some single goal. Only 12% of the poor do this.
- 76% of wealthy exercise aerobically four days a week. 23% of poor do this.
- 63% of wealthy listen to audio books during commute to work vs. 5% of poor people.
- 81% of wealthy maintain a to-do list vs. 19% of poor.
- 63% of wealthy parents make their children read two or more non-fiction books a month vs. 3% of poor.
- 70% of wealthy parents make their children volunteer 10 hours or more a month vs. 3% of poor.
- 80% of wealthy make Happy Birthday calls vs. 11% of poor.
- 67% of wealthy write down their goals vs. 17% of poor.
- 88% of wealthy read 30 minutes or more each day for education or career reasons vs. 2% of poor.
- 6% of wealthy say what’s on their mind vs. 69% of poor.
- 79% of wealthy network five hours or more each month vs. 16% of poor.
- 67% of wealthy watch one hour or less of TV every day vs. 23% of poor.
- 6% of wealthy watch reality TV vs. 78% of poor.
- 44% of wealthy wake up three hours before work starts vs. 3% of poor.
- 74% of wealthy teach good daily success habits to their children vs. 1% of poor.
- 84% of wealthy believe good habits create opportunity luck vs. 4% of poor.
- 76% of wealthy believe bad habits create detrimental luck vs. 9% of poor.
- 86% of wealthy believe in lifelong educational self-improvement vs. 5% of poor.
- 86% of wealthy love to read vs. 26% of poor.