What do I need to do to be wealthy?


Yahoo! Finance Financially Fit section recently had an article talking about the habits of wealthy people based on financial planner Tom Corley’s book, Rich Habits: The Daily Success Habits of Wealthy Individuals.

The tricks of the wealthy are:

Rise Early – 44% wake up three hours before their workday and focus on self-improvement, reading educational material, like trade journals or industry blogs and workout (which leads to a more productive day at work).

Keep a Running List of Tasks – Once at the offices, maintain a daily to-do list and check off 70% of the tasks each day. And they’re not just obsessed with short-term plans. Seventy percent of the wealthy surveyed set long-term goals, as well.

No Long Lunches – 55% network, wheel and deal between bites rather than taking long lunches.

Calorie Counting – Wealthy people limit alcoholic consumption and keep junk food snacks to just 300 calories per day.

No Gossiping – 79% of low-income people admit to gossiping, compared with just 6% of wealthy individuals.

Limited Internet – Most wealthy folks reported activities such as networking, volunteering and socializing after work. A majority of those struggling with their finances spent more than an hour on recreational Internet use and were twice as likely to hop on Facebook every day.

Corley defined “wealthy” as earning at least $160,000 annually and holding at least $3.2 million in assets. “Poor” was income under $30,000 a year and less than $5,000 in assets.