Yahoo! Finance recently posted an article and video on the daily habits of wealthy people. A financial planner, Tom Corley, spent more than 5 years observing rich and poor people. He 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.
According to his definition, I am not considered rich since I don’t have $3.2 million in assets, but I thought it would be fun to see if I have similar habits of the “rich”.
Here’s a synopsis of what he observed as the 6 major differences in daily habits.
- Corley found that rich folks often take advantage of those wee morning hours. Specifically, 44% wake up three hours before their 9-to-5 job. In those hours they focus on self improvement, reading educational material, like trade journals or industry blogs. They’ll squeeze in a workout, too, which Corley says leads to a more productive day at work.
- I Am 1 Percent’s Habit – On average, I get up at 6AM everyday. The days I work from home, I’m up by 7AM. The days I go into the office, I’m up at 5:15AM and get a work-out in the morning.
Keep a Running List of Tasks
- Once they reach their offices, the wealthy don’t waste time. Most maintain a daily to-do list and check off 70% of their 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.
- I Am 1 Percent’s Habit – I keep a running tab of things I need to do professionally, personally, and with this blog. I also have a list of short, mid, and long-term financial and personal goals
No Long Lunches
- Taking a long, leisurely lunch isn’t a wealthy habit, either. Instead, 55% network, wheel and deal between bites.
- I Am 1 Percent’s Habit – Though I don’t network during lunch, I do take short lunch breaks and often do work while I’m eating
- Speaking of eating, rich folks are big calorie counters. Corley found most wealthy people limit alcoholic consumption and keep junk food snacks to just 300 calories per day, not just so that they can fit into their skinny jeans. “Wealthy people are healthy people. To wealthy people being healthy is about making more money,” says Corley. “If they’re healthy they have fewer sick days, they’re exercising, they have more energy, they maintain health their entire lives so they can work longer careers.”
- I Am 1 Percent’s Habit – I do watch what i eat to a certain degree and never snack during the day. I try to drink plenty of water and make healthy eating decisions.
- Consider this before spreading the latest workplace rumors: 79% of low-income people admit to gossiping, compared with just 6% of wealthy individuals.
- I Am 1 Percent’s Habit – I hate gossiping
- Finally, when it’s time to punch out at the end of the day, how do you unwind? Head to the bar? Veg out in front of the TV? While most wealthy folks reported activities such as networking, volunteering and socializing, Corley found 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.
- I Am 1 Percent’s Habit – I do check Facebook often and spend time on the Internet, but usually spend time with my kids when the workday is done
So, it looks like I have textbook habits of the wealthy people in this study.
How do you measure up?