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Building wealth takes years of smart decisions, both professionally and financially.
But according to according to one man who interviewed hundreds of self-made
millionaires, getting rich also means keeping certain lifestyle habits.
In his best-selling book “Change Your Habits, Change Your Life, ” Corley
explains that wealthy people set themselves up for success in a few specific ways.
Here are the habits they have in common:
Nearly 50 percent of the self-made millionaires in Corley’s research got out of bed
at least three hours before their workday actually started. Many of them use the
free time to tackle personal projects, plan their day, or make time for exercise.
“Getting up at five in the morning to tackle the top three things you want to
accomplish in your day allows you to regain control of your life,” he writes. “It
gives you a sense of confidence that you, indeed, direct your life.”
Most do not read for entertainment; they prefer biographies, history, and self-help
books.
If you enjoy a good novel, that can help you too. Science showsthat reading for
pleasure can also boost your career. And Corley’s point holds for many kinds of
narratives. “There are important life lessons to be learned in biographies of people
with rags-to-riches stories,” he writes.
Legendary investor and self-made billionaire Warren Buffett says that reading has
been the most crucial habit he’s developed. If you’re looking to pick up a new
book, check out the business classics Buffett and other leaders love.
Many of the self-made millionaires Corley interviewed said they make time to
process everything that’s going on in their lives.
“The rich tend to think in isolation, in the mornings,” he writes “and for at least 15
minutes every day.”
Often they’ll reflect on their career, their health and their personal
relationships. Having quiet time to analyze your thoughts is associated with stress
reduction.
In fact, taking two minutes at work to focus on nothing but your breathe will help
you relax, a Harvard-trained doctor tells CNBC.
Working out regularly clears your head and makes you feel more
motivated, studies show.
“You are only as successful as those you frequently associate with,” Corley says.
If you don’t have highly-motivated people in your personal network yet, fear not.
Self-made millionaires volunteer, which is a great way to meet other positive,
motivated individuals. You could also join groups for people who share your same
career or personal interests, Corley suggests. Then develop the relationship by
keeping in touch.
And be choosy about who you spend your time with. ”[Successful people] also
make a point to limit their exposure to toxic, negative people,” says Corley.
Most self-made millionaires plan to get rich and then make it happen, Corley’s
research finds.
Eighty percent of the wealthy are “obsessed with pursuing goals,” he writes. They
refer to both daily and long-term goals regularly.
“I’m here to tell you to avoid putting your ladder on someone else’s wall and then
spending the best years of your life climbing it,” Corley says. “Find your own wall,
your own dreams, and your own goals, and pursue them.”
Albert Einstein reportedly preferred to get at least ten hours of sleep a night. If you
too function best when you’re well-rested, Corley has some good news.
“Sleep is critical to success,” he writes, citing its effects on memory function and
creative thinking.
“Sixty-five percent had at least three streams of income that they created prior to
making their first million dollars,” Corley says, such as a side-business or income
generating investments like REITs or real estate.
Money isn’t the only important resource for wealthy people. Time is crucial too.
“When we invest our time in anything, it’s lost forever,” Corley writes.
Be choosy about the apps you spend your time with, too, instead of spending hours
on end watching Netflix or scrolling through Instagram.
“When you see time as the greatest risk of all, it will force you to become more
aware of exactly how to invest your time,” says Corley.
Warren Buffett’s reading
routine could make you
smarter, science suggests
Warren Buffett credits many of his great money decisions to his voracious reading habit. He
says he starts every morning by poring over several newspapers and estimates he spends as
much as 80 percent of his day reading.
The CEO of Berkshire Hathaway, when asked once about the key to success, pointed to a
stack of books and said, “Read 500 pages like this every day. That’s how knowledge works.
It builds up, like compound interest. All of you can do it, but I guarantee not many of you
will do it.”
“I read and think,” Buffett once said. “So I do more reading and thinking, and make less
impulse decisions than most people in business. I do it because I like this kind of life.”
Turns out, science shows that a Buffett-inspired reading habit could benefit you in several
ways.
Next time you reach for the remote, you might want to reconsider.
Author Tom Corley spent five years studying the daily activities of 233 rich people
and 128 poor people, which he wrote about in “Rich Habits: The Daily Success
Habits Of Wealthy Individuals. ” He found that 67 percent of rich people limited
TV time to one hour or less per day, compared to only 23 percent of poor people.
He adds that the data supports this finding “time and again.”
Several studies have found that people who read literary fiction show higher levels
of empathy and emotional intelligence, according to studies published in Public
Library of Science, the Journal of Research in Personality, The European Journal
of Communication Research and Science Magazine.
While a lot of people might still associate books with required reading at school,
studies show that reading is a great way to invest in yourself. And, if you’re
looking for something to get you started, try a book Mark Zuckerberg or even
Warren Buffett himself recommends.
The Busier You Are, the More You Need Quiet Time
In a recent interview with Vox’s Ezra Klein, journalist and author Ta-Nehisi Coates argued
that serious thinkers and writers should get off Twitter.
It wasn’t a critique of the 140-character medium or even the quality of the social media
discourse in the age of fake news.
For Coates, generating good ideas and quality work products requires something all too rare
in modern life: quiet.
He’s in good company. Author JK Rowling, biographer Walter Isaacson, and psychiatrist
Carl Jung have all had disciplined practices for managing the information flow
and cultivating periods of deep silence. Ray Dalio, Bill George, California Governor Jerry
Brown, and Ohio Congressman Tim Ryan have also described structured periods of silence as
important factors in their success.
Recent studies are showing that taking time for silence restores the nervous system, helps
sustain energy, and conditions our minds to be more adaptive and responsive to the complex
environments in which so many of us now live, work, and lead. Duke Medical School’s Imke
Kirste recently found that silence is associated with the development of new cells in the
hippocampus, the key brain region associated with learning and memory. Physician Luciano
Bernardi foundthat two-minutes of silence inserted between musical pieces proved more
stabilizing to cardiovascular and respiratory systems than even the music categorized as
“relaxing.” And a 2013 study in the Journal of Environmental Psychology, based on a survey
of 43,000 workers, concluded that the disadvantages of noise and distraction associated with
open office plans outweighed anticipated, but still unproven, benefits like increasing morale
and productivity boosts from unplanned interactions.
But cultivating silence isn’t just about getting respite from the distractions of office chatter or
tweets. Real sustained silence, the kind that facilitates clear and creative thinking, quiets
inner chatter as well as outer.
This kind of silence is about resting the mental reflexes that habitually protect a reputation or
promote a point of view. It’s about taking a temporary break from one of life’s most basic
responsibilities: Having to think of what to say.
Even incredibly busy people can cultivate periods of sustained quiet time. Here are four
practical ideas:
1) Punctuate meetings with five minutes of quiet time. If you’re able to close the office
door, retreat to a park bench, or find another quiet hideaway, it’s possible to hit reset by
engaging in a silent practice of meditation or reflection.
2) Take a silent afternoon in nature. You need not be a rugged outdoors type to ditch the
phone and go for a simple two-or-three-hour jaunt in nature. In our own experience and those
of many of our clients, immersion in nature can be the clearest option for improving creative
thinking capacities. Henry David Thoreau went to the woods for a reason.
3) Go on a media fast. Turn off your email for several hours or even a full day, or try
“fasting” from news and entertainment. While there may still be plenty of noise around—
family, conversation, city sounds—you can enjoy real benefits by resting the parts of your
mind associated with unending work obligations and tracking social media or current events.
4) Take the plunge and try a meditation retreat: Even a short retreat is arguably the most
straightforward way to turn toward deeper listening and awaken intuition. The journalist
Andrew Sullivan recently described his experience at a silent retreat as “the ultimate
detox.” As he put it: “My breathing slowed. My brain settled…It was if my brain were
moving away from the abstract and the distant toward the tangible and the near.”
The world is getting louder. But silence is still accessible—it just takes commitment and
creativity to cultivate it.
Richard Branson says this daily
habit doubles his productivity
Branson says that working out helps significantly boosts his productivity and has
helped him get to where he is today.
When you work out, your brain releases a chemical called brain-derived
neurotrophic factor (BDNF), which improves brain function.
2. Reduces stress
If stress is a daily part of your life, know that you’re one of many nationwide.
Seventy percent of adults in the U.S. say they deal with stress or anxiety daily,
reports the Anxiety and Depression Association of America.
Studies demonstrate that physical activity, like a brisk walk, jog, game of
basketball, or time spent at the gym, will help you better manage stress by
releasing endorphins.
A research team based at Princeton University found that physical activity actually
“reorganizes the brain so that its response to stress is reduced and anxiety is less
likely to interfere with normal brain function.”
3. Promotes creativity
Even a short walk gets your creative juices flowing.
So if you’re stuck on a work problem, take a few minutes to get moving. You’ll be
boosting your productivity the way Branson does.