Episode 61: Tom Corley - How to Develop Rich Habits

show Aug 31, 2018

Tom is a motivational and empowering speaker at conferences and is the author of several books that discuss the habits of the wealthy and how they differ from others. He discusses his childhood and how his successful businessman father ended up losing his fortune through a business sale that went bad.

He became interested in the habits of successful people when a friend with business problems asked him for advice. This sparked off an idea to conduct a study of people’s behavior and habits.

Early on he asked the question, “What do you do with your time at the end of your work day?” He got a lot of different answers, and he noticed that almost all of the wealthy people spent time away from home doing things that increased their knowledge and expanded their connections with others.

His study ended up breaking down habits into twenty different categories. To get participants interested in the study he offered free tax planning. He gathered a lot of information from various individuals and compared their net worth. He narrowed things down to ten essential habits which he used in his first book. Later he went into broader detail in subsequent books. He says, “It was important to not only learn what the successful were doing but also what those less successful were doing wrong.”

He says, “Most poor people would just kick back and look for entertainment in their evenings while the wealthy would often practice and improve their skills.” It doesn’t matter what your circumstances are anyone can change their habits. Either by getting rid of bad habits or taking on new good ones.

He discusses various ways to change and improve your life and one way is by surrounding yourself with people who already have what you want. One should find the people that have the habits you want and make friends with them.

He also wrote a book called Rich Kids to help instruct parents and teachers methods of assisting young people to develop. In that book, he goes through all of the different things people should be teaching children. One is encouraging children to read and learn and get away from distractions like video games and television. His book contains several stories about how parents can help their children be successful adults.

You can find out more at his website http://richhabits.net where he has a lot of free material and a regular newsletter.

Talking Points From This Week’s Episode

  • He studied the differences in habits between the wealthy and less wealthy.
  • One should learn and understand what are good and bad habits.
  • Anyone should be able to change their habits and integrate new ones.
  • He provides tips for helping educate children to be successful.

About Our Guest
Tom Corley is an internationally recognized authority on habits and wealth creation.
His inspiring keynote addresses cover success habits of the rich, failure habits of the poor and cutting-edge habit change strategies. Tom has spoken alongside Richard Branson, Mark Victor Hansen, Robin Sharma, Dr. Daniel Amen and many other notable speakers.

In Tom’s five-year study of the rich and poor, he identified over 300 daily habits that separated the “haves” from the “have not’s.”

Tom is a bestselling and award-winning author. His books include Rich Habits, Rich Kids, Change Your Habits Change Your Life and Rich Habits Poor Habits. Tom has appeared on or in CBS Evening News, The Dave Ramsey Show, CNN, MSN Money, USA Today, the Huffington Post, Marketplace Money, Success Magazine, Inc. Magazine, Money Magazine, Kiplinger’s Personal Finance Magazine, Fast Company Magazine, Epoca Magazine (Brazil’s largest weekly) and thousands of other media outlets in the U.S. and 25 other countries. Tom is a frequent contributor to Business Insider, CNBC, and other national media outlets.

Tom is also a CPA, CFP, holds a Master’s Degree in Taxation and heads a CPA firm in New Jersey.

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