Why do some people have money, while some others struggle to make enough for a living during their entire life? Why are there wealthy and poor people, and why some people will never get rich? Although there are no easy answers to these questions, there are some major differences between the poor and the riches. The guys from www.business-management-degree.net compiled an interesting infographic on which you can clearly see how differently both of the groups approach some of the most ordinary things in our life, like watching TV. The infographic is based on research made by Thomas Corley, who interviewed several hundreds of people. All of the rich people had an annual income of more than $160 000 and net assets of more than $3,2 million, while any of the poor earned less than $30 000 yearly and had less than $5000 in net assets. You can see some really curious facts about the everyday life of these people below.
The Habits Of The Riches
The wealthiest people in the world often share certain habits and practices that contribute to their success. Here are some of the key habits that many wealthy individuals incorporate into their lives:
1. Lifelong Learning
Wealthy people consistently prioritize education and personal development. They read extensively and stay informed about their industries and the world at large.
- Example: Warren Buffett spends about 80% of his day reading and has famously said, “Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest.”
- Source: CNBC
2. Setting Clear Goals
They set specific, measurable, attainable, relevant, and time-bound (SMART) goals. This helps them focus on what is important and stay on track to achieve their long-term objectives.
- Example: Many successful entrepreneurs, such as Elon Musk, set ambitious goals and break them down into actionable steps.
- Source: Forbes
3. Exercise and Health
Maintaining physical health through regular exercise and a balanced diet is a common habit. Physical well-being often translates into better mental clarity and productivity.
- Example: Richard Branson, founder of the Virgin Group, attributes his productivity to regular exercise, including swimming, running, and kite-surfing.
- Source: Business Insider
4. Time Management
Effective time management is crucial. Wealthy individuals prioritize their tasks, often using techniques like time blocking to ensure they are working on high-impact activities.
- Example: Bill Gates and Elon Musk are known for meticulously planning their days in five-minute blocks to maximize productivity.
- Source: CNBC
5. Networking
Building and maintaining strong professional networks is a key habit. Wealthy people understand the value of connections and often spend time networking with other successful individuals.
- Example: Oprah Winfrey has built a vast network of influential friends and colleagues, which has been crucial to her success.
- Source: Success
6. Financial Discipline
They are disciplined about saving, investing, and managing their finances. Many wealthy individuals live below their means, invest wisely, and avoid unnecessary debt.
- Example: Warren Buffett is known for his frugality, despite being one of the richest people in the world. He still lives in the house he bought in 1958.
- Source: Forbes
7. Resilience and Adaptability
Wealthy individuals often exhibit high levels of resilience and the ability to adapt to changing circumstances. They view failures as learning opportunities and persist in the face of setbacks.
- Example: Jeff Bezos has faced numerous failures with Amazon but has always focused on learning from them and moving forward.
- Source: Harvard Business Review
8. Giving Back
Many wealthy people engage in philanthropy and give back to their communities. This habit not only helps others but can also provide a sense of purpose and fulfillment.
- Example: Bill and Melinda Gates have donated billions through the Bill & Melinda Gates Foundation to improve global health and education.
- Source: Gates Foundation
9. Focus and Consistency
They maintain a strong focus on their goals and are consistent in their efforts. This often involves avoiding distractions and staying committed to their long-term vision.
- Example: Steve Jobs was known for his intense focus and commitment to innovation, which helped Apple revolutionize several industries.
- Source: Inc.
10. Continuous Improvement
The wealthiest individuals constantly seek ways to improve themselves and their businesses. This mindset of continuous improvement helps them stay ahead in their fields.
- Example: Kaizen, the Japanese philosophy of continuous improvement, is embraced by many successful business leaders, including those at Toyota.
- Source: Harvard Business Review
By adopting these habits, wealthy individuals not only achieve financial success but also build fulfilling and impactful lives. These principles can be applied by anyone looking to improve their personal and professional lives.
So, if you want to be rich you better stop watching TV, start getting up earlier, make a to-do list, and start thinking about how to learn some new things.
Please, consider sharing this post if you find it interesting. Thanks!
Check some other cool startup articles:
How To Become Rich? Ask The Richest People In The World
The Habits Of Successful People vs Unsuccessful People’s Ones
Money For Nothing – The I Am Rich Mobile App Or How To Think Out Of The Box
How Is World Wealth Spread Among People? The World Wealth Pyramid Showing How Much Assets People Own
The Engaging Story Of People Helping People and Patrick Bet-David
Top Social Networks For 2013
