How To Build a Foundation for Wealth
NEW YORK, NY, July 16, 2019 /24-7PressRelease/ — Money Answers Show host, Jordan Goodman, invited Tom Corley, author of the Rich Habits book series, to discuss the habits of those who are rich and poor and how to avoid mistakes and create successful habits.
Money Answers Show episode, “Are Your Habits Making You Rich or Poor?” delves into why those who are rich achieve and maintain that status. As a CPA, Corley was inspired by a client who was struggling to keep his business afloat. He wanted to offer advice about why those who were rich and successful, stayed that way. His research turned into his Rich Habits study where he discovered that what separates the rich from the poor is behavioral and emotional choices we make on a day-to-day basis.
One of the major differences is how these groups handle money. By saving a significant portion of your income, regardless if it is average or above average, and investing that money immediately, it can yield significant results over time. One example is of an individual who made an average income of $100,000 a year was able to compile $3 million in investments by the time they were ready for retirement because they consistently invested and saved from their income.
Another significant difference is living a frugal lifestyle. Many people may associate those who are wealthy living a high end lifestyle but many self-made millionaires who started out in poverty remain successful with their money because know how to make sacrifices in their daily lives. This includes using coupons and shopping at thrift stores to avoid spending unnecessary money.
Corley also discusses how being rich is not only for those who are “lucky” but for those who create opportunities for themselves. He states:
“They create the opportunity for good luck to occur in their lives and they do it a number of ways. They do it by forging certain habits that are investments in themselves, or would I like to call growth habits. They are constantly reading to learn, particularly in their craft. Whatever their skill set is, or their career, or their trade or business. 88% of the wealthy in my study read 30 minutes or more every day on specific topics that related to what they did to make money. So they created the opportunity for good luck to occur by having the advanced knowledge or skills.. One of the interesting things I’ve found is the persistent get lucky and the entrepreneurs who stick it out are the ones who end up getting lucky.”
Throughout his research he found that those who achieved wealth were able to do so through consistent hard work. They were not intellectually superior or from wealthy backgrounds, but rather made the sacrifices and put in the time to reach their goals. Many of these individuals work an average of 11 hours more than poor or middle class groups. Corley found that because these groups are accustomed to adversity and overcoming pitfalls in life they have the mindset required to be successful entrepreneurs.
For more information on how to develop habits that lead to wealth and success, listen to Money Answers Show episode, “Are Your Habits Making You Rich or Poor?” and other great podcasts from the Money Answers Show.
You can listen to The Money Answers Show with Jordan Goodman live every Monday 12 p.m. PST; 3 p.m. EST. or download the podcast on iTunes, Stitcher, or wherever you get your podcasts. You can also catch Goodman on Money Answers TV. If you’re looking for additional information on financial topics, you can read Goodman’s books on everything from repaying your student loans to real estate.
Jordan E. Goodman is “America’s Money Answers Man” and a nationally-recognized expert on personal finance. He is a regular guest on numerous radio and television call-in shows across the country, answering questions on personal financial topics. He appears frequently on The View, Fox News Network, Fox Business Network, CNN, CNBC, and the CBS Evening News. He is the author/co-author of 13 best-selling books on personal finance including “Master Your Debt Fast Profits in Hard Times,” “Everyone’s Money Book,” “Master Your Money Type,” “Barron’s Dictionary of Finance and Investment Terms and Barron’s Finance and Investment Handbook.” Jordan is also a speaker and seminar leader on personal finance topics for business executives, students, associations, investment clubs, employees and others. For more information, please visit https://www.moneyanswers.com.
For the original version of this press release, please visit 24-7PressRelease.com here