Author who studies millionaires: 240 minutes a day separates the rich from everyone else

[enhanced_deficit]

Getting rich is not a great motivator for all but still some useful nuggets:

Author who studies millionaires: 240 minutes a day separates the rich from everyone else

Tom Corley, Contributor
9 Hours Ago

There are 1,440 minutes in each day. That is the one common denominator we all share. With respect to time, we are all on equal footing. And most people, rich or poor, use about 1,200 of those minutes for the following activities: work, commuting, family-related, sleeping, eating, bathing, bathroom, grooming and dressing.
That leaves about 240 minutes of time each day. And it is what the rich do with those 240 minutes that separates them from everyone else.

Over 80 percent engaged in 60 minutes a day of dream-setting
Dream-setting activities involve the pursuit of a dream and the goals behind it. Typically, this is something outside of work, such as engaging in some side hustle or spending time creating one or more additional streams of income. I cover dream-setting in detail in my book, "Change Your Habits, Change Your Life."
Tom Corley spent approximately five years surveying and researching self-made millionaires.

Nearly 80 percent engaged in 60 minutes a day of deliberate practice or education
Each day, the self-made rich in my Rich Habits Study regularly practiced some skill and devoted time to increasing their knowledge related to that skill, their career or their industry. This daily habit helped them maintain and improve their skills and their knowledge, making them virtuosos in whatever it is they did to make money.

Nearly all of them engaged in 30 minutes a day of aerobic exercise
Aerobic exercise has numerous benefits:
Improves mental functioning. Aerobic exercise floods the bloodstream with oxygen. This oxygen eventually makes its way to the brain. Since the brain uses 20 percent of our oxygen reserves, increased oxygen flow into the brain soaks up more free radicals inside the brain, making brain cells cleaner and healthier.
...

Nearly 90 percent devoted 30 minutes a day to building rich relationships
The self-made rich in my study did certain things every day to maintain and grow powerful relationships:
Networking: Participating in or running business organizations, nonprofits or trade associations.
Hello calls: Calling important relationships just to say hello.
Happy birthday calls: Calling the people who matter on their birthdays.
...


https://www.cnbc.com/2018/06/21/tom-...yone-else.html

[alivecream]

Getting rich is not a great motivator for all but still some useful nuggets:

Author who studies millionaires: 240 minutes a day separates the rich from everyone else

Tom Corley, Contributor
9 Hours Ago

There are 1,440 minutes in each day. That is the one common denominator we all share. With respect to time, we are all on equal footing. And most people, rich or poor, use about 1,200 of those minutes for the following activities: work, commuting, family-related, sleeping, eating, bathing, bathroom, grooming and dressing.
That leaves about 240 minutes of time each day. And it is what the rich do with those 240 minutes that separates them from everyone else.

Over 80 percent engaged in 60 minutes a day of dream-setting
Dream-setting activities involve the pursuit of a dream and the goals behind it. Typically, this is something outside of work, such as engaging in some side hustle or spending time creating one or more additional streams of income. I cover dream-setting in detail in my book, "Change Your Habits, Change Your Life."
Tom Corley spent approximately five years surveying and researching self-made millionaires.

Nearly 80 percent engaged in 60 minutes a day of deliberate practice or education
Each day, the self-made rich in my Rich Habits Study regularly practiced some skill and devoted time to increasing their knowledge related to that skill, their career or their industry. This daily habit helped them maintain and improve their skills and their knowledge, making them virtuosos in whatever it is they did to make money.

Nearly all of them engaged in 30 minutes a day of aerobic exercise
Aerobic exercise has numerous benefits:
Improves mental functioning. Aerobic exercise floods the bloodstream with oxygen. This oxygen eventually makes its way to the brain. Since the brain uses 20 percent of our oxygen reserves, increased oxygen flow into the brain soaks up more free radicals inside the brain, making brain cells cleaner and healthier.
...

Nearly 90 percent devoted 30 minutes a day to building rich relationships
The self-made rich in my study did certain things every day to maintain and grow powerful relationships:
Networking: Participating in or running business organizations, nonprofits or trade associations.
Hello calls: Calling important relationships just to say hello.
Happy birthday calls: Calling the people who matter on their birthdays.
...


https://www.cnbc.com/2018/06/21/tom-...yone-else.html

That's incredible information you shared. Thank you!

[oyarde]

I never did aerobics , dream setting or relationship building . I got real exercise overseeing my empire . I spent more than 60 min on education but mostly just to entertain myself .

[Chester Copperpot]

I never did aerobics , dream setting or relationship building . I got real exercise overseeing my empire . I spent more than 60 min on education but mostly just to entertain myself .

what was your empire?

[luctor-et-emergo]

Millionaires pussies. Billionaires is where the real money is at.

[oyarde]

what was your empire?

I worked a job while I acquired farmland and rental homes , Eventually you can retire and live off that .

[Chester Copperpot]

I worked a job while I acquired farmland and rental homes , Eventually you can retire and live off that .

Thats nice.. good for you. Im still trying to get there.. ill get there eventually.

[VIDEODROME]

So is it by doing this they became rich or is it because they have wealth, they have the time to do these things?

[RJ Liberty]

So is it by doing this they became rich or is it because they have wealth, they have the time to do these things?

I've read that the greatest determiner of future wealth is your current income bracket. "Takes money to make money," they say, and that appears to be the case.

[asurfaholic]

I've read that the greatest determiner of future wealth is your current income bracket. "Takes money to make money," they say, and that appears to be the case.

I tend to disagree here. It’s attitude and willingness to take risks first of all, but I have learned that the other piece of that puzzle is relationships. Strong relationships with the right people will propel any plans and dreams you have forward.

I went from a 40-50k year job to now I’m bring close to 20k a week when I decided to step out of my comfort zone a year and a half ago, and it’s only growing.

[Zippyjuan]

Inheriting money doesn't hurt either. Plus you have to assume that the things in the OP will work and you have an extra four hours a day to spend on them.

[oyarde]

Inheriting money doesn't hurt either.

Or land .

[VIDEODROME]

I've read that the greatest determiner of future wealth is your current income bracket. "Takes money to make money," they say, and that appears to be the case.

Or Money as well as Time?

[RJ Liberty]

I tend to disagree here. It’s attitude and willingness to take risks first of all, but I have learned that the other piece of that puzzle is relationships. Strong relationships with the right people will propel any plans and dreams you have forward.

I went from a 40-50k year job to now I’m bring close to 20k a week when I decided to step out of my comfort zone a year and a half ago, and it’s only growing.

But you had to star with something, right? You were making $45k per year, so you could use some of that as an investment. For most people, their parents' income is the biggest determinant of their life success. While there are exceptions to the rule, I'd like to know what income level your parents were at.

As you say, connections to the right people can propel success, as well.

[asurfaholic]

But you had to star with something, right? You were making $45k per year, so you could use some of that as an investment. For most people, their parents' income is the biggest determinant of their life success. While there are exceptions to the rule, I'd like to know what income level your parents were at.

As you say, connections to the right people can propel success, as well.

Had 0 help from “parents” they were the weakest excuse of parents ever.

I didn’t need any investment either. Got licensed in my trade and went out on my own. Now have 4 employees and I’m already out of the truck and in an office running the show.

[RJ Liberty]

Had 0 help from “parents” they were the weakest excuse of parents ever.

I completely understand, as I had a somewhat similar situation myself (I was briefly homeless, then worked pumping gas while I put myself through undergrad and eventually graduate school; I received a $400 gift from my aunt to start community college, and that was it).

But our experiences aren't typical, according to the research.

I didn’t need any investment either. Got licensed in my trade and went out on my own. Now have 4 employees and I’m already out of the truck and in an office running the show.

That is awesome; congratulations! I'd actually like to hear more about your story, and how you clawed your way into your position.

[asurfaholic]

I understand that’s atypical for people to find success despite poor upbringing. That’s why I’m so dead set that attitude plays such a major role. I was abused as a kid, and grew up in a broken home with a mother on drugs and drinking her depression away. While I haven’t been a perfect dad, and my marriage even recently took hits as I struggle with my own depression and turning to the wrong things, I have always had this drive to get out of the hole that statistics say I should be stuck in. Nothing in life is easy, especially for people like us who have to work extra hard just to get on the track, but it’s all mentality. You can give up and accept defeat or just mediocrity, or you can keep pushing and building on little successes.

Keeping your word and being honest 100% of the time goes a long way. Faithfully serving a God who blesses those who bless others pushes you over the hump. It hasn’t been easy. I gave up the comforts of a reliable job where I had complete freedom to do my job with minimal supervision and a steady respectable paycheck, to embrace the unknown and volatile world of making a business appear from nowhere. Growing pains include running out of money and not having the funds to make payroll after a huge commercial job never payed after they went broke before paying subs. Still reeling from that one but somehow we survived not being paid $45k and stronger than ever now. Lessons learned and legal battle ongoing in that instance, but I choose not to focus on the negatives and keep looking for the successes and how to keep building on those.

[RJ Liberty]

Thanks for telling me your background. Like you, I grew up in a broken home with my mother drinking away her life. And, like you, I do believe attitude plays a major role in escaping poverty, and without that change in attitude, escaping that life is impossible. My sister, for example, wasted most of her adult like using and abusing drugs and alcohol. I wish she could have pulled herself out of the victimhood mentality, but we did truly have crappy childhoods, so I can't entirely fault her.