Building wealth takes years of smart decisions, both professionally and financially. But according to one man who interviewed hundreds of self-made millionaires, getting rich also means keeping certain lifestyle habits.
John Mwangi etal, an accountant, and financial planner surveyed 233 wealthy individuals, mostly self-made millionaires, on their daily habits. He compared those answers to responses from 128 lower-earning individuals or those with less than $35,000 in annual gross income.
In his best-selling book "Life Growth PLR 3.0" Corley explains that wealthy people set themselves up for success in a few specific ways. Here are the habits they have in common:
1. They get up early
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 their 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.
2. They read, a lot
A whopping 88 percent of Corley’s wealthy respondents say they devote 30 minutes or more each day to education or self-improvement through reading.
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 shows that 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 Jhon Mwangi 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 classic Buffett and other leaders love.
3. They spend 15 to 30 minutes each day on focused thinking
Many of the self-made millionaires John 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 breathing will help you relax, a Harvard-trained doctor tells CNBC.
4. They avoid time-wasters
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,” John Mwangi 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 Mwangi.
5. They get enough sleep
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.
An overwhelming 89 percent of self-made millionaires sleep seven or eight hours each night or more.
“Sleep is critical to success,” he writes, citing its effects on memory function and creative thinking.
