After studying hundreds of people both rich and poor, author Tom Corley explains the spending habits of self-made millionaires and how it helped them grow their wealth.
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Following is a transcript of the video:
Tom Corley: So some of the most important habits of self-made millionaires that I uncovered in my research. Well, the first will be living below your means. This is important because if you can live below your means it’s like a domino effect. Now you can save, and because you can save now you can invest which is another one of the most important rich habits. Automate your savings and then invest your savings.
The other one is “dream setting” what it really is, is developing a script it’s like a blueprint for your ideal perfect future life. You go out 10, 15, 20 years and in this script inside the script are your dreams. “I want to have a big beautiful house, maybe a house by the beach.” You know, maybe you want to have a specific type of car, you want to make a certain amount of money, have a certain type of job. These are all dreams, right? So what you do then, is focus on each dream like a rung on a ladder. And then you build goals around each dream and you might have 4 or 5 goals that are required for each dream. Once you accomplish those goals you realize your dream and then you move on to the next rung on the ladder, and as you climb up the ladder, the higher and higher you get the closer you get to your ideal perfect life.
Another one will be self-improvement. I don’t want to leave that one out. This is something self-millionaires do. They’re obsessed with growing their knowledge base and also deliberate practice. Practicing their skill sets every day, so they’re developing their knowledge to self-improvement and though self-improvement they’re developing their skill sets they’re practicing to perfect and improve their skill sets. So those would be the top ones.
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