Learn the Habits that Make People Wealthy: Change Your Habits, Change Your Life by Tom Corley, Quick Book Summary and Review

If you can only read one book on habits others have used to become healthy, wealthy and wise, this is it.  In this gem of a book, Tom Corley, a CPA, and CFA shares 26 “rich” habits among wealthy people that helped them become rich.

In Change Your Habits, Change Your Life, Strategies that Transformed 177 Average People Into Self-Made Millionaires, (2016) by North Loop Books,  Tom Corley, shares the results of his research after studying the habits of 233 rich people and 128 poor people for five years. The “rich” people had an income of at least $160,000 and $3.2 million in net assets.  Poor people  earned less than $35,000, with less than $5,000 in net assets.

In this book, Corley combines his research with the new information now available on how habits form and can be changed. First, Corley explains the research on habits. Our brains are always looking for an efficient way to get things done. By creating habits, our brains are more efficient.  Many habits are ordinary habits but some are keystone habits that can transform a person’s life.

Next, Corley shares 26 of the “rich habits” he observed among his wealthy clients. Here are three of the 26  rich habits Corley found: 

(1) Self-education through reading

(2) Daily exercise; 

(3) Engaging in relationships with other like-minded individuals interested in success. .

Corley also details some of the poor habits that prevent people from becoming wealthy, such as gambling, excessive alcohol intake, and watching too much television, having a negative mindset, poor financial planning, not pursuing goals, etc.

I wish this book had been available decades ago but am glad that young people today can read it and learn how they can transform poor habits into rich habits by following a Millionaire Next Door strategy to becoming wealthy. Even at this late stage, I think I can modify some habits and increase my chances of becoming “rich.” You can too if you read the book and follow it.

$$$$$ out of 5.  This is a simple strategy that will work if you have enough time left to allow compound interest to work its magic.  

Copyright 2016  Christine Esser

This quick summary does not capture all that can be gleaned from this excellent book.  This book can be purchased on Amazon by clicking the link below.  I paid for my copy of this book the same as you will should you decide to purchase it.  I have received nothing from the author or publisher for this review. 

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