(CBS) — If you’ve ever wondered whether rich people know something you don’t, they do.
One financial expert has spent years researching the habits of 350 wealthy and poor people to find out what works and what doesn’t. You could reap the financial rewards.
CBS 2’s Kate Sullivan reports.
What is the secret to being wealthy? Mallory Moore takes a guess: “I would say, in America at least, being willing to be up way early in the morning.”
She’s right. That’s just one of the many habits of wealthy Americans, according to Tom Corley.
After four years of research, the financial planner wrote the book “Rich Habits.”
“I’m not just focusing on the wealthy. I want to know where you’re screwing up and what poor people are doing that are responsible for their poverty. And, let me tell you, there’s a lot of things that they do that create their poverty,” he says.
According to Corley’s research overwhelmingly the rich do this: wake up early; exercise daily, write daily to-do lists and accomplish at least 70 percent of the items; spend limited recreational time on the Internet, instead reading daily for work enrichment; rarely gossip.
“To wealthy people relationships are like gold, so they manage their relationships very carefully,” Corley says.
Joe Mansueto is the CEO of Morningstar, who in 1984 started his financial services firm with less than $100,000. He’s now valued at $2.1 billion.
Mansueto says: “I think I was kind of at the right time in the right place with the right set of skills.”
Humble, yes. But after more reflection, Mansueto does indeed follow every single one of Corley’s habits.
These daily habits combined with discipline and massive amounts of hard work lead to one thing.
“Our daily habits are responsible for our financial situation in life. It’s as simple as that,” Corley says.
Mansueto goes on to talk about having mentors. For him, it was a man he’d never met, Warren Buffett, who helped shape how he looked at creating a good business.
For more information about Corley’s book, click here.