Summary

Tom Corley understands the difference between being rich and poor: at age nine, his family went from being multi-millionaires to broke in just one night, due to a catastrophic fire that destroyed his Dad’s thriving business. For fourteen years they struggled with poverty. Due to this Tom had a limited mindset when it came to money and wealth.

Driven by the desire to unlock the secrets to success and failure, Tom spent five years studying the daily activities of 233 rich people and 128 poor people. He discovered that there was an immense difference between the habits of the rich and poor. During his research he identified over 300 daily activities that separated the “haves” from the “have nots.” Tom decided to write a book, Rich Habits, that went on to become an Amazon Bestseller in the United States. He has written 2 more since then called, Rich Kids and Change Your Habits, Change Your Life.

Naturally, in this episode we discuss these habits. The behaviors and activities that will determine the level of success you have in life. Two keystone habits we discuss are daily self-improvement and the importance of quality relationships. We also discuss the difference between dream setting and goal setting.

I had so many questions to ask Tom and while what we covered is gold there is certainly more to discover. I will have to get him back on the show. Please enjoy this chat and until next time, peace, passion and purpose.

Key Take Outs

• Long-term- dream big. Short-term- lower the expectations. Its great to have hope and enthusiasm towards huge dreams and future visions but its equally important to stay grounded in the short term. If you lower your expectations around all those daily, weekly and monthly goals you are likely to have greater longevity in efforts towards reaching your wildest dreams.

• Practice daily self-improvement. This was a key habit that the success people Tom researched practice. The poor did not. He recommends you spend at least 30 to 60 minutes a day on self-improvements activities. I have noticed dramatic change in my life simply by reading more, listening to more podcasts and audio books, and attending seminars.

• Build quality relationships. Tom found that the successful went out of their way to join groups, clubs and volunteer organisations and committees. They surround themselves by likeminded, successful people. Success and the habits they hold are contagious and is perhaps a key factor to this habit. It is also a great chance to express yourself, be seen, and network.

• The habits and behaviours of the poor are also contagious. They don’t undertake the above to habits. They also feel like money and riches are evil, they remain held down by a limiting beliefs that they are not capable of achieving such levels of wealth and certainly hold onto a victim mentality. You can not encourage these people to see the other side until they are at first ready to explore it themselves. This is true for most personal change.

• Dream setting vs goal setting. Dreams and visions of your future self should be grand and certainly need to be thought of daily, however a dream is not a goal. The goals are the key activities that will take you closer to living the life you dream of. This is why most people fail or give up in attempt to reaching their dreams. Your goals must be measurable, controllable by yourself, be action based and achievable. Hit them daily and you will live your dreams. Remember it’s a journey.

• Habits matter. Habits are the key to excelling in life. Quality habits that are consistent have also been proven to save brain power because they require less conscious effort and become more subconsciously driven. This saving in energy allows you to exert more energy on even more grand activities, behaviours and visions. Quality habits also feel as thought they are effortless to do.

What advice would you give to your 20-year-old self?

Start writing earlier. He found this innate talent later in life would have loved to have found it earlier in life.

Tom’s interpretation of success?

Success is doing something that you love. This takes the work out of the activity.

Quick round questions

Favourite Food

White Castle Hamburgers

Favourite Leisure Activitiy

Hanging out with the family.

Favourite book(s)

How to Win Friends & Influence People by Dale Carnegie

Quote

“If you’re going through hell, keep on going.” Winston Chruchill

What does living life with passion and purpose mean?

Pursuing your calling in life and doing what your passionate about.

How to find Tom and other links

You can visit Tom’s website Rich Habits here. It includes all his publications and resources.