Summary:
David welcomes Thomas Corley to the show. Thomas is an internationally recognized authority on the habits that create wealth. He is the bestselling author of Rich Habits and Rich Habits, Poor Habits and is also an award winning speaker. The basis of Thomas’ books and research is from his 5-year study evaluating the key differences between the rich and the poor.
He was able to compare and contrast 300 daily habits of each demographic and gives listeners a brief overview of his findings in today’s Sales Development Podcast. Discover the #1 habit most rich people have in common and how our use of time directly affects the degree of success we experience.
3 Key Points:
1.Our daily life habits—from what we eat to how we spend our time—is what separates the rich from the poor.
2.Follow your passion; this will provide you with the greatest source of energy.
3.Be intentional when it comes to choosing the relationships in which you want to invest.
Time Stamped Show Notes:
- 01:32 – Introducing Thomas Corley to the show
- 02:38 – The US Census Bureau in 2015 says that 43M Americans live in poverty
- 02:51 – Another 100M live at twice the poverty line
- 03:03 – In Tom’s study, he realized that daily habits are what separate the rich from the poor
- 03:45 – There are 140M people who are literally one paycheck away from being homeless
- 04:00 – Thomas know what it means, because he lived in poverty himself
- 04:20 – Thomas’ family started out very wealthy
- 04:38 – At the age of 9, they lost everything overnight
- 04:54 – His father’s partner, who did the sales, died because of a heart attack
- 05:11 – His dad ended up selling the business
- 05:20 – His dad was supposed to get paid in 3 payments, but they didn’t get the 2nd or 3rd payment
- 05:28 – 18 months later, his dad took the business back
- 05:32 – They had the same customers and vendors, but the buyers ran the business the opposite way
- 05:49 – 30 days later after Thom’s dad took the business back, the warehouse burned to the ground
- 06:03 – His dad lost everything and even had to pay $4M in inventory
- 07:08 – Thom had to work as a janitor for 20 hours/week so he could afford his college education
- 07:54 – Tom was completely blown away when he interviewed wealthy people for his study
- 08:21 – Tom had negative assumptions regarding how these people acquired their wealth and found he was wrong
- 08:32 – Wealthy people were superior to those who are poor in almost every area
- 09:01 – These people had build so many powerful relationships
- 09:35 – Tom strived to be like them
- 10:42 – When David was a kid, the wealthy people in his area were the specialists
- 11:08 – When he got older, he started to resent the rich
- 11:19 – His resentment fuelled his desire to become wealthy
- 11:28 – An important factor is how a person is raised
- 12:15 – In Tom’s research, the wealthy were concerned with health and exercise
- 12:56 – It was only an afterthought to study those who are poor
- 13:12 – Only 16% of the poor people interviewed flossed
- 13:28 – 97% of poor people ate junk food every day
- 13:49 – 76% of the wealthy exercised at least 30 minutes per day, 4 days a week
- 16:06 – Exercise also increases IQ
- 17:16 – 65% of rich people have at least 3 streams of income
- 17:25 – 45% have 4 streams and 25% have 5 streams or more
- 18:02 – These wealthy people create multiple streams of income off of their core business
- 18:26 – Dream-setting is the number one habit of the rich
- 19:52 – Tom’s summary reveals 344 habits, behaviors, and thinking of the rich
- 20:11 – There are 20 categories and 144 questions in Tom’s survey and he surveyed 230 millionaires
- 20:58 – Tom created a research summary, then he started conducting training sessions
- 21:16 – He wanted to try and get better at communicating the habits of the rich
- 21:30 – Some people in his group had real success and begged him to write a book
- 22:36 – Yahoo Finance interviewed Thomas and it had 2M hits in 24 hours
- 23:02 – Dave Ramsey scheduled to have Tom on his show
- 23:28 – The next thing Tom knew, his book was already #7 in Amazon
- 24:44 – Two of Thomas’ books are launching in China, in July
- 25:53 – When Tom was wrapping up his research, he was running a small CPA firm
- 26:11 – He made about $130-140K/year and he had 3 kids to put through college
- 26:25 – He panicked and wanted to establish other revenue streams ASAP
- 26:35 – He added financial planning services which added $75K/year
- 26:41 – He wrote books that generate more income
- 27:13 – “You never know what thing is going to obsess you, but you have to follow the string”
- 28:04 – In 2004, Thomas wouldn’t have called himself an early riser nor a workaholic
- 28:36 – When you pursue a dream, it reveals your main calling or purpose in life
- 29:14 – The energy you feel from your passion is tapped into your emotions
- 30:22 – You shouldn’t have to will yourself to do the work
- 31:49 – Thomas devouts an hour to an hour and a half every morning to reading
- 31:56 – 1 – 1.5 hours of writing
- 32:02 – 20 mins to 1 hour for exercise
- 32:27 – He runs 2-3 miles every day
- 32:49 – He also jumps into social media in the morning, at lunch, and at the end of the day
- 33:19 – Thomas has 3 businesses – CPA, financial services, and Rich Habits
- 34:22 – The big difference with successful people and those who are not is how they focus their time
- 34:40 – Poor people waste their time on social media, watching tv and watching Youtube
- 34:58 – Poor people have more time than rich people
- 36:05 – From high school on, Thomas was a B student
- 36:20 – He was in the corporate world for 10 years
- 36:23 – Thomas was petrified when the whole finance department took an IQ test – he honestly believed he was an idiot
- 36:36 – When the IQ test came back, his score was 136 and his boss’ was 134
- 37:18 – “If your beliefs are negative beliefs about yourself, you’re going to develop habits around those beliefs”
- 37:42 – If you’re an average worker, you’ll build habits proving that you ARE indeed average
- 38:32 – Proactively implement rich habits before something bad happens
- 39:01 – If you can implement these habits in your 20s, you’re set up for a better future
- 39:13 – “All you need is 1, 2 or 3 rich habits”
- 40:30 – The exercise habit motivates you to alter your other habits automatically
- 41:11 – Reading everyday for self-improvement is also a keystone habit
- 42:19 – The more you learn, the more you will see opportunities
- 43:26 – The rich do 3 things to grow their relationships: happy birthday call, hello call, and life event call
- 44:16 – Thomas asks questions and writes down new information of people he calls
- 44:45 – The “hello call” should be done once every 3 months to individuals you want to grow relationships with
- 45:04 – The “life event call” is the most significant call that you can make
- 45:54 – Life events are emotional events
- 45:56 – Anytime you tap into someone’s emotions, you transform the relationship
- 46:51 – “Emotions create memories”
- 48:49 – The only value social media has is if you use it as a stepping stone to further a relationship
- 50:43 – “If you’re not interested in growing a relationship, go back to social media”
- 52:35 – Thomas shares about one individual from his study
- 52:43 – At the end of 2008, the guy lost his job and called Thomas
- 53:11 – He told Thomas that he might want to take him off the list because he lost his job
- 53:26 – Thom questioned how he was going to get a job in this economy
- 53:52 – A month later, the same guy called Tom again and said he was starting work on Monday
- 54:34 – This guy literally had to make one phone call to change his life around again
- 54:43 – Mentor people
- 56:01 – Connect with Tom on his website
- 57:52 – End of podcast
Resources Mentioned:
- Rich Habits and Rich Habits, Poor Habits – Tom’s books
- Yahoo Finance – First company to interview Tom on his study
- Dave Ramsey – Influencer who first invited Tom to guest on his show
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Credits
- Show Notes provided by Mallard Creatives
