Book Review & Summary: Rich Habits & Poor Habits
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The rich Habits & Poor Habits book outlines several important rich habits that each individual must learn to increase the chance of success in their end goals.
What makes the difference between the rich and the poor? co-authors Tom Corley & Michael Yardney pointed out that good habits are the key factors that help individuals get what they want.
Tom Corley had spent more than 5 years studying the daily habits of the rich and poor. In particular, the work was carried out by researching 233 rich people and 128 people who lived in poverty.
As a result, the book Good Habits and Bad Habits was published based on the compiled information from the author’s research, which contains some suggestions for good habits from the rich.
In this book review, you will learn both bad and good habits to understand the reason why people become a success in their life and others are not because they have so many bad habits. The authors also mention a few principles to adopt so that readers can increase their chances of achieving what they want and living fulfilling lives.
Table of Contents
- The Rich habits and poor habits book is not teaching you ways to make money. Instead, you will find some useful habits from the rich, which can help you to become a better version of yourself.
- Delay gratification is all about being patient which increases the chance of success later in a child’s life.
- The younger generation must adopt the mindset of the rich to have an optimistic view.
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1. About the Co-Authors
Before publishing Rich habits book, Tom Corley was curious to find out the reasons behind the rich and poor. The author spent more for more than 5 years observing the daily activity of the rich and poor people, which allowed him to figure out specific things that the rich love to do every day.
In addition, Tom Corley had gone through the dark day of his early childhood when his family went broke, the experience he went through shaped his mindset to work his way up in terms of financial and career success.
Michael Yardney is the author and entrepreneur, who is the CEO of the Metropole Group of companies that specialize in professional property. Over the past years, Micheal has mentored young entrepreneurs and business people to become more successful in their lives in terms of making money and achieving financial freedom.
Besides his entrepreneurial journey, Micheal is also well known as a popular author where he has released eight best-selling books, which have been sold worldwide.
Micheal Yarney and Tom Corley both agree that individuals need to have clear goals and purposes in terms of financial success. It allows you to adopt the mindset of the rich and believe in what you believe you can do.
Similar to the law of attraction, mindset, and thinking can play a significant role in your life when it comes to success because you take action on what to believe you can achieve.
2. Optimistic outlook: must have a similar mindset to the rich
One of the key components of becoming self-made millionaires is having a positive mindset because it helps them to live happier and constantly take action on what they can imagine that can succeed in any line of work.
Have you ever read “Think and Grow Rich” by Napoleon Hill, it is a self-development book that inspires many people to develop an optimistic mindset, which helps them to achieve anything in life through their imagination.
For example, if you believe that you will one day become a master at playing Piano, then you will try to spend time doing research and collecting the material, which leads you to take action by practicing every day and getting a better result.
The authors give a word warning that you can’t be rich by just thinking and imagining unless taking action by adopting new ideas, and changing your behavior and attitude. It pretty much depends on whether you want to take action or not to take it.
In Chapter 8, the authors provide the 39 proven ways rich people think and do differently compared to the poor. And, it is one of my favorite chapters that I really enjoy reading the book.
For example, the rich always think one of the ways to get rich is to continue finding different passive income ideas. For this reason, they continue to learn and read books, which helps them to find ways to achieve financial autonomy.
3. Why delay gratification is essential to success
Based on my reading experience, I firmly believe the important role of delayed gratification can determine the success of a child later in life. And, the authors highlight the ” power of delaying”, which means the key to success is having patience.
You may learn to apply delayed gratification rather than fulfill your happiness and excitement by avoiding taking immediate action because it can determine whether you are successful or not, especially when it comes to making important financial decisions.
One of the examples the authors used to explain in this book is high-income earners. They tend to spend big to keep up with the luxury lifestyle. Even though those high-income earners make huge money they spend more than they earn, which means they are living a miserable life.
In other words, they become a victim of their behavior and attitude towards money because they don’t have the ability to see things in the longer term.
Related reading: Book Review & Summary: Principles of Life and Work by Ray Dalio
4. The importance of educating children about rich habits
Last but not least, the authors emphasize the importance of teaching children good habits because those habits will influence their behavior, thinking, and daily activities in adult life. Thus, it plays a key role in determining whether a child succeeds later in life or not.
In particular, the child can learn bad failure habits if they live with parents who are alcoholic and violent. These children will imitate those poor habits from their parents, and they will become alcoholics and be more violent to others.
By Jiro Nguyen
The content is only based on the author’s personal opinion. It is for informational purposes only, and it does not rely on as a comprehensive or a substitute for professional advice.
What are good habits?
Good habits are all about having a positive mindset, actions, and behavior, which bring a better result. Some positive habits are 1. Exercise regularly 2. Optimistic outlooks 3. Focus on your goals and dream 4. Continue to learn and grow every day.
What are bad habits?
Bad habits are all about having a negative mindset, bad behavior, and attitude. Those with bad habits will have many issues later in their life in terms of relationships, careers, and personal finance.
What is the difference between the rich and poor?
One of the key reasons that determine the rich and poor is a habit. It spreads like a virus to affect your life either positively or negatively.