Things Poor People Do That the Rich Don’t

few people are born rich and the reality is that most of us will have to work incredibly hard to achieve the kind of financial prosperity we dream of research has revealed that there are a few surprisingly simple differences between low earners and those destined for success and I'm about to break them down for you of course you should take these with a grain of salt and remember money isn't everything TV versus reading want to know which common habit link super successful people like Bill Gates Mark Zuckerberg and Oprah Winfrey they read a lot the CEO of Berkshire Hathaway and fourth richest man in the world Warren Buffett who is a current net worth of 90 billion as one of the most well known advocates for this hobby when asked about the key to his success Buffett pointed to a stack of books and explains that he reads 500 pages every day even aiming to dedicate 80% of his free time to the practice self-made millionaires Steve Seibold also interviewed 1,200 wealthy people about their day-to-day habits and found that every participant listed reading is a common pastime Seibold further determined that wealthy people primarily read for education whereas lower income earners read for entertainment by choosing tabloids magazines and fiction instead reading itself is often replaced by watching television which requires minimal effort and offers less opportunities for improving knowledge author Tom Corley who wrote a book titled rich habits the daily success habits of wealthy individuals also found that 67 percent of a hundred and seventy seven wealthy people making upwards of a hundred and sixty K watch TV for one hour or less per day on the other hand only 23% of low earners kept their TV time under 60 minutes there's also a difference in the kind of TV people watch as reality TV which offers mindless escapism was favored by 78% of poor participants while only 6% of the wealthy admitted they were partial to some good old trash TV lottery mentality a study published in the Journal of behavioral decision-making in 2008 found that people who considered themselves poor bought twice as many lottery tickets as those who were more affluent with less disposable income to spare on such frivolous expenses wired low earners more likely to entertain these dangerous gambling habits and how comes down to a mindset which has been aptly named the lottery mentality simply put poor people often wrongly view the lottery is the best opportunity to dramatically improve their financial situations this is because the game itself is marketed in a way which makes us think that the poorest in society are just as likely to win big is the very richest which is kind of true what's dangerous is that the lottery encourages people to dream about a scenario which statistically speaking is very very unlikely to happen we've all been guilty of this mentality at some point after all who doesn't dream of a cool few hundred million suddenly turning up in their bank account one day in reality by idling and thinking if I win the lottery right now all my problems would be solved you're subconsciously evading going out and solving those problems for yourself this fantasy of being struck by random luck is what keeps people playing and so the lottery mentality which can be applied to any form of gambling becomes a vicious cycle which stops people from escaping poverty the best way to ditch this negative mindset is to turn wishes into goals and to think realistically about how to achieve them and most importantly remember that the lottery is a losing game networking ever heard the phrase it's not what you know it's who you know it's especially true when it comes to climbing the big old ladder to success after all you're gonna need a helping hand along the way according to Corley's book seventy nine percent of the wealthiest participants dedicated around five hours or more per month than dead working and even attributed meaningful connections with like-minded people as the major stepping stones to their success this commitment to opportunistic relationship building was only replicated by 16% of lower earners who generally prefer to make their own way in life this isn't to say that money can buy friendship in fact social analysis of the 2012 General Social Survey in American time use survey showed that rich people spent an average of ten more minutes alone per day and twenty six fewer minutes with family professor Emily biaggi has explained that poor people value social relationships for necessary material and emotional support whereas support among the rich was generally classed as instrumental this means that financially successful people always focus on a larger end goal and recognize that they'll need to collaborate with others to achieve it poorer people may spend more time socializing overall but these relationships beer away from the professional and more into the personal in fact research has often shown that lower earners prefer to work alone when given the choice which can hinder their success this has also been described as a crab mentality a quirky analogy featuring crabs trapped in a bucket if all the crabs work together they could easily escape but by focusing on their own individual goals and maintaining a competitive mindset they ensure the group's collective failure instead next time a social worker meant crops up just think what kind of crab am I gonna be today spending habits when you picture the rich and famous you'll probably think of flashy cars designer clothes and houses that could give the Playboy Mansion a run for its money but what if I told you materialism is more frequently associated with the poor members of society to some extent we all participate in consumer culture and value material possessions but excessive spending can take a damaging toll on your quality of life according to the American Psychological Association Americans general well-being has significantly declined since the 1950s while overall consumption has increased those who flaunt their wealth through outward appearances are generally associated with celebrity culture but there are plenty of high earning individuals who don't seem stereotypically rich on first glance this is because many self-made successful people recognize the importance of the long term when they spend money which means anything that may not have beneficial returns in the future like expensive jeans of the newest iPhone aren't of much value on the other hand the less advantaged are sometimes more concerned with disguising their true financial situation by presenting themselves as something they're not which might mean chasing the newest trends are taking out a credit card to buy a nicer car these things can all be described as short-term investments and are therefore often viewed as money wasted down the drain rather than something capable of furthering progress or financial gain of course it's fine to treat yourself every now and then but the sooner we realize that true satisfaction can't be achieved by filling the voids in our lives with material possessions the better early risers we all struggle to drag ourselves out of bed some mornings but a peek into the lives of the filthy-rich has revealed that they often rise and shine when most of us are still fast asleep in fact many high earners like Apple CEO Tim Cook who famously starts his mornings at 3:45 a.m. have identified early rising as the key to their success Corley's five-year study found that 50% of all 177 self-made millionaires asked woke up at least three hours before they actually go to work the early morning activities of the rich and famous are varied with some like Michelle Obama hitting the gym by 4:30 a.m. others like Mark Wahlberg practicing mindfulness at 2:30 a.m. or even just soaking in the tub at 5:00 a.m. like style seat CEO melody McCluskey aside from capitalizing on all the hours the day has to offer scientific research has suggested that mid-morning is when our brain is most active so it's important to be awake and alert professor Steve K from the University of Southern California explained that this is because our body temperatures begin to rise before we wake up and continue to do so throughout midday our working memory alertness and concentration also gradually improves and Peaks during these active hours this means sleeping in until the last minute could be a real disadvantage because we enter the day less prepared to capitalize on this precious brain time so maybe lay off the snooze button from now on exercise Michelle Obama isn't the only one who puts exercise at the top of her to-do list as Tom Corley's book also states that a whopping 76% of all high earners spent half an hour or more exercising per day this is mostly classed as aerobic exercise which includes cardio based activities like running jogging walking or cycling this kind of exercise has often been said to boast a myriad of benefits for our minds as well as our bodies by releasing chemicals into the brain that are key for improving concentration and general mental sharpness a study carried out by the university of british columbia in 2012 even found that the type of exercise that gets our hearts and sweat glands pumping can boost the size of the hippocampus which is the cranial area responsible for verbal memory and learning to be best prepared for the day ahead it's essential that our bodies and minds cooperate in a healthy fashion to take on difficult tasks despair leisure time low earners do have in their days is more generally filled less taxing activities like television and social media instead which can have a proven adverse effect on our mental well-being one sixty eight-year-old participant in quarterly study worth nearly eighty million even claimed that he maintains a regular exercise plan so that he can extend his career by three to four years it might seem crazy but why retire during what could potentially be your highest earning years it's all about the long game right mindfulness regular exercise isn't the only thing many of us wouldn't recognize as a possible key to success it's just important to keep your brain in good shape too and I'm not just talking about tackling some tricky brain teasers if you've got a lot on your plate already meditation might well be your last priority after all who has the time to sit around thinking about nothing right well some of the richest people in the world do add to billionaire founder of Bridgewater associates Ray Dalio even explained in 2012 that meditation more than anything in my life was the biggest ingredient of whatever success I've had he isn't the only celeb with deep pockets to sing its praises either as Rupert Murdoch Oprah Winfrey and Bill Ford are among other big earners who take the time to meditate daily countless studies have highlighted the positive effects of little mindfulness could have in our everyday lives a study published in the 2013 journal health psychology was even able to link meditation to decrease stress by recognizing a significant drop in the levels of the stress hormone cortisol and 57 participants who went on a meditation retreat meanwhile multi-million dollar author Deepak Chopra has also explained that meditation increases the amount of rest you'd normally achieve from sleep it's almost twice as effective as taking a nap it's easy for low earners to dismiss mindfulness as a useless time wasting task but understanding its benefits could be instrumental to your future success to-do lists making a to-do list might not seem particularly life-changing but it turns out this simple practice could do a world of good there are only 24 hours in a single day and it's important not to feel overwhelmed by the tasks ahead so having an action plan can help you make the most of your time without proper direction it's easy to drift through life like a lost sheep never really going anywhere just think of your to-do list like a guiding light house and you'd be surprised how much you get done business guru richard branson who now has a net worth of four billion and lives on his own private island was once just an entrepreneur with a dream and he's been very open about his love affair with the trusty to-do list Branson always carries a notebook full of ideas and lists and admits that ticking tasks cough is both super satisfying and a great way to watch plants take shape and evolve he's not alone either as motivational life coach Joel Brown also interviewed over 100 high achievers for Entrepreneur Magazine and found that a staggering 95 percent practice writing down goals plans and visions for success on a regular basis without a physical reminder of your own progress it can be easy to feel bogged down by tasks and adjusted ophtho can't do mentality instead it's unsurprising that corley also found that only 19 percent of low earners adopted this habit compared to 81 percent of rich participants of course a few lists won't make you an instant millionaire but it's a good place to start if you want to track your progress healthy equals wealthy are your takeaway cravings keeping you for junk food probably isn't entirely to blame but the phrase healthy body healthy mind does have some truth behind it according to research the diets of wealthy and poorer people are usually vastly different with higher earners maintaining generally healthier eating habits Corley's finding state that 70 percent of wealthy people ate less than 300 junk food calories a day which are high in fat salt and sugar while 97 percent of poor people consumed more than 300 of these potentially damaging calories daily this may not seem surprising given that media coverage is often highlighted how cheaply produced junk food is more accessible and affordable to the lower classes with new legislations like the UK sugar tax now in place from 2018 there are probably some other explanations behavioral experts have also noted that the most affluent members of society are generally more satisfied with their lives and are therefore more focused on maintaining their long-term health on the flip side lesser earners live on a more immediate day-to-day basis and may have bigger fish to fry them well Frank fish instead of just ordering an pizza this also explains why unhealthy habits like smoking are notoriously expensive yet are still more frequently associated with the less advantage in addition studies such as one by Cambridge University in 2009 found that choosing a junk food diet which is high in fat could zap your energy levels in as little as one week so perhaps a few extra grains really could mean more money in the bank what do you make of these differences and do you have any more handy tips for boosting productivity and success in your own life let me know in the comments below and thanks for watching [Music]

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Keywords: beamazed, top 10, poor people, things poor people do, rich people, things rich people do, rich people habits, poor people habits, luxury living, billionaire lifestyle, rich vs poor, rich life, luxury homes, difference between rich and poor, poor vs rich, things rich people dont do, how to be successful, getting rich, financial education, poor people vs rich people

Id: eLaNcaSd6Y8

Length: 13min 46sec (826 seconds)

Published: Thu May 14 2020