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4 ‘Rich Habits’ Millennials Should Start Developing Now

By Susan Shain
April 29, 2019

Want to be rich? Like really rich?

Rather than scheming about winning the lottery, or getting paid to invent the next Candy Crush, you might want to take a look at the things you do every single day. Why? Since your habits are the foundation for all your actions, changing them is usually more effective than hoping for a single lucky strike.

Tom Corley would know. He spent five years studying the habits of hundreds of Americans, whom he separated into two groups: the “rich,” who had annual gross incomes of more than $160,000 and net liquid assets of $3.2 million or more, and the “poor,” who earned less than $35,000 and had a maximum of $5,000 in liquid assets.

Based on his discoveries — and the striking differences between each group’s daily activities — Corley wrote a book called “Rich Habits.” Since it was published nearly a decade ago, I caught up with Corley to ask which habits were most important for millennials today. Here are the four he chose.

1. Create Blueprints for Your Life

The most important habit, says Corley, is to begin “dream setting.” (Think: goal setting, except that dreams come first.)

Here’s how to get started:

  • Create a script: Decide what you want your life to look like in five, 10, 20 years. Picture every detail, including your job, salary, partner, house, and lifestyle. Then write it all out — Corley recommends your script be at least 1,000 words.
  • Make a list: From that script, pull each specific dream into a bulleted list. For example, your bullets might be: Earn $100,000 per year, take an annual trip to Hawaii, live in a four-bedroom house on a corner lot. “Each dream is like a rung on the ladder,” says Corley. “When you reach the top… that is the moment you are living the life of your dreams.”
  • Set your goals: For each dream, list the goals that will get you there. If your dream is to live in a four-bedroom house, your goals might be to: 1) Pay off your credit card debt within the next six months, 2) Begin saving $300 per month for a down payment, 3) Improve your credit scores, and 4) Hire a trustworthy real estate agent. Ask yourself if you possess the skills and knowledge to accomplish each goal; if not, determine how you’ll acquire them.

“The components of your life’s blueprint are all of the things that make a perfect life,” Corley explains.

“Your goals are your construction team. You need to define all of the goals that will make all of your dreams become a reality.”

By dream setting early and often, you’ll understand which goals you should be pursuing — and which roadblocks may stand in your way.

2. Devote 30 Minutes a Day to Learning

When was the last time you read a book? Or took a course? If you’re like most millennials, you probably spend more time with your face in Facebook than real books.

Corley says this is a mistake. He told Kiplinger that 96% of self-made millionaires read 30 minutes each day for education, career, or self-improvement. He also found that, while 77% of poor people spent an hour or more watching TV each day, only 33% of rich people did.

“The successful see time as the most valuable asset they possess,” says Corley.

“They are continuously engaged in some constructive project to increase their skill sets, promote their business or careers, keep their minds sharp, or expand their knowledge…The wealthy invest their time; the poor spend it on wasteful activities.”

So, instead of scrolling through social media or bingeing on Netflix, pick up a book from your local library. Listen to an educational podcast on your way to work. Attend a workshop where you’ll learn skills relevant to your career. Be like the wealthy, and invest your time in educational activities that will pay off down the road.

3. Exercise Every Day

Though exercising might seem irrelevant to gaining wealth, Corley says it’s one of the most fundamental habits for millennials to develop.

Besides the obvious physical benefits of exercise, he cites a range of reasons it could help you get rich. Specifically, Corley says exercise can:

  • Improve mental function by flooding the bloodstream with oxygen.
  • Reduce stress, as well as combat its negative effects (like a weakened immune system).
  • Increase the volume of nerve tissue in the hippocampus, improving your ability to remember and learn.
  • Elevate your testosterone level — and therefore your confidence — prompting you to pursue new and challenging opportunities.
  • Boost willpower and self-control, enabling you to make good decisions and avoid bad habits that can wreck your finances and life.

To turn exercise into a habit, you’ll need to find a regimen that appeals to you. Instead of forcing yourself to run, give yourself the freedom to try a range of options, from yoga to Zumba to Crossfit to basketball. When you make an exercise habit fun, it becomes much easier to maintain.

“Rid yourself of your demons by exercising every day. You and everyone around you will be better off for it,” says Corley.

4. Experiment With New Activities

Corley recommends experimenting with a new activity or skill every six months.

Maybe you try coding. Maybe you volunteer as a tutor for homeless youth. Maybe you take piano lessons. Whatever it is, Corley promises that, “Through experimentation, you will stumble upon something that makes your heart sing — something you will want to devote the rest of your life.”

He believes we all have innate talents that set us apart from everyone else, but that you can only discover them by veering off the typical career paths. When you finally uncover your “main purpose,” as Corley calls it, he says it’ll be easier to excel at your work (and thereby reap the financial benefits that accompany excellence).

Three Mistakes Millennials Should Avoid

In addition to building rich habits, Corley says it’s important for millennials to avoid these common mistakes:

  • Multi-tasking: Do you check your email or phone every few minutes while you’re working? Corley views these constant distractions as detrimental to the success of many millennials. To stay focused (and crush the tasks on your plate) he recommends putting your phone in do-not-disturb mode and closing your email for a two-hour chunks during the workday.
  • Allowing lifestyle creep: When you start earning more, that doesn’t mean you need to spend more. Corley told Kiplinger one of the biggest mistakes people make is increasing their standard of living to match their income. “You don’t want to supersize your life just because you’re making more money,” he said. “Stuff doesn’t make you happy.”
  • Not saving enough: In lieu of spending more, strive to save more. In Corley’s study, 95% of the wealthy people saved at least 20% of their net income each year — a practice they started “long before they became rich.” (Chime’s automatic savings feature can help.)

If you’re feeling discouraged by all the rules and advice, don’t despair. The good news, according to Corley, is that “never in the history of civilization has there been so much opportunity to become rich and successful.”

By making intentional life choices and developing these basic habits, you’ll hopefully find a way to become rich — or, at the very least, to have more money. Because, even if you feel like you’re getting a late start, now is better than never.

As Corley says: “It’s only too late when you are six feet under.”


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