- Thomas C. Corley spent five years studying millionaires and gathered his insights in several books, including "Change Your Habits, Change Your Life."
- Corley interviewed 233 Americans with at least $160,000 in annual gross income and $3.2 million in net assets - 177 of whom were self-made millionaires - and 128 Americans with $35,000 or less in annual gross income and $5,000 or less in liquid assets.
- Through these interviews, he was able to identify the daily behaviors and habits that contributed to or inhibited a person's success.
- The habits that worked against building wealth included overspending, engaging in negative self-talk, maintaining toxic relationships, and unhealthy eating and drinking behaviors.
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Habits are daily, often unconscious, behaviors that either contribute to or inhibit our success.
Thomas C. Corley, a certified public accountant and certified financial planner, spent five years studying millionaires and gathered his insights in multiple books, including "Change Your Habits, Change Your Life."
Corley interviewed 233 people with at least $160,000 in annual gross income and $3.2 million in net assets, 177 of whom were self-made. He also interviewed 128 Americans with $35,000 or less in annual gross income and $5,000 or less in liquid assets.
Through these conversations and further analysis, he was able to identify two types of habits: those that helped people build wealth ("rich habits"), and those that worked against them. The latter habits have the power to cause financial, emotional, and mental destruction in a person's life, he says. To achieve success, one must identify these habits and replace them.
"Adopting one rich habit has the effect of eliminating many poor habits. That's why the rich habits are so powerful. Each one you adopt is like a double or triple in baseball," he writes.
Below are seven habits that won't lead to wealth, according to Corley.