Tom Coley, the author of Rich Habits,  is a Certified Public Accountant (CPA), a Certified Financial Planner, he has a master’s degree in taxation. He runs an accounting firm and a financial planning practice.

One day, while running his accounting business, a customer came to him in despair. He didn’t have money to cover payroll. The banks have stopped his line of credit and didn’t enough liquidity to pay his employees.

Tom told me that he couldn’t help him get cash in such a short time period. So the distraught asked to share with him what is that his successful clients were doing. Why was he failing?

Tom decided to do some research to figure out why most of his clients were successful business people. What is it that they were doing that could explain their success.

Tom started his research by interviewing his successful clients. Then he expanded his research to interviewing 233 millionaires about how they obtained their wealth. The interview consisted of 144 questions.

Tom also use the same 144 questions to interview 128 poor people to try to figure out how their habits were different.

After all this research was done, Tom created about a dozen training sessions to teach the rich habits, and how to stay away from poor habits. The attendees were so happy with the sessions that they asked Tom to write a book about it.

Tom accepted the challenge to write a book. He taught himself how to write a book and that’s how the book Rich Habits was created. In 2013, the book became a bestseller. He was on TV, he was on several well-known podcasts, magazines, and newspapers.

There are four paths to creating wealth

1. The saver-investor path. This is the path of saving about 10% of your income and investing it prudently.
2. The executive path. Working for a big company and climbing the corporate ladder.
3. The virtuoso path. Being a big media or sports personality.
4. The entrepreneur path, the dreamer path.

Depending on which path you take, there are rich habits that can help you along in your journey to becoming rich.

1. If you are in the saver-investor path, Frugality
2. Doing your research on your investments.
3. Creating multiple streams of income
4. If you are on the executive path, building relationships.
5. Developing leadership skills.
6. Networking
7. If you are on the virtuoso path. Intensive practice of your skill.
8. If you in the entrepreneur path. Experimentation to find a product/service to offer to clients and creating a process to deliver.

Some of the poor habits are:

• Spending more than they earn
• Not reading for educational/self-improvement purposes
• No eating healthy, eating junk food
• Not exercising
• Watching lots of TV
• Using or abusing drugs and alcohol
• Gambling, buying lottery tickets

Related Posts

1. 098 Michael Eskenazi; President & Founder at Felix & Norton
2. 097 Stephan Guyenet; author of the Hungry Brain
3. 096 Mona Andrei; Writer, Speaker, Strategist

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Self-made millionaires are constantly improving their skill sets pic.twitter.com/d7hH3a1eh4

— Business Insider (@businessinsider) November 30, 2019