Spending Habits Of Self-Made Millionaires

After studying hundreds of people both rich and poor, author Tom Corley explains the spending habits of self-made millionaires and how it helped them grow their wealth.

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Following is a transcript of the video:

Tom Corley:  So some of the most important habits of self-made millionaires that I uncovered in my research. Well, the first will be living below your means. This is important because if you can live below your means it's like a domino effect. Now you can save, and because you can save now you can invest which is another one of the most important rich habits. Automate your savings and then invest your savings.

The other one is "dream setting" what it really is, is developing a script it's like a blueprint for your ideal perfect future life. You go out 10, 15, 20 years and in this script inside the script are your dreams. “I want to have a big beautiful house, maybe a house by the beach.” You know, maybe you want to have a specific type of car, you want to make a certain amount of money, have a certain type of job. These are all dreams, right? So what you do then, is focus on each dream like a rung on a ladder. And then you build goals around each dream and you might have 4 or 5 goals that are required for each dream. Once you accomplish those goals you realize your dream and then you move on to the next rung on the ladder, and as you climb up the ladder, the higher and higher you get the closer you get to your ideal perfect life.

Another one will be self-improvement. I don't want to leave that one out. This is something self-millionaires do. They're obsessed with growing their knowledge base and also deliberate practice. Practicing their skill sets every day, so they're developing their knowledge to self-improvement and though self-improvement they're developing their skill sets they're practicing to perfect and improve their skill sets. So those would be the top ones.

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[Lebron]

This guy spent 5 years researching millionaires i really hope he is one himself

[RandomUser]

Great video. There are about 10 million millionaires in the USA, and according to a 2012 study by Fidelity Investments, about 80% of them are self-made millionaires (people who made their million on their own without inheritance). So that means there are about 8 million self-made millionaires in the USA.

[Realisaactorres]

He literally repeated the same thing over and over again. It was as if he was trying to reach a word count to submit an essay. lol

[gc_trooper]

it took you 5 years to figure that out?

[faizaan]

Study of millionaires :- millionologist
Study of BILLIONAIRES:- Billionologist

[M.G.R...]

Gist-1/Live below your means, 2/Dream, 3/Self-improvemnt

[quarttknee]

This said nothing about spending habits. It should be a video on trends of what millionaires spend their money on.

[friendlysky]

I just need to watch more videos, read, and take more notes on flash cards and learn how to make a successful business. I am interested in a lot of unique things, people will love it! If not, let’s try again! It’s hard to go through, but I know I was blessed with the gift of creation and intelligence, so I can use that to go to my dream, Climb up the ladder, and go to my dream life. I sit at that desk, read; write, repeat skills, learn, watch, and work super hard! All Future- Millionares, remember, you will become rich, but the reality along with that is that you put God first on top of everything.

[matthewmoore]

Funny how the Rich save and the poor spend

[tthegreattt]

Thanks Tom Corley! I'm really grateful for people like you. You are special person to me. Watching this video just changed my life. I really need help right now.

[MarcEntertainment]

He studied 200+ millionaires for 5 years and decided to give out his results free in YouTube. Hmm something wrong here.

[TheToadChild]

I used to think goal planning was hokey... until I realized the way I was doing it wasn't working. Once I started studying and watching what the successful practices daily my life changed.

[ruzzelladrian]

This is why I rarely treat myself to new clothes and I buy flea-market and thrift-store.

[hikodzu]

Live below your means
Dream & Goals
Self improvement

[hologram]

Well duhhh, if you have the money for it, you can spend most of your time doing what you love.

[lilliampumpernickle]

Not sure if going to college and being in massive debt is worth it, or if I should go into real estate investing 😔

[landlord]

Why in the earth "gurus" will share info with us???? Yes to be eaven more rich...

[balajianandhan]

Each millionaire is unique.. This video will not show u how to become a millionaire

[snitox]

I'm technically homeless but not poor at all

[stirmgq]

It's sad to think that when they die all their improvement benefits will be gone