People spend most of their day (approximately 1,200 minutes) working, sleeping, eating, spending time with family, using the bathroom, and grooming and dressing. It’s the remaining 240 minutes that count, and the rich use that time in ways that set them apart from the average person.
A few years ago, Tom Corley conducted a Rich Habits Study involving 233 wealthy people and 128 poor people and discovered what self-made millionaires did during those critical four hours.
He found that 80 percent spent one hour a day “dream-setting.” This often involves an activity not related to work that brings in extra sources of income. Eighty percent also spent an hour practicing a skill or learning more about things related to their career/industry.
“This daily habit helped them maintain and improve their skills and their knowledge, making them virtuosos in whatever it is they did to make money,” wrote Corley on CNBC.
Interestingly, nearly all of the wealthy people surveyed spent 30 minutes a day doing aerobic exercise. It’s been proven that exercise boosts both mental and physical health.
“The self-made rich understand that healthier people have fewer sick days, more energy and this translates into more productivity at work,” Corley noted. “More productivity makes you more valuable to your organization, customers or clients, which translates into more value and ultimately more money.”
People who exercise frequently are less likely to be obese and have problems such as heart disease, high blood pressure, Type 2 diabetes, and certain types of cancer. Aerobic exercise reduces stress and makes people feel happier overall.
“You can’t make money in a hospital bed,” Corley pointed out. “Creating wealth requires good health. Good health translates into longevity, which means more time to create more wealth.”
An overwhelming amount of those surveyed (90 percent), also spent 30 minutes a day maintaining and building strong relationships. This involves networking, checking in on people periodically just to say hello or extend birthday wishes, and to mark life events, such as weddings and funerals.
“Life event calls are critical because life events are always emotion-based and emotions create powerful memories,” Corley pointed out. “They will remember you and your call.”
Finally, the self-made rich spend no more than one hour a day on downtime and relaxation. They understand its importance but don’t spend too much time on leisure activities.
In sum, the self-made rich use their time wisely and develop productive habits. Over time, these rituals result in a boost in wealth.