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Lessons on how to use money from the son of a millionaire who went bankrupt

Avatar of Nick John By Nick John Dec30,2023 #Lessons #millionaire
Lessons on how to use money from the son of a millionaire who went bankrupt 4
Lessons on how to use money from the son of a millionaire who went bankrupt 4

Thomas C. Corley understands the difference between being rich and being poor: at the age of 9, his family went from millionaire status (with assets of many millions of dollars) to bankruptcy overnight.

Below are his notes on 4 habits of poor people that keep them from being rich throughout their lives.

Gambling, playing lottery

Gambling is not a good plan to help you escape poverty.

Author Thomas C. Corley.

Waste time

Time is money.

In my research, I discovered the wastefulness of the poor over and over again: 77% of poor people admitted to watching more than an hour of television a day, especially reality TV.

Another waste is the internet.

While many of the poor people I spoke to said they read regularly, 79% admitted they read mainly for entertainment.

When you waste time watching TV, surfing social networks or reading entertainment news, you have less time to do useful things like learning, building relationships with successful people or

Time is not unfair.

Bad spending habits

The rich people in my research had the habit of tracking their money spending in the early days of building their wealth.

The poor in my study were not like that.

68% of poor people said they do not use coupons.

Poor saving habits

Only 5% of poor people in my study saved 10% of their income.

You can too, you just need a plan.

Accumulating assets is a process.

Thuan An (according to richhabits)

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