- Finance expert-turned-book author Thomas C. Corley has some wisdom to share after he interviewed 177 self-made millionaires for five years.
- According to Corley, they all had one habit in common before they became wealthy.
- He said all the millionaires had a goal of saving ”10 to 20 percent of their income” way before they became rich.
- ”The more you are able to save at an early age, the more wealth you’ll accumulate,” he likewise remarked.
Thomas C. Corley had the unique opportunity of interviewing 177 self-made millionaires. It took him five years to do that and he has since written books about the insights he has gained, such as “Rich Habits: The Daily Success Habits of Wealthy Individuals”.
According to him, about 80% of these millionaires had one common practice that they did way before they hit the big time. And this one habit eventually played a big factor in helping them become more financially-stable.
Thomas C. Corley, public accountant, financial planner, and book author
“The self-made millionaires in my study all set a goal of saving 10 to 20 percent of their income during their pre-millionaire years.”
This is, of course, in stark contrast to the average amount saved by workers in the United States – which is only around 8%, according to the St. Louis Federal Reserve.
Corley further shared that 80% of self-made millionaires were 50 years old or older when they became wealthy.
“Self-made millionaires make a habit of saving,” he emphasized. “The more you are able to save at an early age, the more wealth you’ll accumulate.”
Another point that the author made is that millionaires “do not rely on one singular source of income.” As he wrote in his book “Change Your Habits, Change Your Life,” 65% had” at least three streams of income that they created prior to making their first million dollars.”
You can watch Thomas C Corley’s interview with HisAndHerMoney.com here to learn more:
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