Wealth doesn’t happen by accident. It’s the product of intentional daily actions, smart decisions, and disciplined habits repeated over time. Over a five-year period, Tom Corley — a CPA, financial planner, and author of Rich Habits — studied the routines of 233 wealthy individuals (177 of whom were self-made millionaires) and compared them with people struggling financially.
His findings are clear: entrepreneurship can help build wealth faster than saving and investing alone, but only if paired with the right daily habits. On average, entrepreneurs in his study reached $7.4 million in 12 years, compared to 32 years for “saver-investors” who worked traditional jobs.
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The Rich Habits
The good news? These millionaire habits can be learned and applied by anyone. Below are five rich habits from Corley’s research that can help aspiring entrepreneurs and professionals alike accelerate their journey to financial success.
1. Set Clear, Actionable Goals
Millionaires don’t stumble into success — they plan it. Corley’s research found that 80% of self-made millionaires set specific long-term goals and revisited them daily. Entrepreneurs in particular benefited from having a laser-focused vision, whether that meant launching a new product, scaling revenue, or entering a new market.
The key difference? They adopted a “do it now” mindset — taking immediate steps rather than waiting for perfect conditions. This habit keeps momentum alive and prevents procrastination.
💡 Action Step: Write down your top business goal for the next 12 months. Break it into quarterly, monthly, and daily tasks. Review progress every evening and adjust as needed.
2. Commit to Continuous Learning
Wealthy entrepreneurs are lifelong learners. Corley discovered that 88% of millionaires dedicate at least 30 minutes a day to self-education — whether by reading business books, listening to podcasts, or studying industry trends.
In contrast, those struggling financially spent their free time on passive entertainment: TV, social media scrolling, or fiction reading with little practical application. Knowledge compounds just like money, and the habit of learning helps entrepreneurs make better decisions, spot opportunities, and stay competitive.
💡 Action Step: Replace 30 minutes of social media or Netflix with a business-related book or podcast. Over a year, that’s more than 180 hours of high-value learning.
3. Live Frugally and Reinvest Profits
Millionaires aren’t reckless spenders. In fact, both entrepreneurs and saver-investors in the study lived below their means. The difference lies in where their savings went.
- Saver-Investors put aside at least 20% of their income into investments over decades.
- Entrepreneurs, however, lived frugally so they could reinvest profits directly back into their businesses — in marketing, new hires, or product development.
Wealthy individuals typically budgeted their income carefully:
- Housing: ≤ 25%
- Food: ≤ 15%
- Entertainment: ≤ 10%
- Vacations: ≤ 5%
Frugality isn’t about deprivation; it’s about maximizing the capital available for opportunities.
💡 Action Step: Automate 20% of your business profits into a reinvestment account. Treat it like a non-negotiable “growth tax” for your company.
4. Build Power Relationships
Your network is your net worth. Corley found that 93% of millionaires with mentors credited them for their success. Mentors shortened the learning curve by sharing proven strategies and connecting entrepreneurs with powerful contacts.
But mentorship is just one piece of the puzzle. Millionaires also built “power relationships” with optimistic, driven peers who encouraged growth and opened doors to collaboration. They didn’t waste time with negative or toxic people who drained energy.
💡 Action Step: Identify one mentor in your industry and schedule a call or meeting to seek specific guidance. At the same time, offer mentorship to someone starting out — teaching strengthens your own knowledge while expanding your influence.
5. Take Calculated Risks
Risk-taking is a defining feature of entrepreneurship. However, Corley’s study revealed that wealthy entrepreneurs were not gamblers. Instead, they embraced calculated risks — making informed decisions backed by research, market analysis, and mentorship advice.
About 27% of millionaires failed in business at least once, but instead of giving up, they learned from mistakes, refined their approach, and tried again. Failure wasn’t the end — it was tuition for long-term success.
💡 Action Step: Before launching a new venture, test your idea with a pilot program or small market experiment. Gather data, adjust, and scale only after proving demand.
Bonus Habit: Prioritize Positivity and Health
Though not part of the top five, one recurring theme among millionaires was the importance of energy and mindset. 76% exercised regularly, and many practiced gratitude and “rich thinking” — focusing on solutions rather than problems.
Optimism and health provided the stamina to endure long work hours and bounce back from setbacks — an underrated advantage in wealth-building.
The Power of Passion and Persistence
Habits alone don’t create wealth without passion. Corley emphasizes that passion keeps entrepreneurs motivated when challenges arise. Passion fuels persistence, and persistence — combined with rich habits — compounds into financial success.
While entrepreneurship is the fastest path to wealth, it’s not an overnight journey. Millionaires in the study still took an average of 12 years to reach multimillion-dollar status. But compared to traditional saving and investing, that’s a far shorter timeline.
Final Thoughts
The study of 233 millionaires shows that building wealth is less about luck and more about habits. By setting goals, learning continuously, living frugally, building networks, and taking calculated risks, anyone can follow the millionaire blueprint.
Entrepreneurship offers the fast lane, but it demands discipline, resilience, and consistency. Adopt these five rich habits, and you’ll not only grow wealth but also create a life of purpose and fulfillment.
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