Studied 233 millionaires and 128 people living in poverty: These 6 habits separated the wealthy from the rest

Building wealth is not always about earning more and saving harder. According to author and financial planner Tom Corley, the way people use their time, money and relationships can also play a major role in how quickly they build wealth.

Over a five-year period, Corley studied the daily habits of 233 wealthy individuals, including 177 self-made millionaires and 128 people living in poverty. His Rich Habits research, along with findings from other independent studies, points to six habits that were common among successful entrepreneurs, according to a report by The Entrepreneur

Entrepreneurship can speed up wealth creation

Corley found a significant difference between people who built wealth through saving and investing and those who did so through entrepreneurship.

In his five-year Rich Habits Study, “Saver-Investors” took an average of 32 years to accumulate $3.3 million, while entrepreneurs reached $7.4 million in just 12 years.

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Entrepreneurs can build multiple income streams, scale businesses and have more direct control over their financial outcomes. But Corley says entrepreneurship alone is not enough. Certain daily habits can help entrepreneurs make the most of that opportunity.

Set clear goals and act on them

Having a clear destination can make it easier to stay focused on long-term wealth creation.

Corley found that 80% of self-made millionaires set specific, long-term goals and worked towards them every day. For entrepreneurs, this could mean setting a revenue target, planning a product launch or identifying a specific business milestone.

He also found that successful entrepreneurs followed a “do it now” mindset, helping them turn plans into action instead of putting important tasks off.

A practical approach is to choose one major business goal for the year and break it down into monthly and daily targets.

Keep learning every day

Successful entrepreneurs often continue learning even after they have built their businesses.

Corley's research found that 88% of millionaires spent at least 30 minutes a day on self-education. This included reading books on personal development and keeping up with industry trends.

The contrast was notable among people in the poverty group studied. Corley found that 77% spent more than an hour a day watching TV, streaming, reading fiction, engaging on social media and other online activities he classified as time-wasters.

For someone trying to build wealth, replacing even 30 minutes of social media time with a business book, industry journal or podcast could help create a regular learning habit.

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Spend less and reinvest more

Frugality was another common theme in Corley's research.

Saver-Investor millionaires typically saved 20% or more of their net income and invested it. Entrepreneurs, however, often used frugality differently. Instead of simply building personal savings, they kept their expenses under control so they could put more of their business profits back into the company.

Corley recommends spending no more than 25% of net income on housing, 15% on food, 10% on entertainment and 5% on vacations.

The money saved can then be directed towards areas such as marketing, product development, hiring or business reserves.

Build strong relationships

The people around an entrepreneur can influence access to knowledge, opportunities and advice.

Corley found that 93% of millionaires with mentors credited them, almost entirely, for their success in life. Mentors can offer guidance, share processes and help entrepreneurs avoid mistakes. They can also introduce them to influential people in their networks.

Corley refers to these connections as “Power Relationships”, which include optimistic, success-minded peers and mentors. Building such relationships can also involve mentoring others.

Take calculated risks

Starting or expanding a business comes with uncertainty, but Corley's research suggests that successful entrepreneurs do not simply take reckless risks.

Instead, they research opportunities, seek advice and test their ideas before committing significant resources.

His study found that 27% of millionaires had failed at least once in business but learned from their setbacks.

Testing a business idea through a small pilot, studying the market and seeking advice before making a major investment can help reduce the potential downside.

Look after your health and mindset

Building wealth can take years, which makes physical and mental stamina important.

Corley found that 76% of the millionaires in his study exercised regularly. His research also highlighted the importance of what he calls “rich thinking”, which involves managing negative emotions and maintaining an optimistic outlook.

Regular exercise, whether through walking, yoga, weights or resistance training, can help maintain energy and focus. Corley also recommends practising gratitude as part of maintaining a positive mindset.

Passion and persistence matter too

Beyond specific routines, Corley says passion can help entrepreneurs stay committed through setbacks, mistakes and rejection.

Passion can provide the energy and focus needed to keep going, while disciplined habits can compound over time. But even entrepreneurship is not an overnight route to wealth. Corley's research found that entrepreneurs took an average of 12 years to reach multimillion-dollar wealth.

Habits are only part of the picture

Corley's findings have also faced criticism from those who argue that systemic factors and demographic differences can influence wealth, alongside individual behaviour.

His research focuses on behaviours that individuals can control, such as how they spend their time, manage money, build relationships and make decisions.

The broader takeaway is that building wealth involves both creating it and sustaining it. For entrepreneurs, Corley's research suggests that clear goals, continuous learning, controlled spending, strong networks, calculated risks and attention to health can help support that process.