The rich have been studied extensively — how they spend their money, how they spend their time.
The findings have been published in books like "The Millionaire Next Door" by Thomas Stanley, and "Rich Habits" by Tom Corley.
And now, by Wise Bread!
So read on, because you want to make a lot of money, and people who make a lot of money do these 12 things.
1. Skip TV (especially reality TV)
Corley found that 67% of wealthy people watch one hour or less of TV every day versus 23% of poor, who watch more. Further, only 6% of the wealthy watch reality TV.
A Huffington Post article highlighted 10 wealthy people (including Oprah, Larry Brilliant, and Bill Ford) who all meditate daily to help them focus.
3. Exercise regularly
Many studies tout the benefits of exercise to improve not only physical health, but also mental health. This is probably why 76% of the wealthy Corley studied exercise aerobically four days a week.
4. Invest their money
"The Millionaire Next Door" found that millionaires, on average, invest nearly 20% of their household income each year; with the majority investing at least 15%. And 79% of millionaires have at least one account with a brokerage company.
5. Keep their mouths shut
People who make a lot of money don't gossip or say whatever pops into their head at that moment. Corley found that only 6% of wealthy say what's on their mind.
6. Wake up early
Are you best friends with your snooze button? If you want to act like a rich person, better start waking up early. Laura Vanderkam, author of "What The Most Successful People Do Before Breakfast" wrote in an article for Success.com that of 20 premier executives, 18 regularly woke up before 6 a.m.
7. Eat healthy
People who make a lot of money don't just eat "well" in terms of high end restaurants, they also eat healthy food. Rich people, on average, eat less than 300 junk food calories per day, according to Corley.
8. Read (for work or pleasure)
Whether it's for work or pleasure, people who make a lot of money read, read, read.
"Rich Habits" highlights that 88% of wealthy read for 30 minutes or more each day for education/career and most of them (86%) state that they love to read.
9. Have a nightly ritual
Having a nightly ritual helps people who make a lot of money collect their thoughts, wind down, and prepare for the next day.
10. Start their own businesses
"The Millionaire Next Door" found that most millionaires are entrepreneurs who start their own businesses. It doesn't have to be a start-up technology company. Even owners of waste-removal services do quite well financially.
11. Keep a running list of tasks.
If you make a lot of money you need to keep track of what you have to do. In fact, Corley found that 81% of the wealthy maintain a to-do list and actually manage to accomplish about 70% of their tasks each day.
You don't make money in isolation, it takes getting out there and meeting other people. And 79% of wealthy network five hours or more each month, according to "Rich Habits."
If people who make a lot of money do these things, do they do them because they make a lot of money? Or do they make a lot of money because they do them? It's a bit of a chicken and egg problem.
But, many of the above require diligence, self-control, persistence, and hard work. Chances are, if you have or develop these traits and do the same things people who make a lot of money do, you too will earn more.
By Elizabeth Lang
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which course of action may be appropriate for you, consult your financial advisor.
Investment advice offered through Gerber Kawasaki Inc, a registered investment advisor. Please consult your investment professional before acting on any advice.