Tom Corley is CPA, CFP, holds a Master’s Degree in Taxation and is a bestselling/award-winning author for his Rich Habits Series of books.

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Guest Resources

Effortless Wealth – Subscribe to Tom’s website and get a copy of his book.

Email Tom – Send Tom an email and he will share his research summary.

3 Value Bombs

1) Most people don’t have the right personality to succeed as an entrepreneur.

2) If you want to become wealthy, you need a clear vision of who you want to be and what you want to have.

3) Rich people are relationship builders because they say relationship is the currency of the wealthy.

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: 8 Ways Ordinary Individuals Become Self-made Millionaires

[1:09] – Tom shares something that he believes about becoming successful that most people disagree with.

Most people don’t have the right personality to succeed as an entrepreneur.

[2:05] – Tom talks about the 4 Paths to Wealth.

According to his research , self-made millionaires focus on 4 different paths to building their wealth.
Path #1 Saver Investor (49%) like Dave Ramsey.
Path #2 Big company climber (18%) who get most of their wealth to stock compensation.
Path #3 Virtuoso (7%) this are skill-based like Tiger Woods or or knowledge-based like Albert Einstein.
Path #4 Dreamer Entrepreneurs (51%) it is the hardest but shortest and lucrative path to wealth.

[3:42] – Tom tells more about this 4 paths to wealth.

Each path has its own personality profile. For example, if you are a Saver Investor and you decide to become an entrepreneur, you will fail and if you are an entrepreneur and you want to climb the corporate ladder you will also fail because entrepreneurs can’t stand corporate politics.

[5:03] – Tom talks about the Dream Setting process.

Dream setting is a cool and fun exercise that he stumbled upon a couple of self-made millionaires in his study. If you want to become wealthy, you need a clear vision of who you want to be and what you want to have.
It has 4 steps.
Step 1 Create the Script – Write a 500 word script that describe your ideal perfect future life in 5-10 years. What do you do for a living, how much do you make and how much wealth you accumulated and then next is describe what you did over those years to get there. This is important because it describes the journey and create the blueprint.
Step 2 – Bullet point each item that represents a dreamin your script. Have a clear vision of all the dreams that make up your ideal future life.
Step 3 – Create goals around this dream. The goals are your action steps to make each dream come alive and be realized.
Step 4 – Pursue those dreams and goals one dream at a time.

[7:50] – Tom talks about good debt vs bad debt.

Good debts are debts that create assets that generate an income like a college debt.
Home mortgage is also a good debt. Its an asset though it doesn’t create an income on an annual basis, it creates gains down the road.
Debts use to fund a business is a good debt and also debts that makes you a virtuoso which includes coaches.
Bad debt is used to finance your standard of living or when you are funding someone else’s standard of living.
Using credit cards is a bad debt.
Home equity can be a bad debt if you are using the debt to fund losses. It means your business model is broken.

[11:47] – A timeout to thank our sponsors!

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[14:36] – Tom breaks down the rich habits and the poor habits.

It is articulated in the daily habits between the risch and the poor.
A rich habit is maintaining a daily to-do list.
Poor people have a habit of gossiping too much but the rich people , if they do gossip, it’s a positive thing. The poor gossip negatively.
Rich people build relationships with other successful people. They are relationship builders because they say relationship is the currency of the wealthy.
Poor people don’t build relationships but only call upon you when they have a need.
Rich people have a positive mental outlook and use gratitude everyday while poor people have a negative, pessimistic outlook.
Its about changing your mindset. In his study , almost 90% of the most successful people have a positive upbeat mindset that is critical for an entrepreneur because everyday is an adversary day.
Control your thoughts and emotions and be cautious of how you communicate with people. Don’t allow your emotions or feelings dictate your life.
Send him an email and he will give his 366 habit data points summary in his rich habits summary.

[19:46] – Tom talks about the top Poor Spending Habits.

Want spending
Spontaneous or emotional spending
Supersizing your life spending
Lifestyle creep or spending money incrementally increasing your cost of living over the course of your lifetime that you can’t retire.

[23:00] – Call to action.

Effortless Wealth – Subscribe to Tom’s website and get a copy of his book.
Email Tom – Send Tom an email and he will share his research summary.

[25:07] – Thank you to our Sponsors!

NetSuite: Over 41,000 businesses have future-proofed their business with NetSuite, by Oracle – THE number one cloud E.R.P. Download the CFO’s Guide to AI and Machine Learning for free at NetSuite.com/fire!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

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