When it comes to time, we all have an equal advantage. It doesn’t matter where you’re from, whether you’re rich or poor, young or old – everyone gets 1,440 minutes a day. But what really separates the innovators and successful business owners from the rest is how they choose to spend their precious time.
For most of the working population, almost 1200 minutes of their day goes to mundane activities like working, commuting, sleeping, bathing, eating, dressing and grooming. But what about the rest of the 240 minutes? For the rich, every minute counts, and what they do with the remaining 240 minutes of their day is what sets them apart from the rest.
A researcher and book author, Tom Corley, recently interviewed 361 individuals for his study on ‘Rich Habits’. 233 of the participants belonged to a wealthy background whereas the remaining 128 were poor individuals. Corley observed the individuals’ routines over the course of three years and determined that the self-made wealthy individuals made better use of the remaining 240 minutes of their day than their poor counterparts. Here’s what they did differently:
Millionaires Dedicate 60 Minutes of Their Day to Goal-Setting
No one can argue that goal-setting is a crucial element of success, which is why almost 80 per cent of the millionaires interviewed for the study said that they set apart at least 60 minutes a day for a side-hustle outside their main job.
This included working on a small business to generate additional revenue or setting up goals for a better job in the long-term. How can you use goal-setting to find success in your personal and professional life? Corley covers the subject in detain in his book Change Your Habits, Change Your Life.
Millionaires Dedicate 60 Minutes of Their Day to Education
Despite being rich and successful, self-made millionaires continuously find ways to sharpen their skills and gain more knowledge in their field of business.
Almost 80 per cent of the wealthy participants in Corley’s research revealed that they spend at least an hour every day to learn something new that can help them become even more successful in their line of career.
Millionaires Dedicate 30 Minutes of Their Day to Exercise
Millionaire or not, daily exercise is extremely beneficial for everyone. Cardiovascular activities have proven benefits for improving brain functioning through increased blood and oxygen supply to the brain. This helps the neural cells to absorb more free radicals and flush out the toxins, making the brain healthier and sharper.
Exercise also has a positive impact on overall health. It strengthens your heart, protects you against the risk of obesity, diabetes, cancers and other cardiovascular diseases. Wealthy individuals understand that being physically active strengthens their immune system so that they have to take fewer sick leaves.
High endorphin levels from exercise also help them feel more productive and motivated throughout their day, while reducing work stress and increasing the overall feeling of happiness and well-being.
Finally, regular exercise boosts longevity which means that the rich have more time to focus on their business and become even wealthier.
Millionaire Dedicate 30 Minutes of Their Day to Networking
Good communication and networking is key in building a successful business, which is why self-made millionaires devote at least 30 minutes of their free time to building meaningful relationships that will help them in their career.
This includes participating in networking events to build new links, making phone calls to important people, even if just to say hello and calling close friends and family to wish them happy birthday or congratulate them on important life events.
Millionaires Also Have Fun
Millionaires aren’t machines who work non-stop. Like everyone else, these people also need a break from their hectic routine to other relaxing activities. But unlike most people, the self-made rich don’t spend more than an hour for their daily downtime.
It’s true that time is money, and the more time you dedicate to improving your financial circumstances, the more chances you’ll have for becoming rich. Successful people work on developing productive habits that help them make better use of their time and stick to a specific routine for years. These habits eventually pay off later in their lives in the form of increased wealth. For the rich, time is more important than money.