Millionaires have some odd habits: from 5am yoga to chronically clicking the snooze button, answering calls at any hour of the day to no phones before bed; each of them are individual.
But there’s one habit that all self-made millionaires share in common, according to US accountant, financial planner and author Tom Corley.
Corley, who studied 233 wealthy individuals over five years to find out their daily activities, habits and traits, found there was one habit each self-made millionaire pointed to as something that helped them grow their wealth: keeping rich relationships.
Also read: 7 unexpected habits of millionaires
Also read: 12 things that millionaires have in common
What are rich relationships?
Corley, writing for CNBC Make It, said ‘rich relationships’ are defined by mindset, rather than wealth.
This means individuals who contribute to rich relationships don’t need to be wealth – they just set goals and aspirations, and spend their time trying to achieve them.
“I limit my exposure to toxic, negative people,” one individual told Corley.
“Some of them may bring you down and infect you with their negativity, which can undermine your ability to creatively find solutions to problems and overcome obstacles.”
Corley’s research found individuals who contribute to rich relationships have a positive mental outlook, show gratitude, are encouraging, work hard, are loyal, authentic and curious.
And even the billionaires agree: Warren Buffet said, “You will move in the direction of the people that you associate with.”
Harvard supports this too
The Harvard Business Review found women who had a close inner circle of female contacts landed leadership positions that were 2.5 times higher in authority and pay than those of their female peers who didn’t.
And it boiled down to the women’s group chat.
“Although we could not review the content of email messages, we believe that this close inner circle of women likely provides critical private information on job opportunities and challenges,” the report said.
While the HBR found that the gender composition of men’s network didn’t have any effect on their job placement, a strategic inner-circle couldn’t hurt.
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