Helping Time-Poor Investors: Rich Habits Poor Habits Episode 20

Time is our most valuable resource and it is a valuable resource that is given to us for free.

Because it is free we tend to not value our time until it starts to run out.

Time becomes a valuable resource at around age 50.

This is when we realize time is running out.

In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered the habit of learning to say NO

Rich people, specifically self-made rich people, made a habit of saying NO to certain individuals.

In this week’s video we discuss Rich people, specifically self-made rich people, made a habit of saying NO to certain individuals.

These include:

Down & Out – Those who are reluctant to ask for help but truly need your help and
Users – Those who are continuously looking for a handout but never reciprocate and
Reciprocators – Those who look for opportunities to help first or repay the debt.

The Down and Out are individuals who have experienced random bad luck in life.

These are individuals who would otherwise never ask for help.

Life circumstances forced their hand.

Users are individuals who are self-centered and focused only on their needs.

They don’t value your time.

Their lives are usually a mess and they forged this nasty habit of continuously seeking favors from others.

What makes them toxic is that they never reciprocate and pay off the debt of your services.

They are like locusts and should be avoided at all costs.

Reciprocators are individuals who seek your help but, unlike the users, they value your time and feel compelled to reciprocate your kindness.

It’s often difficult to initially separate the Users from the Reciprocators.

This is the fool me once shame on you, fool me twice shame on me scenario.

Users will seek out your help, never reciprocate and then come back to the well over and over again until you say NO.

When you say NO, they discard you like yesterday’s trash and move on.

When you make a habit of saying NO, except to those truly in need, that is a Rich Habit, users will disappear in your life.

You can catch up with past episodes of this weekly webcast here – Rich Habit, Poor Habits – Tom Corley & Michael Yardney

Helping Time-Poor Investors