To start every week on News/Talk 1470am WMGG, I interview a financial expert at 6:35p ET on a segment called Money Monday.
This week’s expert was Thomas Corley, President of the CPA firm Cerefice & Co. and author of “Rich Habits – The Daily Success Habits of Wealthy Individuals,” (www.RichHabits.net).
Thomas conducted a 5 year research study on the daily habits of 233 rich people and 128 poor people and compared each group’s daily habits. Wealthy parents instill in their children ten daily success habits that poorer parents do not, he says. One such habit is making children read educational material for 30 minutes each day for self-improvement purposes. He found that 76% of wealthy parents did this, while only 12% of poor parents taught this habit to their children.
However, contrary to how many think of wealth, living near, at or below the poverty line is not a static position, he says. And, it’s wrong to think that most rich people have inherited their wealth – 85 percent never inherited a dime from their parents, he says.
“America’s parents and the education system are institutionalizing poverty by not teaching America’s children basic financial success principles. We are raising a country of financially illiterate children and our country will pay the price if something doesn’t change soon.” says Corley.
Corley was recently featured on Yahoo! Finance, too!