One of the questions I get asked often from my readers/followers is:
How long does it take before good habits begin to produce results?
In my Rich Habits Study, I interviewed 233 wealthy individuals (177 of whom were self-made millionaires) with at least $160,000 in annual gross income and $3.2 million in net assets.
According to my research, some Rich Habits start to pay dividends immediately and others take many years.
For instance, here are the time frames it took the typical self-made millionaires in my study to build their wealth ($160,000 or more in annual income plus $3.2 million in investments) while using some of the most impactful habits:
Dream-setting: about 12 years. Dream-setting is defining your dreams and then building goals around those dreams.
Living below your means: about 32 years. In this case, living below your means would include saving at least 10% of your income and then prudently investing those savings.
Daily growth: about seven years. It took the self-made millionaires in my study who became experts within their industry about seven years to get there. They did this primarily by reading or relentless practice.
It takes time for good habits to begin to pay dividends. It all depends on the Rich Habit you adopt. Rich Habits intended to make you wealthy, or transform you into an expert in your industry, take a long time.
Habit change is not an immediate gratification thing.
Thomas Corley is the author of “Rich Habits: The Daily Success Habits of Wealthy Individuals,” and “Rich Kids: How To Raise Our Kids To Be Happy And Successful In Life.”