The Most Common Habit of Rich People

During a seminar I attended last year, the speaker asked,” Who reads the book Blue Ocean Strategy?”
More than half of the class raised their hands. It makes sense because it was a seminar about how to be successful in life. Most of the participants are business people and high level executives.

Last month, I attended the KL book festival. I was invited to attend my book launching ceremony at the main stage. I met Azizi Ali, the local best-selling author, who told me that the number of books published in a country is correlated to the wealth of the citizens. More books published in a year indicate that the country is more developed. Therefore, the people are richer too.

Last week, a friend who is quite affluent shared a business idea with me. He told me that the rich never eat alone. In fact, there is a business book entitled “Never Eat Alone”. He actually didn’t realize that he is doing what the book says naturally. By reading the book, it just reminded him that he was doing the right thing all these while.

From the three occasions I shared above, do you find the common habit of rich people?

What is the common habit of the rich?

Rich people reads. They read a lot!

Although the media might be different compared to centuries ago, ranging from newspapers, magazines, books and more recently – Internet! The rich people read regularly.

Another common habit of the rich is that they attend seminars and training. You shouldn’t be amazed that the rich people won’t hesitate to pay thousands dollars to attend courses by Anthony Robbins and Robert Kiyosaki even during a financial crisis. If you want to find the richest people, just go to the most expensive courses or seminars. I guarantee that you will see them there!

The rich learn from the super-rich. The super-rich learn from the ultra-rich.

They attend seminar not just to learn, but also to meet and network with other rich people.

Simply said, rich people love to learn.

They learn through reading, attending seminar and networking with other rich people.

But I am not rich yet!

Before you can afford the thousand-dollars-seminar, why not cultivate the habit of reading. Speak the language of the rich. Gradually, you will be surrounded by like-minded people.


Photo by Ken Neoh.

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35 Comments

  • Hobbes

    Reply Reply May 14, 2009

    Simply said, rich people love to learn

    True but still not quite accurate enough, Ive come to notice that rich people tend to unlearn faster than the non-rich people.

    In the business world, we need to adapt to new strategies and I find the older generations have a hard time adapting and changing their old business habits. To learn, we must unlearn.

    For instant, bad debt and good debt. A huge majority of the people have a fear of debt and doesnt understand the principle of good and bad debt. Like a housing loan, most of them wants to put in as much down payment they can afford and pay at the shortest period of time possible.

    For these group of people to be rich, they need to unlearn what they knew about debt and relearn about the pro and cons of debt, which I find it quite hard to articulate my ideas to my mom and friends.

    Rich people love to read, learn and most important of all – unlearn to learn.

    • KCLau

      Reply Reply May 15, 2009

      @Hobbes

      That’s a great concept – Unlearn in order to learn. One should empty his glass in order to pour in more water.

  • mtsen.com

    Reply Reply May 15, 2009

    having said that, must filter out those who read to get pass an exam, the hamsap stuff, the …. :D

    • KCLau

      Reply Reply May 15, 2009

      @ MTSen

      and also the manga readers :) sorry no offense – some very rich cartoonists read manga too!

  • LOKE

    Reply Reply May 15, 2009

    What books does a rich usually read?

  • Hobbes

    Reply Reply May 15, 2009

    @Loke

    I don think there is any specific book. All books are great if we put good use to it. Not only we must unlearn to learn, taking the first step is very important. As the old saying goes by Lao Tze – Journey of a thousand miles begins with a single steps.

    There is no point reading, brain storming, planning and when it is time to make the first move, you chicken out of fear, lack of confidence and whatnot.

    I guess, to be rich, one needs to have a combination of luck, patients, knowledge, courage, and an open mind.

    @KCLAU

    Where are you from? where are you living? I got ur book last month, great information.

  • PT Money

    Reply Reply May 17, 2009

    I agree. People who are constantly learning and striving to know more will typically be the one’s to find ways to gain wealth. I don’t read as many books as I’d like, but I do have many blogs and news sites in my reader.

  • KCLau

    Reply Reply May 21, 2009

    @Hobbes,

    I am staying in Penang. Thanks for your support!

  • David Stillwagon

    Reply Reply May 22, 2009

    I assume the books are how-to books. Or are they fiction?

    • KCLau

      Reply Reply May 28, 2009

      @ David,

      definitely business books .. non-fiction.

  • Marco

    Reply Reply June 22, 2009

    I used to read alot. After having 2 kids, and as you know the life of living in KL, reading is kind of luxury activity for me now.

  • David

    Reply Reply June 30, 2009

    I laughed at the comments in this post. Reading DOES NOT make you rich. Rich people reads because they have more free time as compared to the poor.

    Cause : RICH; Effect : Reading.

    BUT NOT

    Cause: Reading; Effect : Rich.

    I dare to say this because I know a lot of people with ney worth above 100 million ringgit in Malaysia(YA NO KIDDING!). I would say half of these people reads a lot but half of them NEVER read because they don’t know much about books. They is NO quantitative correlation btw wealth and reading.

    Regards.

  • KCLau

    Reply Reply June 30, 2009

    @David,

    You’ve made a great point. Rich people do have more time and freedom to choose what they want to do.

  • Azlan

    Reply Reply July 1, 2009

    Smart people always learn from others mistake and experiences, reading are the best way to learn the lesson.

  • B@L@

    Reply Reply August 3, 2009

    for me everything happen only after start reading, example investing in property, start saving little money, little investment, looking for extra income such as passive income. i dont have any teacher……the only teacher i have is BOOKS.

  • oladipo kayode

    Reply Reply September 30, 2009

    the rich people reads offen and makes friend amongs people that are very rich

  • Gopi

    Reply Reply February 9, 2010

    hi,

    when you say, you need to unlearn to learn.

    What do u actually mean?

  • Yap Ming Hui

    Reply Reply May 22, 2010

    The comments here are very interesting. They makes me want to share my view too.
    I think that reading is good for both rich and not rich yet people. As far as money management is concerned, reading helps the rich to learn how to preserve their wealth better. I have clients who read a lot. They are definitely more knowledgeable than some of the “financial planners” who don’t read.
    Reading also helps the not rich yet people to learn how to create wealth more effectively. Whether you are already a good creator or not, reading just helps you to become better.

    • KCLau

      Reply Reply May 24, 2010

      Thanks for your comments.
      I write this article with the intention to motivate people to read more and learn more.
      And wealth is one of the greatest motivation.

  • TCKhew

    Reply Reply June 12, 2011

    I love KC’s sharing and all the comments above.
    There is a sentence of comment by Yap Ming Hui, which I think is pretty simple and straight to the point, “Reading just helps you to become better”. I agree with David’s saying that half of the rich people read a lot, but half of them never read. But in my opinion, if there are two business men running exactly the same business at exactly the same location (may be two companies side by side), starting the business at the same period; one businessman reads a lot, another one never read, in this case, the one who reads a lot may perform better than the other one. In this scenario, I am trying to compare ‘apple to apple’.
    My boss does read lot, he is very knowledgeable. So most of the time, he is able to convey his ideas to his staff and convince them to accept his ideas because of his broad knowledge.

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