Twenty Millionaire Secrets: Chicken or Egg?

In this post on Linkedin [HERE] is a list of the twenty things millionaires do, presumably compared to people who are not millionaires.

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Twenty Millionaire Secrets Revealed

1. 70% of wealthy eat less than 300 junk food calories per day. 97% of poor people eat more than 300 junk food calories per day. 23% of wealthy gamble. 52% of poor people gamble.
2. 80% of wealthy are focused on accomplishing some single goal. Only 12% of the poor do this.
3. 76% of wealthy exercise aerobically 4 days a week. 23% of poor do this.
4. 63% of wealthy listen to audio books during commute to work vs. 5% for poor people.
5. 81% of wealthy maintain a to-do list vs. 19% for poor.
6. 63% of wealthy parents make their children read 2 or more non-fiction books a month vs. 3% for poor.
7. 70% of wealthy parents make their children volunteer 10 hours or more a month vs. 3% for poor.
8. 80% of wealthy make hbd calls vs. 11% of poor
9. 67% of wealthy write down their goals vs. 17% for poor
10. 88% of wealthy read 30 minutes or more each day for education or career reasons vs 2% for poor.
11. 6% of wealthy say what’s on their mind vs. 69% for poor.
12. 79% of wealthy network 5 hours or more each month vs. 16% for poor.
13. 67% of wealthy watch 1 hour or less of TV. every day vs. 23% for poor
14. 6% of wealthy watch reality TV vs. 78% for poor.
15. 44% of wealthy wake up 3 hours before work starts vs.3% for poor.
16. 74% of wealthy teach good daily success habits to their children vs. 1% for poor.
17. 84% of wealthy believe good habits create opportunity luck vs. 4% for poor.
18. 76% of wealthy believe bad habits create detrimental luck vs. 9% for poor.
19. 86% of wealthy believe in life-long educational self-improvement vs. 5% for poor.
20. 86% of wealthy love to read vs. 26% for poor.

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If you read in the comments, apparently this list is the result of “research” by Dave Ramsey. For what that’s worth. One interesting thing I like to contemplate about various lists and statistics like this is the traditional Chicken/Egg effect. By this I mean:

Are these people millionaires because they do #X above? Or do they do #X above because they’re millionaires?

Correlation and Causality. Many of the self-help gurus will sell you on a package that includes such interesting goals as, say, #19:

86% of wealthy people believe in life-long education, but only 5% of the poor do. If you choose to believe in life-long education, you will have a 1700% greater chance of becoming wealthy (86/5 x 100).

It’s possible that it’s the other way around.

If you were born believing in life-long education, there is a 1700% greater chance that you are wealthy

I’m not discounting the value of life-long education. Not by a long shot. If you were lucky enough to have had computer lab in the 70’s and learned one of the very tiny minuscule versions of Basic (programming language) you could have made a pretty good income for a few years. But then you would have had to learn Visual Basic, C, C++ and with the internet, Perl, PHP, C#, or with Apps, several other languages, some being developed even now. Without this life-long education, you would be left in the dust and obsolete.

Embrace Life-Long Education!

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About the Author: Charles Miske

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