Things Rich People do Differently. Every Day.

Once in a while you come across simple truths that make you wonder. Things Rich people do is one such article. I was discussing this with Reia and she asked an interesting question. Does it mean that anyone who follows these will become rich. I really don't know but am willing to bet that it definitely would increase the probability of them doing well significantly.

from : Times of India - Online
Libby Kane, Business Insider | Jun 28, 2014, 12.28PM IST

What you do today matters. In fact, your daily habits may be a major determinant of your wealth. "The metaphor I like is the avalanche," says Thomas Corley, the author of "Rich Habits: The Daily Success Habits Of Wealthy Individuals." "These habits are like snowflakes - they build up, and then you have an avalanche of success." Corley spent five years studying the lives of both rich people (defined as having an annual income of $160,000 or more and a liquid net worth of $3.2 million or more) and poor people (defined as having an annual income of $35,000 or less and a liquid net worth of $5,000 or less).

He managed to segment out what he calls "rich habits" and "poverty habits," meaning the tendencies of those who fit in each group. But, Corley explains, everyone has some rich habits and some poverty habits. "The key is to get more than 50% to be rich habits," he says. And what are those rich habits that are so influential? Here are a few:
 
Rich people always keep their goals in sight. "I focus on my goals every day." Rich people who agree: 62% Poor people who agree: 6% Not only do wealthy people set annual and monthly goals, but 67% of them put those goals in writing. "It blew me away," says Corley. "I thought a goal was a broad objective, but the wealthy said a wish is not a goal." A goal is only a goal, he says, if it has two things: It's achievable, and there's a physical action you can take to pursue it. And they know what needs to be done today.

"I maintain a daily to-do list." Rich people who agree: 81% Poor people who agree: 19% Not only do the wealthy keep to-do lists, but 67% of them complete 70% or more of those listed tasks each day. They don't watch TV. "I watch TV one hour or less per day." Rich people who agree: 67% Poor people who agree: 23%

Similarly, only 6% of the wealthy watch reality shows, compared to 78% of the poor. "The common variable among the wealthy is how they make productive use of their time," explains Corley. "They wealthy are not avoiding watching TV because they have some superior human discipline or willpower.

They just don't think about watching much TV because they are engaged in some other habitual daily behavior - reading." They read ... but not for fun. "I love reading." Rich people who agree: 86% Poor people who agree: 26% Sure, rich people love reading, but they favor nonfiction - in particular, self-improvement books. "The rich are voracious readers on how to improve themselves," says Corley. In fact, 88% of them read for self-improvement for 30 minutes each day, compared to 2% of poor people. Plus, they're big into audio books. "I listen to audio books during the commute to work." Rich people who agree: 63% Poor people who agree: 5% Even if you aren't into audiobooks, you can make the most of your commute with any of these commute-friendly self-improvement activities.

They make a point of going above and beyond at the office. "I do more than my job requires." Rich people who agree: 81% Poor people who agree: 17% It's worth noting that while 86% of rich people (compared to 43% of poor) work an average of 50 or more hours a week, only 6% of the wealthy people surveyed found themselves unhappy because of work.

They aren't hoping to win the jackpot. "I play the lottery regularly." Rich people who agree: 6% Poor people who agree: 77% That's not to say that the wealthy are always playing it safe with their money. "Most of these people were business owners who put their own money on the table and took financial risks," explains Corley. "People like this aren't afraid to take risks."

They watch their waistline. "I count calories every day." Rich people who agree: 57% Poor people who agree: 5% Wealthy people value their health, says Corley. "One of the individuals in my study was about 68 and worth about $78 million. I asked why he didn't retire, and he looked at me like I was from Mars. He said, 'I've spent the last 45 years exercising every single day and watching what I eat because I knew the end of my career would be my biggest earning years.' If he can extend his career four to five years beyond everyone else, that's about $7 million for him."

And they take care of their smiles. "I floss every day." Rich people who agree: 62% Poor people who agree: 16% Enough said.

http://timesofindia.indiatimes.com/business/international-business/9-things-rich-people-do-differently-every-day/articleshow/37377075.cms 

There were several such lists and they revolved around similar habits. The one that is not being mentioned but is probably the no. 1 factor, is being "Born Lucky". Not necessarily rich, but lucky. Being born to parents who work hard so you can go to school and get an education and being born in a time when society gives each of us similar rights and minimal discrimination, all of these go a long way in helping us become successful.

So whilst practicing as many of the above habits as possible, smiling and being thankful for what we have would be a good idea, and may not make you richer. But will surely make you happier.

Yo

And for a change they're not referring to the usage of the app. Its all it does.

Unbelievable. Anything seems to sell. Even an app called "Yo", that allows you to message other app users your feelings of all kinds. And these can be expressed easily in 2 alphabets. "Y and O" Yep. Crazy as it sounds "Yo" is an app that allows you to sned a "Yo", to other "Yo" users.

What's even more unbelievable is that the app attracted a few million dollars in funding.

What this seems to indicate is that the merits of the creation are no longer as important as the number of people who are attracted and / or interested in the product. This may not be a good measure in evaluating merit, but I guess time will tell.

Stephen Colbert has a great take on the app.

Discovering NPR

Recently at a client meeting, the client mentioned an interesting idea he heard about. Using Captcha to digitize books. That was an amazing idea. And on checking he told me he heard it on NPR. A few days later, another friend mentioned NPR. I was curious. What exactly was NPR ?

I tuned in, and was hooked. One of the issues I had about most of the US radios and television channels was that they were partisan. They has a definite ideology and were either right or left, democrats or republican, capitalist or socialist. That meant you never got the news, just biased opinions.

NPR which is National Public Radio, is completely unbiased. They have opinions, but they are not guided by ideologies, but based on the events. It was refreshing to hear unbiased news and interviews.

I was sold. I now almost always listen to NPR and am contentiously surprised and impressed by the quality of the programming. Its not only the News, but also the other programs. Interviews, Opinions, Discussions.

NPR is a self funding non-profit. It is funded by contributions from listeners. It seems that not only can non profits compete with commercial companies, they can out-beat them.

Mumbai gets a Metro - Finally

Mumbai's first Metro service opened for commuters today. It was flagged off by Maharashtra's chief minister Prithviraj Chavan.

The Metro project was commissioned and work started in 2007. It was expected to start services around 2011. However the same was delayed by several years. Ironically not only did the company not have to pay any penalties, they were able to collect almost twice as much as the original estimates. Given that there is no incentive for completing on time but a huge reward for delay, its little wonder that the project was majorly delayed.

Rinfra has built the 11.40 km Metro Rail running east-west between Versova-Andheri-Ghatkopar. The cost of the project originally won at Rs. 2,356 crores has increased to Rs 4,321 crores.

The Mumbai Metro has fixed a slab Rs 10, 20, 30 and 40, depending on the distance, but the state government is insisting on a minimum and maximum fare between Rs 9 and Rs 13. The impasse is still on and for now the introductory fare of Rs. 10 has been accepted by both sides.

Each of the metros has four coaches with a capacity of around 375 commuters or around 1,500 commuters per service, zooming above the city between the two points — Versova-Ghatkopar with a total of 12 elevated stations en route.

The company has said that it will operate 200-250 services a day, carrying around 11 lakh passengers. The system will initially handle 7 lakh commuters per day and eventually up to 11 lakh. There will be as many as 270-280 services per day from Monday, when the trains begin operation from 5.30am to midnight.

The biggest benefit of the Metro is to the Mumbaikar. The Metro will reduce travel time on the 12-km Versova-Andheri-Ghatkopar corridor to 21 minutes as against the 1 to 2 hours that it takes to cover the stretch by road.

Read Books : In 15 minutes

Several years ago, I was speaking with Freia and mentioned that it would be cool if there was a way in which you could read a summary of books. Last week Freia sent me an email saying, "looks like what we were talking about is now available. Check it out : www.blinkist.com".

I checked it out and it was exactly what I wanted. As the site nicely summarizes:

Learn something every day.
Read the key lessons from nonfiction books in 15 minutes or less.

Solve your reading problem.
The best knowledge from nonfiction in powerful, memorable packs.

Blinkist positions itself as solving 3 problems.

1. Read Smarter
Books in blinks are a new format that gives you the key insights from nonfiction books in just 15 minutes.

2. Get Sharper
Mastery happens in inches, not miles. With Blinkist, you can hone your skills by learning a little every day.

3. Learn Wherever
Blinkist was made for your mobile lifestyle. Read on your commute, waiting in line, or anywhere else on any device.

   
The product is reasonably priced at around $5 / month.

And what I love about Blink is the fact that its not created by computers, but by people. They explain their system better than I could.

Great books. Smart people. No algorithms.  We comb bestseller lists, review user suggestions, and solicit thought leader input to find the most intriguing reads out there. Next, our readers and writers dive into the selected texts and surface with the most valuable insights from each work. The resulting blinks are proofread and lovingly polished by human hands. By the time a book in blinks makes it to you, we trust that it is a skillfully, mindfully made bundle of mind-changing insights – and you can, too.

Gotta go and catch up with my Blinks.