★ Being Rich Eliminates 67% of Life’s Problems

Posted July 11, 2016 6:02 am by with 13 comments

Being Rich Eliminates 67% of Life’s Problems - Rockstar Finance

[Please welcome special guest Tom Corley from Rich Habits today!]

Have you ever wondered what the most common major problems are in life? I have. I spent the past 12 years studying the rich and the poor (Rich Habits Study) and found that there were 12 frequent big problems almost everyone has to contend with:

  1. Health Problems
  2. Financial Problems
  3. Family Problems
  4. Neighbor Problems
  5. Home Ownership Problems
  6. Car Problems
  7. Addiction Problems
  8. Job Problems
  9. Relationship Problems
  10. Death/Disability Problems
  11. Time Management Problems
  12. Weather Problems

When I analyzed my study data I realized that the rich struggle with only four problems: Family Problems, Death/Disability Problems, Time Management Problems and Weather Problems. If you do the math, being rich eliminates 67% of life’s major problems. Let’s delve into why.

Health Problems

According to my research data, 76% of the rich do some form of cardio exercise every day for about thirty minutes. The science on the health benefits of cardio exercise is clear – cardio exercise improves your health and extends your life. But what about cancer? Cancer is fairly democratic in that it plagues the rich and the poor alike, however, studies indicate that a poor diet increases the incidence of cancer. According to my research the rich and the poor had very different diets. The rich ate significantly less junk food, consumed significantly less alcohol, avoided fast food restaurants and consumed far less sugar than the poor did. On top of all this, the rich have the financial means to secure the best medical care, in the event something does go wrong.

Financial Problems

The only financial problems the rich have involves managing their money and investments. One hundred percent of the rich in my study owned their home and 84% had no mortgage.

Family Problems

Rich or poor, we cannot control family problems. Having a family means you will deal with a whole host of family issues.

Neighbor Problems

The rich have the luxury to pick their neighbors. They can afford to find the best places to live. And if they decide they can’t tolerate their neighbors, they have the financial ability to move to a better neighborhood.

Home Ownership Problems

If the central air conditioning system breaks, the rich have the money to fix it immediately. When it comes to major repairs, the only issue for the rich is how fast the electrician, plumber or carpenter can get the job done. There are no financial concerns for the rich when something goes wrong with their home.

Car Problems

If something goes wrong with their car, the rich can afford to get it towed to a repair shop or simply buy a new car.

Addiction Problems

Drugs are a blight on society. No one, not even the rich, can escape this blight. The big difference is that the rich can afford to send themselves, their spouse or their children to the best and most effective drug rehabilitation centers. The rich have the financial resources to secure the best care in dealing with addiction problems.

Job Problems

According to my data, 86% of the rich like or love what they do for a living. Because they like or love what they do for a living, they do a better job. They have no fear of being fired because they either own their own business (51% of the rich in my study owned their own business) or they are a decision-maker where they work (91% in my study were decision-makers), meaning they do the firing.

Relationship Problems

According to my data, relationships are the currency of the wealthy. The rich surround themselves with other like-minded people who share their goals, dreams, thinking, morality and virtues. They devote an enormous amount of time to managing their success relationships and they make a habit of avoiding toxic relationships. Plus, because they are rich, they are treated differently by others. Rich people can help those who are not rich in any number of ways, so they are treated with kid gloves by those who are not rich.

Death/Disability Problems

Death or disability can happen to anyone at any time, rich or poor.

Time Management Problems

Sixty-five percent of the rich have at least three sources of income to manage. as a result, they are constantly pressed for time in managing those activities. Plus, 91% of the rich are decision-makers where they work. Responsibility follows decision-makers wherever they go, even on vacations. Time management is a constant problem for the rich.

Weather Problems

Do I need to even address this? Weather affects everyone, rich or poor.

********

About the author: Tom Corley is the writer behind the blog Rich Habits. He is also an author, a CPA, CFP, and hold a master’s degree in taxation. As president of Cerefice and Company, CPAs, Tom heads one of the premier financial firms in New Jersey.

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13 responses to ★ Being Rich Eliminates 67% of Life’s Problems

  1. Elliot @ Our Growing Wealth July 11th, 2016 at 8:23 am

    As if we ever needed any more reasons for becoming wealthy! I think you’ve just proved how much better life could be with the wealth and riches that comes from hard work, thanks for sharing.

    Reply

    • J. Money July 21st, 2016 at 7:30 am

      It’s interesting – when I first read this I was thinking about how bring rich *does not* solve as many problems as you would imagine since there’s still a good third of your life that’s not related to $$$$. But of course not having to worry about a bulk of it is very motivating as well :)

      Reply

  2. Sikasem July 11th, 2016 at 10:22 am

    Though simple write-up, it’s more educative. Nice sharing.

    Reply

  3. Mrs. Picky Pincher July 11th, 2016 at 2:45 pm

    I think there are plenty of ways to be “rich,” and many of them don’t include having a lot of money. As long as you live small, simply, and beneath your means, you’re on your way to being quite rich. :)

    Reply

  4. just a thought July 12th, 2016 at 8:35 am

    Nice perspective, however it would be helpful if the writers stated what their definition of rich is.

    Reply

  5. ZJ Thorne July 12th, 2016 at 11:22 pm

    Within disability, rich people are able to afford the accommodations they require more readily. Wheelchairs commonly cost $20,000 and need maintenance, as one small example.

    Great list though.

    Reply

  6. No Nonsense Landlord July 16th, 2016 at 11:54 am

    One thing for sure, any problems that you have with money are less severe. Or at least it makes it seem that way…

    Reply

    • J. Money July 21st, 2016 at 7:26 am

      yeah, better to deal with problems when you have a lot of money vs those same ones without. Even if the $$ doesn’t solve the problem at all :)

      Reply

  7. Not a Snowbird July 20th, 2016 at 11:14 pm

    Weather effects everyone, eh? Except when you can afford to travel during the months you don’t like. Cottages, “snowbirds” (Canadians who fly south to their Florida homes during the winter) and ability to travel are all remedies the wealthy have for weather.

    Reply

    • J. Money July 21st, 2016 at 7:26 am

      true true… not as much for daily life though.

      Reply

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