Money The 1 percent will always control the wealth—and here’s why

06:30  14 may  2018
06:30  14 may  2018 Source:   cnbc.com

Oil prices soar after Trump dumps Iran nuclear deal

  Oil prices soar after Trump dumps Iran nuclear deal Crude oil prices hit 3-1/2-year highs on Wednesday after President Donald Trump pulled the United States out of an international nuclear deal with Iran, while the dollar touched a new high for the year and world stocks held steady. define("homepageFinanceIndices", ["c.deferred"], function () { var quotesInArticleFormCode = "PRMQAP"; var config = {}; config.indexdetailsurl = "/en-ca/money/indexdetails"; config.stockdetailsurl = "/en-ca/money/stockdetails"; config.funddetailsurl = "/en-ca/money/funddetails"; config.etfdetailsurl = "/en-ca/money/etfdetails"; config.

One percent do control 82% of the wealth . And the top 1% will always control most of the wealth until the other 99% figure out how the 1 % go about cultivating wealth . Why volunteer? Most of the boards and committees in local non-profits are run by successful people within the community.

The 1 perfect will always control the wealth — and here ’ s why . I just finished reading a recent article complaining about the rich. The author was upset at the fact that 1 percent of the people controlled 82 percent of the wealth in the world.

a man wearing a suit and tie© Provided by CNBC I just finished reading a recent article complaining about the rich. The author was upset at the fact that 1 percent of the people controlled 82 percent of the wealth in the world. In the author's mind, there was something inherently unfair about this. The author, like many who are not in the 1 percent , felt that the wealth the 1 percent created didn't necessarily belong to them and offered government solutions to cap or redistribute the wealth of the rich.

It's true, 1 percent of the people do control 82 percent of the wealth. And the top 1 percent will always control most of the wealth until the other 99 percent figure out how the 1 percent go about cultivating wealth.

Walmart’s $16 Billion India Investment Hits Waltons' Fortune

  Walmart’s $16 Billion India Investment Hits Waltons' Fortune <p>Falling shares cut $4.3 billion from the Walton family fortune</p>Walmart Inc., controlled by the Walton family, led a group that bought a 77 percent stake in Flipkart Online Services Pvt. The deal valued the Indian company at about $21 billion.

And the top 1 percent will always control most of the wealth until the other 99 percent figure out how the 1 percent go about cultivating wealth . Why volunteer? Most of the boards and committees in local non-profits are run by successful people within the community.

And the top 1 percent will always control most of the wealth until the other 99 percent figure out how the 1 percent go about cultivating wealth . Why volunteer? Most of the boards and committees in local non-profits are run by successful people within the community.

So, how do the 1 percent do it? Yes, many of they are lucky and were born into privilege. But, according to my research, many of them also get or stay rich by practicing certain good habits, like these:

They read to learn every day

Nearly 9 out of 10 of the wealthy in my Rich Habits Study read 30 minutes or more every day to learn. Reading is work. But it's work that is necessary if you want to become rich.

Rich people read because they know that knowledge can be leveraged to gain wealth. The more you know about your field, career or industry, the more valuable you are to those you service or sell to in your field, career or industry.

Deliberate practice

Over two-thirds, or 69 percent, of the rich in my study practiced some specific skill for two or more hours every day. Deliberate practice requires conscious practice as opposed to unconscious practice. Conscious practice is practice in which you study everything you do that goes into the skill you have.

Canada unexpectedly loses jobs in April as part-time hiring falls

  Canada unexpectedly loses jobs in April as part-time hiring falls Canada unexpectedly loses jobs in April as part-time hiring fallsThe decline of 1,100 jobs was well short of economists' forecasts for an increase of 17,400. The unemployment rate was unchanged at 5.8 percent, as expected. The participation rate edged down to 65.4 percent from 65.5 percent, though the total size of the labor force increased.

The 1 perfect will always control the wealth — and here ’ s why . I just finished reading a recent article complaining about the rich. The author was upset at the fact that 1 percent of the people controlled 82 percent of the wealth in the world.

You always have the option to delete your Tweet location history. Learn more. Copy link to Tweet. Here ' s the URL for this Tweet.

It's about studying the intricate details that enable you to become a virtuoso at what you do.

Pursue long-term goals or a dream

70 percent of the rich in my study pursued some long-term goal or some dream. This is what really drives the disparity between the 1 percent and the other 99 percent . Pursuing big goals or dreams creates the opportunity for good luck to happen. The majority of the 1 percent are beneficiaries of good luck — but good luck they put themselves in a position to receive.

Focus on daily goals

Roughly two-thirds of the rich in my study focused on their daily goals.

Save

Nearly all, or 94 percent, of the rich in my study saved 20 percent or more of their income every year.

Watch your spending

Over two-thirds of the rich in my study were frugal with their money. They spent their money thoughtfully, not emotionally. They bought the highest quality products at the cheapest prices. This habit requires study and patience and delayed gratification.

Crews battling out-of-control wildfire in Westlock County, Alta.

  Crews battling out-of-control wildfire in Westlock County, Alta. Crews battling out-of-control wildfire in Westlock County, Alta.According to Leo Ludwig, the county's chief administrative officer, the fire started Saturday afternoon at about 3:30 p.m. One day later, it was 150 hectares in size — about 1.5 square kilometres — and growing, he said.

Chhota bheem - remote control out of control . How to Medical Science and Technology Works in 2018 Latest Future of Technology With No Limitations.

15 at the Bureau of Engraving and Printing in Washington. (Jacquelyn Martin/AP). The wealthiest 1 percent of American households own 40 percent of the country' s wealth , according to a new paper by economist Edward N. Wolff.

Forge rich relationships

Over two-thirds of the rich in my study forged relationships with other upbeat, success-minded people, many of whom were also part of the 1 percent. These are people who can open doors for you.

Volunteer

Nearly three-quarters of the rich in my study volunteered five hours or more a month. Why volunteer? Most of the boards and committees in local non-profits are run by successful people within the community.

5 a.m. club

Almost half, or 44 percent, of the rich in my study woke up three or more hours before they began their work day to pursue dreams and goals, to read and be productive. Waking up early is important. It allows you to get things done first thing in the day that help move you forward in life.

Be a decision-maker at work

Over 90 percent of the rich in my study were decision-makers where they worked. If you want to control the outcome of your life, you need to be in charge.

Do work you at least like

Nearly 90 percent of the rich in my study liked what they did for a living. When you like what you do, you will devote more time to doing it: more time honing your skills, more time reading to learn everything about your vocation, more time building relationships with other success-minded people within your industry or field, and more time devoted to improving yourself. All of which makes you more valuable.

Wall Street's 'Sell in May' could be fading away

  Wall Street's 'Sell in May' could be fading away Wall Street's 'Sell in May' could be fading awayCPB

And the top 1 percent will always control most of the wealth until the other 99 percent figure out how the 1 percent go about cultivating wealth . In one year, the population of 401(k) millionaires has jumped 45 percent. Here are some key things you can learn from these newly minted rich folks.A

The top 1 percent now owns 50. 1 percent of the world' s wealth , up from 45.5 percent in 2001. "So far, the Trump presidency has seen businesses flourish and employment grow, though the ongoing supportive role played by the Federal Reserve has undoubtedly played a part here as well

Everyone wants to be on the summit but few are willing to hike and sweat to get there. The 1 percent control 82 percent of the wealth largely because they're the ones willing to climb the mountain.

If you want to be one of the 1 percent, you need to start climbing, too.

Tom Corley is an accountant, financial planner and author of "Rich Kids: How to Raise Our Children to Be Happy and Successful in Life."

Like this story? Like CNBC Make It on Facebook!

Don't miss: The 5 smartest things to do with your money in your 30s

A version of this article originally appeared on Rich Habits.

How much money you need for bankers to think you're rich .
In an era of hyper-wealth, economy-class rich starts at $25 million.NTRS

—   Share news in the SOC. Networks

Topical videos:

This is interesting!