Success and stagnation often depend on mindset and habits rather than circumstances or luck. Research by Thomas C. Corley, who studied the habits of wealthy individuals for five years, found that daily habits account for approximately 40% of the differences between the rich and the financially struggling.
While success isn’t solely about money, it encompasses wealth and fulfillment. This guide will help you identify self-limiting habits and adopt more productive ones that can transform your financial trajectory.
Here are ten habits of unsuccessful people that show the difference between a wealthy and a poor mindset:
1. The Instant Gratification Trap: Short-Term Focus vs. Long-Term Vision
The famous Stanford Marshmallow Test Experiment demonstrated that children who could delay gratification tended to have better life outcomes. Unsuccessful people often prioritize immediate pleasure over long-term rewards, whether through excessive spending or endless distractions. They make decisions based on their feelings today rather than considering tomorrow’s consequences.
In contrast, wealthy individuals consistently demonstrate the ability to sacrifice short-term comfort for long-term gains. Rich people invest their time and resources in activities that compound over time, such as continuous learning, building businesses, or strategic investing.
A practical way to develop this skill is implementing a 24-hour rule for non-essential purchases. By waiting just one day before buying something you want but don’t really need, you create space to evaluate whether that purchase aligns with your long-term goals.
2. The Blame Game: Victim Mentality vs. Ownership Mindset
Psychological research on locus of control shows that people who believe they control their destiny (internal locus) achieve more success than those who attribute outcomes to external factors (external locus). Unsuccessful people blame external circumstances—the economy, their boss, or bad luck—for their failures. This victim mentality creates a sense of helplessness that prevents proactive change.
Wealthy individuals take complete ownership of their outcomes. When faced with setbacks, they ask, “What can I learn from this?” rather than “Who is to blame?” This ownership mindset empowers them to adapt and overcome challenges rather than feeling trapped by circumstances.
To develop this mindset, try journaling about challenges with a specific focus on aspects within your control. Even in difficult situations, there are always elements you can influence, from your attitude to your next action step.
3. Knowledge Stagnation: Fixed Mindset vs. Growth Orientation
Carol Dweck’s groundbreaking research on mindsets revealed that people with a growth mindset—who believe abilities can be developed through dedication and hard work—achieve more than those with a fixed mindset who believe talents are innate gifts. Unsuccessful people often stop learning after formal education, seeing intelligence as static rather than able to be expanded.
Wealthy individuals are lifelong learners. According to Corley’s research, 88% of wealthy people read at least 30 minutes daily for education or career reasons, compared to only 2% of financially struggling individuals. Bill Gates famously reads about 50 books annually, crediting much of his success to continuous learning.
Commit to dedicating 20 minutes daily to learning a new skill or reading about your industry. This small daily habit creates compounding knowledge returns over time.
4. Playing It Safe: Fear of Risk vs. Embracing Calculated Challenges
There’s a crucial distinction between reckless gambling and calculated risk-taking. Unsuccessful people avoid risks, sticking to comfortable routines even when those routines fail to produce the desired results. They see failure as definitive proof of personal inadequacy rather than a necessary step toward growth.
Wealthy individuals understand that calculated risks are essential for big financial gains. They mitigate potential downsides while maintaining openness to opportunity. Sara Blakely, founder of Spanx, faced rejection from numerous manufacturers before finding success. She views failure not as the opposite of success but as part of the journey toward it.
Start building your risk tolerance by taking small, calculated risks aligned with your goals. Each small risk builds confidence for larger ones down the road.
5. Time Bankruptcy: Poor Time Management vs. Strategic Priorities
Research shows that how people spend their time significantly impacts their success. Unsuccessful people often waste hours on low-value activities like excessive social media scrolling or television watching, with the average American spending over four hours daily on these passive activities.
Wealthy individuals treat time as their most valuable non-renewable resource. They practice time blocking—proactively scheduling their most crucial work during peak performance hours rather than reactively responding to demands throughout the day.
To improve your relationship with time, track how you spend every hour for one week. This eye-opening exercise helps identify where your time goes versus where you think it goes, enabling strategic reallocation toward high-value activities.
6. Consumer Mentality: Consumption Orientation vs. Creation Focus
Unsuccessful people primarily function as consumers, spending resources on products and experiences that depreciate. Their focus remains on getting rather than giving, consuming rather than producing.
Wealthy individuals prioritize creation over consumption. They build businesses, develop intellectual property, or invest in assets that generate passive income. Robert Kiyosaki, author of “Rich Dad Poor Dad,” emphasizes purchasing assets that put money in your pocket rather than liabilities that take cash out.
Shift toward a creation mindset by asking yourself: “Am I primarily consuming or creating right now?” Then, identify one way to move from passive consumption to active creation in your daily activities.
7. Comfort Zone Addiction: Routine Attachment vs. Embracing Discomfort
Neurological research confirms that our brains prefer routine and resist change—even when change would benefit us. Unsuccessful people cling to familiar patterns and environments, even when these no longer serve them because discomfort feels threatening rather than instructive.
Wealthy individuals regularly push beyond their comfort zones, understanding that growth happens at the edge of discomfort. They actively seek challenges that expand their capabilities rather than confirming their existing skills.
Challenge yourself to do one uncomfortable thing weekly that aligns with your goals—whether networking with strangers, learning a challenging skill, or requesting feedback on your work. The discomfort you feel today will become your new normal tomorrow.
8. Scarcity Thinking: Limitation Focus vs. Abundance Perspective
Psychological research shows that a scarcity mindset—the feeling that there’s never enough—impairs cognitive function and decision-making ability. Unsuccessful people operate from this scarcity worldview, seeing opportunity as limited and progress as zero-sum. If someone else succeeds, they feel diminished.
Wealthy individuals adopt an abundance perspective. They see possibilities where others see limitations and approach problems with creativity rather than constraint. They view success as expandable rather than finite—one person’s achievement doesn’t diminish another’s potential.
Gratitude journaling—writing down three specific things you’re grateful for daily—has been scientifically proven to shift mental patterns from scarcity toward abundance thinking.
9. Reactive Decision-Making: Emotional Choices vs. Strategic Planning
Research in behavioral economics reveals how emotions significantly impact financial decisions. Unsuccessful people make reactive choices based on immediate feelings rather than long-term values, leading to inconsistent results and economic volatility.
Wealthy individuals develop systematic decision frameworks that prioritize logic over momentary emotions. They establish clear criteria for evaluating opportunities and maintain disciplined adherence to their strategic plans, even when emotions suggest otherwise.
Create a simple decision matrix for evaluating opportunities with columns for alignment with goals, required resources, potential return, and foreseeable risks. Using this matrix forces careful consideration before commitment.
10. Solo Mentality: Isolation vs. Network Building
Research consistently demonstrates the correlation between network quality and net worth. Unsuccessful people often try to achieve everything independently, failing to leverage others’ knowledge, connections, or resources.
Wealthy individuals intentionally cultivate diverse, high-quality networks. They understand that collaboration multiplies results and that mentorship accelerates growth. They give generously to their networks rather than only taking, creating reciprocal relationships that provide ongoing value.
Identify three to five potential mentors or valuable connections who could help you achieve your goals. Approach them with specific questions and a genuine desire to learn rather than immediate requests for assistance.
Conclusion
Changing deeply ingrained habits is a process, not an event. Rather than attempting complete transformation overnight, initially focus on one or two habits. The good news is that wealthy mindsets can be developed regardless of circumstances or background. Every person profiled in Corley’s research who transformed their financial situation began by changing their daily habits and thought patterns.
The most important takeaway is that your financial future is determined mainly by the small decisions you make today. By gradually replacing unsuccessful habits with those that align with wealth-builders, you set yourself on a trajectory toward greater financial well-being and overall life satisfaction.