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Rich-Habits-REPORT-Goal-Setting – Tom-Corley

Far too many individuals never achieve their goals. Many who fail to reach their goals simply give
up on goal setting altogether. They act out of frustration or a loss of confidence in the goal-setting
process. Why? Why do people fail to achieve their goals? At the heart of the problem is the fact
that many who set what they think are goals are not setting goals at all. They are, instead, making a
wish. Wishes are not goals. What sets a wish and a goal apart is action. Wishes are wishes because
there is no action-based plan underpinning the wish. Goals become goals only when action steps
are required to achieve the goal. For example, a typical goal setter may establish a goal of making a
certain amount of income for the year. They may even list this income dollar amount as a “goal.” As
the year moves along they soon begin to realize that they will not get close to reaching the income
goal. This usually occurs mid-year. At that point they often give up on the goal out of frustration.
Feelings of inadequacy, failure, poor work ethic, lack of focus begin to filter into their minds as a
result of missing the goal. That’s too bad. It’s sad because the failure in achieving the goal has little
to do with work ethic or focus or competence. Instead, it has everything to do with misinterpreting
a wish for a goal.

Description

According to the Internal Revenue Service, only 5% of all individuals who file an income tax return
make $155,000 or more per year. That works out to approximately 6.9 million individual tax filers.
This 5% group is responsible for paying the majority of the personal income tax the IRS receives
each year. This is also the group that has adequate retirement savings, six months worth of monthly
income savings for emergencies, little to no debt, college costs funded for their children and/or
grandchildren, take nice vacations, have significant home equity in their modest to above average
homes, good health insurance coverage and adequate life insurance in the event of death. It is this
5% that many in America call the rich.
To most Americans, rich people keep getting richer and the poor stay poor. There is a lot of truth
to that and there are reasons for this that go far beyond some Wall Street conspiracy, class warfare

or inheritance. In order to solve for generational cycles of wealth and poverty we need to under-
stand why some people become wealthy and why most people remain poor. What is it that these

rich people are doing that sets them apart from the rest of America? Why do wealthy families raise
wealthy children? Why do poor families raise poor children?

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