There's a simple lesson children can learn that will help ensure they grow up wealthy, says Tom Corley, author of the book "Rich Kids: How to Raise Our Children to Be Happy and Successful in Life." It's called the one-hour rule.
Corley, an accountant and financial planner, draws conclusions from surveys of 233 wealthy individuals on their daily habits and compares them with 128 lower-earning individuals. He says the key to success is dedicating at least one hour each day to a productive activity, like exercising or reading, and not spending more than an hour on leisure.
"Wealthy, successful people don't make a habit of [things like] watching TV," he says, quoting his great-grandfather, J.C. They don't waste too much time using their phones or the Internet, either.
"Instead, they spend their time engaged in self-improvement activities, participating in nonprofit groups, going to school, teaching, writing, speaking or reading," he says. "You need to make a habit of limiting time wasters during the day. The one-hour rule helps you do that."
Corley calls the one-hour rule a "rich habit," a type of daily routine that produces success. "Our daily habits are the reason why we are rich, poor or middle class," he explains in the book.