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Five key distinctions in the time management strategies of the ultra-wealthy were discovered by a woman who examined 600 millionaires Check out the appearance of that
- 👤 Mary Ortiz
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- ⏰ Published: 2024-01-06 Time: 08:38:02
Table of Contents
- A woman who studied 600 millionaires found 5 major differences in how the superrich spend their time. Here's what that looks like.
- Sarah Stanley Fallaw, director of research for the Affluent Market Institute, studied more than 600 millionaires for her book, "The Next Millionaire Next Door: Enduring Strategies for Building Wealth."
- She found that how millionaires occupy their minds and time can influence how much wealth they build.
- "Successful individuals are keenly aware of how they spend their resources, including their emotional and cognitive resources," Stanley Fallaw wrote.
- Millionaires spend roughly 5 1/2 hours a week reading for pleasure, compared to the average American's 2 hours.
- Consider celebrity Melissa McCarthy, who begins her morning reading The Los Angeles Times, National Geographic, and The New York Times.
- Even billionaires spend a lot of time reading. Bill Gates is an avid reader and has quite the book collection.
- And investor Warren Buffett, who spends 80% of his days reading, has said he has a "disgusting pile" of books by his chair.
- In 2015, Mark Zuckerberg vowed to read one book every other week "with an emphasis on learning about different cultures, beliefs, histories and technologies," he wrote in a Facebook post.
- Businessman and investor Mark Cuban often reads for 3 hours a day to learn more about the industries he's working in.
- But reading isn't the only hobby among the rich. Millionaires also spend more time exercising — nearly 6 hours a week compared to the average American's weekly 2 1/2 hours, Stanley Fallaw found.
- Vogue editor-in-chief Anna Wintour also rises early to get her exercise in, waking up every morning at 5:45 a.m. to play tennis.
- Billionaire Richard Branson also exercises before breakfast and is a fan of playing tennis. He stays active by kite-surfing, swimming, and cycling.
- Oprah Winfrey's workouts include "45 minutes of cardio six mornings a week, four to five strength-training sessions a week, incline crunches, and stretching," according to her trainer.
- Model and Kode with Klossie founder Karlie Kloss takes a weekly digital detox. "I will totally shut off and not post Instagrams or answer my emails," she told the Mirror.
- McCarthy also takes digital detoxes, putting her phone away and disconnecting from technology on weekends.
- George Clooney has vocally opposed Facebook and Twitter. "I'd rather have a rectal examination on live TV by a fellow with cold hands than have a Facebook page," he once said.
- And Buffett still uses a flip phone.
- But millionaires make a few sacrifices to make the most of their time. They sleep nearly eight hours less a week than the average American.
- Tesla CEO Elon Musk typically crashes around 1 a.m. and wakes up at 7 a.m., averaging six hours of sleep — less than the recommended seven to eight hours.
- Meanwhile, PepsiCo chairwoman Indra Nooyi wakes up as early as 4 a.m. She told Fortune: "They say sleep is a gift that God gives you ... that's one gift I was never given."
- Fashion designer Tom Ford attributes his success not to talent but to his energy: He's awake 21 hours a day, getting only three hours' sleep.
- But he's not the only one: Martha Stewart is so busy running her business that she reportedly gets less than four hours' sleep a night.
- Likewise, life coach Tony Robbins typically gets about three to five hours of sleep.
- That's probably because he's busy working 16-hour workdays, sometimes to the point of exhaustion.
- Robbins' work hustle exemplifies another trait common among millionaires. They often work more than the average American — a difference of six hours a week.
- Former GE CEO Jeff Immelt has said he worked 100-hour weeks 24 years in a row.
- And Musk is known for his tireless work ethic and puts in 80- to 100-hour workweeks.
- While Facebook COO Sheryl Sandberg leaves work at 5:30 p.m. to have dinner with her kids, she gets back to work online after putting them to bed.
- And former Yahoo CEO Marissa Meyer used to put in 130-hour weeks while working at Google, which she managed by sleeping under her desk.
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