**Real Estate Mogul Barbara Corcoran’s Unique Perspective on Getting Rich**
Real estate mogul Barbara Corcoran has a different approach to wealth accumulation compared to other millionaires. Unlike many high-flying entrepreneurs who believe that hard work is the only path to success, Corcoran disagrees. She argues that you shouldn’t have to work hard to become rich. This mindset might seem unconventional, but Corcoran’s success proves otherwise.
**The Relationship Between Working Hours and Income**
A study conducted by the World Economic Forum (WEF) revealed an interesting correlation between working hours and income in the United States. The study, based on data from the U.S. Census Bureau, found that the top 10% income earners in the U.S. worked 4.4 hours more per week compared to the bottom 10%. On average, the top earners worked 46.6 hours per week, while the bottom earners worked 42.4 hours.
However, this trend is not universal across all countries. The WEF surveyed 27 countries, including the United Kingdom, Japan, Russia, and Australia, and found that in those countries, the top 10% earners worked an average of one hour less per week than the bottom 10% earners.
**Differences in Working Hours Among Countries**
In some countries, the disparity in working hours between top earners and the less fortunate is more pronounced. For example, in South Korea and South Africa, top earners work at least seven hours less than their lower-income counterparts.
**The Influence of CEOs on Work-Life Balance**
A study published in the Harvard Business Review (HBR) suggests that the all-consuming work life often seen in companies may be influenced by CEOs. The study analyzed data from working CEOs, revealing that they worked an average of 9.7 hours on weekdays and devoted 79% of weekends to work, spending around four hours each day. Even on vacation days, 70% of CEOs worked for an average of 2.4 hours a day. Half of their work was conducted outside the company headquarters, including commuting, traveling, attending external meetings, working at other company locations, or even at home.
This workaholic mentality is also exemplified by Twitter owner and Tesla CEO Elon Musk, who claims to work 120-hour weeks and manages to fit sleeping, eating, relaxing, and other tasks into just seven combined hours each day.
**Corcoran’s Perspective on Wealth Accumulation**
Barbara Corcoran’s perspective contradicts the traditional advice on money and careers. She believes that young men in higher-paid roles might resonate with her viewpoint. A study from Washington University in St. Louis, based on federal data from 2022, found that the top 10% earning men worked 77 fewer hours compared to the same income group in 2019. This trend was particularly noticeable among bachelor’s degree-educated men in their prime working age.
Corcoran has often shared unconventional advice when it comes to finances. In May of this year, she affirmed that she doesn’t believe in saving money and admitted to never saving a dime throughout her life. She attributes her success to a carefree attitude towards money, emphasizing the idea that money makes money, especially when it is shared and spent.
In conclusion, Barbara Corcoran’s unique perspective challenges the notion that working excessively hard is the only path to wealth accumulation. The correlation between working hours and income varies across countries, with some countries showing that top earners work fewer hours than the bottom earners. CEOs and influential figures like Elon Musk contribute to the workaholic culture perpetuated in many companies. Ultimately, Corcoran’s philosophy serves as a reminder that there are different paths to success and wealth.
GIPHY App Key not set. Please check settings