I’ve mentioned before that there are several habits that those who have a lot of personal wealth tend to follow. They don’t just do these habits once or twice a month either. These are the kinds of things that can change your life for the better and are done almost daily!
If you want to be wealthy, a good place to start is to emulate the habits of those who already have wealth.
Live Within Your Means – This one Is simple. Don’t spend more money than you have. Make sure you have money leftover at the end of the month. If you don’t, you’ll get stuck in a cycle of “paycheck to paycheck” like the average middle class American. Take care of your essentials first and save what you can of what is left.
Control Emotions – The wealthy are masters of controlling their emotions. Not all thoughts need to be expressed. Of course, we as humans have the right to the freedom of expression, but the wealthy know when to say nothing and give no reaction. Loose lips are a habit for 69 percent of those who struggle financially. Conversely, 94 percent of wealthy people filter their emotions. Emotional outbursts can destroy networking relationships making it more difficult for others to want to be around you. If you must say something, it’s best to wait until you are calm and won’t be tempted to explode.
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Watch Less TV and Read More – The wealthiest people are constantly reading and learning and trying to improve themselves. They watch less than an hour of TV a day, and fill their commute with things like audiobooks, as opposed to angry political talk radio. 77 percent of those struggling financially spend an hour or more a day watching TV, and 74 percent spend an hour or more a day using the internet recreationally.
Go Above and Beyond What’s Expected – Those who are wealthy are guilty of doing more than what is expected of them. Conversely, those who have the attitude of “it’s not in my job description” are less likely to succeed and become wealthy. Making yourself invaluable to those you work for or have as clients will make you more successful.
Don’t Procrastinate – The wealthy never put things off. They get things done. They often create daily to-do lists. Make sure you know exactly what you must accomplish and check things off as you go. Procrastination is a habit of those stuck in the middle class.
Believe You Can – Most wealthy people attribute their success to knowing that they can become rich. Poor people, on the other hand, normally think and say things like “the rich got lucky.” Or “I’m so poor, I can’t become rich.” These beliefs limit what you will be accomplish especially considering almost four out of five wealthy people attribute their success in life to their beliefs that they can become rich.
These six habits of the wealthy can hopefully help you get set on a path to personal growth and financial freedom. None are difficult to emulate or add to your life in a meaningful way. However, it’s in my humble opinion that to change your life, you need to start with your beliefs. Believe you can and you will!
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.