Ever wonder how the rich got that rich? Do you think it was luck, being in the right place at the right time with the right idea? The more I study the wealthy- yes, I actually look deeply at what wealthy people do the more I see they developed habits. The glitz and glam of wealth looks amazing to most of us, I know it does to me but before the glitz and glam came they had to have good habits. It’s the same for anyone who wants any form of success you need to have habits that will get you to that goal. Now, don’t expect to get wealthy literally tomorrow but over time if you follow these five you are well on your way. What are five of the common habits I see daily in my wealthy friends and those I follow?
I am blessed to have some very wealthy friends. We don’t talk income levels but I know some lovely people who are very very wealthy and one of the things I have noticed amongst them they are thankful for what they have. They are thankful that hard work paid off, that patience paid off. Gratitude for what you have right now is something we can all do right now today. One practical way to bring more gratitude into your life is by keeping a journal of what you are thankful for.
Live Below Your Means
I can remember talking to a dear friend who is wealthy and asking her if she was attending a certain event (one that I know she would have loved) and one I attended. She replied no, it’s not in the budget. She always saved first. Events, fun, and expenses came after savings. I continue to learn from her example.
Here in Canada, many Canadians are worried about interest rates because of the debt loads they are carrying. If we lived below our means and were able to pay off our debt each month would we have to worry about interest rates? The wealthy know what they possess and know what they want long-term and that for them means living below their means.
How many of us live paycheque to paycheque without ever budgeting? How many of us are counting our coins the day before the next payday? Ever been there? I have. We turn a blind eye, we don’t want to count the costs. Let me tell you, a budget helps you control your future. A budget lets you know where you are spending and allows you to allocate where money should go. A budget tells you about those little things that add up too, like the coffee runs, the dinners out, the impulse buys. A budget can be a wake-up call.
I noticed every wealthy person I know has a budget that they check regularly. It lets them see if they are on track. If you are looking for help with budgeting there are many great resources.
Multiple Income Sources
As I really looked at the lives of my wealthy friends, especially those that worked for themselves, I have noticed not one of them has a job as their only source of income. They all have multiple sources and are the masters of the side hustle. From being a landlord to driving for Uber to running an e-commerce site all are working on multiple things often while being employed in a full-time gig. To save more, they want to earn more. Have you ever considered having a side hustle?
Modest Big Purchases
When I look at where my rich friends live, they are in modest homes and yes sometimes they have kids that share rooms. They have cars that are well maintained and kept for the long haul. They aren’t driving Hummers or Range Rovers they are buying sensible vehicles for what they need. My one friend recently bought a Mercedes Benz but it was gently used. They don’t need the bling or the huge home. They get what works and set a budget. Wealth doesn’t come from the fast car or the big place.
What other habits do you see in your wealthier friends? What are ones that you could adopt and use?
There are many habits that the rich have that we can use today to have that better tomorrow.