It’s true that some people are born into wealth while others work hard and diligently to accumulate wealth; what’s also true is that the habits of rich people tend to differ greatly from the habits of those without wealth. Some might assume it’s all about luck, but wealth is all about good habits and diligence. Read on to find out what 20 habits of rich people might help you accumulate your own wealth.
(Photo by Vittorio Zunino Celotto/Getty Images)
Live Below Your Means
It should go without saying that to accumulate wealth and live a luxurious lifestyle means you have to live below your means. In short, if you haven’t the cash to make a purchase, don’t make that purchase. Those who have wealth make it a habit to spend less than they make, save plenty and live comfortably. If you’re using credit to make purchases you can’t otherwise afford, you’re not living below your means.
(Photo illustration by Ralph Orlowski/Getty Images)
Budget
It’s a common misconception that wealthy people don’t have any need to budget. However, creating and sticking to a budget is the best thing you can do for your own personal wealth, no matter how much or how little you have. Knowing exactly where your money goes every month helps to build wealth rather than waste it. In truth, it’s the little things that add up and detract from personal wealth, and those with plenty of money are careful with those things.
(Photo by Larry Busacca/Getty Images)
Borrow Wisely
There is a significant difference between borrowing money for a mortgage or a college education than there is for borrowing money for a great new pair of shoes or a night on the town. Credit cards make it easy to overspend, which makes it difficult for some to pay their cards off in full each month. Wealthy people only borrow wisely and they don’t use credit for menial purchases.
(Photo by Matt Cardy/Getty Images)
Continue to Gain Education
One of the best habits of rich people is their unending desire to learn. They often take the time to spend on classes, training meetings, workshops and seminars that will help them grow in their field or profession. This type of education makes them more valuable and more marketable, which will in turn make them wealthier.
(Photo by Sean Gallup/Getty Images)
Always Include Insurance
Another great habit of rich people is insurance. The wealthy understand that anything can happen at any moment and they do not take that for granted. They’re well insured, whether it be their vehicles, their homes, their lives or their health; they have good insurance. A health scare can cause hundreds of thousands of dollars to someone without insurance. Death can destroy a family without life insurance. The wealthy are perfectly aware of this.
(Photo by Daniel Perez/Getty Images)
Buy Used
Believe it or not, 37 percent of millionaires do not purchase their vehicles brand new. Why? Because the depreciation on a new vehicle is unproductive for those who want to maintain their wealth. Buying a used car will save you thousands of dollars as soon as you drive off the lot, and the wealthy know this.
(Photo by Sandra Mu/Getty Images)
Choose Friends Wisely
It’s a great habit that the rich are aware of, and it should be one everyone is aware of. You may have heard at some point that you become like the five people you spend the most time with. It’s true. Wealthy people tend to stick to spending time with like-minded people. Those who have the same values and drive are motivating.
(Photo by Graeme Robertson/Getty Images)
Have Goals
Many people have goals, but not for the right things. Wealthy people have big goals. They make it a point to set a goal and live to make it a reality. For example, if you want to be a millionaire by the time you reach the age of 30, you have to break that goal down into pieces. You have to figure out how you’re going to be a millionaire at age 30. You have to set small goals that will help you reach the big ones.
(Photo by Spencer Platt/Getty Images)
Negotiate
Wealthy people are not immune to negotiation. They don’t walk into a car dealership or put an offer on a house for full retail value. They haggle and negotiate. The best deal is the one that saves them the most money, which is good for their wealth. Rich people love their money and they don’t want to use it wastefully.
(Photo by Paula Bronstein/Getty Images)
Enjoy Your Work
It’s far easier to become rich and successful if you love what you do. If you don’t love your job, you’re making it more difficult on yourself to actually achieve your goals and create the type of wealth you want. Complacency is not something the wealthy accept.
(Photo by Peter Macdiarmid/Getty Images)
Exercise
Exercise is one of the best things you can do in life. It’s a stress-buster, it improves your health and it makes you more productive. Rich people know this, and they exercise regularly. They know a healthy body and less stress makes for a healthy mind, more motivation and the drive they need to continue their success and accumulate more wealth.
(Photo by Justin Sullivan/Getty Images)
Don’t Procrastinate
The wealthy people of the world do not say, “I’ll put that off until tomorrow.” They do it now. Procrastination is the biggest downfall of success. If it can be done today, it should be done today. You never know when the key to your success is doing something right now that your competition thinks will wait until tomorrow.
(Photo by Amy Sussman/Getty Images)
Nurture Relationships
Wealthy people are wealthy because they work hard to make contacts and build relationships with others who can help them accumulate more wealth. This means returning phone calls as soon as possible, remembering birthdays, remembering names and acknowledging life moments in people’s lives. Making it a habit to ask about a colleague’s child or a specific about his pregnant wife is often the difference it makes when it comes time to choose whom to promote at work.
(Photo by Chris Jackson/Getty Images)
To-Do Lists
Wealthy people make to-do lists. The richest people in the world have lists of things they have to accomplish each day. Why? Because it helps them to see what’s in store for the day, to organize it and sort it by relevance and importance and it helps them to feel the motivation to accomplish what’ son their list.
(Photo by Oli Scarff/Getty Images)
Read
Rich people read. They read enjoyable books that are mindless and fun; beach reads, if you will. They also read non-fiction books that inspire and educate. They read to garner more education and to exercise their minds. Reading is something that, similarly to travel, makes people richer. Knowledge and enjoyment in literature are important factors in success.
(Photo by Vittorio Zunino Celotto/Getty Images)
Eat Less Junk
On average, wealthy people eat 300 fewer calories from junk food each day than their poor counterparts. Eating less junk makes them feel more energized, focused and less fatigue. This plays a major role in their success and wealth because it allows the rich to accomplish more each day and to do it with less stress and anxiety.
(Photo by Francois Durand/Getty Images)
Watch Less Television
Wealthy people watch less than an hour of television each day, and what they do watch is typically the news. Poor people watch as many as five hours per day of television, which is a waste of productive time. Rich people use every moment in their day to benefit themselves and their success. Wasted time is not productive. Wealthy people know that time is money.
(Photo by Chris Jackson/Getty Images)
Rise Early
Those who have the most money are not the ones who lounge in bed all day waiting for the maid to bring breakfast on a tray so they can then head straight to the pool for a day of relaxation. They’re the ones up at dawn preparing for the day. Rich people have more accomplished by the time poor people wake up than poor people accomplish all day long.
(Photo by Chris McGrath/Getty Images)
No Gossip
Rich people do not take the time to gossip about others. It’s a great habit in which to partake. Rich people are more concerned with their own well-being and wealth than they are about what others are doing and how they’re living their lives. When you focus more on living your life than how others are living theirs, you’ll see a significant improvement in your own life.
(Photo by Sean Gallup/Getty Images)
Use Time Productively
Those who have the most money use their time productively. They’re not browsing Facebook over coffee, they’re reading stock reports, catching up on emails and preparing for the events of the day. They use their time constructively by not checking email every time one causes the phone to vibrate or spending time doing other things online that aren’t productive to their cause.
(Photo by Lintao Zhang/Getty Images)
