Many like to think that wealthy people “had it easy” when they made their money, or that it was given to them by their family, but the fact is that the majority of wealthy people worked hard and did the right things with their money to build their wealth over time.
In effect, what wealthy people have done is make a habit out of certain financial aspects of their lives so that they would build wealth constantly, as well as spend less and adopt other habits that help them to amass a large amount of money. If you’d like to do the same, it would behoove you to copy these habits yourself. To that end, we put together a list of the Top 10 Habits that wealthy people have used to make money and that you can use to do the same. Enjoy.
1. Wealthy people are Patient. In order to build wealth you definitely need patience, like being able to hold onto stocks for many years, keep your automobile as long as possible and purchase things that you’ve saved for rather than buying them impulsively. In fact, the big difference between a wealthy person and someone in debt can simply be that they had the patience to wait for things rather than simply rushing out to buy the newest gadget, automobile or piece of clothing.
2. Wealthy people have a high Satisfaction level. Have you ever watched a TV commercial for, say, a new automobile? Advertisers rely on the human flaw of envy to create an unnecessary “need” in people’s minds with those commercials. Wealthy people are satisfied with what they have and don’t need to spend money on things that aren’t essential. While those commercials might try to convince you that buying their product will make you happy, they won’t.
3. Wealthy people are Organized. If you’re constantly forgetting to pay bills and having to pay late fees you’re probably not organized. That lack of organization can lead to a lot of money going down the drain, not just in late fees but also in higher interest rates because your credit is poor. Being organized in how you handle your money can save you a lot of it in the long run.
4. Wealthy people are Disciplined. Simply put, in order to put money away on a regular basis it takes discipline, something that wealthy people have in abundance and others, well, don’t. If you can’t be disciplined enough to put money aside on your own, you might consider having it automatically taken out of your check and deposited into an IRA, 401(k) or other savings vehicle.
5. Wealthy people are Reflective. Everyone makes mistakes. Wealthy people learn from those mistakes and don’t repeat them. Being able to reflect on decisions you’ve made and realize which ones actually were mistakes is the key.
6. Wealthy people are very Creative. Sometimes things don’t go as planned (especially with the stock market, for example). When they don’t, wealthy people have the creativity to work around them, like holding on to stocks longer, juggling finances to stay out of debt and finding cheaper alternatives when their finances are “tight”. Being able to get creative rather than simply purchasing things on credit is an excellent habit that wealthy people have used for a long time.
7. Wealthy people are Curious. Building wealth, unfortunately, isn’t as easy as just making a lot of money. It’s the curiosity to want to find out more about how to make your money work for you, where to invest it so that it makes the most money and so forth. Wealthy people are curious about these things and that curiosity helps them build their wealth.
8. Wealthy people are willing to Take Risks. Investing can be risky, no doubt. Wealthy people are willing to take risks, with the caveat that they are calculated risks. For example, although investing in the stock market definitely is risky, history shows that it has always provided good returns, in the long run, on wise investments.
9. Wealthy people are Goal Oriented. Goal setting, especially when it comes to finances and building wealth, is one of the most important habits that wealthy people have. Simply put, if you don’t have a goal that shows you where you want to be in the future, it’s going to be hard to do things in the present to get you there. Think of goal setting as a roadmap to wealth. Without it, you’ll likely end up lost along the way and not wealthy.
10. Wealthy people are Hardworking and also Work Smart. This last habit is the most important. Sitting around hoping that things will change, or that you’ll win the lottery, is a fool’s dream. Working hard, educating yourself, and adopting the habits above won’t be particularly easy, but it is possible and will help you to one day be a wealthy person.