Habits of Wealthy People
Wealthy People don’t land that ‘successful person’ position by accident. Nor is it the factor of luck alone. There’s more than just that to it!
Often the first impression we usually get on seeing young rich people on the streets is something like: “…must have been born with family riches…”, and this thought instantly cultivates yet another assumption in our minds: “…appears to be spoilt under the influence of all the riches owned…”, while in actuality, a person under observation himself doesn't even know what’s been assumed about his personality, let alone performing any act of indicating the validity of the assumptions made.
True that there are people who have this habit of flaunting their riches, however, for the sake of this article I’d be talking about those who normally don’t. Although there are people who put up the attire of not being interested or affected by others’ riches, however, most people don’t actually. In fact, most people become unnecessarily involved Most Asians, especially South Asians, have it engraved in their DNA to cultivate assumptions in their minds about others whom they know nothing about.
Why?
Why do you think our brain instantly starts manipulating thoughts when it comes across a wealthy-looking person on the streets? Is it a feeling of envy? Or is it because people want to figure out how to become wealthier themselves?
Well here’s the thing, if it's about envy alone, the problem is psychotic and you'll be needing a redressal through psychology. However, suppose it is about envy followed by the urge of becoming like ‘the one’. In that case, the problem is more or less connected with the desire for personal development within oneself to accomplish also what the other has.
If you are someone who falls into the second category above, you first need to kick it off by asking yourself a question about how you classify a person to be wealthy. Is it the riches alone that classifies a person as wealthy to you? Or rather, realistically, is it more about finding a true purpose in life and living it to the fullest that classifies a person as wealthy?
If I were you I’d rather side with the realistic approach here because what actual use would millions of dollars have if the owner isn’t sure what he is aiming to achieve by expending that money, it just won’t ever suffice. There’d always remain a feeling of emptiness within, that’d slowly and steadily eat a person from the inside. That’s when even working hard towards the goal never suffices and a man gets burned out from all the hard work with no significant progress towards the goal.
Returning to the act of inflicting implications from manipulated assumptions about the riches of others, one needs to understand that most of the wealthy people out there have acquired that position not by accident or by chance of luck. Rather, the true reason behind their success lies in the habits they adopt.
Success is something that everyone aspires to achieve and walking by wealthy people quite often intensifies this aspiration to heightened levels. One way to transpire those aspirations into reality is to explore the habits of successful, wealthy people and incorporate them into your life. Here are 5 of the habits of wealthy people.
They believe in their own self and possess an abundant mindset
Self-belief is so much important when it comes to discerning the rich and poor mindset of a person.
For most wealthy people it’s not the mechanics of money alone that made them rich. It’s rather a result of their self-belief and open-mindedness which accounts for their values and level of thinking. Simply put, yearning to become a rich person would require you to think like a rich person. What does the so-called ‘rich thinking’ mean, you may ask?
Here’s what it means in a nutshell:
- Working hard over one’s passion rather than on a job that one hates but continues to commit to, thinking it’ll make him or her rich. Do what you love and you can get rich following your passion and putting your 100% into it.
- Not regarding formal education as vital to one’s fate of becoming wealthy. Formal education does not guarantee success or promise any riches.
- Rather than brainstorming on ideas to save more this month on groceries and bills this month, come up with ideas that possess the potential to fix a common issue
- Not having the “extreme wealth changes people for the worse” attitude towards wealth. Rather striving to be a kinder soul and a more giving person so that wealth will strengthen your good morals and characteristics
- Increasing your tolerance for taking risks by betting on yourself in the undertaking of new adventures like ventures, investments, or partnerships. Learning to trust one’s self-judgment will help grow confidence levels.
- Setting examples for kids by emphasizing and teaching them the importance of knowing how to grow money. After all, solely focusing on saving money is the secret downfall of the masses.
Using logic to dictate financial strategy rather than thinking of money as a material thing provokes stress and emotion.
As the Irish writer Jonathan Swift once said, "A wise man should have money in his head, not in his heart."
Rich thinking involves understanding that striking it rich isn’t easy and that the need for comfort can be devastating. There’s a price to pay for getting rich. Achieving massive goals is never a walk in the park.
They constantly remain in the learning phase
Constant learning and self-improvement are critical to any wealthy man’s riches. From learning new words to reading books and listening to audiobooks, wealthy people regard learning and self-improvement as their top priorities.
Some gravitated towards the biographies of successful people, others get involved in practices of learning new skills consistently, about 2 hrs a day. Self-help books are also read by the wealthy. During self-commutes, some wealthy people listen to audiobooks to enhance their knowledge.
Their listening habit overrules their talking habit
To strengthen their business and work relations, wealthy people have been researched to adopt a 5:1 listening rule which means that in any group setting, for every minute they spoke, wealthy people listened for 5 minutes. This listening habit makes wealthy people get a number of perspectives on solving an issue. Other than listening they also have the habit of requesting feedback consistently from others both inside and outside of their workplace.
They hold onto their big dreams
Often people think that wealthy people do not do as much work as other average employees do which is around 39 hours of work per week. That’s commonly a wrong notion as the work hours of wealthy people have been researched to be around 45 to 55 hours per week. Link
But they never work alone instead they focus on the formula of putting their strength into doing the work they love whereas outsourcing the work that is counted as their weakness.
If they did not possess a particular skill, they delegated to someone who was great at it, so they could focus on the bigger picture and have more time and mental energy to execute it.
Once they aspire to some dream, they stick with it firmly believing that they could achieve big from it. Once they believe in an idea that could be lucrative enough, they refuse to give up on it so much so forth it becomes their lucrative side hustle.
They possess extraordinary team-building capabilities
Wealthy people also are into the habit of keeping people around them who hold the same vision as them which enables them to move towards their goal to a longer distance.
They work more hours a week than an average employee and build strong teams with great talent so as to source out their weaknesses while at the same time deriving strength out of their own weaknesses.
They prioritize their health
Wealthy people strongly hold onto the mantra of health makes wealth. They prioritize their health because they know good health translates into longevity which means more time to do business and create wealth.
They set incremental fitness goals to help them attain their major health goals. They work on their defined goals with all of their energy, focus, and drive to succeed.
They define their own luck
No, it’s not about the luck in gambling! To my surprise, research dictates 94% of wealthy people never gamble.
In fact, luck in this stance does not involve coincidence at all. Most wealthy people define their own luck when they possess the ability to have a deja vu feeling about the invisible matters that are commonly not evident to others. That’s why they possess creativity at another level allowing them to come up with creative solutions and alternate routes to resolving problems encountered. Luck eventually comes to those who refuse to quit and remain steadfast in achieving their dreams and goals.
They Invest in Businesses (like real estate, etc) and are mindful of their spending, they save more (they consistently save and plan)
Wealthy people have a high tolerance for taking risks due to which they bet on themselves in undertaking new ventures, bolder investments, and stern partnerships. They have mastered the art of trusting their judgment which gives them enough confidence of taking new risks quite often to second(promote) their business and wealth.
This sets wealthy people apart from middle-class people who think that they have limited resources, keep their finances reserved, not investing in anything, or are afraid to take risks. They fear that if their investments become toiled, losing money won’t earn them back anything. The wealthy utilize their resource only to multiply them by multi-folds. They totally disregard the "playing it safe with your money is a good thing" mindset.
Possess good financial management, disciplined about budgeting
Rather than disciplining their kids only about saving money, wealthy people also emphasize to their children by setting examples about the importance of growing their money. Solely disciplining kids about savings only keep the kids' mindset away from dreaming big and coming up with creative ideas. Concurrently, neither do wealthy people leave their kids on their own to feed on their parent’s riches alone.
Although saving money is a good omen to teach your kids, however, the consciousness that it caters to; makes it difficult to teach the only subject matter of money to kids. And so, tips and tricks to growing money should also be taught simultaneously.
That’s how wealthy people walk the tread of life with their kids. To you, their kids might appear spoilt and dependent, but inwardly, they hold a complete wealth of knowledge about inheriting and becoming the rightful heir to their parent's throne of riches.
Most wealthy people view money as a dynamic medium for the exchange of resources (both goods and services) which are crucial for circulation in communities for growth and prosperity. That’s the very reason they teach their kids the art of first earning money, and then growing it large.
They are risk-averse, diligent, and selectively choose opportunities to grow
While some hold onto the belief that money makes one stressed and emotional, viewing it as an omen of negative emotion promoter, wealthy people take money for what it is and that is a tool that put forth opportunities and potions to grow and expand. Rather than allowing emotions to discern the topic of earning money, wealthy people let reasons be their guide and do not allow emotions to pave a hindrance in their way to success.
As Jonathan Swift once said:
A wise man should have money in his head not in his heart
So you need to use logic to strategize your finances and only allow emotions to handle the motivating part for you to stick to your strategy.
They make sure to write the first check to themselves
Now that’s something sentimental :D
Despite all the big investments they have to write a cheque to, and all the taxes they have to pay, the first cheque they always write to themselves. All other payments are then systematically approved for transactions. Why?
They find it satisfactory to reward themselves with the riches first hand. Once they have rewarded themselves with whatever percentage of their income, maybe 10 or 20%, they than invest in asset classes making money work for them.
Concluding
Most wealthy people are not necessarily born with the silver spoon. Rather they have been through much in life, learning and practicing several times; often countered by failures, yet never giving up; until their ultimate success path gets enlightened for them.
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