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This post is all about 15 money habits of rich people that you can easily copy to level up your money game in life.
Have you ever wondered what makes the wealthy….well, wealthy? It can’t be just luck, trust fun, or winning the lottery.
People who are rich have been doing things from the very start that help them accumulate money and keep it.
They have some sound money habits that help them grow and maintain their wealth over time.
And let me tell you that these habits are not exclusive to the ultra-rich. You can adopt them, too, starting today.
Embodying such habits will make you financially free in the future, whether that means traveling the world without a care, starting your dream business, or not having to stress about the bills.
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Let’s dive into the 15 money habits of rich people that will help you level up your finance game.
15 Money Habits Of All Rich People
1. They Pay Themselves First
You’ve probably heard this phrase before, but what does it really mean? Paying yourself first means prioritizing your savings and investments before anything else.
The moment a rich person gets paid, a portion of their income is automatically funneled into savings or investments.
It’s like planting seeds that will grow into money trees later. Sounds rather smart, right?
If you want to secure your future financially, this is a habit you must have, regardless of your current wealth level.
I’d suggest setting up an automatic transfer to your savings account every time you get paid.
Even if it’s just 10% to begin with, it can lead up to a significant sum over time. It’ll also help you practice the art of saving money.
2. They Invest in Assets, Not Liabilities
Rich people love assets, i.e., things that make them money over time. You know, things like stocks, rental properties, and businesses.
Liabilities, on the other hand, drain your wallet.
That shiny new car that you don’t even use much? Liability. Expensive designer shoes that you won’t ever wear much? Liability.
Investing in liabilities is something that broke people do a lot.
Even if you can’t invest in assets, you need to steer clear of putting your money into things that have little utility and are just one-time gratification things.
The next time you’re about to splurge, ask yourself, “Will this purchase make me money in the future or will its maintenance cost just cost me more?”
If not, reconsider and give yourself time to be sure before making your purchase.
3. They Track Every Dollar
If you think budgeting is boring, you’re not alone. I am not a fan of tracking my money either, but rich people would tell you it’s important.
You know why? Because rich people are obsessed with knowing where their money goes. They treat their finances like a business, and every dollar has a purpose.
To keep track of your spendings, you can use apps like Mint or YNAB (You Need A Budget).
Seeing your money habits laid out can be eye-opening. A little scary too, but it’s the first step to taking control over your finances.
4. They Focus on Multiple Streams of Income
Having one job is good, but not good enough if you’re aiming for wealth.
You might already know that rich people have their hands in multiple cookie jars. From investments to side hustles, they know the power of diversifying their income.
And if you ask me, in today’s uncertain times, it is kind of important to create multiple streams of income.
More than one would give you a safety net and slowly give you more dollars in your bank account.
If you are confused about how to go about creating different sources of income, start with your skills and hobbies and work with them.
Could you freelance? Sell products online? Start a small business on the side?
The options are endless. You just need to be willing to pour in your time and be interested enough.
5. They’re Not Afraid to Say No
Rich people are pros at setting boundaries, with their time, energy, and yes, their money.
They don’t feel pressured to keep up with the Joneses or say yes to every dinner invitation.
The thing is, your time, energy, and effort are limited. You need to be just a little more selective about where you spend these precious resources of yours.
The next time someone invites you to an expensive outing that doesn’t align with your goals, practice saying, “Not this time, but let’s plan something budget-friendly soon!”
Do not be embarrassed about keeping a budget; it only means you’re being smart and sane about your money, which frankly, everyone should be.
Might help: How To Embrace JOMO: The Joy Of Missing Out
6. They’re Lifelong Learners
Knowledge is power, and wealthy people know it.
They’re always learning, whether it’s reading books on investing, attending seminars, or listening to podcasts about personal growth and finance.
Not only that, they also stay educated on other things that may be of interest to them.
To make yourself a lifelong learner, commit to learning something new about money every week.
Start with a classic like Rich Dad Poor Dad (such a good read), and also read finance blogs as they can be really helpful.
Also, read non-fictions (at least one book every two months) so that your mind has fresh food for thought to chew on.
7. They Surround Themselves with Success-Minded People
Ever heard the saying, “You are the average of the five people you spend the most time with”?
Rich people take this very seriously. They hang out with other go-getters who inspire and challenge them.
Ask yourself right now, “Do I want to be like the five people I spend most of my time with? Do they inspire me and bring me joy?”
You should have at least one success-driven person close to you, and if there is nobody like that around, aim to be that someone for yourself.
You can also join networking groups, attend events, or simply reach out to people you admire on LinkedIn and Instagram. Your vibe attracts your tribe, never forget that.
Read: 12 Habits Of Successful People You Can Adopt Today
8. They’re Patient—Like, Really Patient
We live in a world of instant gratification, but rich people play the long game.
They know that building wealth takes time, and they’re okay with waiting for their investments to grow.
To be rich, you have to learn be patient with your money, dear reader.
That means waiting for end of year sale to buy yourself a refrigerator, and waiting for your wireless earpods to stop working before buying yourself airpods.
That also means investing your money in small amounts with patience, knowing it will add up to a good sum in. the future.
Being patient also means being willing to grow your side hustles without expecting returns for a year or so. A lot of money-earning businesses are slow games, you know.
‘Get rich quick’ schemes are mostly scams these days, and patience will stop you from falling for these traps.
9. They Avoid Debt Like the Plague
While not all debt is bad and some are even necessary (like mortgages or student loans), rich people avoid unnecessary debt like the plague.
Credit card debt? No, thank you. They’d rather save up and pay cash than owe someone else money.
If you have been mindless with your debt so far, then first of all, create a plan to pay off your high-interest debt asap.
I mean it. Put every other expense on the back bench and pour your extra money into paying off this debt.
Once you’re free of this big debt, commit to only using credit cards if you can pay them off in full each month.
This habit will really save you from burning cash in unnecessary places and make sure debt is being taken only when absolutely necessary.
Related post to read: 15 Habits That Waste Money (And How To Quit Them)
10. Rich People Give Back
This might surprise you (or maybe not), but most rich people are incredibly generous.
Whether it’s donating to charities, mentoring others, or giving back to their communities, they understand the importance of sharing their wealth.
I believe that this is something we all can do whatever financial stage we’re at. Even a 2 dollars worth of charity could mean a lot to someone.
How do you get started? It’s very easy, really.
Find a cause you care about and give what you can. It will make you feel very positive and good about yourself, inspiring you to keep earning more, and who doesn’t want that?
11. They Plan for the Unexpected
Emergencies happen, and rich people are prepared for them. They have an emergency fund, insurance, and other safety nets in place.
Thankfully, this is something you too can start doing right away.
Create a separate account for your ’emergency fund’ and keep adding to it until you have 3-6 months’ worth of expenses.
It’ll give you peace of mind and also prevent you from going into debt during tough times.
12. They Keep a Clear Vision of Their Goals
Rich people don’t just stumble into wealth, you know, especially the self-made lot of them.
They set clear financial goals and work towards them relentlessly. They’ve got a plan for everything, from buying home to retiring early.
You, me, and basically everyone should have a clear vision when it comes to money goals.
You can do this by writing down your financial goals for the year. How much do you wanna save by the end of the year? What are your big expenses?
Once you have your goals in place, review them every month to stay on track.
13. They Don’t Let Setbacks Stop Them
Everyone makes mistakes, even the wealthy. The difference though is that they don’t let those mistakes define them.
They learn, adapt, and keep moving forward.
I am sure you’ve made some money mistakes in the past. I have too!
But sulking about our losses won’t do us any good, ever. Learning from them will.
The next time you mess up financially, take a deep breath. Reflect on what happened, learn from it, and create a plan to bounce back.
Don’t let your setbacks scare you from your own money. Despite your mistakes, you’re still in total control of your bank account and can improve its state with patience and effort.
14. They Value Time Over Money
Rich people understand that time is their most precious resource.
They delegate tasks, automate processes, and focus on high-value activities that move the needle.
Even if you don’t want to be rich, you should respect time so that it can respect you in return.
What this means is that if you don’t waste time and spend your hours on things that matter and things that you love, your bad times will be easier to handle and good times will last longer.
Identify tasks you can outsource or automate, like grocery delivery or setting up automatic bill payments.
Freeing up your time this way will let you focus on what truly matters and be more productive every day.
15. They Stay Healthy
Health is wealth, and rich people know this better than anyone.
They invest in their physical and mental well-being because they understand that a healthy body and mind lead to better decision-making.
If you really want to be rich in life, the first thing you need to be rich at is your health.
It’s something you can start doing today onward by eating healthier, taking walks, and incorporating simple exercises into your routine.
Just three simple habits and they’ll make you richer health-wise, so that you can then pour into your finances and work your way toward good wealth.
Want To Be Rich Like The Rich?
There is no magic formula to becoming rich.
Being born into the right family can help, I know, but there is always someone who must have worked hard to make their family rich.
In today’s world though, getting rich is all about developing smart money habits and sticking to them.
The best part? You don’t need to wait until you’re rich to start living like it.
Take it one habit at a time. Start small, stay consistent, and believe in yourself. You’ve got this!
Read next: 30-Day Self Improvement Challenge You’ll Love
What were the two habits of rich people that drew you in the most in this post? Let me know in the comment box, please!
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