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Do you want to get rich? One of the best ways to get started is to learn what rich people do.
You may be surprised by some of the habits of the rich. Very few of them are actually related to money. It’s all about your thinking, discipline and focus.
Not sure where to start? Read 10 Habits Rich People Use Every Day and Start Your Own Path to Success!
1. Wealthy people set goals
Sounds simple enough, but as the saying goes, “what is measured is controlled.”
To be successful, you must have certain measurable goals. Want to make more money? “I want to be a millionaire” is a desire, not a goal. Set a specific goal, such as making an extra $ 500 per month. Then work backwards and set yourself small tasks that will help you achieve your larger goal.
Rich people understand that writing down goals, revising them regularly, and constantly focusing on achieving them is the key to success.
2. Wealthy people read constantly
Bill Gates is undoubtedly rich. He also reads a book a week on average. The rich always strive to improve their knowledge, be it news, studying their business, or reading the biographies of successful people.
But what if you don’t have an hour plus a day to read? No problem – start small!
What to read if you only have 5 minutes a day
One of my favorite things that I love to read every day is Morning Brew. This is a free email newsletter delivered to my inbox every weekday with the latest business and financial news. Morning Brew cuts through the confusion and offers a concise, witty and intelligent dose of current events.
Their slogan is “Get smarter in 5 minutes a day,” and they definitely keep their promise. Give it a try today and start your journey to wealth.
FURTHER READING: My full Morning Brew review
3. Wealthy people eat right.
Thomas Corley, who spent five years studying the habits of the rich and the poor, found that 70% of rich people eat less than 300 calories of junk food a day, compared with 3% of the poor. This is a pretty shocking statistic.
It makes sense that health is associated with wealth. After all, one of your greatest assets is your health. Without this, it is difficult to get a responsible job or focus on career growth. Nutrition is just one part of overall health, but it is a large part and is under your control. Many of the major diseases that Americans suffer from, such as diabetes and heart disease, can be at least partially treated with better nutrition.
FURTHER READING: Why I Choose Health over Wealth Any Day
4. Exercise for wealthy people.
Exercise goes hand in hand with nutrition as part of a healthy lifestyle. You might think the rich would be too busy to exercise regularly, but millionaires take priority over those who live paycheck to paycheck. According to Corley, 76% of wealthy people exercise at least four days a week, compared with 23% of the poor.
5. Wealthy people prefer sleep.
Are you starting to see a pattern? Taking care of your mind and body is an important part of the wealthy mindset. According to Corley’s study, 89% of money-making millionaires slept seven or more hours every night.
Are you burning a candle at both ends trying to get ahead? This may work for a while, but ultimately, lack of sleep will make you less focused, less productive, and less healthy. Millionaires understand that although there are only 24 hours in a day, you must prioritize your sleep in order to use the rest of your time effectively. Their mantra is “work smarter, not harder.” Sleep is important to your health and overall well-being … just ask any sleep deprived new parent.
6. Wealthy people wake up early
To be honest, it’s hard for me to wake up early. I’m not a morning person at all. As much as I wish this was not true, there are far too many studies showing that most successful people wake up early. Nearly 50% of the millionaires in Corley’s study woke up at least three hours before officially starting work.
I have to grudgingly admit that there is something about this habit that just works. Waking up early gives you time throughout the day to reach 2 or 3 major goals without interruption. When the kids get out of bed or the work day begins, you are constantly dealing with interruptions throughout the day. Getting up early allows you to stay in control of your schedule and get things done.
7. Wealthy people have many sources of income.
Millionaires make money work for them, not the other way around. While a high-paying job or running a successful business is a great way to grow your wealth, relying on one source of income is risky.
According to Corley, 65% of self-earning millionaires in his study had 3 or more sources of income. If you’ve been reading Wealthy Nickel for a while, you know that I am highlighting the growth of your passive income streams. My family decided to do this mainly through real estate investments. But there are many different ways to increase your income outside of your main job, such as a part-time job, owning a business, or investing in dividends. The possibilities are endless!
To learn more about our rental properties and how we created multiple streams of income, read how we made an extra $ 70,000 last year.
8. Wealthy people return
While it may seem counterintuitive in terms of wealth growth, many of the most successful people spend a significant amount of time and money on charity. Whether spending their time helping the less fortunate or donating money to things that matter to them, in general, millionaires are a generous group.
Some of the richest people in the world, such as Bill Gates and Warren Buffett, have pledged to give away a significant chunk of their net worth and have gone into charity with the same zeal with which they originally created their wealth.
I believe that even when you are building your nest, it is important to practice donation. This is why we give away at least 10% of our income. To become rich, you need to remember that life is not only about money, and when is it better to start than right now?
9. Wealthy people are positive.
Self-earning millionaires are usually eternal optimists. Entrepreneurs often fail dozens of times before hitting a million dollar idea. A positive outlook on life is an important trait that allows you to cheer up and try again when things go wrong.
Becoming a millionaire is not easy and there will be many obstacles along the way. If you want to be successful, a positive attitude is essential to build the determination and focus needed to achieve a goal.
10. Wealthy people are frugal
In his famous book The millionaire next door Thomas Stanley researched the “secrets” of the rich (hint: there are no secrets). He found that most millionaires don’t drive sports cars or live in mansions in Beverly Hills. They drive a Toyota and live in a modest house in the suburbs.
These ordinary millionaires have grown their fortunes over time in a simple (but difficult) way – spending less than they earn. You can make $ 1 million a year, but if you spend it all on a luxurious lifestyle, you will never increase your net worth. True wealth comes from not spending too much money and trying to save and invest a significant portion of your income. Being content with less is one of the real superpowers of the millionaire next door.
The last word
There is no big secret about getting rich. Almost everyone can become a millionaire, but few actually achieve it. But by studying the habits of those who have achieved wealth, you too can take the path of success.
It is interesting to note that very few of the daily habits of the rich focus on money itself. In fact, most self-made millionaires and billionaires have never sought to get rich. Instead, they followed their passions with a positive attitude, took the time to take care of their health, and managed the money they had wisely.
Make it a goal to develop one or two of these habits for the rich and see how they can change your life (and wallet) for the better!