10 Daily Habits of Wealthy People
What does it take to become wealthy? There are many answers to that question, but one way to increase your wealth, or at least preserve it, might involve emulating the habits of those who have already accumulated substantial wealth. After all, the methods used to accumulate wealth involve a person’s frame of mind and approach to life as well as the business or investments they choose.
The following are 10 daily habits of wealthy people that are worth emulating:
1) They keep a daily task list: The daily to-do list may not seem like a magic route to riches,but studies have shown that the financially successful among us make a habit of keeping such lists. By consistently completing the tasks they have assigned themselves they accustom themselves to achievement, a good habit to cultivate.
2) They make the most of their connections: Doing things yourself demonstrates admirable independence, but when it comes to creating wealth who you know can be just as important as what you know. As a result, whether through business groups, networking sites such as LinkedIn, or other methods, the wealthy tend to reach out to their connections on a frequent basis.
3) They set aside funds for the long term: Investing involves volatility, and those who let short term performance change their plans can do themselves a disservice in the long run. The wealthy know that investing for the long haul is the way to create riches over time.
4) They know how to relax. Making a lot of money does no good if you ruin your health in the process due to over-working. The wealthy understand that in addition to being counterproductive from a health standpoint, working yourself too hard can also stymie your creativity and make it harder to achieve your goals. They do their best to take some time out to smell the roses and enjoy life along the way to creating their fortunes.
5) They focus on fitness. Whether it’s eating healthy or making sure to exercise to keep fit the wealthy know that their health is a crucial component of their life – both in terms of creating wealth and enjoying it once it has been created. Whatever approach you take to fitness, emulating the wealthy by making it a priority is a good way to go.
6) They seek out education. Some of the wealthy have gone to exclusive schools,while others are mostly self-taught. Either way, the trait they have in common is seeking out education to increase their knowledge base. The more you know, the more opportunities are likely to come your way, and many of the wealthy understand this and do their best to continue learning throughout their lives.
7) They stay away from gambling. While trying to run the table at the slots or to win big by playing the lottery is something many dream of, the wealthy understand that excessive gambling can be a hazard to their wealth. This includes not taking high risks and being conservative with their investments. As a result, there are fewer problem gamblers among their ranks than are found in the general population. Consequently, the wealthy are able to preserve the wealth they accumulate.
8) Early to bed, early to rise. The wealthy may enjoy a party now and then but as a rule they get an early start on the day, meaning staying out all night is not their normal mode of operation. Rising early and getting to work while others are still starting the day is a habit that the wealthy share disproportionately in comparison with the general population.
9) They are goal oriented. Setting goals and taking steps to achieve them is a common trait of wealthy individuals. While not every goal is attainable, the wealthy realize that without a plan or objective one is less likely to be successful; as a result they establish goals and do their best to meet them. The wealthy use planning resources like Financial Coaches to help them stay on track for their financial goals.
10) They are selective about who they do business with. The wealthy understand that choosing who they do business with is a big part of their success. They interview potential business prospects to assess whether they are a good fit for their needs.
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Samuel Rad is an award winning fee-based Financial Planner with Affluencer Financial Advisors in Los Angeles, California. Mr. Rad has multiple licenses in the investments, real estate, and insurance fields. He has spent a considerable amount of his career lecturing at universities and companies, on financial topics such as financial planning, retirement planning, and estate planning.
He currently lectures at UCLA and West Los Angeles College.