Financial gurus say, “To become rich, do rich people things.”  Here are ten ways you can start doing “rich people things” and stop watching your hard-earned money flow out of your bank account.

1. They get out of debt.

Duh, right?  Debt is the enemy to building wealth.  Debt is Lord Voldemort.  It will kill and destroy your money.  You should get rid of even small, monthly payments.  Start by figuring out exactly how much you owe, and decide what you’re going to tackle first.

2. They know how much they save.

Do you know what your annual savings rate is?  Rich people do.  It doesn’t have to be exact, or down to the penny, but you should know how much of your salary you usually save or invest.

3. They know how much they spend.

How much are your monthly utilities?  How much do you usually spend at restaurants?  By figuring out these things, you will be able to find ways to save and invest more.  So, track your spending over the next couple months.  After you’ve seen where your money is going, you will have a better idea of what you can cut.

4. They think long term.

Where do you want to be in 5, 10, or 20 years?  Wherever that is, you need to start planning for it today.  Rich people don’t say things like, “I want new shoes, I’m going to spend the last of my paycheck on them.”  They think long term about where they want to be, and they make savings goals to get there.

5. They make their money work for them.

My dream is to figure out how to make money while I sleep.  Doesn’t that sound amazing?  Well, rich people do that.  They invest in stocks, real estate, companies, etc. and make their money work for them.

6. They diversify their income.

Nothing will make you feel more secure at work than having another stream of income, and it will help your bank account, too.  Having a few side hustles will make your bank account grow—and it gives you less time to spend your money, which increases your savings.

7. They aren’t afraid to get help.

It could be your brother, your sister, or even your best friend’s parents, but you should find someone who you think handles money well, and ask them how they do it.  Also, there are a ton of great online resources you should check out.  In addition, you can go to financial planners and find out what they suggest.  You’re probably not going to find all your answers in one spot, and that’s fine.  Just keep searching until you find something that works for you.

8. They figure out goals for their money.

You need goals.  You need something to strive for at every step of your financial journey.  Are you working on getting out of debt?  Then you should have a big “get out of debt goal.”  You should also break down your big goal into smaller pieces.  For example, “pay off a credit card, pay off $5,000 in student loans, or pay off half of your car.”  By making these smaller goals you will stay motivated to getting to your bigger goal.

9. They realize getting rich is a process.

It’s not going to happen overnight, but by making a plan and sticking with it, you will eventually get there.

10. They don’t want what other people have.

You know the couple with the amazing house?  You know the girl with the awesome car?  Most of them aren’t rich.  They may have good incomes, but they’re most likely buried in payments.  Trying to get these things will make you the same way.  You will be buried in payments, but you won’t be making progress on your net worth.  Decide what you want more, wealth or things?

Featured photo credit: Silence/Thomas Leuthard via flickr.com

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