Advertising
Advertising

17 Life Lessons We Can Learn From the Wealthy

17 Life Lessons We Can Learn From the Wealthy

People look at wealthy people with a variety of notions. They are seen as snobs, arrogant, that they believe they are better than everyone else, or even that they are trying to buy happiness. Of course, many of these notions have been long-standing ones and are held by people who have never known a wealthy person well enough to comment objectively.

Despite the gulf between you and the wealthy, one thing is certain. The wealthy have learned life lessons that have been gained from earning their wealth. These are life lessons that the rest of us have not experienced, but can learn from:

1. Wealthy people don’t start out pursuing wealth.

Rather, they pursue a passion. Henry Ford pursued his passion–a horseless carriage. Bill Gates, Steve Jobs, and Warren Buffett pursued their passions. The thing about passion is this: it drives people to move forward, to continue to push themselves, and to not surrender to failure or discouragement. The rest of us pursue income.

We take jobs that will provide paychecks that will allow us to live comfortably; we get raises and promotions, and our lifestyles improve. We spend more as we gain more income, and so we chase more income to spend more. The wealthy, on the other hand, began with a passion for something–investing, cars, computer technology–and they were willing to starve if it meant that they could pursue their passions.

2. Wealthy people enjoy being uncomfortable.

The rest of us want to be comfortable. Wealthy people are driven by uncertainty, and they are happy taking risks when they do not know the outcomes. Ordinary people tend not to take big risks and do not like it when they are out of their comfort zones. Self-made wealthy individuals, throughout our history, have been willing to take big risks.

Advertising

3. Wealthy people look toward the future with optimism about what lies ahead, even if it may be uncertain.

Regular people tend to see the “better” life as that which existed in the past. Life was simpler, the music was better, people didn’t live on their devices, and a real man went out and earned a good living for his family. These people look upon the future with some pessimism, often claiming that the world is just “falling apart.” When people don’t look toward a brighter future, they become stagnate and have no big dreams. Wealthy people tend to be more optimistic, and move forward to make a better future.

4. Wealthy people have a Big Plan.

Ordinary people have goals and plans that relate to where they want to go in life, what they want for their kids, and even how they want to spend their retirements. Wealthy people, however, have big plans that do not involve their personal lives. They have plans that will change something in a big way. They want to make the world a better place with their Big Plan.

5. Wealthy people stay confident.

They have developed this confidence in a number of ways, not the least of which is experiencing failure. They fail, they learn from it, and they forge ahead. They cultivate self-assurance because they know this attribute is a great part of the “battle” on the road to wealth.

Regular people lack self-confidence when they are out of their comfort zones, and failure can injure or destroy their self-assurance. As wealthy people succeed, their confidence grows. Regular people who succeed get better jobs and higher income, but those things don’t increase self-confidence. Taking risks and ultimately triumphing, even after many failures, builds their self-confidence. Ultimately, they develop an attitude that there is nothing they cannot accomplish. Henry Ford summed it up when he said, “Whether you think that you can or you can’t, you are usually right.”

6. Wealthy people are careful with friendships.

Once wealth is achieved, old acquaintances and remote relatives will begin to appear in the lives of the rich. Their goals are pretty transparent–to get a piece of the wealth that has been accumulated. When their requests for loans and/or money are denied, they become hateful. Ken Fisher, billionaire owner of Fisher Investments said, “You see an ugly side of our human existence, which is the world of false pretenses seeking your money.”

Advertising

7. Wealthy people know the older you get, the less value money has.

As the wealthy age, their desires are for a simpler life, for health, and for more quality time. They spend less on themselves and more on others. This is perhaps a life lesson that all people to ultimately learn. Even the average person who was never wealthy, values these things in their elder years.

8. Wealthy people secure everything.

If you buy cheaply, you pay dearly. Those are words wealthy people swear by. While earlier generations of wealthy individuals secured everything in fire-proofed, locked files, today’s wealthy understand the value of having their important personal and financial information securely stored by a featured data storage company. Top notch protection and security for their valuable data is a high priority. They prefer to invest in security in advance, rather then going into huge debt when things unexpectedly go wrong.

9. Wealthy people know that wealth frees your brain.

Wealthy people can dream big; they can envision things that may or may not be possible, but they have these big ideas that they can pursue. Ordinary people, on the other hand, cannot free their brains for the big ideas. They are too mentally consumed with how to make a living, how to support themselves and their families, and when they will be able to afford a new car.

10. Wealthy people know accumulating wealth requires self-discipline.

This is especially true during the accumulation phase. They live below their means, wear inexpensive clothing, and do not own new cars and the best home that their income may allow. They know that to become wealthy they must save and invest while they follow their passions. Regular people want to buy things as soon as their income permits, because they have a desire or need to impress others with what they can afford to purchase. They do not save and invest, and rely instead on their retirement funds and social security to keep them comfortable in their old age.

11. Wealthy people do not fear failure.

They know they may fail, and they know they could lose all of their money on a failed venture. They also know that the next venture is around the corner, and it could be the very one that satisfies their passion and makes them wealthy, too! Ordinary people have a fear of striking out. They fear not having enough money; they fear losing their steady income from their job. People who live is such fear will never accumulate wealth. Most of all, however, they fear failure, because it will bring about all of the other things they fear.

Advertising

12. Wealth helps you find more freedom.

Wealthy people are not tied to jobs and debt. If they get ill, they can afford the best doctors. If they have legal troubles, they can afford the best lawyers. If they want to “winter” on the Riviera, they can do it. The average individual is controlled by his boss, by his government, by his debt, and by his need for security. Once you stop caring about all the possible restrictions, change your mindset and start looking and creating possibilities for yourself, rather then just going with the flow. You are able to achieve the same freedom and some extra money along the way. Change your perspective. Stop thinking about how miserable and unfortunate you are and start thinking of ways you can change. For instance, if your student debt is high, consider teaching English in South Korea or Taiwan. The money you’ll earn will let you pay off your deb by the end on the year, plus generate some extra savings to blow up traveling or starting your own business.

13. Wealthy people tend to make friends with even more wealthy and successful people

Why? Because these are the people with whom they not only have common interests, but as well can learn. While they are often criticized for this, in fact, they are just like every other human in this regard. People who like to hunt and fish hang out with others who like to hunt and fish; people who love sports will hang with others who do. Somehow, it is normal and acceptable for average people to do this, but not for the wealthy. It makes them “snobbish” and “arrogant.” When, really, they are just seeking out people with whom they share something in common.

The one simple, yet often overlooked key to success and wealth is to meet and make friends with people who inspire you and whom you’d like to take after. Become friends with the wealthy, smart and successful if you’d like to become one too!

14. Wealthy people understand the difference between assets and income.

It is the goal of someone seeking wealth to accumulate assets, not income. And once those assets are substantial, the wealthy live off of the income from those assets. Regular people strive to accumulate higher income, not assets. Thus they work until they retire, dependent upon that income. For the wealthy, assets, once accumulated, do the work of bringing in income.

15. The desire for wealth is finite.

As a poor person, you probably think – no way! Yet the wealthy reach a point at which they realize that there really is nothing more to buy to make them happier. How many cars, how many vacation homes, and how many airplanes does one need? At this point, time becomes the most valuable possession. Steve Jobs summed it up like this, “My favorite things in life don’t cost any money. It’s really clear that the most precious resource we all have is time.” Never forget that no matter how many dollars you have on your bank account.

Advertising

16. Family are not people who love you unconditionally.

Relatives of the wealthy family member often feel that they share the wealth with family members, especially when they are experiencing some financial difficulties. If the wealthy individual does share, it will never be enough. In all of their asking for money, moreover, none of these relatives will ask for investment or asset-building advice. Once you accumulate certain wealth, you quickly realize that not all of your family loves and keeps in touch with you because you are a great person. Some do it just for possible financial gain. Wealthy people know that family does not have to be just about those related by blood or marriage. Family can be those that are there for you, not for your money.

17. Wealthy parents teach their children about finances early

Children of the very wealthy, at least those who are self-made, have spent their early lives not being wealthy. They have thus had the early values training that came before the wealth did. Grandchildren are quite another matter. They have been born into wealth and can easily develop a sense of entitlement and superiority. However, those that became wealthy can be more vigilant in teaching their children how to save, invest, and appreciate hard work.

Featured photo credit: Fashion Male With Vest, Cigar And Smartphone/Ed Gregory via flickr.com

More by this author

Elena Prokopets

Freelance Writer

22 Amazing Pineapple Health Benefits (With Simple Pineapple Recipes) 15 Cool And Practical Apps For Couples 14 Things No One Tells You About Being in a Long-Distance Relationship 9 Tips to Prepare For Your First Multi Day Hike 10 Tips For Traveling in Europe With Class on a Budget

Trending in Communication

1 19 Golden Pieces of Relationship Advice From the Experts 2 Signs Of Low Self-Esteem And The Root Causes You Might Not Know 3 How to Communicate Effectively in Any Relationship 4 How to Live in the Moment and Stop Worrying About the Past or Future 5 This Is What Happens When You Move Out Of the Comfort Zone

Read Next

Advertising
Advertising
Advertising

Last Updated on May 21, 2019

How to Communicate Effectively in Any Relationship

How to Communicate Effectively in Any Relationship

For all our social media bravado, we live in a society where communication is seen less as an art, and more as a perfunctory exercise. We spend so much time with people, yet we struggle with how to meaningfully communicate.

If you believe you have mastered effective communication, scan the list below and see whether you can see yourself in any of the examples:

Example 1

You are uncomfortable with a person’s actions or comments, and rather than telling the individual immediately, you sidestep the issue and attempt to move on as though the offending behavior or comment never happened.

You move on with the relationship and develop a pattern of not addressing challenging situations. Before long, the person with whom you are in relationship will say or do something that pushes you over the top and predictably, you explode or withdraw completely from the relationship.

In this example, hard-to-speak truths become never- expressed truths that turn into resentment and anger.

Example 2

You communicate from the head and without emotion. While what you communicate makes perfect sense to you, it comes across as cold because it lacks emotion.

People do not understand what motivates you to say what you say, and without sharing your feelings and emotions, others experience you as rude, cold or aggressive.

You will know this is a problem if people shy away from you, ignore your contributions in meetings or tell you your words hurt. You can also know you struggle in this area if you find yourself constantly apologizing for things you have said.

Example 3

You have an issue with one person, but you communicate your problem to an entirely different person.

Advertising

The person in whom you confide lacks the authority to resolve the matter troubling you, and while you have vented and expressed frustration, the underlying challenge is unresolved.

Example 4

You grew up in a family with destructive communication habits and those habits play out in your current relationships.

Because you have never stopped to ask why you communicate the way you do and whether your communication style still works, you may lack understanding of how your words impact others and how to implement positive change.

If you find yourself in any of the situations described above, this article is for you.

Communication can build or decimate worlds and it is important we get it right. Regardless of your professional aspirations or personal goals, you can improve your communication skills if you:

  • Understand your own communication style
  • Tailor your style depending on the needs of the audience
  • Communicate with precision and care
  • Be mindful of your delivery, timing and messenger

1. Understand Your Communication Style

To communicate effectively, you must understand the communication legacy passed down from our parents, grandparents or caregivers. Each of us grew up with spoken and unspoken rules about communication.

In some families, direct communication is practiced and honored. In other families, family members are encouraged to shy away from difficult conversations. Some families appreciate open and frank dialogue and others do not. Other families practice silence about substantive matters, that is, they seldom or rarely broach difficult conversations at all.

Before you can appreciate the nuance required in communication, it helps to know the familial patterns you grew up with.

2. Learn Others Communication Styles

Communicating effectively requires you to take a step back, assess the intended recipient of your communication and think through how the individual prefers to be communicated with. Once you know this, you can tailor your message in a way that increases the likelihood of being heard. This also prevents you from assuming the way you communicate with one group is appropriate or right for all groups or people.

Advertising

If you are unsure how to determine the styles of the groups or persons with whom you are interacting, you can always ask them:

“How do you prefer to receive information?”

This approach requires listening, both to what the individuals say as well as what is unspoken. Virgin Group CEO Richard Branson noted that the best communicators are also great listeners.

To communicate effectively from relationship to relationship and situation to situation, you must understand the communication needs of others.

3. Exercise Precision and Care

A recent engagement underscored for me the importance of exercising care when communicating.

On a recent trip to Ohio, I decided to meet up with an old friend to go for a walk. As we strolled through the soccer park, my friend gently announced that he had something to talk about, he was upset with me. His introduction to the problem allowed me to mentally shift gears and prepare for the conversation.

Shortly after introducing the shift in conversation, my friend asked me why I didn’t invite him to the launch party for my business. He lives in Ohio and I live in the D.C. area.

I explained that the event snuck up on me, and I only started planning the invite list three weeks before the event. Due to the last-minute nature of the gathering, I opted to invite people in the DMV area versus my friends from outside the area – I didn’t want to be disrespectful by asking them to travel on such short notice.

I also noted that I didn’t want to be disappointed if he and others declined to come to the event. So I played it safe in terms of inviting people who were local.

Advertising

In the moment, I felt the conversation went very well. I also checked in with my friend a few days after our walk, affirmed my appreciation for his willingness to communicate his upset and our ability to work through it.

The way this conversation unfolded exemplified effective communication. My friend approached me with grace and vulnerability. He approached me with a level of curiosity that didn’t put me on my heels — I was able to really listen to what he was saying, apologize for how my decision impacted him and vow that going forward, I would always ask rather than making decisions for him and others.

Our relationship is intact, and I now have information that will help me become a better friend to him and others.

4. Be Mindful of Delivery, Timing and Messenger

Communicating effectively also requires thinking through the delivery of the message one intends to communicate as well as the appropriate time for the discussion.

In an Entrepreneur.com column, VIP Contributor Deep Patel, noted that persons interested in communicating well need to master the art of timing. Patel noted,[1]

“Great comedians, like all great communicators, are able to feel out their audience to determine when to move on to a new topic or when to reiterate an idea.”

Communicating effectively also requires thoughtfulness about the messenger. A person prone to dramatic, angry outbursts should never be called upon to deliver constructive feedback, especially to people whom they do not know. The immediate aftermath of a mass shooting is not the ideal time to talk about the importance of the Second Amendment rights.

Like everyone else, I must work to ensure my communication is layered with precision and care.

It requires precision because words must be carefully tailored to the person with whom you are speaking.

Advertising

It requires intentionality because before one communicates, one should think about the audience and what the audience needs in order to hear your message the way you intended it to be communicated.

It requires active listening which is about hearing verbal and nonverbal messages.

Even though we may be right in what we say, how we say it could derail the impact of the message and the other parties’ ability to hear the message.

Communicating with care is also about saying things that the people in our life need to hear and doing so with love.

The Bottom Line

When I left the meeting with my dear friend, I wondered if I was replicating or modeling this level of openness and transparency in the rest of my relationships.

I was intrigued and appreciative. He’d clearly thought about what he wanted to say to me, picked the appropriate time to share his feedback and then delivered it with care. He hit the ball out of the park and I’m hopeful we all do the same.

More Articles About Effective Communication

Featured photo credit: Kenan Buhic via unsplash.com

Reference

Read Next