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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.

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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.”

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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.

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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.

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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

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Elena Prokopets

Elena is a passionate blogger who shares about lifestyle tips on Lifehack.

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Last Updated on July 10, 2020

How to Reinvent Yourself and Change Your Life

How to Reinvent Yourself and Change Your Life

There will always be times in your life when you may need to learn how to reinvent yourself. This could come when you experience a big change, such as leaving your job, moving on from a relationship, transferring to a new home, or losing a loved one. If you are going through a major shift in your life, you may have to find new ways of thinking or doing things, or risk failing to reach your full potential.

“When something bad happens, you have three choices. You can let it define you, let it destroy you, or you can let it strengthen you.”

Many people who dared to leave their old unhappy lives enabled themselves to pursue their passions and find a renewed zest for living. You can also achieve the same if you take a leap of faith and make things happen for yourself.

To help you always be at your best wherever you may be in your life, here are some practical tips on how to reinvent yourself.

The Reinvention Checklist

Before embarking on a journey of self-reinvention, you need to make sure that you have everything that you need to make the trip bump-proof. These things include:

Resilience

Problems and obstacles are guaranteed to happen. Some of them will be difficult and may knock you off course; the important thing, however, is that you learn from these difficulties, never lose focus, and always get back up. This requires building resilience to get through the tough times.

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Support

Humans are social beings. Although it is important that you learn to rely on yourself when facing any challenge, it is also important to have a support team that you can lean on to give you a boost when things get too tough and to correct you when you’re making mistakes.

The key is to find the right balance between independence and dependence. Don’t be afraid to be vulnerable and share the difficulties you’re facing. When you open up, you’ll find the people who are really going to be there for you.

Self-Care

During the process of learning how to reinvent yourself, you will have to pull yourself away from your old comfort zones, habits, roles, and self-perceptions. This can be difficult and cause you to question your self-worth, so it’s important to engage in self-care to maintain a positive outlook and keep your mind and body healthy as you face the challenges that await you. Self-care can include:

  • Participating in a hobby you enjoy
  • Spending time with your support system
  • Taking some time to walk in nature
  • Practicing loving-kindness meditation

Find what works for you and what helps you feel like your true self as you seek a reinvented version of you.

How to Reinvent Yourself

Once you’re sure that you’re equipped with all the tools in the self-reinvention checklist, you can begin your journey of learning how to reinvent yourself.

1. Discover Your Strengths

This step provides valuable information on how you deal with certain situations. If you have this information, you will be able to manage difficulties more efficiently.

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To find out what your strengths are, you can ask your friends and colleagues for feedback, engage in self-reflection, or try these 10 Ways to Find Your Own Personal Strengths.

2. Plan

This step calls for a thorough assessment of your current emotional, psychological, and financial status so that you can develop plans that are realistic and practical.

It’s okay to have ambitious dreams, but your plans have to be realistic. Making use of SMART goals can help you plan your life better.

You can also consult your mentor or life coach for practical tips and advice.

Ultimately, you’ll want to create specific long-term and short-term goals that you can create milestones for. By doing this, you’ll lay out a specific roadmap to your reinvented self.

3. Try Things Out

Sometimes, we don’t know if solutions actually work until we try them out. This is why it is important to experiment whenever possible, especially if you’re dealing with a career change. You may need to simply experiment in order to find the things you like. This can be the same with hobbies. If you’re not sure what you would like doing, accept invitations from friends to join them in their favorite sport or take a class, like pottery or photography.

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By seeing what’s out there in any area of your life, you’ll have a better chance of finding the things you enjoy and the goals you want to create.

4. Manage Your Finances Well

Changes may require a bit of money. If you’re shifting to a new career, you may have to pay for training. If you’re going through a tough divorce or having a hard time dealing with the death of a loved one, you may have to pay for therapy. If you’re moving to a new home, you’ll definitely have to pay a whole lot of expenses.

All of these things are possible, but it will require a bit of money savviness as you learn how to reinvent yourself. If you have that cushion, you’ll feel more comfortable straying from your current path to try new things.

5. Muster Your Courage

Fears and self-doubt may arise when you encounter difficulties and setbacks. Sometimes, they may also come when you’re taking risks. You have to manage these negative emotions well and not allow them to discourage you. Tap into your courage and try doing at least one new thing each week to develop it.

Learn how to deal with your self-doubts to move forward in this article: How Self Doubt Keeps You Stuck (And How to Overcome It)

6. Use Your Support Group

As stated above, you need to build a strong support group before you even start the process of reinventing yourself. Your group will keep you from taking wrong turns and encourage you when you get too weighed down by problems. Don’t be afraid to call them, or even ask them out for coffee if you need to vent about the current difficulties you’re facing.

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7. Remind Yourself Every Day of Your Commitment

Write your goals on different-sized cards and scatter them at home and at work in places where you can easily see them. This way, you will constantly be reminded of where you want to be. Remember, writing down your goals helps them stick[1].

8. Accept Failure, Learn, and Resume Your Journey

Failing is normal, especially when we’re trying out something new. When you fail, simply recognize it, learn from it, and move on. Failure, in the end, is the best way to learn what does and doesn’t work, and you simply won’t be able to learn how to reinvent yourself if you don’t accept the inevitable failures that await you.

Final Thoughts

If you truly want to learn how to reinvent yourself and live the life you desire, take the advice above and start taking action. It will take time, patience, and plenty of effort to make the change you want happen, but it will be all worth it.

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Featured photo credit: Ashley Rich via unsplash.com

Reference

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