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22 Dos and Don’ts of Rich People

22 Dos and Don’ts of Rich People

Rich people are controversial and interesting to talk about. Not necessarily because of the money they earn, but the fact that they are able to create a dream lifestyle achieving more freedom and time for their family, passions, and dreams.

Getting rich doesn’t happen by accident. There are some external factors that influence the process; however, the dos and don’ts in everyday life play a significant role.

Wealthy individuals tend to have many things in common. Here are 20 of them.

1. They set achievable and specific goals.

More than 60% of rich people who took part in a research agreed that they focus on their goals on a daily basis. What’s more, the goals they set themselves are achievable through specific physical actions, so they know exactly what separates them from achieving it.

2. They create to-do lists and review them daily.

To come closer to their goals, rich people spend time creating to-do lists and maintaining them every day. Whatever you want to accomplish, there’s a certain amount of tasks you need to do in order to get there. This is what a rich person makes sure to determine. With that knowledge, they commit to work on it day after day, with no excuses.

3. They take care of their bodies.

To fully focus on their ambitions, they need functional and efficient bodies. Through a healthy diet, regular exercises and treating the body as a temple, they accelerate the progress, stay in shape, avoid laziness and separate themselves from the crowd.

4. They read daily and they love it.

Rich people don’t only feed themselves with healthy food, but they also feed their minds with wisdom and information. Almost 90% of rich questionnaires agreed they love reading. Mostly, it’s self-improvement books and nonfiction, which serve as a great source of inspiration and knowledge.

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5. They listen to audiobooks while commuting.

Instead of blasting pop music while being on the road, rich people listen to audiobooks so the mind is always in the mood for achieving extraordinary results. Let’s say you spend an hour a day in traffic. If you devote it to audiobooks or podcasts, that’s 365 extra hours of self-improvement time in a year.

6. They are the hardest workers in the room.

When asked for the secrets of success, Dwayne Johnson, a man who went from poverty to Hollywood, said there’s no secret sauce. It’s always being the hardest worker in the room which brings you one step closer to making your dreams a reality.

7. They make family life a priority.

A rich person knows best what money can and cannot buy. That’s why they give so much value to the family time, something which they consider priceless. They realize whereas money can always be made, there’s a limited amount of time they can spend with their families. That’s why they make it a priority.

8. They respect their time and spend it wisely.

In a world full of distractions, it’s easy to lose track of your time. It’s something rich people never let happen. They realize, once wasted, the time is gone forever; that’s why it’s such a precious resource for them.

9. They surround themselves with like-minded people.

“You are the average of the five people you spend the most time with.”

—Jim Rohn

Letting naysayers influence your thoughts, actions and bring you down is out of the question for a wealthy person. To protect themselves from negative people, they make sure their surroundings motivate them to further growth.

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10. They pay attention to their habits.

Your habits form who you become. If you eat junk, practice negative talking and spend your time mindlessly, there’s likely no bright future ahead of you. Wealthy individuals select their habits carefully so that they only practice ones that contribute value to their lives.

11. They learn how the world of finances functions.

Nowadays, the right financial knowledge is the key to survive without getting lost in debt and other financial commitments. Rich people devote time to become the financial experts, so in the end, their money works for them and not vice versa.

To radically improve your personal finances, check out this 14-day plan.

12. They don’t believe in financial luck.

Money is made through hard work combined with creativity, market-research, and other factors, but pure lack is definitely not among the most important ones. That’s why wealthy person avoids lotteries and gambling. They still take financial risks, but they are calculated.

13. They don’t spend more than they earn.

If you make $1,000,000 and you spend the same amount, you are still broke. Poor people tend to spend more than they make which is caused by short-term thinking. Wealthy people can extend the gratification in order to stay financially stable and make the future safe.

14. They don’t watch TV.

Television is a huge time-sucker with almost no value added to your life. It leads to a sedentary lifestyle, obesity and increases your chances of type 2 diabetes. Since rich people eliminate bad habits; they make sure to replace TV with more creative sources of entertainment like books.

15. They don’t give anyone responsibility for their lives.

“We are made wise not by the recollection of our past, but by the responsibility for our future.”

—George Bernard

People who can’t achieve anything significant in their lives tend to avoid the responsibility for their future. There’s always some external factor to blame. On the contrary are achievers, who always take the blame and learn from their mistakes.

16. They don’t follow the flow.

Thinking differently is mandatory. There’s no way to achieve extraordinary results through regular actions and ordinary thinking. Rich people aren’t afraid to dream big and break the rules and dogmas to accomplish something.

17. They don’t miss opportunities.

To ensure they squeeze as much as possible from what life throws at them, rich people put themselves in the right place at the right time. They realize some chances are game-changing experiences.

18. They don’t rely on formal education.

Wealthy individuals are life-long learners. They treat self-growth as a never-ending process and they fully enjoy it. Cultivating the mind is achieved through a broad variety of experiences in contrast to relying completely on the schooling system.

19. They don’t let negative thoughts influence their actions.

Negative thinking is especially dangerous when you decide to believe in the excuses and rationalizations. Your brain wants you to stay in the comfort zone, so it will spare no effort to convince you that you can’t. The key to success is to let these thoughts fade away and replace them with powerful reasons to believe in yourself.

20. They don’t say yes all the time.

Saying no at the right moment is a powerful skill which brings health, wealth and happiness. One the other hand, if you practice saying yes way too often, you are more likely to get off the track and waste your time on unnecessary commitments.

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Rich people know there are plenty of things you don’t need to say yes to.

21. They don’t focus entirely on the money.

Oppose to misconceptions, money isn’t what matters the most one the road to getting rich. Using their capital and influence, wealthy individuals want to change the world for better, contribute to the society and simply experience the life like most people can’t.

Bill Gates is once again the wealthiest person on the planet. But he’s also one of the most generous people. He gives back a lot of his money and he decided to donate the majority of his wealth to philanthropic causes when he dies.

22. They don’t give up.

Getting rich isn’t an overnight process. It takes a lot of time and effort to go through the path full of obstacles and failures to finally meet your goals. The key is to stay persistent, practice self-belief and never give up.

Featured photo credit: Silicon Prairie News via flickr.com

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Published on September 17, 2018

How Being Smart With Your Money Leads to Financial Success

How Being Smart With Your Money Leads to Financial Success

Achieving financial success is not something that just happens. Maybe if you win the lottery or something, but for the average person like you or me, it comes from a series of small steps you take over a long period of time.

With each step, you form a new smart money habit. And with each smart money habit, you build towards financial independence.

So what sort of habits can you form to get on that path? Let’s take a look at smart money habits you can start today to get you closer to a financially independent future.

1. Avoid being “penny wise but pound foolish”

It’s tempting to try saving a couple cents here and there when buying small items. However, that’s not where the real money is saved. You’re putting in extra effort for something that doesn’t move the needle.

You get the most bang when you’re able to cut down on your bigger bills. For example, finding a lower interest rate for your mortgage could save you $50+ per month. And cutting your transportation bill by purchasing a cheaper car or taking public transportation can provide large gains as well.

So, look at your recurring expenses such as housing, transportation, and insurance, and see where there’s wiggle room. It’s a much better use of your time than trying to pinch pennies here and there on smaller purchases.

2. When you want something big, wait

Impulsivity can get you in trouble in most aspects of life. Finances are no different.

It’s human nature to see something and want it right then and there. It starts as a kid in the checkout line at the grocery store, and it continues on through adulthood.

We get an idea in our head of something we want, and it’s hard not to go out and get it right then.

A good example is wanting a new car. Perhaps you’ve had your car for several years. It’s crossed the 100k mile mark. Maybe maintenance is due, and you’re annoyed that you need to replace the timing belt or purchase new tires.

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So, you get the itch.

You start digging around online, and you realize you could trade in your current car for something newer and more exciting… all for a few hundred bucks a month. Then you get obsessed.

Here’s where you have to take a step back.

Your newfound obsession is clouding your judgement. Rather than giving into the impulse, wait it out.

Set a timeframe for yourself. Maybe you come back to the decision three months down the road. See if the obsession lasts.

It might, but often, a funny thing happens. Often, you forget about it. And often, you find that the new car wasn’t a need at all.

The impulse faded. And you just saved yourself a ton of money.

3. Live smaller than you can afford

You finally get that big raise. And you want to celebrate – and why not?

You’ve been looking forward to this forever. And after all, it was all due to your hard work.

That’s fine, splurge a little. However, make it a one-time deal and be done.

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Don’t get caught in the trap that just because you’re now making more money, you should spend more.

Too often, people get more money and feel like they that gives them the means to buy a bigger house, a bigger car… you know the drill. Resist.

The fact is that living smaller than what you can afford is one of the fastest ways to build savings.

But if you constantly upgrade as you begin to make more, then you’ll never get ahead. You’ll just build up more debt along the way and have just as little wiggle room as before.

4. Practice smart grocery shopping

Food… it’s one of the biggest portions of any budget. And if you’re not careful, it can be one of the biggest drains on your wallet.

But luckily, there are a few things you can do to ensure that you stay smart with your money when buying groceries.

Create a grocery budget

Set a strict weekly grocery budget. When you know how much you can spend on groceries, you can then plan your weekly menu around it.

Once you know what all you need, you can go shopping and keep a running tally as you shop to ensure you’re on track.

I tend to do this in my head, rounding for each item. However, writing it down as you go would probably work best for most people.

Make a list… and never deviate

Never go to the grocery store without a list. If you go to the store with a ballpark idea in mind, you don’t have a true ide of what you need.

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You’re not well-researched. You don’t know what the sales are. As a result, you’re going to make decisions on the fly.

These impulse decisions will lead to overspending, which will derail your grocery budget.

Eat before going grocery shopping

It’s also important to eat prior to going to the grocery store. Hunger is a powerful force.

If you’re shopping on an empty stomach, everything is going to look good. In particular, you may find a lot of ready-made, processed snacks will look enticing.

After all, you’re hungry now and that food is easily available. So subconsciously, you may lean towards those items.

Unfortunately, not only are those items typically less healthy, but they’re likely more expensive. You pay for convenience.

However, when you eat prior to shopping, then you’ll shop with a clear mind. Your hunger won’t cloud your judgement, influencing you to make poor decisions like a cartoon devil resting on your shoulder whispering in your ear.

This makes it much easier to stick to your grocery plan.

5. Cancel your gym membership

Now that you’re all set on your food, it’s time to get smart about managing your budget in terms of physical fitness. And let’s begin by avoiding the gym. The gym bill, that is.

The average gym membership costs around $60 per month. That’s $720 a year.

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Yet, two out of three gym memberships go unused. That means two-thirds of people who have a gym membership are literally giving away almost a thousand bucks a year. It’s crazy!

I recommend seeking an alternative. One good alternative is to look into fitness streaming services.

Streaming services allow you to stream hundreds of workouts like Insanity and p90x, right in your own home for around $10-20 a month. That’s $40-50 less a month than the average gym membership.

Of course, then there’s the free option. The internet is full of free workouts that you can do on your own with minimal or no equipment.

For example, there’s the Couch to 5K program, that I personally used a decade ago to ease myself from couch potato to running my first 5K race. If I could do it, anyone could.

Then there are free resources like reddit that have limitless information on workouts. The Fitness subreddit has done all the research for you, populating workout tips and detailed workout routines for anyone to use in their wiki.

There are several routines that require no equipment. And you can join in on the subreddit to become part of the community, making it easier for those seeking comraderie and encouragement in their fitness goals. All for free.

It’s baby steps… And baby steps can start now!

I’ve never met anyone that can’t stand to be a bit smarter with their money. And on the flip side, anyone can get smarter with their money. But remember, it doesn’t happen all at once.

Begin by fighting your impulses. Prepare for the week and be smart at the store. And cut monthly expenses like gym memberships that are overpriced and you probably aren’t getting your money’s worth out of anyway.

The devil is in the details. And the details can change your lifestyle and prep you for a financially independent future.

Featured photo credit: Unsplash via unsplash.com

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