Manage Money

Habits of the Rich that Make Them More Rich

The difference of wealth of the rich and the poor can be fascinating at times. After all, how can one small section of the population just continue to prosper, while the rest seem to be stuck where they were, at best? Does it have to have class and economic mobility? Can the attitude and action of the classes be observed to know what is really happening?

The secret language and behaviours of the wealthy that helps them to become wealthier

Wealthy people think and act very differently from how we do.

Imagine that you have 1 crore in the bank. You are, of course, very happy. However, you have no idea about saving, investing, or any way to make this wealth last or grow. As a result, you spend frivolously. The wealth lasts for a few years, and then you are back to where you were in the beginning!

Now take the example of a man who is already wealthy. Let’s say he gets 1 crore from his business profits. He has all the required knowledge to make this wealth last sustainably and grow. Thus, his wealth continues to grow.

See the difference?

Just getting a load of money won’t help you. You need to know how to make it last and grow.

So, what are their behaviours that help them?

  1. They do not wait for permission: While the rest of us are taught from a young age to ask for permission every time we need anything, the rich are instructed differently. We grow up with those values, and thus we still end up asking for permission for everything. The wealthy, in their adulthood, shift their mindset to control from permission. 

  2. They know the financial landscape: In most countries and cultures, it is considered bad to speak about money. They say it is bad manners. Thus, most people don’t speak of money a lot. That is unfortunate since doing so aids them in understanding the financial world, and helps them in taking educated financial decisions. The rich are not abashed to speak of wealth growth and money, not to ask for advice and information regarding money.

  3. They ask when they don’t know things: This is a big factor. When the poor and the middle class do not know or understand something, they prefer not to delve deeper. They prefer not to ask and understand the topic better, especially if it is about wealth growth and money. Thus, they tend to live in ignorance in these topics. The wealthy people are not like this. They have the benefit of having a team of financial advisors to give them timely advice and information. Besides, they can always ask their friends and family members, who also have a ton of knowledge about these topics. Now, you may not be wealthy or rich, yet, but you can still have a lot of knowledge. Most of it is available online!

  4. They value their time: The rich understand that their time is valuable. They place a lot of importance on their own time, and desire others to value their time too. After all, they understand that time is money, just like money is time.
    The wealthy place a lot of importance on time, and wish that others value their time too.

  5. They understand and speak the language of money: One way the wealthy continue to get wealthier is because they are financially more literate than the rest. They know more about personal finance than the poor do.

  6. They know the importance of making money grow over a long time: The poor especially think that money can be acquired within a short span of time. The rich know that wealth can only be generated over a long time.

  7. They know the importance of outsourcing: Since they already understand that their time is valuable, they prefer to outsource some of their tasks and requirements. Many of the wealthy have their personal trainers to take care of their fitness levels, dedicated family doctors, a team of financial advisors, cooks, drivers and more. After all, they save them time and money. The poor and the middle class do not have the resources to outsource, unfortunately, nor do they understand its importance.

  8. They understand the importance of recharging from time to time: The rich understand the importance of rewinding and recharging from time to time, from where they can come back stronger and more focussed.

Now let us come to…

Habits of wealthy and successful people

Let’s see what exactly separates the wealthy and the poor. We have looked at the behaviours, now let us look at the habits.

  1. They surround themselves with positive and like-minded people: They do not like being around negative people. They like to be amongst people with a can-do attitude. 

  2. They don’t stop after failing: The poor and the middle class really fear failure. To them, one failure is the end of the world. For the rich, a failure is just another opportunity to learn.

  3. They are masters of time-management: Since they know their time is limited and valuable, they don’t like wasting a second of it.

  4. They don’t follow the herd: This includes not buying expensive things and showing off their wealth. They don’t follow various cultural norms, the way others invest, and choose to go their own way.

  5. They act with a purpose and direction: They act with a purpose since they value their time. It’s like they have a mission in life and have a long-term goal.

At the end of the day, even a middle class person can change the way you think and act, based on how the rich do it.

 

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