It has been proven that having more money scientifically changes the way you behave and feel. Rich people are often described as narcissistic, confrontational, extroverted, conscientious, open to new experiences, and having an internal locus of control.
Here is a list of some life-changing habits that go hand in hand with these personality traits that help rich people stay rich. I am saving the best habit for last. Enjoy!
1. The Mindset
Wealthy people truly believe that they deserve the things they are striving to achieve. They don’t wait for all the stars to align before taking the first step. Rich people don’t wait for someone to give them the green light to go ahead. They believe in asking for forgiveness later rather than asking for permission now.
Having this mindset and putting it into practice doesn’t necessarily require money; we can all put this into practice to achieve our dreams.
For example, if you are eyeing a different job at work, don’t wait for a vacancy or for someone to recommend you for that job. You should start taking on some responsibilities of that job and demonstrating the skills required by that job.
You have to know that nobody will simply hand you your dream life on a silver platter; convince yourself that you deserve that life and go for it.
2. Asking Questions Rather Than Assuming
Wealthy people reach out for answers when they don’t know something. They don’t assume that they know everything. They keep a multitude of resources such as accounts, estate managers, or legal advisors at an arm’s length. This allows them to get expert advice on any questions they might have.
You might not have the financial means to hire these resources, but I can bet that these resources are available to you on the internet for free if you are willing to look for them. This includes information about investing, taxes, property management, real estate, and much more.
3. Network, Network, Network
If I have learned anything in my professional career, it is the value of networking. Rich people put tremendous value in networking with other successful people.
Rich people take out time specifically to get to know others in their field by attending conferences, gatherings, or grabbing coffee. This allows them to share their ideas and get introduced to fresh ideas from others.
Time spent networking is time well invested. Networking allows rich people to have more resources to reach out to for help if needed. It also allows them to be focused on ‘success’ by having similar-minded people around.
4. Stepping Outside Their Comfort Zone
Rich people understand that the most effective way to improve yourself is to push yourself out of your comfort limits and take risks. Being rich doesn’t come from working a 9-5 safety job. Wealth comes from taking calculated risks to strive for big dreams.
To reemphasize, they take calculated risks, not blind ones! The rich take risks, but they do all the research and analysis to mitigate that risk. All successful businesses have emerged from someone believing in themselves, coming up with a unique idea, and putting in the effort and risk to make that idea a reality.
5. Outsourcing
Rich people are notorious for outsourcing their responsibilities, especially tasks that are tedious or not worth their time. You are NOT meant to be doing EVERYTHING.
You should identify the tasks in your life that cause more strain than the value they provide upon completion. Now, try to replace them with tasks that provide more value. Outsourcing doesn’t have to be expensive as long as you use your time instead on tasks that bring more value.
Oftentimes, I outsource my domestic duties such as cooking and cleaning to focus on blogging, tutoring, and other side hustles. I hit two birds with one stone this way allowing me to not only improve mental health, but also my financial health.
6. Knowing Money Is a Long Game
Rich people are fully aware that money is a long game. It takes time to grow your money. You should look at the money you have in terms of the potential it has to grow OVER TIME rather than what you can buy with it now.
Young people often do not value the advantage they have: time. Even the smallest investments you make now become very valuable over time. If you have not yet been introduced to the concept of ‘compound interest’, I suggest you familiarize yourself. The day I learned how powerful compound interest can be, I couldn’t take my focus away from finding ways to grow my money.
It is important to develop the right money habits early on in your life. Find out the essential habits you must perfect in your twenties.
7. Knowing the Value of Their Time
Rich people know the value of their time and consistently make the effort to increase that value. They are strict when deciding what is worth their time and what is not. Time is the only thing that you cannot buy, making it crucial to value your time accurately.
Luckily, time is a great equalizer between the rich and the poor: we all get the same amount of time per day. We can all practice the same amount of strictness in our lives when it comes to time. Take some time to determine how much (exactly per hour) your time is worth by looking at how much you get paid from your regular job. You can then find ways to increase the value of your time by finding activities (such as a side business) that return more money than your time is worth currently. Ask yourself:
Can I find a side gig that might pay me more hourly?
Can I learn a new skill that might increase my hourly worth in my current industry?
Outsourcing can also play a big role here. You can outsource your tasks that are not worth your time to focus on the activities that are worth your time. For example, I pay someone to come and cook dinner for me for about $15 per hour so I can tutor for ~$60 per hour. Additionally, You can focus solely on nurturing the relationships that are actually valuable to you rather than relationships that are only obligatory.