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Most people want to become rich, but very few are able to achieve this goal as is evident from the top of the pyramid, having super-rich people. The remaining people remain in the middle class or are poor. There are certain habits that the rich have that have made them reach this position. It may be due to the difference in attitude or habits and actions that have made these people wealthy and they try to remain rich and keep their assets growing. Wealthy people have acquired many of the habits that led them to this position and others too can adopt some of these habits to come off better in their lives. So some of the habits of wealthy and successful people that others too can adopt are-
1) Wake up early-
The super-rich gets up early in the morning. Getting up early to tackle the top things that are to be accomplished during the day helps them to regain control of their lives. It gives them confidence and a feeling of power over their lives, that they would be able to direct their lives in the direction they wish.
2) Exercise regularly-
Millionaires are busy people but they always make time to do their regular exercise. What is the point of having all the money in the world and not keeping fit? Some wake up early to go to the gym while others prefer to play tennis or do cycling. They have more time to exercise as they spend less time on social media. Some of them even exercise twice a day.
3) Eat healthily-
Rich people prefer to keep healthy and most of them count their calories every day as opposed to poor people. They also consume less junk food. In short, they eat healthier food. They can afford to buy better food and are more aware of the health benefits of fresh fruits and vegetables and the bad effects of salty, sugary food having high-fat content. A good reason for watching what they eat is to ensure a longer life which then itself extends them an opportunity to earn more.
4) Read a lot-
Wealthy people read a lot. The mentors that a person can have are parents, teachers, colleagues, hard times in life, and reading books. Books provide them with knowledge. The difference in reading habits between the rich and poor vary. While the poor read for entertainment the rich people read for self-improvement.
Only 11% of the rich people read for entertainment as compared to m79% of the poor. 85% of the rich read two or more self-improvement books per month as compared to 15% of the poor.
5) Value their time-
Wealthy people believe that time is money and that every hour of their life has value. They try to utilize every hour carefully. Proper utilization of time brings them closer to their goals. They consider how much time they would be losing to unproductive tasks and try not to waste much of their time on social media.
6) Have Specific Goals-
Rich people have goals and focus on them completely even though it may be difficult to achieve. Every decision they take has an objective and that is to achieve their goal. An objective like becoming rich is too broad so they make specific plans like earning a particular amount of money in a specified time period by following certain activities. They write down the specific goals so they can refer to them later and check if they are deviating from their plan.
7) They are Frugal-
The rich tend to spend below their means and stick to a budget. They are committed to saving and trying to build wealth. When a person spends above their means in anticipation of becoming rich they become too dependent on their paycheck. Instead of spending on shiny things in life that bring a new high, they spend money on family and friends and that brings them real happiness.
8) Well-planned saving and investing habits-
High-net-worth individuals have a disciplined approach to finance. They are there in investing for the long haul. The rich invest in financial markets and real estate and have their investments spread as a hedge against a downfall in any one of the markets. They work with their financial advisors and adhere to their financial plans in order to keep up with their financial goals.
9) Carefully Study the taxes-
The wealthy people plan around the tax laws. They are careful about taxes and see how they can pay the least amount of taxes while following the law. Tax planning helps them to save a significant amount which they can invest in other assets to generate more income.
10) Try to take help for things they don’t know-
The rich people don’t like to remain in ignorance and try to find answers to the financial things they don’t know while the poor people just leave it without finding the answers. Wealthy people try to build a team of financial experts around them that may include a wealth manager, an accountant, a financial planner, a real estate and an insurance broker. They can turn to these people for information and advice. This way they can grow wealth.
11) Take calculated risks-
Wealthy people often take calculated risks with the money they have. Their risk is low and they can lose their investment capital but not the money required for survival and maintaining their basic needs. The poor take risks without weighing the pros and cons and often try to make quick money. The rich often have a contingency plan in case the risk they take doesn’t work out.
12) Network with other successful people-
Rich people often network with other successful people. Most wealthy people on average spend five hours a month networking and it may be at a conference, event, or over coffee. Networking with other successful people has its own benefits and allows a person to align their minds with people who have achieved success.
13) Proper utilization of debt-
Wealthy people borrow money at a low-interest rate to invest in assets that can provide greater returns. They use debt to invest in assets that grow in value and not that would depreciate later. They also try to refinance a mortgage to reduce the expenses or even to reduce the length of the mortgage.
14) Control Emotions-
People think that wealthy people can afford to be honest and blunt. This is not the case and the wealthy think that all their thoughts and emotions should not be on display or voiced. To be financially successful good relations are a must and speaking the mind can harm these relationships. Therefore most of the wealthy think before airing their emotions as compared to the poor people.
One of the greatest qualities that lead to the creation of wealth is perseverance. There is lots of pain and rejection before a person becomes successful and often they have to ignore critics and the barbs thrown by relatives and neighbors. Their only goal is to succeed in the business they wish to create.
16) They don’t follow the crowd-
Millionaires don’t follow the crowd while others try to go by the rules of society. This is why most people achieve what the herd does while the rich people are different and have a herd following them due to their being different and successful.
17) Giving back to society-
Once the wealthy reach a good position in life and are rich they give back to society by being generous and often donating a large part of their wealth. Warren Buffet and Bill Gates are good examples of this.
These are some of the habits of wealthy and successful people. By following these habits others too can become rich provided they follow a well-laid-out plan and invest wisely.