9 Habits of Wealthy People: Lessons from a Former Financial Adviser
Do you ever wonder what sets wealthy people apart from others when it comes to their finances?
Are you struggling to save or build wealth, and wondering what habits you should form to create lasting wealth for you and your family?
If so, then you're in luck, because I have personally worked with hundreds of people with their money over the past 5 years since starting Money Tipps® money coaching and as an FCA-regulated Financial Adviser, and I've discovered some key habits and mindsets that successful wealthy people share.
Here are 9 habits that can help you create generational wealth:
Embrace Change: Wealthy individuals are not afraid of change; they embrace it. The only thing certain in life is change, so don't fight it, benefit from it. Embrace new technologies, embrace new opportunities, and embrace new ways of thinking about money.
Prioritize Investing: Wealthy people prioritize investing over spending and do not increase their spending when their income increases. Instead, they increase their investment. Investing is one of the most powerful tools for building wealth, and it's never too late to start.
Talk About Ideas: Wealthy people prioritize talking about ideas over things and other people. When you surround yourself with successful people, you realize that they talk about ideas, innovations, and solutions. This is a powerful lesson that encourages you to think beyond material possessions and gossip.
Be Generous: Wealthy people believe in the power of generosity and are not afraid to give. Giving not only helps others, but it also helps you cultivate a mindset of abundance and gratitude.
Continuously Learn: Be committed to continuous learning and personal growth. Learning didn't end with school. Always be reading! Take a book (a nonfiction personal development book) everywhere you go and actually read it rather than taking out your phone. My book Millennial Money Mindset is a great book to improve your life.
Think Long-Term: Think long-term and prioritize making decisions that will benefit you in the long run. Develop the discipline of delayed gratification and prioritize making decisions that will benefit you in 5 or 10 years' time.
Work for Profits: Wealthy individuals work for profits, not just a salary. See yourself as the owner of your life (even when in a 9-5 job), not a worker with a wage.
Focus on Net Worth: Focus on increasing your net worth, not just your paychecks. Your net worth is what sets you free. Once your investments earn more than your expenses, then you are financially independent.
Take Calculated Risks: Wealthy people are not afraid to take calculated risks. Risk and reward are related. Are you currently playing life too safe? How much risk are you currently taking?
By adopting these traits, anyone can improve their financial situation and work towards building sustainable wealth. Behavior when building wealth is much more important than intelligence, education or passion. Self-control and discipline are traits that are essential for building sustainable wealth.
Investing can provide many benefits such as growing your money, building passive income streams, and helping you achieve financial independence. It's important to focus on personal finance and money management to help you create a healthy financial future.
Do you agree with these habits?
Are there any other mindsets or habits you would add to this list?
Share your thoughts in the comments below, and don't forget to like, comment, and follow my channel, Millennial Money Mindset, for more tips and guidance on personal finance and investing.
