What Are Some Unknown Habits of the Wealthy?
To gain insight into the habits of the wealthy, we asked ten successful individuals, including CEOs and founders, to share one habit they learned from a wealthy person. From prioritizing time and tasks to understanding the importance of setting clear and achievable goals, this article provides a wealth of knowledge from those who have firsthand experience with the wealthy.
- Prioritize Time and Tasks
- Embrace Continuous Learning
- Invest in a Professional Appearance
- Pursue Lifelong Education
- Adopt Long-Term Planning
- Practice Financial Fasting
- Offer Proactive Assistance
- Maintain Consistency in Life
- Value Networking and Relationships
- Set Clear and Achievable Goals
Prioritize Time and Tasks
As an entrepreneur, the value of time has been learned from wealthy individuals. Prioritizing vital tasks and exhibiting discipline in time allocation are key to effective time management.
This involves dedicating specific periods of the day to activities that align with goals. For instance, the day can be started by creating a list of tasks and identifying the most crucial ones; this helps in maintaining focus and minimizing disruptions.
Time is also allocated for activities that support long-term goals, such as networking, learning new skills, and developing partnerships.
Embrace Continuous Learning
One habit I’ve learned from a wealthy person is to never believe that I am too smart or that I’m the smartest person in the room. In today’s rapidly changing economy, it doesn’t take much for an underdog to overcome those who have been sitting in the top spots for ages.
Being someone who was always goal-driven and a high achiever, many times, I found myself thinking that I have nothing to learn from others in the room.
However, a wealthy person taught me that there is always some nugget that can be picked up from others, no matter if they are complete novices or experts.
Invest in a Professional Appearance
Appearance is extremely important, as I learned from a few wealthy individuals. It’s worth it to spend time and money on your appearance, and it can make a major difference.
As a salesperson, your appearance makes a difference, and it could even factor into the potential sale you are trying to make. People can tell a lot about you from the way you appear, so it must be considered.
Most wealthy people dress and look professional in the workplace and even in their personal lives. However, this didn’t begin once they became successful. Rather, it is a factor in their trajectory and seeps into how they handle other aspects of their lives as well.
I have always tried to appear and dress professionally, but some of the most successful people have shown me how important it really is. This habit has been incorporated into my professional and personal lives.
Pursue Lifelong Education
One invaluable habit I gained from witnessing a wealthy individual is the continuous pursuit of education and personal growth. This person had a ravenous appetite for learning, whether through reading, attending seminars, or taking part in online courses.
They recognized that remaining current on industry trends and learning new skills was a direct investment in their future success. This practice helped them quickly adjust to new circumstances, spot promising chances, and make wise choices.
Their hunger for knowledge exuded enthusiasm, inspiring everyone around them to embrace lifelong learning. Besides enhancing their knowledge, this routine helped them think creatively and keep them ahead of the competition.
Adopt Long-Term Planning
One thing that has always stuck with me was a wealthy friend of mine telling me that without a plan, you don’t really have the agency to work toward something. You’re always going to be reacting, rather than taking action in such a way that the rest of the world reacts to you.
Knowing in broad strokes what you want to accomplish in the next year, the next five years and the next 30 years is a massive help in helping you plan your day-to-day, and is something that many people don’t really do as they feel like they are not in a position to plan for the long term at all.
Practice Financial Fasting
One habit I’ve picked up from a wealthy client is the practice of “financial fasting.” It’s like intermittent fasting but for your wallet. Every month, they’d choose a week to significantly cut back on non-essential spending—no fancy lattes, no online shopping sprees, just the bare necessities.
It’s not about penny-pinching, but about gaining a clearer perspective on where the money goes and how quickly it can evaporate on trivialities. It’s a detox for your finances, flushing out wasteful habits and resetting your spending patterns.
It’s like pruning a tree—sometimes you need to cut back a little to grow more robustly. This practice has been a game-changer for me, transforming not just my bank balance, but my entire relationship with money.
Offer Proactive Assistance
One insightful habit I picked up from a wealthy mentor was ending every conversation with the question, “Is there anything I can do to make your life easier or achieve something?”
This powerful question transcends conventional networking, conveying a genuine interest in the other person’s success and well-being.
Implementing this habit, I realized its vast potential. It deepens relationships, encourages mutual support, and elevates a regular conversation into a dialogue of proactive assistance.
Despite its simplicity, the impact of this question on creating value-driven, lasting connections is monumental. In the journey to wealth and success, it serves as a constant reminder of the importance of fostering and nourishing relationships.
Maintain Consistency in Life
It’s one simple trick that has always stuck with me. It’s from a quote from a US Navy commander, but a successful private equity investor gave that to me. They basically said, “How can your life be organized if your own room isn’t?”
That really stuck with me and taught me the importance of consistency. It’s something so minor and not even work-related, but it’s stuck with me for over 10 years and allowed me to prioritize making consistent business decisions over being sporadic.
Value Networking and Relationships
A major habit I have learned is to place more value and time into networking. This is because wealthy people tend to be good at building relationships and networking with others. They may attend events, join clubs or organizations, or use social media to connect with people who can help them achieve their goals.
As someone who is just over one year into owning a business, focusing on building my network has helped me get eyes on myself and my business while winning client work. I’ve been lucky enough to have the guidance of some successful business owners, and a trait I noticed among them was how much time they spend networking.
This isn’t just limited to things like LinkedIn posting, but more so to things like running a training session, giving time to charity events, and even hosting roundtables and meet-ups. So much can arise from just being present and front of mind.
Set Clear and Achievable Goals
One habit you can learn from a wealthy person is the consistent practice of goal-setting and planning. Imagine being at a networking event, engaging with a successful entrepreneur who has achieved substantial financial success.
They emphasize the importance of setting clear, specific, and achievable goals to guide both short-term and long-term actions.According to them, goal-setting is not just about envisioning success; it involves breaking down larger objectives into smaller, actionable steps.
This approach helps you track progress and stay focused on what truly matters. They stress the significance of writing these goals and regularly reviewing them to maintain motivation and momentum.
Submit Your Answer
Would you like to submit an alternate answer to the question, “What’s one habit you learned from a wealthy person?”