Key 16 Habits of Rich People

What sets apart the people who are wealthy and successful from those who struggle with money their whole lives?  What are the Key Habits of Rich People?

It’s not luck.  

Some people were familiar with wealthy habits, and some learned them.

Today, we’re talking about the fundamental habits and disciplines of an ordered life.

What if the key to your financial and relational success lay not in luck but in your daily habits? Join us as we challenge the notion that success is merely a result of favorable circumstances. We uncover the transformative power of self-discipline, self-awareness, and deliberate choices. Through insights from “Atomic Habits,” we delve into how significant, transformative habits can set the foundation for broader success and why surrounding yourself with success-oriented individuals can be the game-changer you need.

In a touching conversation with my 13-year-old daughter, we debunk the myth that self-improvement means inadequacy. Bruce shares his wisdom on the ongoing nature of growth and learning, stressing the importance of new experiences. Drawing from Rabbi Daniel Lapin’s holistic approach, we discuss how progress in finances, faith, fitness, friendships, and family are intricately linked, contributing to a balanced and successful life. This holistic model underscores that improvement in one area can create positive ripples across all facets of your life.

Discover why an abundance mindset is crucial for growth and wealth in our discussion on intentional living. We’ll share how gratitude and viewing tasks as privileges can shift your career and personal growth trajectories. Learn from the financial habits of rich people, such as cash flow awareness and strategic investments, and see why building a self-sustaining business through teamwork is essential for long-term success. With practical steps for setting a long-term vision and focusing on significant goals, this episode is packed with actionable insights to help you achieve true financial independence and personal fulfillment.

So if you want to discover the thinking, action, and strategies that separate the top 1%, tune in now!

Podcast: Play in new window | Download (Duration: 56:12 — 64.3MB)

Subscribe: Apple Podcasts | Spotify | Android | Pandora | RSS | More

Take Responsibility and Work on Yourself

For better or for worse, you are responsible for the outcomes of your life. Taking responsibility of that is the first step toward a “wealth” mindset. So what does it mean to take responsibility? That can look like making different choices, forming new habits, doing research and due diligence, and so much more. 

I think, often, people conceptualize taking responsibility in a negative context. Many people view it as owning up to your actions when taking responsibility can also be a positive thing. It’s about taking ownership of everything you do so that you’re living life consciously and intentionally. When you’re responsible with your actions, you’re informed and empowered, which yields excellent results. 

If you want to go the way of the wealthy, everything starts with responsibility. Assume responsibility for how you think and what you do, and you’ll start seeing positive results.

[06:00] “Taking responsibility means recognizing that you can’t blame others, you can’t have excuses. It’s taking ownership of your life.”

Habits of Rich People

So what is it that sets the wealthy apart from your average person? It’s the habits that they’ve collected over time that help them live life more abundantly. These habits of rich people are all small pieces that contribute to a larger picture of hard work, innovation, a desire to create value, and strong principles.

[08:46] “It’s not that you need to change to become valuable; it’s that when you recognize your worth and your value, you can’t help but know that there’s more capability if you can shed the layers of the guilt, and the fear and the shame and all this stuff that keeps you in a negative way of thinking.”

Abundance Mindset

What’s one thing all the wealthiest people have in common? They have adopted an abundance mindset. When viewing the world through a lens of abundance there is always enough to go around—dollars, skills, accomplishments, opportunities, accolades, and more. People who think abundantly are not deterred by the success of others, they celebrate it because they know it isn’t standing in the way of their own success. 

When you think abundantly, you’re training your brain to see the possibilities in the world so that you can capitalize on them. If you don’t like your reality, you can tell your mind a new story. If it sounds simple, it is. Yet simple does not always mean easy, as it’s difficult to change your worldview. 

Just remember that if negativity seems to be holding you back, you have the power to change it with the way that you think about things.

Get Your Priorities Straight

The wealthy and successful—people who get what they want out of life—don’t just “think” about priorities. They schedule them. The difference between something you schedule and something you simply think about is immense. One is a priority, the other is simply an idea.

If you’re frustrated by a lack of traction with your goals, be honest with yourself. Are you making time for those things? Some people want to prioritize family, only to struggle to find time. And yet, it really can be as simple as putting it in your calendar. Once it’s there, it’s happening. Until then, what you’re signaling is that it’s not as important to you as everything else going on. 

If you want to prioritize your next big project, put it on the calendar. Ready to network some more? Put it on the calendar? Want to prioritize rest so that you can work with your best foot forward? You’ve got to schedule that too.

Wealth Takes Time

True wealth takes time and discipline. Those who don’t have discipline often find themselves spending to “keep up with the Joneses.” While they may outwardly appear to be wealthy because they have nice clothes and new gadgets, they don’t have wealth that matters. I.e. they don’t have savings and investments that will open doors to new opportunities.

Building wealth means committing to socking away capital into your banking system (whole life insurance) and waiting. Growing your wealth may then look like investing in opportunities. These things can take years and years, which requires patience and the ability to not spend money frivolously. This often means that you don’t have the latest and greatest things, or at least not right away, and you probably aren’t splurging on the latest designer clothes either. 

Cash Flow Awareness

Do you know where your money is flowing? The thing about the wealthy is that they always know where their money is flowing, and why. It’s not budgeting—budgeting is about restricting and limiting—it’s understanding what’s happening in your financial space.

One of the easiest ways to get “behind” financially is to lose track of your dollars. By not knowing where your money is going or why, you lose the ability to make choices that are more aligned with your goals and values. Start by figuring out what is happening with your money, and then decide whether or not that works for you. If you find some cash flows that don’t align with your goals and values, make a change. 

Pay Yourself First

In pretty much any financial book, you’ll come across the idea of “paying yourself first.” This mindset is about not spending first, but saving first instead. 

[45:30] “As you prioritize savings, as you prioritize maintaining some of your capital rather than having it go out through expenses, you’re in a position, then, of building savings, building capital to invest, having assets… that will create cash flow. It’s the first micro habit of being able to build a successful, wealthy life.”

Focus on What You Can Control

You can’t control what you can’t control. What you CAN control, however, will make a world of difference in your results. And what you’re in control of are your own thoughts and actions. You may not be able to control the housing market, but you can control how you interact with and invest in it. You might not be able to control your weight exactly, but you can control how often you show up to the gym and how hard you train. 

By letting go of the things that are beyond your control, you become newly empowered to rethink what you DO control, and how that can lead to even greater success. Your actions and your reactions are your power.

Book A Strategy Call

Are you ready to take control of your finances and legacy? We offer two powerful ways to help you create lasting impact:

1. Financial Strategy Call – Discover how Privatized Banking, alternative investments, tax-mitigation, and cash flow strategies can accelerate your time and money freedom while improving your life today. Let us show you how to align your financial resources for maximum growth and efficiency. Book a Strategy Call with our team today.
2. Legacy Strategy Call – If you want to uncover your family values, mission, and vision, and create a legacy that’s about more than just money, we can guide you through the process of financial stewardship and family leadership. Save time coordinating your family’s finances while building a legacy that lasts for generations. Book a Legacy Strategy Call to learn more about how we can help.

We specialize in working with wealth creators and their families to unlock their potential and build a meaningful, multigenerational legacy.