Lifestyle

10 Things That Rich People Are Doing That You Are Not

You may not be raking in the big money yet, but if one of your goals is to be considered financially “rich”, then it’s important to note some of the habits that have helped those at the top to get and stay there. Could you tweak your habits a little? Here are 10 things that rich people are doing that you are not.

Some of these stats come from Tom Corley’s book “Rich Habits: The Daily Success Habits of Wealthy Individuals”, which includes the results of 5 years of studying the habits of both the rich and the poor:

1. They are morning people: 44% say that they get up three hours before work to exercise or read materials related to their career. I bet most of you would rather snooze past your alarm than get up at what you consider ungodly hours, but rich people use this time to get their day in gear.

2. No long lunches: 55% say that instead of taking a long mid-day break, they use this time to network or make deals. If you need to decompress at work, take some time to meditate or have a break from your workload, but the rich make sure this meal is utilized to meet with people who make deals or further their career.

3. They’re trustworthy: 79% of those considered poor admit to gossiping, but only 6% of the rich do. Getting in everyone else’s business? Ain’t nobody (rich) got time for that.

4. What social media? Poor people like to check out Facebook after work, but the rich say their after-work hours are spent

no social media

volunteering, networking and socializing. Scrolling through strangers vacation pictures will not help your career, plus it’s pretty creepy.

5. They are healthy mofo’s: They generally eat healthy and limit the amount of booze they take down. For the rich, they figure if they’re healthy, they have fewer sick days and have more energy to get stuff done. Plus no unnecessary medical bills that come as a result of hanging out at burger king and sitting on your couch (the rich don’t do that either).

6. Their car is a necessity, not a toy: The rich don’t need to try and impress people with a fancy car, because they know that a high price tag does not define their image. They also know that an expensive car is just a liability since it does nothing but depreciate in value from the minute you take it off the lot to every mile you put on. (FYI Mark Zuckerberg drives a $30k Acura TSX).

rich frugal habits

7. Don’t get a home bigger than you need: Why take on a huge monthly overpayment when you could be just as happy in a modest and comfortable home that will carry lower all around expenses (from electric, to maintenance to furnishing)? Instead put that money into your savings or retirement fund where it is much more needed.

8. Never pay full price: If you have the option to use social coupon sites like living social to get massages or event tickets for cheaper, who wouldn’t you? If the paper provides coupons for your groceries, why turn away that free money? Remember that having a frugal mindset on your everyday items will add up to big savings for things that matter. According to Jean Chatzky, 55% of the self-made rich got there by saving.

9. They set all sorts of goals: They keep a running tab of daily tasks that get checked off as the day goes on, and 70% say that they also set long-term goals. I wrote a post on how to properly set goals if you want to achieve them – including making sure they have a deadline and they are in writing somewhere you can see daily.

10. They take action. Now. : It’s one thing to have goals, and another thing completely to take action on them. They are not people who sit around waiting for something to happen to them, but instead go out and take the risks necessary to achieve their (usually aggressive) goals. They are constantly educating themselves to become better, and they ensure that their money is properly invested.

 

6 Comments

  1. Spot on, Ashley! The biggest drivers of clipping coupons in this digital age surprises a lot of people, but sffluent and college-educated households are the dominating forces. Great post.

  2. Pingback: What Other Bloggers Are Talking About #1

  3. Great post! I’ve got a few of the 10 covered. Looks like I need to make some changes.

  4. Uh oh! I like to spy on facebook holiday pics, maybe that is where I am going wrong!!

    The 10 points seem sensible. Rich people prioritise all parts of their life well. I definitely need to take on board some of their traits.

  5. Emmanuel Frieslaar says:

    If I can add, the rich seldomly watch television,and if they do, its news and markets….but I must say you spot on Ashley.thanks

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