5 Habits of Wealthy People

The difference between rich and wealthy, is that getting rich is just about the accumulation of money. It can come and go, and if someone who’s rich loses their money, they may have trouble regaining that or rebuilding again.

When we talk about building wealth, we generally think of numbers or how we can increase our income, how we can invest, or how we can make better decisions based on numbers. But wealthy people are also doing things that aren’t numbers focused.

History is full of lotto winners that end up broke in a matter of a few years after winning big, or sports people who are great at what they do but not so much with their money.

But for wealthy people, it’s very much a mindset. This blog will go through five things that wealthy people do on a regular basis that make them financially successful. Of course this isn’t a “every millionaire does this” or “do these things for guaranteed wealth”, it’s more a look into consistent behaviours of the most successful and wealthy people.

1. Exercise

First up is that they exercise. Generally they’re exercising for at least 30 minutes a day, and they’re doing that around four days per week. It’s not a lot, it’s not a huge commitment, but research shows that people who exercise have much better outcomes in terms of the way that they think, getting clarity in their life, and making decisions.

There is tons of research out there on exercise. I’ll let you see what you can find, but exercise is something that wealthy people do constantly.

Richard Branson is notorious for kite surfing and jogging. And billionaire owner of the Dallas Mavericks, wMark Cuban says he does 1 hour of cardio 6 or 7 days per week!

2. Read

Wealthy people read. A lot of research has come out saying that CEOs, top-level CEOs, are reading on average 60 books per year. 60 books compared to about one or two that everyone else reads.

The information that you get from books is unbelievable. It’s something that you can’t access anywhere. The dense information that you can get in your ear through audio books is also an efficient use of time! You can read for half an hour per day while your exercising. That’s health and wealth in one hit! And I’m not necessarily just talking about fiction books either, it’s non-fiction and ways that you can learn to improve your thinking. Do a healthy mix between the two.

Bill Gates says that he reads 50 books per year and Warren Buffet says he reads 5 to 6 hours per day!

3. Network

A lot of people say that your network is your net worth. That means that you’re getting exposed to other people and it opens the doors for many other opportunities. You’re not going to be able to build your wealth just by sitting in your back room and keeping to yourself. You’ve got to get out there, you’ve got to get to events, you’ve got to talk people.

Some of my biggest sales have come from just going to a networking event, exchanging my card, having some food, and having a beer with a decision maker. Prior to that, I’ve tried cold calling or I’ve tried dropping in and they’re always too busy, but when you get face to face with someone, and they can see what you’re like as a person, that’s when the opportunities can really start to open up. So, get out there and start networking.

4. Mentors

Arnold Schwarzenegger says in his book, “There’s no one that is self-made.” Everyone has mentors, everyone has guides, everyone has coaches, advisors. Find your mentors, find people who’ve been there and done that with that experience.

It doesn’t necessarily have to be face to face, that’s ideal, but I understand that it can be limiting. For me growing up, I had my father as a mentor, but looking beyond that, in terms of building wealth, I turned to books.

Having those books, having those people that have built billion dollar fortunes, and seeing what decisions they make and how they operate, is what I’ve used as mentoring as well.

Ask business owners or investors you look up to. But don’t come out and ask ‘hey can you be my mentor?’ Play it cool. Go for coffee and follow up with a few emails.

5. Gratitude

Wealthy people practice gratitude every day. There’s nothing worse than thinking and comparing yourself to others and saying how far you are behind. Instead of saying I don’t have this, be grateful for what you do have. There are plenty of people out there who believe that you are living a version of their best life.

So if you’re getting sick and tired of going to work, rather than waking up and saying, “I have to go to work today,” wake up and say, “ I get to go to work today,” because there are plenty of people who are out there struggling that don’t have employment who would like to be in your opportunity and take advantage of what you have.

So, practice some gratitude. It changes that way you think, you become a lot more satisfied with life, so you’re not out there chasing the material things. Instead, you’re starting to chase what feeling gratitude allows you to become.

By building your mindset, this is the muscle that you need to raise your wealth. Once you’re able to start to doing that, and hone that, then the money part will become easier. It’s probably 80% mindset and 20% process, so by working on your mindset, this will go a long way towards raising your wealth.

Full Article: https://raizinvest.com.au/blog/5-habits-of-wealthy-people/

Usher, P. (2018, July 13). 5 Habits of Wealthy People. Retrieved from https://raizinvest.com.au/blog/5-habits-of-wealthy-people/