8 Habits of Wealthy People That You Can Copy (and Be Wealthy Too!)

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Money can't buy happiness.
Yeah, but it sure wouldn't hurt.

Sound like a conversation you've had with someone before?

Usually that’s where the conversation ends. Sure, we might daydream for a minute about being rich and how awesome it would be to not have to worry about money. But then we just go about our lives as usual, doing things the same old way we always have (the same way that hasn’t made us rich).  Wouldn’t it be great though to actually take some steps and adopt some of the habits of wealthy people to make building wealth a real possibility?

Building up your net worth isn’t just about cutting coupons and finding the best deals.  It’s more about your attitude towards money (and life in general) than it is about saving a few cents (or even a few hundred dollars) on your grocery bill.

Related: Make Extra Money From Home: Earn $1,000 This Month in Side Income

Understanding how your mindset and attitude can influence your finances is a key piece in the puzzle of achieving financial freedom.

Here are some habits of the wealthy people that almost all self-made affluent persons possess:

Habits of Wealthy People

8. The Wealthy are Patient

Patience is one the defining factors between those who dream about wealth and the ones who actually achieve it.

Even if it means waiting an extra year to replace your car,  learning to save up for something instead of just buying on credit, and understanding that “slow and steady” wins the race when it comes to investing, go a long way in ‘practicing' patience.

The vast majority of rich people didn’t get that way overnight.  It takes time.

7.  They Don’t Need “Stuff” to Make Them Happy

The truly wealthy ones are usually on the other side of the deal you buy new stuff.

For example, when you dish out a few hundred bucks for that new iPhone or the latest fresh pair of Air Jordans, you’re making somebody else richer.

And what do you get in return?  Something that probably won’t mean much to you in a few months anyway.

That’s not to say that you shouldn’t buy the things you want, just make sure it’s in moderation and for the right reasons.  Before you buy yourself a new toy in the future, ask yourself, “Do I actually want this and will it add value to my life, or do I just like the idea of being someone who has this?”

It’s a very important distinction, and I think a lot of people would spend their money differently if they thought this way.

Related: Why You're Always Poor (10 Tips to Stop Being Broke)

6.  The Wealthy are More Organized than Normal People

Being organized is essential to staying on top of all your responsibilities, especially your financial ones.  By having everything in order and even automating where you can, you’ll find that you’re much more productive.

Missing payment deadlines and just overall fiscal sloppiness can be a real killer for your finances.  Don’t let it happen.

5.  Wealthy People are Way More Disciplined than the Masses

“People are rewarded in public for what they practice for years in private.”

It’s often said that when we see someone who is successful at their craft, we're only seeing the outward results, not the years and years of dedication that led them to become what they are now.  This is 100% spot on, and it applies to becoming rich, too.

The vast majority of affluent people (I’m talking about the ones who didn’t inherit their money) got to that point by being disciplined way beyond others.  Whether it’s putting money aside every month to invest no matter what, or working harder in their career field than their peers and advancing more, it all comes down to discipline.

Keep at it, and keep at it every day.

traits of wealthy people

4.  They're Self-Aware of their Bad Habits

Okay, nobody is perfect.  We know that.  Hell, I’m sure even Bill Gates or Warren Buffet have some less-than-ideal money habits (but when you’re a multi-billionaire, you get a free pass).

With that being said, those that have attained a lot of wealth have the ability to be very honest with themselves in evaluating their past financial decisions and outcomes- and actually doing something about it.

For instance, there’s the cliché “daily latte” that every financial blogger and their brother seems to write about (and I guess I’m doing it now too- sigh).

Anyway, a lot of people who indulge in the daily latte really shouldn’t be.  Almost all of them know it’s not a great habit, but they do it anyway.

The self-aware and proactive wealth builder, however, will find a fix to the problem- either by cutting back on the lattes, home brewing their coffees, or continuing the daily spend but also making room in other areas of their budget (like cancelling that HBO subscription that you only use for Game of Thrones).

3.  Wealthy People are Always Investing in Themselves

For this point, I’m not talking about traditional investing like what you do in your retirement account.  Putting money, and more importantly, putting time in themselves is a HUGE distinguishing factor between the wealthy and the poor.

Read Books, take classes, go to seminars, do whatever you can to get more knowledge into that head of yours.  As the saying goes, “the more you learn, the more you learn.”

2.  Becoming Wealthy Means Taking (Smart) Risks

Building up your net worth isn’t just about cutting coupons and finding the best deals. It’s more about your attitude towards money (and life in general) than it is about saving a few cents on your grocery bill. Understanding the habits of wealthy people can be a key piece in the puzzle of achieving financial freedom.You need to be willing to take some risks if you want any chance of building significant wealth.

That doesn’t mean being reckless.

Far from it.

The stock market certainly has a lot of risk involved, but over the long term, you can expect to earn higher returns than a savings account would give you, if you invest your money wisely.

If you’re too scared to put your money into the market, you’re guaranteed to miss out on the life changing power of compounding returns.

By keeping all of your money in a savings account or stuffed under your mattress, you’ll actually lose money over time to inflation.

If you want to start investing but aren’t sure where to start (don’t worry, I promise you’re not alone), check out our program that walks you through everything.

It can be a lot simpler than people think; you definitely don’t have to be a Wall St. stock market guru to make wise investment decisions.

1.  Wealthy People are Goal Setters

Hey, it’s hard to get somewhere if you don’t know where you’re going.  If you can set clearly defined financial goals it will help you out immensely.

So, where one person would say “I want to save a lot for retirement,” another would say “By the time I’m ___ years old, I’d like to have $___ set aside.  That means I need to save $___ each year and earn a ___% return on my money.”  Which person do you think is more likely to succeed here?

You need to be setting goals, and you need a plan to achieve them.  Get on it!

Adopting The Habits of Wealthy People

Creating wealth isn’t easy, but it’s also not impossible.  You don’t need to be a star athlete or a multimillion dollar business owner to achieve financial success.

The most viable path to financial freedom isn’t winning the lottery, but instead it’s all about working hard to make money, educating yourself and increasing your value in the workplace (and thus your earnings), and establishing some positive money habits.

The best part is, all of this is totally doable!

You might not have all the habits of wealthy people now, and that’s okay. Just knowing them and being aware should be enough to empower you to make some positive changes in your life. You’ll also notice that these wealth-building traits can help you in other areas, whether it’s your relationships, your career, or anything else.

Bottom line, if you want to have wealth and live the lifestyle that goes along with it, you’re going to have to hustle for it; there are no shortcuts!

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Jeff Proctor

Hi there! I'm Jeff. I started VTX with Ben after working in professionally in the personal finance field for almost 3 years.

You'll usually see me on here writing articles about how to save (and make!) money, how to make smarter investment choices, and how to have a better overall financial life. If there's ever a topic you'd like to see me cover, shoot me an email!
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