Everyone wants to be rich and successful, but few people actually do anything about it. A wealthy person has no problem coming across as confident and cool, but if things were easy for them then they wouldn’t be where they are now. A rich and successful person will hand you their card and ask that you call if there is ever anything you need from them.
Having money does not make you rich. However, if you are truly wealthy, money alone will never be an issue. Despite what you may consider as significant wealth, there’s always room for more. Here are some things on how you can live the life of a real millionaire.
They know how to share.
If money itself turns into the final goal, a person loses their connection with reality. That’s why well-off people spend money on charity and establish charitable organizations that have an opportunity to quickly help people in need.
Really wealthy people understand that great wealth comes with great responsibility. And those who don’t understand this idea aren’t happy with their lives. They just live in golden cages, instead of iron ones. While people who belong to the middle-class may enjoy the illusion that money can buy you happiness, for very wealthy people, this illusion is already gone. So the most important thing to them may be to figure out how to give their money meaning and value, rather than using their status to attach meaning to their lives. © David Frank Gomes / quora
My brother-in-law is a gazillionaire who has his own business. But he wears baggy pants and a polyester down jacket. Once, my brother asked to borrow some money and he just gave him a pile of money without a second thought and said that it was a gift, not a loan. He’s always just been very modest. Apart from buying a nice house and sending his 3 kids to good schools, he has just been just saving and investing his money. © catsasss / reddit
Well, you might ask, “Why wouldn’t rich people help other people out if they have the money to do it?” But help shouldn’t be measured in money and the most important thing is to take part in the life of another person and do it without pursuing your own interests.
They understand the value of education.
There’s a famous saying that states: “If you give a hungry man a fish, you feed him for a day. But if you give him a fishing rod and teach him how to fish, you feed him for a lifetime.” A good education is this “rod.”
A member of my family is a private wealth manager for rich people, so I know what I’m talking about. Rich people invest in their education like crazy. Do their kids want a Maserati? Nope, it’s not going to happen! Do their kids want to learn how to play the piano? Of course, they’ll have as many lessons on the piano as they want. They invest in the best teachers and the best universities and want to give their children the best education possible. © Priamosish / reddit
My aunt and uncle are rich. They have never owned a new car in their lives or spoiled their 2 kids. I couldn’t believe my eyes when I found out how much they had paid for the art school for their son. They spent $100k! But this investment has paid off, because their son works at some big NYC ad agency. © kieffa / reddit
New knowledge and skills mean new opportunities for development, personal growth, and increasing your wealth. That’s why education is an investment that lasts a lifetime.
They keep their mouth shut.
Wealthy people do many things differently. They don’t talk too much about their money and they don’t try to show the whole world how rich they are.
The wealthiest people I know either dress exceptionally cheap or wear things that are expensive, but you wouldn’t know it just from looking at them. On the contrary, those who are trying to make an impression and demonstrate how rich they are love showing off their designer clothes. © Bran_Solo / reddit
Wealthy people often understate all that they do and keep “quiet” about their financial status. Their clothes are good quality and tasteful, but nothing draws undue attention to itself. Whereas flashy types who are literally covered in brands, crave your attention and want you to think they are rich. © Back2Bach / reddit
Obnoxious and ridiculous excessiveness reveals the truth about people who went from poor to rich very quickly or who just want to feel like they belong to the group of more well-off people.ADVERTISEMENT
They take care of their health.
Any rich person believes that when it comes to their health, prevention is better than cure.
Rich people often use the services of concierge medicine. They pay a high annual fee to have whatever care they need available whenever they want it, without having to struggle to be seen by a doctor. © LarsAlereon / reddit
All well-off people I know focus on preventative healthcare, more than on actual treatment when a disease strikes. Of course, they have access to high-quality early diagnostic methods, but each one of us has access to regular medical check-ups that can save our lives. © Anthon Lund / quora
You don’t have to be wealthy to be healthy. Fresh air and a healthy diet with a combination of a good night’s sleep and the absence of harmful habits don’t cost anything except for the effort you have to put in to maintain them.
They communicate with people who they look up to.
Millionaires are extremely picky when it comes to the people who surround them because they know that similarities attract and bind.
Sergey Kosenko, a young millionaire, shares: “I have friends who have already started their own business. You need to find the topics that can connect you with people. If you have 10 friends and none of them have their own business, you’re likely to stop doing business yourself because the people around you won’t understand you. You’ll have nothing to talk about and they’ll drag you to their world, where you work a full day at the office, go on planned vacations, and receive notifications about the transfer of your salary to your bank account on a schedule. They’ll also joke that if you didn’t leave your job, you’d be happier now.”
Ultra-wealthy people would never allow toxic people to stay in their lives. They won’t spend time with people who are poor and only complain about their lives, because this is the reason why “poor people only become poorer.” © Ratna Kumar / quora
Experience is priceless and well-off people think that if you know a successful person who is ready to share their knowledge, it’d be stupid to miss this opportunity. They look for people who can help them and have the same vibe as they do.
Get used to doing uncomfortable things
If you want to earn more or get ahead in life, you have to be willing to step outside of your comfort zone.
This includes negotiating your salary. It’s one of the simplest ways to boost your earning potential, since those who ask for more usually get it. Yet most people don’t even try.
Sure, negotiation can be a tricky business, but not getting paid what you’re worth could mean the difference between an average life and a rich one. After all, as self-made millionaire Grant Sabatier says, “The number one thing that will dictate your future earning potential and get you to $1 million the fastest is how much money you are being paid today.”
Devote 20 minutes a day to developing a new skill
Wealthy people share one important trait: They are dedicated to self-improvement, Corley has found.
Reading a book about an unfamiliar topic, taking a class or joining a local networking group are great ways to develop a new skill. In fact, learning a new skill could help you land a job, one former Google career coach says.
“When you do things that are outside your comfort zone and outside that circle, it causes discomfort,” Corley writes. “But each time you engage in a new activity that causes discomfort, you expand your circle; you grow as an individual.”
Generate two incomes—or more
The richest people focus on earning, and typically they aren’t content with one source of revenue.
As author Thomas C. Corley found in his multi-year study of self-made millionaires, the rich “do not rely on one singular source of income,” he writes in “Change Your Habits, Change Your Life.” In fact, “65 percent had at least three streams of income that they created prior to making their first million dollars,” Corley says, such as real-estate rentals, a side hustle or a part-time job.
Build relationships with successful people
Your community matters. It can even affect your net worth, says Siebold: “In most cases, your net worth mirrors the level of your closest friends. … We become like the people we associate with, and that’s why winners are attracted to winners.”
Coreley agrees: “Wealthy, successful people are very particular about who they associate with,” he writes. “Their goal is to develop relationships with other success-minded individuals.” If you don’t know have highly motivated people in your network, Corley suggests joining a professional group.
Save to invest
“Investing money is how you will get super rich, ” says self-made millionaire Grant Cardone. “The only reason to save money is to one day invest money.”
In fact, how much you save and invest is often more important than the size of your paycheck. Personal finance expert Ramit Sethi writes in “I Will Teach You to Be Rich” that, “on average, millionaires invest 20 percent of their household income each year. Their wealth isn’t measured by the amount they make each year, but by how they’ve saved and invested over time.”
Automate your finances
Once you’ve committed to investing your money, the easiest way to stick with it over time is to make the process automatic — meaning that you have money from your paycheck or checking account sent to your investment accounts every month, before you even see it.
Simply putting your finances on autopilot could free up an extra $700 a month, or $8,400 a year, for the rest of your life.
Don’t show off—show up
“I didn’t buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income,” writes Cardone, who was struggling to make ends meet not long before hitting seven figures. “I was still driving a Toyota Camry when I had become a millionaire. Be known for your work ethic, not the trinkets that you buy.”
Warren Buffett seems to live by a similar philosophy. After all, the legendary investor eats at McDonald’s and never spends more than $3.17 on a breakfast sandwich.
Think big
If you set your expectations exceptionally high and are up for any challenge, you’re on the right track. After all, “no one would ever strike it rich and live their dreams without huge expectations,” Siebold writes.
Conclusion
Building wealth is more than just a sexy blog post topic that promises to get you a lot of attention. Sure, it sounds exciting – having all the money in the world, going on extravagant world trip and showing off every single penny of your wealth on Instagram. But building true wealth isn’t taking a picture on a yacht or on a private jet. It’s a whole new lifestyle that helps you make the most of your money. And this article from Entrepreneur is going to give you expert advice from someone whose who done it all – from living below his means to financial planning throughout retirement.