We’re endlessly fascinated with self-made billionaires. After all, they seem to have a magnet for success and wealth that the rest don’t possess. Although every success story is different, there are some common habits they all used that you can incorporate into you own life to reach similar success.
I won’t keep you waiting; here are some simple habits that can make you wealthy:
View luxury differently
The truly wealthy (versus those that just have a large paycheck) know that viewing luxury differently is one of the most important and simple habits that will make you wealthy. They know that what most people view as “luxury” is fleeting: electronics break, clothing goes out of fashion, almost every purchase out there losses value as soon as you buy it.
Investing, on the other hand, is the gift that can keep paying you back for years to come. That’s why every millionaire, from Oprah Winfrey to Warren Buffet, uses their wealth this way, and views investing in themselves as the most luxurious thing they can do.
Change your views on spending
Many people mistakenly equate more income with more spending. This is what those in finance call the “golden handcuff” syndrome – and it’s a surefire way to not become wealthy.
Instead, keeping your spending in check is one of the simple habits that can make you wealthy. Warren Buffet, for instance, famously still lives in a $31,500 house. Even if you don’t want to downgrade your living situation, you can start doing this today by investing in yourself, emergency funds, or future entrepreneurial endeavors.
Not sure how to keep your spending in proportion? Check out my 20-30-50 plan to get started.
Take (smart) risks
Whether it’s through investing in the stock market or taking a new career path, the wealthy know that taking on (the right) risks is one the most overlooked yet simple habits that can make you wealthy. Our default perception is to see risk as a bad thing, but it’s often necessary for growth. Look at it this way: even leaving the house requires a certain amount of risk, but without that risk you’d never achieve anything.
That’s where smart risk comes into play. The wealthy and successful know that careless risks (i.e. cliff-diving) may not propel their career forward, but they do make a habit into taking daily calculated risks to get ahead (even if it means a few slip-ups along the way).
Do you have any money-making habits? I want to hear them!
