5 Habits of the Rich that Help Them Get Richer in 2019Last Updated: January 1, 2019
There is no secret to success. The wealthiest people in the world are actually quite generous with their stories and advice. If you want success, you have to work hard. But working hard in the right direction is vital, and intense focus on the simple, fundamental things is the key.
What is the secret to becoming rich and successful? The sharp and snappy answer is: by behaving in the way that so many rich and successful people do. It‘s hard work, but thankfully, many of the world’s wealthiest people are pretty open about their processes. Here are just 5 habits of the rich for your consideration—the simple things that the most successful people do, which keep repaying.
1. They’re Risk-Takers
“You miss 100 percent of the shots you don’t take.”
The vast majority of people are risk averse. But, as the words of Canadian ice hockey legend Wayne Gretzky, demonstrate, successful people are the opposite. That’s why risk-taking is probably the most common of the habits of the rich and successful.
Rich people look for risk because risk provides the greatest excitement and can hold the greatest awards. They are preternaturally alert to opportunities for growing their business.
However, because failure comes with the territory in business, their risks will almost always be calculated.
The ‘all or nothing’ approach tends to be adopted at the beginning of an entrepreneur’s meteoric ascent, because… well… when you have nothing you have nothing to lose.
Later, they will rarely expose themselves to a risk that will threaten their overall business.
Recommended case study: Bill Gates — “To win big, sometimes you have to take big risks. Big bets mean big failures as well as successes.”Check Price >
2. They’re Self-Improvers
“With the right motivation, you can get fantastic education cheaply or even for free, in the real-world.”
Author Michael Ellsberg wrote those words after spending two years researching and writing his book The Education of Millionaires, based on the stories of people who did not finish colleague but educated themselves in “street-smart skills” and became millionaires and billionaires.
Noticeably prominent among the habits of the rich—especially those who have either flunked or failed their high school or higher level education—is their tendency towards sustained self-improvement.
They tend to use cash money not to purchase statement tokens of success—big cars, big houses, etc—but to buy books, instructional videos, online courses of education, that will enable them to be better at what they do. This is otherwise known as “investing in yourself”.
Successful people tend to use cash money to purchase not statement tokens of success—big cars, big houses, etc—but on books, instructional online videos, tech items, that will enable them to be better at what they do. This is otherwise known as “investing in yourself”. It’s low-scale, low-risk investment, with immediate pay-offs. You can’t lose.
Recommended case study: Business 101: A reading list for lifelong learners, a fantastic TED guide to the best business reads, organised into foundation books, current needs, and big picture economics.Buy The Education of Millionaires here >
3. They’re Strategic Networkers
“To the wealthy, relationships are like gold. It is the currency of the wealthy.”
As author Tom Corley points out in his book, Rich Habits: The Daily Success Habits of Wealthy Individuals, one of the most common habits of the rich is networking—specifically, they enjoy networking with their role models or others who have a level of success they aspire to.
So, for those who may be a little shy or backward about self promotion, networking should be regarded as another necessary form of risk-taking. And those who feel they don’t have sufficient time should make some—networking is just another form of the self-improvement that is so marked among successful people.
Networking is simply the best proven method of building a contact circle of like-minded associates. Wealthy people understand the “birds of a feather” principle—that you should surround yourself with successful people if you want to be successful.
Corley finds that 79% of wealthy people spend at least five hours a month networking – whether it’s at a conference, client event, online webinar, or just over coffee – while only 16% of poor people network consistently. This allows the wealthy to align their mindsets with others who have achieved success.Check Price >
Other recommended case studies: See also this brilliant animated lesson created for EdTED by business writer Lisa Green Chau.
4. They’re Early Risers
Getting up early is one of the most common habits of the rich. It’s also such a frequently repeated piece of advice from successful people that it surely has the status of a business non-negotiable.
Not only does it make you feel as happier; it also clears a space for you to think about the day ahead, and to set your priorities.
Also common to just about all millionaire leaders is not just the early morning start, but also the early morning ritual.
Mornings for successful people often involve consciously healthy breakfasts, pre-dawn workouts, bike rides or newspaper/email catchups, before hitting the office at consistently the same time, usually no later than 8.30am.
Rich people don’t waste time—and that means any time. Set your alarm earlier, and get an early morning routine.
Recommended case study: Indispensable in clearing a path to this habit is the 30-day programme laid out in Andy Traub’s fantastic The Early to Rise Experience. Also, look into the story of Brad Lande, head of Birchbox Man. Early mornings for Lande were like pulling teeth in the early days. But over the years he implemented a successful five-step routine.Check Price >
5. They Review Their Targets
“If a goal is worth having, it’s worth blocking out the time in your day-to-day life necessary to achieve it.”
Rich people’s primary motivation is a long-term goal, and everything they do in the short- and medium-term is undertaken in the service of attaining that long goal.
The words of wisdom by Self-made millionaire and noted goal strategist Jill Koenig’s words of wisdom are what this is is all about—the importance of dedicating time every day to doing what you have to in order to move towards your long-term goal.
They set about closing in on that long-term goal by intense forensic focus on short- and medium-term objectives, which they will write, review and rewrite on a daily basis.
Everything on those lists will be deliberately actionable, and the day-to-day activities of the entrepreneur or career professional will be directed into the processes that bring these objectives to fruition.
Long-term success might be seen as the aggregate of a carefully planned and completed succession of short- and medium-term tasks.
It will not always be possible to complete 100 percent of your projected tasks every single day, and that’s why it’s vital to always be conscious of what those tasks are, and what stage they are at, at any given time.
Daily debrief, review, adjustment and recalibration of your short-term ‘to do’ lists is an essential strategic undertaking. So mark it up today as one of the proven habits of the rich. It is like a navigation chart towards your ultimate objective.
Recommended case study: Dave Ramsey’s best-selling EntreLeadership is essential reading, based on more than two decades of Ramsey’s experiences in business. He shares his wisdom in simple, step-by-step fashion, so the book is indispensable in helping you to set, review and achieve your goals and targets.Check Price >