Being rich is something so many of us are willing to change our lives for, but if I hear someone suggest I “wake up at 4 AM” or “exercise regularly” one more time… I’m gonna…. I don’t know, puke?
Yes I want to improve my life, but those activities aren’t actually going to make money and adding one more “to-do” to the juggling act of laundry, grocery shopping, dinner-making, and child-having to my working mom lifestyle is downright unrealistic.
What we need to know is which habits rich people have AFTER those boxes are checked. The things that set them up for money magic. The stuff that they know that Joe Schmo doesn’t. I’m talking about the typical tasks that inch them closer and closer to inspiring us everyday.
Habits you can pick up today to improve your financial well being
There are some simple and discreet ways to increase your wealth without completely changing your life or looking like a pipe-dream obsessed idiot. These are practical habits you can easily add to your life today. Ready?
Follow the market
Before anything else, being up to date on current events which affect the market is big. HUGE! But also incredibly easy. This is where a lot of the money we want is made. But listening to Bloomberg yammer on about obscure topics is, frankly, the fucking worst.
Thankfully there are alternatives! And I highly recommend checking out Morning Brew, for a few reasons.
- They are entertaining. It’s a Monday-Friday morning email that gives you quick and witty snippets of current (worthwhile) news. I would consider it a sophisticated tabloid.
- It’s always on time with relevant info you should know. There’s a lot of noise out there, but these guys trim the fat and provide pure info with dashes of hilarity.
- Caffeine intake isn’t just a lifestyle for them, it’s their entire brand. And I respect that.
- If you sign up through my link here, I get free stickers.
Not only do they touch on the big important details affecting the economy, but they have been an massive motivation for me to follow stocks as well. It’s so nice to find a resource that doesn’t make the topic of finance so. damn. dry.
You can subscribe to Morning Brew Here.
How many times have you though “omg I should do that thing!… wait, no, I can’t because…..” something something it doesn’t matter because those half-hearted excuses aren’t legitimate anyway. These are what I’ve been calling “limiting beliefs”, and they are everywhere. You’ll probably start to pick up on them everyday now that I mentioned it.
Rich people don’t hold themselves back, and that sort of behavior doesn’t just happen, it’s a habit.
When they decide to do something, they don’t limit themselves to a sliver of that something. They aim for the freaking stars.
Rich people don’t just want to buy a house, they want to buy an apartment complex, or a strip mall, or own a company that exclusively OWNS properties.
Little goals have little potential, and that’s ok! But if you want big money, you gotta start thinking BIG things.
Read More BOOKS
This is a common suggestion on those annoying lists, but it earned a place here because it’s sooooo worth it. The benefits of soaking up personal, professional, and financial development books will make this habit feel more like a hobby and less like a chore.
80% of millionaires are regularly reading, so this is a very common habit for the regulation rich person.
Don’t have time to read? Me either. I try. Really, I do, but it always ends the same way. With a baby in my face.
it’s easier to adapt to with a little bit of innovation, and thanks to Amazon it’s incredibly accessible and reasonably priced.
Don’t get me wrong, I love a good paperback book. But I started reading with my ears when I traded Netflix and HBO for an Audible subscription.
I can “read” on the drive to work and virtually anywhere as long as there’s battery life on my phone. I’m able to knock out a chapter while I’m packing lunches or folding laundry. It’s much easier to mold to my lifestyle and I’m never limited to whatever is on the shelves at my local library.
It’s not just for reading! Like really listen, to everything around you.
Why? In a word: business.
Similar to following the market, paying close attention to everything you hear can be wildly profitable in more ways than poor people imagine.
It’s not just for proper conversation, but good listening skills are invaluable. For example…
Looking for a new job? Scope out the local lunch or happy hour spots near your ideal office and start eavesdropping. There is nothing wrong with that and you might even learn that it doesn’t sound like the right fit. It’s also a slick way to stage an introduction and express your interest. This stuff is for real and the kind of thing that deals are made of!
Since the most successful businesses target a problem and then solve it, listening for common problems is the best way to come up with your next brilliant business idea. You’ve probably already solved a common problem for yourself, and people pay for that sort of thing.
It’s also another way to follow the market. In Rich Dad Poor Dad, the author told a story about a friend of his ranting about the activities of a certain gas company and how he did not approve. The author, however, listened well enough to recognize a prime opportunity to invest and made BANK. In fact, that book is a very good example of amazing listening habits and I highly recommend it to anyone interested in thinking like a rich person. You can snag your own copy here.
There are several other reasons that make listening an incredible habit, but those go beyond this topic. On that note, you’ll start to notice that the typical rich person spends more time listening than talking. Not necessarily because they don’t want to reveal their secrets, but because it is valuable and generally free.
Don’t keep up with the Joneses
Just… don’t, ok? Instead, BE the Joneses.
Rich people forge their own path, laid with their individual goals and desires. You have your own preferences whether you want to or not, and keeping up with the status quo of your choice is much more fulfilling if it’s based on what YOU want instead of what someone else allows you to perceive.
Case in point: The Kardashians. People love ’em, people love to hate ’em. You can convince yourself the only way you’ll be happy is to live a life that mirrors theirs, or you can take the time to explore what actually makes you happy and stop letting the noise creep in and throw you off track.
Take the time to find your style for everything from shoes to landscaping. There’s nothing wrong with being inspired by others, but rich people are always evaluating whether or not they actually want IT.
If you seriously can’t live without a Jeep Wrangler do it because YOU want to — not because your daycare mom-crush drives one and you want to trick her into being your best friend. Just saying!
Trends are for children, and they distract us from what we really want..
Keep a close eye on your money
We have a relative who had been accidentally paying for TWO cell phone plans for his single line for three whole years….! My husband had to make sure I wasn’t driving when he found out, because he knew I’d be on the verge of collapse.
The point here is this: nobody cares about your money like you do. You owe it to yourself to watch its back, because not only do people generally not care, but even if they mistakenly take it you will probably have a pretty hard time getting it back to your bank.
Open an IRA and schedule recurring deposits
Right now. I mean it. If you haven’t already, the time is now.
Why an IRA?
An IRA or Individual Retirement Account is yours, exclusively, and can’t be touched until you’re 59.5 years old. It’s the safest way to save.
No more worrying about dipping into it during a bad month. This money is safeguarded from even YOU (unless you really need it, but we can discuss that stuff later).
I recommend having one in addition to a 401(k) because of one thing: compound interest.
Y’all… compound interest is a beautiful, BEAUTIFUL thing. And in the words of Warren Buffet, “You either earn compound interest or you pay it.”
Just. Start. Saving.
But beyond that, save at regular intervals. Even if it’s a monthly $20, it counts!
Honestly, implementing habits is the hard part. Or so we let ourselves believe. Making these little changes will help you realize that it’s not nearly as tough as we like to think. I’ve been readingAtomic Habits by James Clear with my ears and it. is. incredible! He’s such an inspiration and easily proves that it’s not who you are, it’s how you behave that sets you up for who you will be.
The first step is realizing that your habits are your choice. And the second part is choosing good habits that will make you into who you want to be. So pick one or two or all of the habits I’ve listed here, and consider that your choice to get rich.
NOW – download the same budget spreadsheet I use to consolidate budgeting efforts (and general life stuff) with my husband. It’s a freebie I offer to all of my email subscribers, and you can access it by signing up for my not-so-spammy email list below
and THEN, be sure to share this to your social media network of choice!