Rich people do things differently than the average person. They have different habits, mindsets, and strategies that help them build and maintain their wealth. A user asked the forum, “What are rich people doing differently to become rich?”
Here are some responses he got!
TAKING RISKS
“Some risks and investments taken may have made people rich but similar made others poor.”
ITS ABOUT HOW MUCH YOU KEEP
“My grandfather’s comment when I graduated from college was, “It’s not how much you make, but how much you keep.”
“I’m sure that’s not a comment original to him, but I’ve kept it in mind throughout life thus far. Far from rich, but it’s been good advice.”
AVOID MILLIONAIRE SPENDING HABITS
“When most people say they want to be a millionaire, they might mean, “I’d like to spend a million dollars.” And that is the opposite of being a millionaire.”
INVEST SMARTLY
“Even innovators with great products or people with huge salaries don’t get rich without putting their money into something that will gain value over time – real estate, stocks, etc. Sure, there’s also the “hard work” thing, but no one works harder than dudes doing manual labor in the middle of summer, and they’re not so rich.
My friend has been putting a percentage of his paycheck into the S&P 500 since he was 21 in 2011. In the beginning, it was maybe 15-20 dollars a month, then after he graduated college and got better pay, it was maybe 50-70 a month, and he kept increasing the amount as he could over time.”
HAVE A BUDGET
“Invest your money, have a budget, and stick to it. You shouldn’t have one if you can’t pay off your credit card in full each month.
On average, investing in the S&P 500. Every seven years, you double your money. The earlier you start investing, the better.”
SPENDING LESS THAN EARNING
“Spending less than I earned for about 25 years. Forcing myself to invest, even when I was broke. My parents were not at all rich.”
FINDING MULTIPLE SOURCES OF INCOME
“Finding multiple sources of income, buying an appreciating asset like a house and paying it off, etc. The rich get into huge debts to build something brilliant, but the ordinary rich keep out of debt and build their wealth slowly. Two different types. The Dave Portnoy’s and the Dave Ramsay’s.”
THEY ARE FINANCIALLY SAVVY
“They are financially savvy; it’s not just about the dollar figure but also the knowledge to know what to do with money.”
OWN INCOME GENERATING ASSETS
“You know who makes a crazy amount of money, some dude you’ve never heard of who owns 17 McDonald’s in rural Tennessee.”
THEY EDUCATE THEIR KIDS PROPERLY
“They educate their kids properly. Not just in the traditional sense of going to school but also getting them exposed to many different types of people, cultures, languages, etc.”
THEY SPEND MONEY ON THINGS THAT LAST
“They spend money on things that last – a quality house that fits their needs in a good school district. A quality car that first focuses on safety and then reliability. Clothes that fit and are suited to various occasions. Of course, they spend money on their health and well-being because that’s the most important part of having a high quality of life.”
THEY ARE FISCALLY LITERATE
“You need to understand at least basic finance and wealth building to be able to do exactly that – become rich.”
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