Money habits of the wealthy. What do you think about rich people? How do they make so much money? What are they even doing with that much money in their bank accounts? Do they even spend it or just keep them. What are the money habits of the wealthy?
Well, we all know that they are no aliens they are just like the rest of us but a lot different in terms of the economic side of our mind. The money habits of the wealthy are what makes them different than the rest of us.
Yeah, they eat, drink, sleep, enjoy, work but in a disciplined manner. They live a really busy life but also enjoy the parts where they relax, knowing that they are not only making money while they work but also when they’re asleep or even while they’re in the bathroom. These Money habits of the wealthy are applicable to our lives too in a small amount which will give big results.
Before we get into the core of this article, let me be clear with you, In this article, by saying The Rich or rich person/people, I don’t mean every person who has a lot of money in his/her bank account or Not any person from a rich family. (Who’s born rich)
But from saying, The Rich or a rich person/people, I do mean the one who has struggled for it or knows its value plus, he has it now. Or in simple words, you might call it, the Ideal rich person.
But I’m not going to say “The Ideal Rich person”, that’d be kinda too fancy, *let me know in the comments if you think the ideal rich person was a better option here.*
Being rich is not like the stereotypical rich person but a lot different than that. Those kinds of rich who stay ahead of fashion, expensive things and luxury are the kind of rich people you’ll only find in movies and Instagram.
Wait, I’m not betting on that. Yes, there are a lot of people who have a lot of money in their bank account whether worked for that money or just got that amount from Dad. Spending money on useless things just to show’em off.
To be very honest, I’ve seen the Girlfriend/partner or his/her friends doing it with his money. Not in every case but in most cases. It’s because they don’t have that realization of how much hard it needs to be worked to earn that amount of money.
They just think that that rich person has a lot of money and it won’t affect his 6-8 digit wealth if they spend a 4-5 digit money.
But this was just the start, we are going to uncover every aspect from where a rich person earns money, or invests it, or spends it.
Money habits of the wealthy and what we can learn from them.
I say if we apply these Money Habits of the wealthy in our life too. We can be rich in the meantime too. Yes, of course, that’s what I’m gonna tell you, the money habits of the wealthy that are actually used by the wealthy to become wealthier every second.
1. Where The Rich doesn’t focus or tries not to.
Wealthy people have different choices and priorities economically, these things are of no worth to them. It does count in the money habits of the wealthy as by not spending here, he is proving that these are not where he spends his money habits.
So, you really need to know these to understand where rich people do focus.
1.1 Latest Gadgets
Rich people don’t really buy a new gadget until that one wears out which in most cases, they have been using for 3-5 years. They know that it really doesn’t matter if they buy the latest model out there if their current phone is working well.
Well, they clearly use Gadgets as they should be utilized in our day to day lives, unless and until they stop working. We really need to use our gadgets just like they do, until the gadget wears out.
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Out of all the money habits of the wealthy, this one might be confusing but at the same time one of the most beneficial.
Why would a rich person get a loan when he has a lot of money. Well, some things are out of a rich’s pocket too. Like Investing a large amount of money in a huge project as Elon Musk did with SpaceX or opening up a startup or anything.
Look, There are a ton of reasons why a rich person would want to borrow a loan from the bank. But the thing is would he buy a loan?
So, the answer is no, he tries to stay off a bad debt which he can’t pay later but sometimes they are helpless, they reed to take loans and that is the time their net worth goes down in the slope. They even try using their credit cards as much less as they can.
The Rich is aware of the fact that even a small loan can be a worth wrecker so, they stay out of the loan game. And we also try to stay out of that, we all know it isn’t the best way out there.
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1.3 Latest Fashion trends.
Huh… Walking out of the Zara store with the newly released leather jacket worth $300 and suddenly saw Mark Zuckerberg on street wearing his $5 T-shirt, $7 track, and a normal mechanical watch. How did it go? Did you felt richer than him?
Lol, it would be quite a bad experience seeing a man with billions wearing an outfit under $20 while you buying a $300 jacket by saving money from the past 4 months.
These money habits of the wealthy make him wealthier everything he refuses to go out with expensive outfits. Why don’t they follow new fashion trends while they can easily afford it without affecting their wallets? It’s because they don’t have to do so. They are so busy with their life that they don’t get time for these weekly refreshed fashion trends.
For them, the fulfillment of their work, family, comfort, and all these basic necessities is enough. But that doesn’t mean that it stops them from being an alpha. Not following fashion trends doesn’t mean that they know nothing about fashion.
The Rich always has a good dress sense, he’s never seen looking awkward or disguised. If he does not know how to dress best, at least he knows how to dress well and that is a lot better than dressing disguised.
We all have seen that kind of people who think that they are following the latest fashion trend and looking at their best. But that’s not the truth, not every fashion trend is cool.
What’s important is to be comfortable and styled at the same time. You need to feel good with the clothing you’ve done, with the grooming you’ve done, and most importantly, with yourself. You need to be confident with that.
The Voguish males have all the things you need to know about true fashion and dress sense. So, don’t worry, we got you. To learn more about fashion, grooming,
(Don’t get that overclothed spikey hairstyled, disguised tattooed person whenever I say ‘styled’ because I along with my friends used to think. And that was because of our surroundings, yes most people around us thought it was the meaning of styled
2. Where a Rich Person will focus
So, here are the things where the Rich will focus and the explanation of why so, here are Those Money habits of the wealthy, where he focuses.
2.1 A Minimal Healthy and Basic lifestyle.
As I told you above, they are so busy with their lifestyle that they just fit in that very position. That position really seems uncomfortable to us as it is so busy with a lot less free time. Which to them, has become a comfortable position as they are so used to it plus, they like making money while working their part in it.
Someone said, “With Great Power comes Great Responsibility”. And that totally describes what I’m trying to say here. If they make a lot of money and be happy, it’s because he’s working the same amount of hard as the money he’s getting. The money habits of the wealthy help them to maintain a basic minimal and healthy lifestyle.
So, ultimately, they just like to have a minimal and basic lifestyle with a lot fewer complications that don’t interrupt their busy schedule.
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2.2 Charitiy Donations and Volunteering
This is one of the most common money habits of the wealthy where all the Rich give their money away, Charities. A lot of them even start their own. They don’t always donate money. Sometimes they give their time to charities.
J.K Rowling, Bill Gates, Mark Zuckerberg are some of those who donate their wealth to charities and volunteer often. They don’t do it for their public image, it’s because they want to do that. They know it makes them happy, relieved, and it’s also beneficial for charities as they get a large number of funds.
Well, the size of the funds doesn’t really matter, what matters is participation, and that is what the wealthy has mastered these days.
Yes, they volunteering too. They help these organizations with their financial support and activities. Volunteering in these organizations will help you feel better as you are helping ones in need.
The things you don’t do for money also makes you happy as you exchange happiness with work, not money with work. I say we can volunteer some days of the year too.
It just takes a day, instead of chilling out watching NetFlix, sometimes we really should go out and participate in the volunteering of city cleaning, or helping the poor out with some food or clothes.
We don’t have to take participate in organized volunteering only. Sometimes we can do it on our own too. Like cleaning our streets or providing the poor with some clothes or food.
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Whenever you see The Rich in a restaurant or anywhere else, just see his plate. What he has on his plate? Umm…. let me guess, a huge farmhouse cheese burst pizza with an extra layer of mozzarella and a glass of coke and a Mexican burger with some nachos and french fries in it. Right?
Well, that’s wrong. Having a lot of money doesn’t mean you’re gonna do whatever you want in whatever quantity at whatever time.
The Rich is well aware of his health, it is his priority. Grom his food to the air, he wants everything nice and healthy. Instead of that pizza, burger, coke, nachos, and fries, he is more likely to have some veggies with some chili potatoes and roasted almonds or nuts plus, a glass of chocolate milk or cappuccino or maybe an espresso.
Money habits of the wealthy helps him to stay healthy.
Not only food but his physical workout would also be his priority. It’s not that he goes to a better and expensive gym, that helps him build more and more physical fitness but his dedication and consistency over it.
We also need to take care of our physical and mental health more than we do as we don’t have enough money to spend in hospitals and clinics. Right?
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2.4 Emotional Wealth
Material wealth fades over time and also doesn’t help your human nature of being happy with it. But you can actually utilize the money to be happy, you know you can take your loved ones to an amusement park or maybe a fair where y’all can enjoy, or you can buy them gifts (The gifts in which the affection matters more than the price tag).
People leave but the memories do not. Memories are a really good source of relaxation, peaceful vibes and are also good for our stabilized and healthy mental state.
Being happy and making people happy is what’s important. Not just being happy, being peaceful at the end of the day is what’s the Goal. Not all the times can be peaceful, some times Times can be worse than nightmares. But that’s what keeps life interesting. You never really get to figure it out. But when we do. You become as fulfilled as a saint.
So, Emotional wealth is what is important in our lives as much as Economical wealth and money habits of the wealthy really keep them up to this wealth of emotions.
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Traveling does count in the Money habits of the wealthy, he spends a lot there.
Yes, we all know Rich people deal a lot with traveling. You know, their meetings and stuff. But that’s not completely true, not all rich people are businessmen who have meetings from time to time. So, the Rich people travel a lot whether official or a family trip.
We all got one life and there are a lot of places to explore, so why not enjoy that part of it? Let’s go snowboarding in Gulmarg or Let’s go to a beach in the Maldives or Let’s go anywhere where we can alive more than ever and have the time of our lives.
Well, rich people do this a lot, they travel very often and make memories, relationships (friendships but sometimes yeah, relationships too) with the people of that land.
I know, like The Rich we didn’t get that much money, but we can travel to some local places where we haven’t been. Right? Trust me, we have a really big earth to explore. And let’s make money to plan and travel some abroad hotspots.
3. Simple & effective tips to save money
Wanna save money too? Start becoming rich day by day, little by little, by the money you are earning just by applying these simple hacks in your lifestyle. So, here are some effective money saving methods. These are A small portion of the money habits of the wealthy too.
Kakeibo is a Japanese method of saving money. It was introduced in 1904 by a woman named Hani Motoko (Japan’s first female journalist). It translates to ‘Household account book’.
It is a simple but at the same time, challenging method that helps you manage your finance and save money that little by little and adds up to a bigger amount in a certain amount of time.
The Idea of Kakeibo is to track how much you earned Long before high-tech apps and digital solutions, the Japanese had a system of writing down a budget which was kakeibo. The Goal of doing kakeibo is to increase your savings.
To know how to learn kakeibo, visit Kakeibo.
3.2 The MoneyBox challenge
We all had our personal Piggybank or Moneybank and we used to put every penny in it. But we as children couldn’t resist it after all.
We always wanted to draw out money every time we saw ’em kept on top of the almirah, out of our reach by our parents so that, we won’t grab it and loot all the money from it.
Like most of us did that right, and some of us were patient since childhood who waited until it filled up.
So just like that, The MoneyBox challenge saves every penny of yours and helps you save a lot of money. You decide when you can draw out money, on a specific date of every month or draw out at needed times. Totally your choice depending on your needs.
But the thing is, would you follow the whole process? That is why we call it The MoneyBox challenge.
3.21 The leftover money/change
Whenever you come home after the whole hard-working day or not so hard-working day, you always have a change in your pocket that is the leftover of what you spent. And that leftover money is what you put in the MoneyBox.
For e.g, You spent $75 out of the $100 you had in your wallet, and now you have a leftover/change of $25. Now, what are you gonna do is put that leftover $25 in the moneybox. Little by little, day by day, it’s going to add up to a big amount.
3.22 The Return Debts
Yes, if you’ve lent someone money if it is a small amount under 100 dollars just put that in the MoneyBox. Or if it’s a big amount just put a part of it in the MoneyBox. So, you add up the money.
See, you’ve managed to live without that money, so you don’t really need to spend it right now. Just put that in the MoneyBox too.
Spending money impulsively may result in less increase in savings than it would be if you put that debt return in the MoneyBox.
3.23 Round-up the bill
Whenever you go shopping, just round up the bill. Say, if you’re going to buy snacks and the bill is $4.25, and you give $5 to the store and you get back $0.75. So, put that $0.75 in the MoneyBox.
It might seem like a not so effective trick but this hack is far more beneficial than it seems.
Trust me, little by little this money challenge is going to get a bigger amount which never expected it is going to get.
3.24 Penalty System
Well, this might not be everyone’s preference but the penalty system is effective from both sides, economically, and habitually.
So, It works like this, every time you argue with your love, pal, or anyone who you care about, you’re gonna put a certain amount of money in the MoneyBox.
Seeing the economical side benefits you every time you do something you’re not supposed to. Not just arguments, any bad thing, which doesn’t make you disciplined.
And seeking at the habitual side will help you become disciplined event by event. So, it’s beneficial to have a penalty system that not only helps you save money but also to become more and more disciplined.
Money Habits of the wealthy:
– Things where the Rich doesn’t focus.
– 1. Latest Gadgets.
– 2. Loans
– 3. Latest Fashion Trends.
– Things where the Rich does focus.
– 1. A Simple & Basic Lifestyle.
– 2. Charity donations and Volunteering
– 3. Health
– 4. Emotional Wealth
– 5. Traveling
– Simple and effective tips to save money.
– 1. Kakeibo
– 2. The MoneyBox Challenge
– 2.1 The leftover money/change.
– 2.2 The Return Debts
– 2.3 Round-up the bill
– 2.4 The Penalty System
Hey there, I’m Nikhil One of the founders of T.V.M and my job is to post that Alpha stuff that really offers you what you never thought would help you. I really like helping everyone to get what they want. So, If you would like to suggest a few stuff to help us improve our website, it would really be great. Make sure to check out our website every weekend, So that you don’t miss any of our blogs. Also, for any query visit: [email protected]