There are flashy-rich and there are quiet-rich. Some are popular celebrities and athletes and some are the one-hit millionaires born from a flaunty tech business. They are all made up of different people but they all have something in common. They follow 10 principles. These are 10 things the rich do that others don’t.
Wake Up Early
Most people that are well off don’t sleep in. They utilize that time to learn a new skill or finish work leftover from the day before. On the flip side, most people who do sleep in don’t utilize that time, resulting in wasted hours.
Invest in Themselves
Rich people invest in themselves before they invest in other things. They know it wouldn’t be a smart move if they were to put money into something they have no experience in. By investing in themselves, they become knowledgable on their investments and how to operate their money and time in the best way.
Pay Themselves First
Instead of going out and spending money on bottle service or fancy cars, rich people pay themselves first. By doing so they put specific portions of their money in separate savings or investment accounts so they won’t spend it impulsively.
Don’t Rely on One Source of Income
One of the smartest moves that rich people do is they don’t rely on one source of income. Living paycheck-to-paycheck is difficult and leads to a lot of stress and over budgeting. Rich people find various ways of using their hard-earned money to invest in other business startups and sources of income.
For example, a person on a salary income may make up to $50,000/year which is really nice. On the flip side, another person may make up to the same $50,000/year with 4 or 5 sources of income. The benefit of having different sources is that if one source were to stop or cut off, you’ll still have money from other sources flowing in. If your only source were to stop, it would make it a very difficult situation.
Watch Less TV
Many rich people don’t have the time to watch television. They are too busy investing in themselves. TV is good sometimes but not all the time. It takes up too much space in the day and you basically learn little on how to improve your life by doing so. The rich utilize that time by reading books and updating themselves through newspapers and blogs.
Fail Better than Others
Rich people know how to fail better than others because it’s the reason why they are in the position they are. Instead of quitting after failing, rich people persevere through tough times because they can see the light at the end of the tunnel clearer. They know that failing is just a way of learning how to succeed.
They have a Mentor
Most rich people have a mentor for advice. Parents and friends can only tell you so much from their personal experiences. It is said that “you are like your closest 5 people around you” meaning that the 5 people you’re around the most are who you tend to act like. This is why it is good to surround yourself with people who share your same values, are inspiring and successful.
Do What Others Won’t
Many rich people do what others aren’t willing to do. Whether it’s starting their own business or investing in the stock market, rich people tend to deal with challenges. This results in them growing and becoming more comfortable with taking on difficult tasks.
Use Money as a Tool
Instead of look at money as the solution to all their problems, rich people use their money as a tool. They don’t get caught up in the idealism that they need to survive but they look at it as a notion of thriving. Money to the rich is a means of utilizing it in the best way to make more of it rather than placing it in an account for 50 years that grows slightly.
Spend Less than Earned
Of course, when you’re rich you will spend less than you earn because at that point money will just keep stacking up. However, the rich instilled this mindset when they weren’t rich because they knew that you’ll never have anything if you spend everything. The rich get richer because they utilize their capital in the right way and spend it only when needed. Many people win the lottery and end up losing it all because they haven’t mastered these 10 principles that the rich have.
Photo by Matt Lamers