We all know rich people live differently. But have you ever wondered why they’re able to get rich while most people stay stuck financially?
The difference often lies in the habits of wealthy people. It’s not always about how much money they make; it’s about the way they think and the rules they do/don’t follow. These rules might seem unpopular or even strange, but they help rich people build wealth over time.
When comparing the habits of the wealthy vs poor, you’ll notice that the wealthy consistently apply specific principles that lead to financial growth, while most people tend to overlook or avoid these habits.
Here are 6 rules rich people follow that most people don’t—and how you can start following them too!
Habits of the Wealthy vs Poor
1. They Don’t Worry About Impressing Others
Most people think being rich is all about showing off—buying the biggest house, the fanciest car, and the trendiest clothes.
But in reality, many rich people don’t spend their money on flashy things. Instead, they focus on buying assets—things that make them more money over time.
Let’s take these two life-long friends, Jane & Jo:
- Jane spends $300,000 on a flashy new sports car. While it may look impressive, the car starts losing value the moment they drive it off the lot.
- Jo uses that same $300,000 to buy a rental property. Instead of losing money, Jo is now earning herself rental income every month and builds equity over time.
While Jane is watching her fancy car depreciate (every single ding-dong-darn day sadly), there you have Jo, who is growing her wealth by letting her investment work for her.
Wealthy people understand that it’s not about looking rich; it’s about actually being rich.
The truth is, wealthy people don’t need to prove anything to others because their investments are working for them behind the scenes.
Let’s takeWarren Buffet, one of the most wealthy people in the world!
Warren Buffett is known for his frugal lifestyle, despite being one of the richest people in the world. Here are just a few ways he lives well under his means:
- Lives in the same modest home
Buffett still lives in the house he bought in 1958 for $31,500 in Omaha, Nebraska. While many billionaires upgrade to lavish mansions, Buffett has stayed in his modest five-bedroom home for over six decades. - Drives a simple car
Instead of luxury vehicles, Buffett drives a modest car. He’s been known to drive used cars and prefers not to spend on expensive, flashy vehicles. He’s said he only replaces his car when it breaks down. - Eats simple, inexpensive food
Buffett enjoys cheap, everyday meals. He’s a fan of McDonald’s breakfasts, and often spends just a few dollars on meals. He also loves Coca-Cola and drinks several cans a day, which is far from the high-end dining habits of most billionaires.
These habits reflect Buffett’s focus on value and long-term financial planning, rather than indulging in luxury.
2. They Have an Abundance Mindset
Many people are stuck in a scarcity mindset, which means they are always worried about not having enough. They think they have to hold on to every penny because they might lose it all. Rich people think differently.
One of the habits of wealthy people is having an “abundance mindset,” which means they believe there is always enough money and opportunity out there. You will see me talk about an abundant mindset and the law of attraction quite a bit. Why? Because it works.
I don’t know how, and I can’t explain the “magic” of it. All I know, from real life experience and witnessing it first-hand, is that it works.
Plain and simple.
Building Wealth is like Planting a Seed
Think about wealth like planting a seed:
• If you plant a seed and take care of it, it will grow into a tree.
• But if you’re too scared to plant it, nothing happens at all.
The habits of wealthy people involve “planting their seeds” by investing in things like businesses, stocks, or real estate. They understand that even though they can’t use that money right away, those investments will grow over time, bringing bigger rewards in the future.
This is a clear distinction when comparing the habits of the wealthy vs poor—while most people save money in the bank and hope it will grow, the wealthy take that money and invest it in opportunities that yield higher returns in the long run. They aren’t fixated on short-term fluctuations because they focus on long-term success.
Tip: Start thinking like the wealthy. Instead of stressing over every dollar, look for ways to invest it and make more in the long run. Saving is good, but investing is even better if you want to build your wealth over time.
A popular quote that supports this idea is from, again, Warren Buffett himself.
He says:
“Do not save what is left after spending, but spend what is left after saving.”
This emphasizes the importance of being smart with your money and investing it wisely, rather than focusing on short-term saving.
3. They Build Strong Networks
For wealthy people, relationships hold as much value as money, and boy are they smart for this!
They realize that success often comes down to who you know, not just what you know. This highlights one of the key habits of wealthy people—they leverage their networks for mutual success.
Here’s how they make the most of their networks:
- Sharing knowledge and resources
Rich people are known for offering advice or making key recommendations. Whether they’re pointing someone to a trusted accountant or introducing them to a potential business partner, they understand that helping others strengthens their own network.
This practice sets apart the habits of the wealthy vs poor—while the wealthy build networks that lead to growth, many others may miss the importance of cultivating these relationships. - Thinking long-term
Picture this: You help a friend land a job, and a few years later, that friend becomes a CEO. Now, you have a powerful connection in your network.
Wealthy people are always thinking ahead, knowing that helping others now can open doors for them in the future.
By surrounding themselves with successful individuals and constantly sharing ideas, the rich expand their influence. This reflects the habits of wealthy people, who know that relationships can open opportunities that even money alone can’t. For instance, a connection might introduce them to a business opportunity or help them land a major deal.
Building and nurturing strong relationships is a critical difference when comparing the habits of the wealthy vs poor. The rich understand that a strong network can provide more opportunities to grow wealth and succeed than financial resources alone. This is why the popular saying, “Your network is your net worth,” rings so true for them.
“It’s not what you know, but who you know.”
This highlights the importance of building strong relationships and networks to open up opportunities.
4. Taking Risks for Greater Rewards
One big difference between rich people and most others is that they are willing to deal with discomfort. Getting rich doesn’t happen overnight. It takes time, sacrifice, and sometimes even risk. Most people want things to be easy and comfortable, but rich people understand that doing the hard things now can lead to big rewards later.
Starting a business or investing money can be risky. It requires time, effort, and money, and there’s always a chance that things won’t work out. Most people aren’t willing to take these risks because they prefer stability and comfort. However, the rich know that without taking risks, there’s no opportunity for greater rewards.
Imagine you want to start a small business. It’s a lot of work, and you might lose money at first. But if you stick with it and work hard, your business could grow and make you a lot of money.
The wealthy are willing to put in the hard work now and deal with challenges because they’re focused on the long-term payoff.
Elon Musk
A real-life example of someone willing to deal with discomfort is Elon Musk, the founder of Tesla and SpaceX. Musk invested millions of dollars into these companies, risking nearly everything he had.
Elon at his cousin’s home in Waldeck, Saskatchewan – just 2hr from my home in Saskatoon!
If his companies failed, he could have lost it all. But Musk believed in his vision, worked hard, and was willing to deal with the uncertainty and stress.
Now, Musk is one of the richest people in the world, showing how taking big risks can lead to big rewards.
Elon Musk’s journey is a true testament to the power of dreaming big and working hard, no matter where you start. He didn’t come from immense wealth, and he essentially built something from nothing. This makes the idea of achieving your dreams feel all the more real and possible.
When Elon was 17, he came to live in Saskatchewan and worked on his cousin’s farm. Thinking about that moment and realizing that *I* – little old me – live just a short drive from where Elon Musk once lived, makes his story even more inspiring.
If you knew Saskatchewan, you’d be amazed at how far Elon has come—from working on a small farm to becoming one of the most influential figures in the world. Wow. His success proves that no matter where you are or where you start, great things are possible with vision and persistence.
Why Most People Avoid Discomfort
Most people prefer stability. They don’t want to take risks because they’re afraid of losing what they have. They want to stay in their comfort zone, even if it means they won’t experience much financial growth.
This mindset holds them back from adopting the habits of wealthy people, who embrace risks and challenges that help them succeed in the long run.
5. They Value Time More Than Money
So, why do rich peeps value time over money?
Rich people know that time is their most valuable resource. While most people focus on saving money, wealthy people focus on saving time. They understand that time can’t be replaced, so they choose to spend it on activities that help them grow their businesses or enjoy life.
Here’s how they do it:
- Delegate tasks
Rich people often pay others to do tasks they don’t want to spend time on, like cleaning, yard work, or errands. This frees up their time to focus on what really matters. - Focus on high-value activities
Instead of spending an hour clipping coupons to save $20, they use that hour to work on a project that could make them $200. They know they can always make more money, but they can never get lost time back.
Example:
Imagine you have two options:
- Spend an hour saving $20 by clipping coupons.
- Spend that same hour working on something that could earn you $200.
Rich people choose the second option because they understand that time is more valuable than money.
Think about how you’re spending your time. Are you doing tasks that could be delegated? Consider outsourcing things that don’t move you closer to your goals. Your time is precious—spend it wisely!
“Do what you do best, and outsource the rest.”
This encourages focusing on your strengths and delegating tasks that don’t align with your main goals, making the most of your valuable time.
6. Rich People Stay Focused
One of the big secrets to how rich people get rich is their ability to stay focused. It might sound simple, but it’s very effective. Rich people know that using their time wisely is key to success. One way they do this is by tracking their distractions.
How Do You Track Your Focus?
Here’s simple trick rich folks use to stay productive 😉
- When you’re working on something important, like homework or reading a book, keep a piece of paper and a pencil next to you.
- Every time you get distracted—whether it’s checking your phone, watching TV, or getting up for a snack—put a check mark on the paper.
At the end of your task, count how many check marks you made. You might be surprised by how often you lost focus! But don’t worry, now that you have a number, you can work to beat it next time. It’s like playing a game, where the goal is to stay focused for longer and have fewer distractions.
By tracking your distractions, you will learn to stay on top of your goals and manage your time better. The less you get distracted, the more you can accomplish.
Over time, this simple habit leads to more productivity and, eventually, greater success.
Tip: Try tracking your distractions the next time you’re working. You’ll start to notice how much better you can stay focused, just like the rich do!
How Can You Adapt to These Rules?
These rules may seem hard or unpopular, but they aren’t impossible to follow. Rich people didn’t get wealthy overnight. They got there by thinking differently and making smart decisions over time. The best part? You can follow these same rules even if you’re not rich yet!
Here’s how you can start:
- Don’t worry about impressing people
Focus on building wealth, not showing it off to others. - Adopt an abundance mindset
Believe that opportunities are everywhere, and invest for the long term. - Build strong networks
Surround yourself with successful, helpful people who can support your growth. - Embrace discomfort
Understand that sacrifice and risk are part of the journey to success. - Value your time
Spend your time wisely and focus on tasks that bring the most value to your goals. - Track your focus
Stay aware of distractions and work on improving your productivity
By following even one or two of these principles, you’ll start to see changes in your financial situation. The journey to wealth isn’t always easy, but it’s definitely possible when you follow the right rules.
This is Your Key to Success
Thinking Long-Term.
The wealthy understand that temporary discomfort is worth it for long-term gains. They’re okay with working hard, making sacrifices, and taking risks today if it means they’ll reach their goals in the future.
Tip: If you want to build wealth, start thinking long-term. Ask yourself, “What can I do now, even if it’s hard, that will help me in the future?”
Final Thoughts
Rich people get where they are by being okay with discomfort. They know success requires hard work, risks, and patience.
Most people avoid risks, but the wealthy embrace them, understanding that long-term success is worth the temporary challenges. This is one of the key habits of wealthy people that sets them apart.
Start thinking like the rich by being willing to step out of your comfort zone and take action toward your goals!
