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Five Key Lessons From the Wealthy and Successful

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Personal Finance

June 15, 2018

Five Key Lessons From the Wealthy and Successful

Have you ever wondered what separates wealthy people from everyone else? Is it their knowledge, resources, IQ or inherent talent?

While some of these factors may come in to play, it isn’t necessarily always the case. Often times it comes from their positive habits, both with their money and how they spend time each day.

The truth is most people in the U.S. don’t have good daily habits. Studies have shown that the average American watches over five hours of TV per day and only reads one book per year. On the other hand, millionaires and successful people hardly watch any TV and are constantly reading for personal and business growth.

Here are five key lessons from the wealthy and successful:

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1. Have a Learning Mentality

‍One of the most helpful habits of wealthy people is their ability to be constantly learning. As Thomas Corley found in the book, Rich Habits, “85% read two or more books every month.” Their choice of book topics includes career-related, psychology, leadership, and biographies of successful people.

Warren Buffett is a great example. He is worth roughly $70 billion yet still reads 600 to 800 pages each day. His good friend and billionaire, Bill Gates, averages one new book per week. Reading new information seems to directly correlate to earning more money.

2. Make Health a Priority

‍Sadly, too many people focus on earning more money and sacrifice their health in the process. Wealthy people understand the importance of the saying, “Health is wealth.” They make health a priority so they aren’t the richest person in the cemetery. Wealthy people want to be able to be around long enough to enjoy their hard work!

Also found in the book, Rich Habits, “They aim for 30-60 minutes of exercise each and every day. The majority exercise first thing in the morning to make sure it’s not skipped as the day gets busier.

3. Form Lifelong Relationships

‍Successful people understand the importance of creating an incredible network. They understand that no one becomes wealthy and successful doing everything on their own. They seek out lifelong relationships to help them level up their lives.

Wealthy people find people who have like-minded goals. They people surround themselves with people are where they are or ahead in life. Sometimes this could mean joining a country club, attending a seminar or joining a mastermind group.

They also hire business and strategic coaches to help them achieve results faster. Coaches hold them accountable, provide insight, and help them see the big picture.

Overall, they surround themselves with winners to help them succeed faster!

4. Save and Invest Regularly

‍Earning money is important but saving and investing money is equally important. Wealthy people find ways to cut costs like extra channels on the cable bill, choose generic instead of brand name, and buy items in bulk to save.

Wealthy people also don’t leave any money on the table when it comes to investing. They know the tax law allows $18,500 per year in a 401K and utilize them to their advantage.

5. Set and Achieve Goals Consistently

‍Wealthy people didn’t there by accident. They set goals, both short and long-term, to give them a blueprint for success. They are always trying to achieve more while creating as much efficiency as possible.

The best part about all of these five habits is that anyone can do them. Try choosing one or two habits and start implementing them into your life today.‍

Do you have questions about how to take your finances to the next level? Simply request a call from a Bayntree financial advisor today.

‍Bayntree Wealth Advisors, located in Phoenix and Scottsdale, Arizona, provides comprehensive financial planning and wealth management. The Bayntree team specializes in all aspects of financial health, including retirement planning, risk management, investment advice, tax strategies, estate planning and insurance.

Bayntree does not provide specific legal or tax advice. Please consult with your tax advisor or legal professional for guidance with your individual situation.

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