3 Things the Rich Do That You Can Easily Do, Too
Being “rich” means different things to different people.
Some people without money still consider themselves to be rich because of their family, friends, faith, health, and other non-material aspects of their lives.
Others use money and other financial assets (stocks, bonds, real estate, etc.) to decide if they meet their definition of being rich.
Neither of these ways to measure your wealth is wrong or better than the other; it’s simply a personal preference. In my opinion, the majority of people use how much money they have in their bank account as their measuring stick.
If you’re not yet rich monetarily but would like to be, knowing what makes people wealthy might be just what you need to turn the corner financially.
Ready?
It’s their philosophy concerning wealth.
And the good news: It’s not a secret. It doesn’t take a specialized education to learn this philosophy; you just have to be a good reader.
Let me share with you some of what I’ve learned about the philosophy of the rich:
- They believe they deserve to be wealthy.
Many people, particularly some of those raised to believe that “Money is the root of all evil,” subconsciously think becoming wealthy is wrong. But the Bible says that “The love of money is the root of all evil.”
As my favorite philosopher, Jim Rohn, wrote:
The Bible says that it is hard for a rich man to enter the kingdom of heaven. It doesn’t say that it is impossible!
Have you ever heard of “the fear of success?” It’s where someone, down deep, it afraid of succeeding because it will change their life too much and make them uncomfortable.
I believe there’s also “the fear of money,” in which people are afraid that if they have money, they’ll change into someone different and alienate their friends and family.
I think there’s a degree of truth in that, which is why you have to work just as hard on yourself as you do on your job. It’s not so much becoming rich, it’s about the person you become getting there.
2. They pay themselves first.
The rich invest their money and then spend what’s left; the poor spend their money and invest what’s left.
If we were together, you might say to me, “If you knew what my income and my bills are, you’d see that I don’t have any money left to invest at the end of the month.”
And I’d say, “You’ve got to change that.”
Even if you just begin putting $10 or $20 a month in a savings account, that’s a good start. Many financial advisors recommend saving at least 10% of your income every month.
3. They stick to a budget.
At the beginning of every month, the rich check their budget, compare it to their expected income, and make any changes needed to make sure they don’t spend more than they make.
Included in that budget is the money they’re paying themselves first.
Your budget can be done manually, or you can keep it on a spreadsheet. Either way to track income and outgo is fine — what matters is that you do it.
There are many, many good books and websites that can help you develop the same philosophy, savings, and spending habits of the rich. One you might want to check out is “The Psychology of Money” by Morgan Housel.
You can also read my e-book available on Amazon that covers many more financial habits you can acquire to increase your wealth. The title is “23 Steps to Financial Fitness in 2023.”
(Neither of the links to these books are affiliate links.)
