Wondering what habits the rich, like Jeff Bezos or Warren Buffet, use to save more money and how you can integrate this into your life?
If yes, then you are in the right place. We have learned about good and bad habits in school!
Well, now is the time for you to become aware of some amazing and positive habits of the rich and wealthy!
Here, you will get to know about some amazing secret habits for saving more money from wealthy people and how to follow these habits for your financial wellbeing.
Be sure to watch to the end to really learn all the habits of the rich and not to miss anything!
“Hey everybody, it’s Finance Nerds here.” “We are helping hardworking people like you get more out of your hard-earned money by showing you how to use your money in the most effective way” today,
We are going to discuss seven exclusive habits of the rich [secrets].
“So now let’s get into the post.”
1. Stick to a Budget
All the wealthy and rich people have attained top spots because they knew that living on a budget is the best way to keep a check on their expenses and spend only on necessary items.
Earn more and spend less is the ultimate mantra for getting wealthy. Strictly follow a budget and make yourself determined to make expenses accordingly. To help you out, I am sharing with you a JAR budget so that you get a rough idea of how to manage your budget:
55%—basic necessities (rent, food, electricity, bills).
10% – Long-term savings for spending (big purchases like a home, vehicle, etc., vacations and tours)
10%: Play (leisurely expenses: eating out, movies, dates)
10%: Education (coaching, books, courses, follows to study posts)
10%: Financial Freedom (stocks, mutual funds, investments)
5% – Give (charitable donations, helping needy people, donations to NGOs, old age homes, orphanages)
2. No to Debt Getting
Getting out of debt is really important for your financial future. But also, getting out of one debt should not lead to another. Debt destroys the things you have achieved.
Imagine that after earning a lot of money, instead of going on vacation, you are still at home paying off the home loan you took.
Instead of spending money as per your wish, you are forced to pay off your debts. Hence, get out of this cycle as soon as possible without getting into a new one.
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3. Prioritising between needs and wants
The rich people know what their needs are and therefore pay attention to them. They prioritise their needs and understand that needs are much more important than wants.
They know that they need a medium-sized house for their living and not an extravagant house; this might be their want but not their need.
Similarly, they might need a car for travelling, but that doesn’t have to be expensive and lavish!
A normal car with all the necessary features will do well. Spending too much on your wants can be derogatory.
Therefore, learn to understand the difference between needs and wants and spend accordingly. Needs will save you money, while wants will lead to redundant expenses.
4. Guidance of a mentor
Do you know that 93% of self-made millionaires have mentors?
Yes, you heard it right!
They have mentors who guided them to the right path and pointed out their mistakes from time to time.
Well, a mentor doesn’t always need to be a person. It can be a book as well. When books can be your best friends.
Why can’t they be your mentors?
Apart from career professionals, your mentors can be your parents and teachers as well. A mentor is someone who takes you on the right path and is a source of knowledge, support, motivation, and guidance. Having a mentor is not directly linked to earning money but is indirectly a great way to excel in life.
5. Reading is their habit
We all know that reading is a good habit and that everyone should inculcate this habit in themselves. And also, research shows that around 85% of self-made billionaires read at least two books each month.
And their interest is mostly in those books that teach them how to be better at a job that they are doing or a job that they want to do!
And being good at your work will eventually pave the way for you to make more money!
It’s time for you also to devote at least 1 hour to reading books that are good for your overall personality growth.
Some books which you should give a try are
‘The 7 Habits of Highly Effective People‘, ‘Think and Grow Rich‘, ‘Big Magic‘, ‘Attitude is Everything‘, ‘As You Think‘, ‘The Success Principles‘, ‘Meditation and its Methods, and the list continues!
6. Go Towards Your Interests
A very common thing that we hear about billionaires is that they followed their passions and interests.
They did things that they were passionate about!
They left behind their fears and doubts and followed their hearts. This is one of the habits of wealthy people you see around you. Instead of following the crowd, they did something that was close to their hearts.
And when something has your heart, you ought to go to extremes to make your dream come true. They went on to start their businesses and ventures, went on to fulfil their dreams of dancing or acting, and whatever they did was done with utmost dedication and honesty!
They committed themselves to their interests and passions and emerged successful with their hard work, determination, and perseverance.
7. Giving value to time, Benjamin Franklin once quoted
“Time is money,” and “Lost time is never found again“. Understanding these quotes is so important for us! Time is money; money can be earned again, but lost time cannot be found again. Self-made millionaires have this beautiful habit of not wasting their time.
They take care that every single minute of the day is not wasted on needless activities. According to recent research, researchers found that 67% of self-made millionaires watch television for less than an hour.
And they even spend less time on social media. They utilise their valuable time in doing productive activities, activities that will benefit them!
They utilise their time in making more money and saving money, so time holds the top spot in their lives. These habits seem quite normal, but these are the habits that make them rich and wealthy.
These are the foundation stones of their lives, and this makes them different and special from the rest of the crowd.
Did you enjoy this post?
If so, make sure to follow to our website because we will write about how to save more money more often in the future.
And if you’d like to learn more about saving money, check out our description. You will find our recommendations to “Read Next” to get all the information you need to save more money.
- Now we’d like to know: which habits would you like to integrate into your life?
- Stick to a budget or give time value?
Let us know by leaving a comment in about your queries…