Rich vs Poor Mindset: 5 Wealthy Habits to Emulate

The foundations of personal finance seem simple enough - earn more, don’t buy crap you don’t need, invest a ton - but anyone who has tried emulating some of these principles can tell you they’re not always quite easy to do.

The truth is, your money mindset and habits are very crucial to how you interact with money.

Get this: Millionaires aren't born, they're made. Nearly 68% of the world’s richest people are self-made, according to a report by Wealth-X. And they didn’t stumble upon their wealth either.

So what do they have in common?

Studies show a consistent theme in rich peoples’ lives: a growth mindset.

And you know what's more?

These millionaires aren't living out in Hollywood - they’re our neighbors. Every day millionaires who have built their empires from the ground up - women and men who've maintained their lifestyles while building real wealth. 

But for a lot of people, money can often be a source of stress, fear, and limitation, so it consequently makes us operate from a mental space that leaves us with undesirable results.

Sound familiar? Well, you’re not alone.

So what's the problem?

Sure you can try to emulate personal finance tips, but if you don't have the right mindset or habits, none of that matters. With the right mindset - one of growth, abundance, and positivity - fuelled by daily habits, you attain financial freedom, whatever that looks like to you. 

Don't get me wrong. I wholly and completely acknowledge that poverty is complex. Our environment, exposure, and life experiences can keep us trapped in its cycle. However, by deciding to adjust your mindset, you can carve your way out.

A good place to begin? Understanding the habits that set apart the wealthy. These 5 habits of wealthy people can help illuminate your path to success. So, let’s get down to it! 

Rich People Habits That You Should Adopt

  1. Rich people set goals and have a vision  
  2. Rich people read every day 
  3. Rich people set themselves up for financial success
  4. Rich people surround themselves with the right people and have mentors
  5. Rich people are not afraid of failure 

1. Rich people set goals and have a vision 

I bet you have hopes and dreams you're constantly thinking of pursuing. Maybe sometimes these visions or goals feel far beyond your reach - beyond what you think you are capable of today. But you still keep visualizing them. 

Do you feel this way sometimes? Yes? Great! Keep visualizing your dreams. 

If you don’t have a vision for your future, challenge yourself by trying to envision your dreams and aspirations. 

Mohammed Ali, the greatest heavyweight boxer of all time is famously known to have said, “I am the greatest, I said that even before I knew I was.”

He envisioned, believed, then attained his goals. 

And get this: You are 42% more likely to achieve your goals if you write them down. Writing helps you visualize your future, prioritize, and understand the impact that your actions now can have on your future. 

2. Rich people read every day

I know, I know...

You might be thinking, how am I supposed to dedicate time to reading when I can barely get through my list of things to do for the day?

I get it, but here's the thing, the right books will motivate and inspire you daily, fuelling you with new perspectives and information to keep you, and your large list of things, going. 

Personal development books often promote the power of positive affirmations which studies have found to motivate you and boost your self-esteem.

Among wealthy people, 88 percent read 30 minutes or more for self-improvement every day. This is according to Thomas Corley, author of ‘Rich Habits’ which is based on a 5-year study of self-made millionaires. 

3. Rich people set themselves up for financial success

For all of us, learning how to manage money is a part of life. Very few of us were taught anything about proper money management from our parents or schools.

So money can be tough. Have you noticed?

We can often be tempted to hit the snooze button on our finances. But there's no more hiding around these parts, friend. It's time to emulate the rich. 

Rich people are proactive with their finances - they have financial plans. This means that despite challenges that they might face surrounding money, they try to invest, look for new opportunities, and set aside emergency funds. 

If you want to be rich, you need to take an active role in setting yourself up for financial success. 

Related: 8 Ways You Can Improve Your Money Mindset

4. Rich people surround themselves with the right people and have mentors

Continuously surrounded by people who think they can never save? Well, then you are very likely to start thinking the same way. 

Do your friends go shopping every weekend and have to buy the latest trends? You're likely to gradually do the same. 

Whether you admit it not, relationships have a strong impact on your financial life. 

Rich people are intentional about their networks. Once they identify the type of people they want to spend more time with, they become intentional about investing in those relationships. They seek out mentors from whom they can draw insights and continually learn. 

5. Rich people are not afraid of failure 

Sure, no one wants to fail. But rich people have a positive outlook on failure.

Failures are lessons.

As long as they take some actionable lessons from their failures, they have not failed. They go on to take other calculated risks and try something new. 

Final Thoughts 

Today is a great time to intentionally start developing an abundance mentality by veering away from those deep-seated scarcity mentalities. Start developing your wealth mindset one day at a time.

Are you ready?

Rich people habits and mindset

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