Money isn’t always the main indicator of success. But, when you’re one of the wealthiest people in the world, you’re obviously doing something right. What exactly are these wealthy people doing that you’re not? It’s most likely that they are using one of the following five habits.
1. They Work For Themselves
Here’s an interesting question asked by Tucker Schreiber? Do you think “it’s risky to start something on your own?” For millionaires, that’s not the case. Schreiber explains that “There’s a certain drive, hustle and itch that these entrepreneurs just have to scratch.” He goes on to say, “They can’t work for someone else - not because they don’t want to, but because they always need something to do on their own.”
2. They Set Goals That Are Attainable
According to author Tom Corley (via Inc.com) who spent five years researching the habits of the world’s wealthiest people, they “consistently set specific, attainable goals.” For example, instead of saying, "I would like to earn $1 million this year," a more realistic and specific goal might be: "I will bring in an additional $25,000 this year by increasing my production capacity."
Corley goes on to write;
"If you want your wish or dream to come true, you need to create goals around them, pursue those goals and achieve those goals. You need to break your wish or dream down into manageable tasks that you are able to perform. The accumulation, over time, of the completed goals will move you forward toward realizing your dream. You will still need outside help and outside influences, but luck has a way of finding the prepared and the persistent."
3. They’re Frugal
Wealthy individuals are frugal. Just how frugal? Here’s eight examples of how carefully they spend their money;
- They live below their means. Warren Buffett still lives in the Omaha, NE home that he purchased in 1958.
- The rich prefer to shop at Walmart, Target, or Home Depot instead of Tiffany’s or Brooks Brothers.
- They cut out unnecessary expenses.
- They either rent or sell the possessions that they’re not using.
- Wealthy individuals like T. Boone Pickens make shopping lists and only bring the cash that they'll need.
- They don’t fall for get rich quick schemes.
- They go green.
- They work side jobs.
4. They're Generous
Despite being frugal, the wealthy are still extremely generous. And, I do mean extremely generous.
Bill Gates, for example, has donated more than $27 billion during his lifetime. Warren Buffett has donated $21.5 billion, George Soros $8 billion, and Azim Premji $8 billion. But, this isn’t a recent occurrence. The wealthy, such as Rockefeller and Andrew Carnegie, were also known for their generosity. Start watching the wealthy people you know - they are generous.
5. They Take Care of Themselves
Corley also found that the rich take care of their bodies and minds. For example, “70 percent of the wealthy consume less than 300 junk food calories per day.” David Murdock, chairman of Dole Foods, is 93 years old and still practices yoga, weight trains, and rides horses.
On top of eating a healthy diet and exercising, the world’s most successful people also mediate, wake-up early, read instead of watching TV, and reduce stress by saying ‘no.’