7 Key Things That Rich People Do Differently
I got the keys, keys, keys.
It seems as though rich people have it all -- the time, the money, the happiness. As it turns out, money actually scientifically impacts our behaviour, as well as the way we think and feel. While money is obviously not the most important thing in life, it definitely plays a major role in it.
But let's not just talk about being "rich", let's talk about "wealth". Wealth is defined as so much more than just "having money". It's about a completely different approach to life. There are many specific behaviours that wealthy people tend to practice, and they are adapted to perpetuating their wealth. They prioritize making life easier for themselves, and feel that they deserve to go for the things they want. The good news is, these habits and behaviours are things that we can do as well... even if we're on a serious budget. All in all, these habits are just about making the most out of what we have and living life to its fullest.
So here it is, 7 things that rich people do differently:
1. They give themselves permission to do things.
Wealthy people feel that they deserve to go for the things they want. They're not sitting around and waiting for people to give them the green light, they give it to themselves.
"It's easier to ask for forgiveness than permission." This phrase is especially important to apply in your workplace. Don't wait around for your boss to give you things to do, start demonstrating that you are able to take on responsibility and be an initiator.
In your personal life, start signing up for clubs or classes that you've always wanted to. Whether it be taking up a new language or learning a new skill, remember that nobody is going to walk up to you and hand to you the life that you want. You have to go and get it for yourself, because you deserve to. Give yourself permission.
2. They are familiar with the landscape around them.
The idea that wealthy people do not talk about money is totally untrue. Wealthy people actually talk about money all the time, but amongst themselves. In fact, among the wealthy, there is a much more established practice of financial awareness around things like salaries, investment strategies, you name it. Why? Becuase they actively seek out this information from advocates and mentors in their fields. Some will even consult headhunters to learn more about key information in their industries. It's important for them to keep tabs on the value of their investments and assets.
You can do the same by making appointments with representatives at your bank institution, chatting with an accountant or financial advisor, or even going online and doing some research! Get to know your landscape better so you can make better money decisions and advocate for yourself.
3. They ask for help with what they don't know.
Wealthy people have a lot of consultants around them, like accountants, attornies, estate managers, and people to turn to for basically anything. While you might not have the money to pay for this type of assistance, most of the information you're looking for can be available to you for free if you're willing to do the research.
The truth is, most of the time, wealthy people are simply paying others to do the thinking for them because they either 1) don't have the time or, 2) don't have the bandwidth to do it themselves. But if you're willing to take a bit of time to research, the internet has tons of answers on how to invest, do your taxes, buy a home, or even as simple as creating a budget.
4. They put a specific (and growing) value on their time.
Wealthy people decide that every hour, minute, second of their life has value. They are constantly trying to raise that value, and are judicious about how they spend it. They know that the only thing they can't buy more of... is time.
We can all take a tip from them and learn to value our time, just as we do our money. Take some time to calculate your "per hour value" if you're someone who's paid on salary, and start thinking consciously on ways that you can raise that value. You could take on a side hustle that pays you more, learn a new skill that could raise your value in the industry, or even look at the people you're spending time with. Are you spending time with people who are important to you or with acquaintances you see out of obligation?
Treat every hour of your life as if it has real value.
5. They understand that money is a long game.
There is a thing called an "investment horizon" and "compound interest", whether you choose to engage in them, they will exist all the same. So you really should be choosing to cash in on them.
If you're young, you have the most valuable thing in the world when it comes to money: time to let it grow. Don't just think about the value of a dollar at this moment in time, but what it has the potential to become.
Wealthy people understand that giving your money time to work and grow is the key to accumulating it.
6. They know when to outsource!
Life is not meant to be one massive, overwhelming challenge that you have to take on all on your own. Wealthy people know how to get help. They will outsource almost anything from domestic to work tasks because they know the value of their time.
The point is, you should give yourself the permission to not have to do EVERYTHING. Deciding the value of your time also requires deciding that this thing you're about to do, may not be worth the value of that hour. If you are someone who absolutely dreads cleaning and are constantly living in filth and squalor, it might be worth it to spend money on a bi-weekly cleaner because you can be free to spend time on things you actually care about.
You can outsource just about anything from your grocery shopping to banking transfers, you can even get Task Rabbit where you can hire people to do pretty much anything for you. Or simply, just get someone who loves you to hold you accountable for things that you need to do.
7. They prioritize "recharging" sessions.
It seems as though wealthy people are always taking vacations... going to their vacation homes in Bora Bora to get some R&R. While most of us probably don't have this luxury, time, or money, what we can do is carve out intentional periods of time dedicated to "recharging".
Plan out detailed staycations that force you to be present and grateful in your own city, schedule yourself a full-on pampering day at home with face masks, bath bombs, and wine.
Treat recharging like an intentional, valuable part of your day-to-day life because it is. Giving yourself time to recharge will help you mentally focus on things you actually have to work on.
Source: The Financial Diet