How to live like a millionaire: 5 habits of the super wealthy that keeps them rich

How to live like a millionaire: 5 habits of the super wealthy that keeps them rich

Being wealthy often comes with the stereotype of flashing that wealth in the latest cars and fashion, using the latest technology and private jet trips to luxury destinations. However, it is usually quite the opposite for those that are even wealthier than celebrities who flaunt their cash.

While it may seem impossible to spend outside of one’s means when they’re a multimillionaire, it is still possible and by avoiding the debt that comes with overspending they are able to hold onto their money for longer.

Frugality might also seem like the “poor man’s game”, but investing tycoons like Warren Buffett are well-known for their lack of expensive and unnecessary purchases.

Essentially, keeping the good money management habits one uses to make ends meet every month regardless of how big their salary gets will quickly pay its fair dues.

Alongside this, many wealthy people ensure that the first major expense they pay is their savings.

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While it may be impossible for some, the super wealthy look at their savings as an immovable expense rather than a luxury, meaning they always have a nest egg to fall back on which makes them more confident in investment and monetary decisions.

The majority of the super rich have gotten their net worth either through years of perseverance in business or patience in investments; both of which require the habit of avoiding instant gratification.

Instant gratification is often the trigger for impulse buying, overspending and other negative financial habits, and the reason many don’t succeed in avoiding it is because of the addictive nature of purchasing items one really desires.

Finances are an emotional engagement, wherein receiving money gives one joy and spending exorbitant amounts on things that don’t give them joy makes them upset.

This is often why people will end up being forced to forego necessities during the last few days before they are paid as, when their bank account was full, they used it on unnecessary purchases that brought them personal joy.

Avoiding instant gratification starts with truly focusing on what one wants their financial situation to look like and encouraging themselves to stick to their goals.

Short-term it may cause more irritation and the feeling of being limited but long-term delayed gratification can do wonders for money management.

Another popular habit of the wealthy is that they have multiple income streams, meaning they don’t rely on a single salary to come in every month.

Whether it be through investments, entrepreneurship or a range of other ways people earn money in the modern era, the most common feature of the world’s wealthiest is that they find ways to supplement their salaries before and after achieving incredible net worth.

This is another common trait amongst rich individuals: once they have earned their money they’re driven to make more of it.

There aren’t many stories of billionaires who have sold all of their shares and retired from business at age 50, and it’s not because they can’t afford to do that rather because they choose not to.

They have often built themselves up from the ground and have the drive to make their businesses not just successful but international industry giants, pushing past the point where other businessowners would stop and relax.

Published at Sat, 16 Oct 2021 20:45:00 +0000