Copy These 9 Money Habits Millionaires Swear By and Get Rich, Too

1. They Set Goals for Their Money

Rich people set goals for their money because it works. Setting goals changes the way your brain works so that you see and naturally act in ways that will help you reach your goals.

These goals aren’t only about buying things like a new car or a bigger TV. They could be about making a certain amount of money, becoming a millionaire by a certain age, or saving for college.

So, what financial goals or milestones do you want to reach with your money?

Consider what you’d like to achieve short-term (such as saving $500 in three months), mid-term (such as paying back your student loan in 4 years), and long-term (such as being mortgage-free in 25 years).

2. They Have Self-Control

Rich people usually have good habits overall, and not just with their money. People who have a lot of money because they worked hard and earned it are very honest and disciplined.

Financial discipline is the ability to stick to your spending and saving plans and reach your financial goals. It is also related to setting goals. Your financial goals will still be there whether you are working on them or not. They will just be that much harder to reach if you aren’t disciplined in working towards them.

Being disciplined means ignoring short-term pleasures for the sake of your long-term happiness.

For example, rather than upgrading to the newest iPhone, you could use that money to invest in yourself. You could spend it on a course that teaches you new skills to get promoted or use it to start your own small business or side hustle, which can create another income stream.

3. They Don’t Get Into Debt

Rich people usually don’t owe money to others because you can’t get rich if you’re in debt. So avoid it like the plague.

Debt is the biggest problem when it comes to making money and getting rich because you don’t have “extra” money to invest and save for retirement. 

Sometimes, you have to give up things in your life now so that you can live better in the future. If you’re worried about debt, take a step back and ask yourself, “What am I willing to give up temporarily so I can get out of debt?”

To stay out of debt, you should have an emergency fund, save for bigger purchases, stick to your budget, and be responsible with your spending. 

4. They Don’t Try To Be Like Everyone Else

Rich people don’t bother keeping up with the Joneses. They don’t compare themselves to their neighbors or try to be as “good” as them by getting what they have when they can’t afford it. Rich people know what they want and aren’t influenced by what others are doing.

This is a habit that rich people have with their money that you need to get into. Erase the mindset of wanting to impress people with a particular lifestyle when you know that you cannot afford it. Living beyond your means will catch up with you. 

So much money is wasted on constantly upgrading gadgets to keep up with the latest trends. This will cost you money and even opportunities. Before you buy something, think about how much money you have and what you are sacrificing if you buy it. I bet you’ll decide your iPhone 13 is still good enough.

5. They Have More Than One Way to Make Money

One source of income is not enough to make you rich. If you study rich people, you’ll find that most of them make money in multiple ways.

Having more than one income source reduces financial risks. If one source of income drops, such as losing your job, you have other sources to keep you going. You will be able to keep going even if something unexpected happens.

You can make money in different ways based on your interests, skills, and passions. It is easiest to start with something small, like a side hustle, and grow it into something bigger.

For example, starting with passive income gives you more time to work on your main source of income. Writing a book, selling your photos, and affiliate marketing are all examples of passive income. You do the work once, and it keeps making you money.

However, you need to resist the urge to try everything at once. Focus on one thing at a time so that you do it well. 

6. They Put Savings and Investing At the Top of Their List

Wealthy people know that investing is one of the most important ways to grow their money, so they put their money to work for them. 

Saving and investing are two priorities, but they are different things. The biggest difference between them is the level of risk taken.

Saving doesn’t always make you rich – but it can help you out in a pinch, avoid debt, and give you a sense of financial security.

Investing gives you a chance to earn a higher return, but it also comes with a higher level of risk. When you invest in something, don’t put in more than you can afford to lose.

It’s also best to invest for the long term. When you can keep your money invested for longer, you have more time to ride out the market’s ups and downs. If you need help, ask an expert, such as a trusted financial advisor. 

Investing is one of the best ways to build and keep your wealth, and every rich person does it because it gives you something to fall back on, especially as you get older. Save and invest as much as you can right now.

7. They Are Careful With How Much Money They Spend

If you can’t manage what little money you have, you’ll certainly waste money when you have more of it.

Getting rid of unnecessary spending can make a big difference in your ability to build wealth. Make a budget and separate the things you need from the things you want. Having a monthly budget will help you see where your money is going and where you need to make changes.

Don’t spend based on how you feel. It will only solve your problems temporarily, and you’ll be sorry you wasted your money. 

Buying things just because they are on sale is also a bad money habit that will make it hard for you to get rich. Another way to spend less is to limit the number of times you use your credit card. If you only take cash with you, you won’t be tempted to buy things you don’t need. 

8. They Hang Out With People Who Think Like Them

Who you hang out with influences where you end up in life. That’s why the rich rarely associate with the average person.

Find people whose financial goals are similar to yours and spend time with them. Talk to people who are already living the life you want to live and find out what they did to get where they are.

Getting along with the right people can make the difference between being rich and being poor. Rich people tend to hang out with people who think positively. This is where great ideas are born that lead to even more wealth.

Having connections will work to your advantage. People who put themselves in a position to be helped are often the ones who get to the top.

9. They Make it a Habit to Know A Lot

Rich people make it a habit to know a lot about their money and how it works. They know how much money they make, what they own, how much their investments cost, what they want, and how they plan to get it.

Sometimes, investments can be hard to understand. Before making important financial decisions (especially about things you don’t know much about), do as much research as you can or talk to a financial adviser, whichever is best for you.

Not everyone who reads is a leader, but everyone who is a leader reads. This is why wealthy people read every day. To broaden your mind, listen to the news, sign up for newsletters about personal finance, and read books about money.