15 Habits Of Rich People That Will Change Your Life

Last Updated November 2, 2023 by Davina Kelly

Do you want to learn the habits of rich people? If you are on your journey to improve your finances and build wealth these habits can change your life.

As someone who spends a lot of time studying how people get rich and the habits they implement. I will share the most common habits I

have seen.

Implementing these habits in my life has helped me to be more productive, expand my mindset, and grow my money.

This post is all about the habits of rich people.

The Top 15 Habits Of Rich People

1. Have a Morning Routine

When I look at the habits of rich people whether through watching YouTube videos, interviews, or reading books, one thing they all have in common is a morning routine.

They all wake up early and go through some sort of routine before starting their work day. For example, Kevin Hart wakes up at 5 a.m. and does a workout. The Rock wakes up at 3.30 a.m. and does 2 workouts before starting his work day.

They have stated that the reason they wake up early is because it gives them a headstart on everyone. Most people don’t wake up earlier than they need to, so if they wake up early by the time the rest of the world wakes up they are already a few hours ahead of everyone else.

It is also quiet early in the morning so they can get a lot done without being disturbed. This can be a good time to focus on the harder tasks without distractions.

Everyone’s morning routine looks different. Some people like to meditate, read, do yoga, etc. But including some time in the morning to do things that will benefit your mind and body will set you up for a good productive day.

2. Exercise

Most people understand the benefits of exercise, especially rich people. They understand that exercise has many benefits for their body and their mind.

Some people like to jog, some lift weights and some do Yoga. The workout doesn’t have to be crazy and intense, but they all include some form of exercise in their day.

When you exercise you release endorphins which make you feel happy. Also after a good workout session you feel good about yourself, you feel strong and accomplished and that can set the tone for the rest of your day.

Health is wealth! You need to look after your body especially if you want to be rich as you will constantly be working. If your health isn’t intact that could set you back. It can affect your energy and your ability to complete the tasks you have set for the day.

3. Live Below Their Means

Something that really stands out to me about the habits of rich people is that they live below their means. They spend money on what they need and save the rest.

When I look at rich people like Warren Buffet and Bill Gates, they are not flashy. I don’t see them driving flashy cars and wearing lots of expensive jewellery. They keep things simple.

I am sure they spend a lot of money in other areas of their life like their homes. But they don’t do what most people do, which is to spend money on luxury items.

This stands out to me because they can afford to buy luxury items, but they focus on building wealth. They would rather invest their money in an asset or build another business than spend it on frivolous things that don’t bring them value.

This is something that I have implemented in my life and it has saved me so much money. I have adopted the mindset of spending money on essential things and saving or investing the rest. If you want to build wealth, I highly recommend that you implement this habit.

4. Monitor Income & Expenses

Staying on top of your finances is very important in general, but especially when it comes to being rich. You need to be able to pay your bills on time and ensure that you have enough money to cover your business expenses.

The most important aspect is your cash flow. You need to be on top of how much money you have coming in and how much money you have going out. If you have more money going out than you do coming in this can lead to you having to rely on debt to stay afloat.

To avoid this you need to have a system set up where you can monitor your income and expenditure. This could be a budget tracker or accounting software like Xero. It is also important to send out invoices and ensure they are paid on time.

Some people start by doing this themselves, but once they become rich they will usually hire an accountant or bookkeeper to do it for them.

5. Value Their Time

Time is money! It is one of our most valuable assets. If you waste time you can’t get it back, rich people really understand this.

Rich people prioritise spending their time doing things that will bring them value. If they can eliminate or outsource something to save them time they will.

For example, if it takes them two hours to clean their house and do laundry they would rather outsource it and spend two hours working on their business.

I will be honest, when I was younger I didn’t understand this and was a little judgemental. lol But now that I am older and have more responsibilities and am on my journey to building wealth I totally get it.

It isn’t about the task, the mindset of the rich is always to think about what is the best use of their time. For example, they will ask themselves is completing this task the best use of my time?

If the answer is no, they will outsource it and spend time working on something that will bring value.

6. Set Goals

Another habit rich people have in common is that they have goals. Rich people are usually ambitious so they constantly set goals for themselves and work towards them.

They set goals for their business and for their personal lives and they ensure that their daily habits are aligned with reaching those goals.

When you set goals you give yourself direction and high levels of motivation. You are focused and productive, then when you reach your goals it will give you confidence. Because you prove to yourself that you can do anything you put your mind to.

To ensure you reach your goals you need to make them SMART. But most importantly they need to be specific, measurable, and timely.

For example, if you set a goal to get 10 new clients that is pretty vague. A better goal would be to sign 10 new clients by the end of Q4 by pitching and using Facebook ads. This goal is now specific, measurable, and timely.

7. Find Ways To Grow Their Money

Most people who are rich want to stay rich, to do this they will find ways to grow their money.

Rich people understand that it is important to put your money in places to grow, this is how you stay rich. They want their money to continue making money.

The most common ways rich people do this is by investing in the stock market or investing in property. There are many other ways such as buying a business, but these are the most common methods they choose.

Investing In The Stock Market

When they invest in the stock market they choose an amount that is comfortable for them and they do it consistently. Consistency is key when it comes to investing.

The types of investments they choose vary, a lot of them choose index funds and some will invest in individual stocks that they are confident in. Some will do it themselves or they may choose to invest using a broker (someone who will manage their portfolio and choose the stocks for them).

Investing In Property

When it comes to investing in property, the most common strategies I see rich people use are buying a rental property, HMO (House in multiple occupation), or using the BRRR strategy (Buy refurbish, refinance, rent). Here is a post going into more detail about each strategy, you can read it here.

If you want to be rich, you can start to implement some of these strategies from now. You don’t need to wait until you are rich to start. These strategies can help you get there faster.

I would recommend investing in the stock market to get started. This is a great way to build wealth and earn passive income without needing large amounts of money to get started. You can start investing with whatever amount you can afford.

If you are a beginner I know it can seem overwhelming, I felt that way when I first got started. But once you understand the basics you will realise it isn’t as complex as it seems, and it is definitely not only for rich people. I have a post that will walk you through how to get started step by step. You can read it here.

8. They Stick To a Budget

Something else rich people understand is the importance of having a budget and sticking to it. They know that to reach their goals they need to have a plan for their money.

A budget is a great tool for your finances. It will give your money direction so when you get paid you know exactly where it needs to go.

You can create a budget plan for the year to give you direction, but it is important to maintain it by updating it regularly. Things will change throughout the year and you need to be able to adjust your budget to reflect those changes.

For example, your income could increase throughout the year which will mean you have more income than you budgeted. This is a good problem to have, but you want to plan what to do with the additional income. Do you want to invest it in the business or save it?

If you update your budget regularly you can include these changes and decide the best way to use this additional income.

The best budget is one that is agile and that you can stick to. When you update your budget you will be able to see if it is working, factor in any changes, and make adjustments where necessary.

9. Constantly Learning

Learning is a constant focus for rich people. You need skills to acquire wealth, but you also need to sharpen those skills to maintain it.

Things are constantly changing these days with the rapid evolution of technology. So it is important to keep up to date and find ways to improve your business. You can do this through learning.

There is no limit to the way rich people learn. It can be through books, courses, seminars, and great conversations with their peers and mentors. But I have noticed that reading is a characteristic of a rich person.

Successful people like Warren Buffet, Bill Gates, Oprah Winfrey, and Mark Cuban all read for a few hours every day. They are always taking in new information, learning, and expanding their mindset.

This is a habit that I have adopted over the last few years and I have learned so much. Reading has helped me to learn new skills, introduce me to new perspectives, and change my mindset. I will list a few of my favourites below.

The Alchemist
Rich Dad Poor Dad
Atomic Habits
The 7 Habits of Highly Effective People
The Four Agreements

If you don’t enjoy reading you can listen to Podcasts instead. Listening to podcasts is another great way to learn and you listen while doing other things like going for a walk or cooking dinner.

10. Prioritise Health

As I mentioned earlier, health is wealth, we all know it. But rich people put a lot of importance on it. They understand that if they are not healthy they will not be able to perform at their best.

This will affect everything from daily life to family, and business.

Prioritising your health will look different for different people. It could be having regular health checkups, eating healthy, working out, or ensuring you get enough sleep.

Sleep is also very important but is often overlooked. Not getting enough rest can hurt your health because it can affect your mood and energy throughout the day. It can also affect the way your brain functions. You can read more about it here

Making your health a priority in your everyday life is something we should all do no matter what our financial situation is. Focus on sleeping well, eating healthy and moving your body. Those things are all within your control.

11. Take Risks

When it comes to risks, rich people are not afraid to take them. They are more likely to take risks because they are open-minded and they see it as an opportunity to make money or grow.

Even if it fails their mindset is to fail fast and fail forward. Instead of dwelling on the failure, they will focus on what they learned during the process.

I think for most people including me it is important to understand your risk tolerance. But to grow and build wealth at some point you need to be ok with taking some risks.

It can be on a small scale, for example, starting your own business. That is a risk because it will cost you time and it may not work, but if it doesn’t you can take pride in knowing that you took a risk and tried.

12. Disciplined

Discipline is a habit that all rich people practise daily. It is what separates them from other people. If you want to build a business, run a marathon, or be a good partner it takes discipline.

To be great you have to train yourself to do the things that you should do even when you don’t want to. If you are building a business sometimes you may be tired and not want to show up.

This is where discipline comes in, it forces you to show up anyway.

It isn’t an easy skill to master, but once you make it a part of your everyday life you will be able to achieve more than you ever thought you could.

A lot of it comes down to self-talk. In those moments when you want to watch Netflix instead of working on your side hustle, you have to remind yourself of why you are doing this and where you want to be.

An Example Of Discipline

I was watching a YouTube video recently of a hybrid athlete who runs a successful business and he was talking about this topic. He said that his unfair advantage is that he can be disciplined and endure a training programme from start to finish no matter what.

He is currently training for a marathon alongside lifting weights, running his business, and being a good father and husband. Training for a marathon requires a lot of time commitment as you have to go on a lot of really long runs.

In his video, he said that whether he feels like it or not he will show up and complete his training sessions. He may not always want to but he knows that by being disciplined, consistent and enduring the process he will grow and be able to complete his race.

That takes an incredible level of discipline and focus and I admire it. If you can incorporate that level of discipline and focus in your life you can do anything you set your mind to.

13. Stay Focused

Staying focused on your goals and not being distracted is so hard these days. There are distractions everywhere. But one habit rich people have mastered is ignoring the noise and staying laser-focused on their goals.

They do not have a fear of missing out on what other people are doing. What they fear is missing out on a great opportunity or finishing their work on time.

When you are focused on your work or goals you can produce more quality work. This will lead to you feeling more confident in your abilities and your skills will expand.

14. Use Debt As Leverage

I will admit, I am someone who does not like debt, especially consumer debt. A few years ago I was a few thousand dollars deep into payday loan debt so I swore off all debt.

What I have learned is that rich people view debt in a totally different way than most people. They see debt as leverage and as a way to make them more money.

Debt isn’t something they are afraid of.

For example, they will take out a mortgage to buy a rental property. This way they are leveraging debt from the bank to purchase an asset that will grow in value and make them money.

I read this in Rich Dad Poor Dad and it completely changed my mindset on debt.

The rich will not take out debt for luxury items like a car as this will lose value over time, but if the debt can help them to make money they will take it on.

If you want to buy a rental property or need capital to start a business, using debt as leverage can help you build wealth.

15. Mindset

Mindset is key when it comes to being rich and successful. Everything begins in the mind. Whether you want to be the next Elon Musk or start a career in Marketing, you need to believe that you can do it.

Once you believe in yourself and your abilities nothing can stop you. Of course, there are other factors and things may go wrong. But once you have the right mindset you can push through it.

When it comes to mindset, rich people believe that everything can be figured out. They focus on the solution, not the problem. What you focus on expands, so if you focus on the solution you will find one.

Another characteristic I have noticed with rich people is that they are comfortable being uncomfortable. They understand that to grow you have to be uncomfortable. That feeling is welcomed, they see it as a sign they are doing something right.

If you are in the beginning stages of creating wealth whether you are starting to manage your money or starting a side hustle. When you start to feel uncomfortable embrace it as a sign that you are doing something right.

Frequently Asked Questions

What Are The 5 Habits Of Millionaires?

Millionaires tend to have habits in common, and some of them are very simple. You can look at these habits and try to incorporate them into your daily life. Here is a list below.

They are Avid Readers
They are highly productive
They are Frugal
They invest their money
They budget

What Are The Characteristics Of a Rich Person?

Rich people tend to have a lot of similar characteristics. Being rich requires the right mindset and attitude, this isn’t just related to money it is also about morals, values and accountability. Here is a list of some of the characteristics of a rich person.

Think outside the box
Visionaries
Passionate
They give back
They are creative
Accept personal responsibility

Final Thoughts

Anyone can be rich, including you and me. If you can implement some of the habits I have listed above you can improve your life and eventually be rich.

Being rich isn’t only about money, your mindset is also very important. With the right mindset and habits, you can be rich financially, emotionally, and spiritually.

I hope you have found this post helpful. Which habits will you implement in your life?