Accumulating wealth isn’t nearly as much dumb luck or inheritance as people assume it is.
Most successful and financially stable people have habits they do day in and day out. Here are five examples of some of the most practical and powerful habits you can start doing today so you can count yourself among them!
They Set Clear Goals
Success does not get along well with ambiguity; you have to get specific if you want success. It’s good to want to “save more money.”
But until you know what that means, you’ll feel stuck. You can’t hit a target you can’t see, so know what you’re aiming for by saying exactly what it is.
We recommend writing it down: no “save money this month,” but instead, something like, “save $100 this month so I can buy a new car by next June.”
They Prioritize Saving Over Spending
The financially secure people follow the “pay yourself first” mantra. This means putting funds in your savings before you bother spending on anything else.
Most of them have automatic transfers set up so they never even see that money; it’s like it doesn’t exist. And over time, even the smallest amounts add up, especially when you’re letting those auto-withdrawals do the work for you for months.
They Live Below Their Means
This is technically a series of habits, but it’s wise nonetheless: just because you can afford something doesn’t mean you buy it. Lifestyle inflation is a trap, one that many people get themselves into and don’t realize they’re swimming in it until they’re drowning.
But if we have to get specific, the best way to live below your means is to avoid debt as much as possible. This usually leads to people spending money they don’t have, which leads to even more money going out the window.
They Delay Gratification
The impulse buy has become normalized and even celebrated, with choirs of people heralding, “treat yourself” every time you say something is “cute” or “looks good.”
Sure, this will give you that textbook dopamine hit and make you feel good for a second, but it’s not a sustainable way to live, especially if you want financial success.
Think to yourself before you buy: “Do I really need this, or do I just want it right now?” Even this small act can help you have more agency over your purchasing. Because even if you buy the thing, at least you have a conscious thought about why first.
They Re-Prioritize as Needed
Habits are great until they aren’t. Life changes, and the successful person knows that they have to be just as flexible as their circumstances demand of them. They’ll check in quarterly or monthly to see their progress and performance. That information is invaluable for adjusting budgets, updating goals, and changing plans.
Because plans will change, you might as well get good at changing with them. It’s strange to have a habit that’s basically “change your habits sometimes,” but the only thing worse than doing nothing is doing something that isn’t working over and over again.
