You may have asked yourself, at least one time in your life, if you can develop the habits of wealthy people, or what habits do millionaires have.

The truth is: there is no magic formula for becoming wealthy.

However, there are habits of millionaires and habits of successful people that seem to make the cut, whenever these questions are examined.

In this article, I’m going to discuss the 20 things rich people do, that are also habits of successful people in general.

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Be sure to check out 5 Elements of a Good Estate Plan at the end of this article

Do you have to be wealthy to be happy? Of course not. Wealth does not guarantee happiness, but neither does poverty.

Having wealth and money just gives you some options that you don’t have without it, and who doesn’t want options.

Click here for 30 things money can’t buy

While chasing money is never a good thing, it’s important to strive for some form of wealth in your life. Striving for some sort of improvement is good and healthy.

Whether that is wealth in relationships, wealth in your spiritual walk, or wealth in helping and caring for others.

Striving to become more disciplined and better, is a good thing.

These are the 20 habits of wealthy people that we can all do

1. Wealthy People Take Risks

Wealthy people are comfortable taking calculated risks.

It’s not necessary to blindly just jump off the cliff with both feet, but you have to walk to the edge, study what’s there, and then take a small leap every now and then.

2. Wealthy People Focus On Their Strengths

Wealthy people are laser focus on their strengths, not their weaknesses. Figure out what you are good at and take your strengths to the next level.

People that have money don’t spend time and energy trying to be better at what they’re horrible at. Instead they re-direct that energy to be the best at what they already are good at.

In other words, if math is “not your thing”, don’t spend $25,000 and countless hours trying to get better at math.

Click here to read why its important to focus on your strengths.

3. Wealthy People Invest Carefully

Wealthy people choose classic steady investments like real estate, broad range of blue chip stocks, index funds, and mutual funds.

You will rarely find a wealthy person speculating in day trading, gambling at the casino, or at the horse races putting their money on the next trifecta.

I’m not saying there are no wealthy gamblers or day traders, because there are. I’m saying your chances of becoming wealthy by doing those things are small.

4. Wealthy People Value Their Time

Time management is a habit of wealthy people, and habit of successful people in general. Time is the one thing that is universally equal. We all have the same 24 hours every day.

Wealthy people are fanatical about their time. They understand that time is ultimately more valuable than money.

They create to-do list, are usually very organized, and typically don’t waste a lot of time on things that won’t matter in ten years from today.

5. Wealthy People Have Smart Friends

Wealthy people tend to be secure enough to surround themselves with people that are smarter than them, or have more knowledge in key areas.

They understand that success is a team sport. They strategically connect with the right people.

6. Wealthy People Act On Opportunities

Wealthy people look for and seek out opportunities. Where others see problems, wealthy people are able to see opportunities.

They are looking at the world from a different set of eyes than most people. When most people see clouds, wealthy people see silver linings.

People with a wealthy mindset recognize that where there is a problem, there is an opportunity. And they position themselves to capitalize on that opportunity with a solution to the problem.

7. Wealthy People Take Action Despite Fear

Wealthy people are not afraid to go against the grain. They don’t follow the herd and are unmoved by the crowd or fear. In fact, fear is merely an obstacle, not a deterrent.

They march to the beat of a different drummer and don’t care what other people think about it.

Wealthy people see what most people are doing and they do the opposite. Fads are not in the vocabulary of rich people.

8. Wealthy People Have Multiple Streams of Income

They leverage their knowledge, their skills, their thinking, and their interests to create opportunities to make money in various ways through various opportunities.

There are shortcomings to simply trading time for money, and successful people know it.

9. Wealthy People Understand Labor

Wealthy people build with their own labor, but they grow using other peoples labor. This is why the vast majority of wealthy people tend to be self-employed or business owners.

Most wealthy people are not entertainers or movie stars. They are hardworking people that found their passion, got good at it, started a business, hired people, and stayed steady and consistent.

If you want to grow and expand a business, you have to hire other people and sell your vision to them.

10. Wealthy People Are Persistent

Wealthy people don’t give up easily, but they know when to walk away. Being able to attack problems from multiple angles is what has enabled them to achieve their wealth.

If you give up the first time someone says “no” then you’re going to have a hard time becoming wealthy. A lot of wealth has been built after the first “no”.

11. Wealthy People Take Personal Responsibility

They understand the value and empowering effects of owning both accountability and personal responsibility.

We all know ownership is important, but there is nothing more important than owning yourself and your actions. Leaving success or failure in the hands of someone else, is a recipe for poverty.

12. Wealthy People Pay Attention to Their Money

Wealthy people are intentional with their money, so they do things like budget, stay organized, and read to further their knowledge about money.

People that have money tend to have a healthy amount of focus on money. If you want to eat right, you have to focus on your diet.

If you want to be fit then you have to focus on being fit.

13. Wealthy People Live Below Their Means

They aren’t swayed and moved by the latest fashions, the big fancy cars, and the $100 pair of jeans with the studded pockets. They don’t care about the Jones’s.

Wealthy people tend to be comfortable and content with their own pattern of living.

Click here for 7 Ways Millionaires Stay Wealthy

14. Wealthy People Have Vision

People that have acquired a certain level of wealth tend to plan ahead, visualize their future, and set goals. They are aiming at something, and that keeps them focused and disciplined. They don’t just “wing it”.

Be sure to check out 5 Elements of a Good Estate Plan at the end of this article

Wealthy people think long term. They plan for the future because they believe they can affect their future.

15. Wealthy People Self-Improve

Reading, learning, and self-improvement are taken very serious. Wealthy people have a real thirst for knowledge.

They do their homework, they research, and they seek feedback and new information constantly.

Typically they are in search of ways to develop themselves. Reading a good non-fiction book a month is a great start.

Click Here to check out 5 books to win with money

16. Wealthy People Take Care of Their Health

Wealthy people tend to realize that none of this matters if they aren’t taking good care of themselves by eating well and exercising.

Taking care of their body is a priority.

Travel to any affluent area on a beautiful afternoon and you are bound to see people outside walking, exercising, and deeply concerned with their health.

Physical fitness and wellness are habits of successful people

17. Wealthy People Volunteer

They are not shy about giving away their money, time, talent, and energy to worthy causes.

You will find them coaching, mentoring, and sharing their expertise. This strange idea that wealthy people are selfish is just flat-out wrong.

18. A Positive Attitude is a Habit of Wealthy People

Wealthy people tend to keep a good attitude. They understand that thoughts become actions and that a positive mental outlook can cure a lot of woes.

Keeping a positive attitude is a rich mindset that doesn’t require you to have money.

19. Wealthy People Take Time to Think

Whether it’s in the morning or at night, wealthy people find ways to sit and think and dig into their thoughts. Some do it while walking or exercising, and others first thing in the morning.

Reflecting helps you learn from mistakes.

20. Wealthy People Are Comfortable Being Confident

Wealthy people believe in themselves. Their thinking is bent toward believing that they can achieve what they put their mind to.

They aren’t arrogant and think they are above others, but instead they are confident because they know in their heart that no one is above them.

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