In a world of ordinary people – and average salaries – many aspire to join the 7-figure club. Who doesn’t dream of getting rich so they can stop working, go on a guilt-free shopping spree and take endless vacations?
However, most wealthy people don’t do those things, and it’s part of how they build and maintain their wealth. There’s a difference between living a life of reckless spending (which will quickly drain even a wealthy person’s bank account) and living for long-term financial freedom and money.
The self-made wealthy aren’t necessarily more intelligent than anyone else, but they have mastered vital principles that help them grow and stay ahead. Most importantly, they view building wealth as a skill worth learning – and it’s one you can know, too.
So, if you want to join the ranks of the super-rich, try honing these ten habits and lifestyle changes and see what financial freedom is like.
Here are ten things wealthy people do to keep getting richer
1. Have a financial growth mindset
Rich people are incredibly creative in thinking about business and finding different ways to make money. Mega-successful people differentiate themselves because they nurture a financial growth mindset, which changes how you look at money and helps you focus on seeing profitable opportunities.
This mindset helps make successful and wealthy people believe that there are always bigger and better projects to work on and that more money will always be made. They are open to exploring new ideas.
They believe they can always make changes and create positive results.
2. Network with other successful people
Wealthy people understand the importance of surrounding themselves with other successful people. Rich people spend time networking with others who are wealthy but have the drive, talent, and, most importantly, the ability to succeed wildly.
The wealthy spend time every month at conventions, events, and gatherings getting to know like-minded other people or just having coffee or drinks with someone interesting.
This time is wisely invested, keeping their minds focused on success and helping them meet new people with fresh, thought-provoking ideas.
Doing so allows wealthy people to fill their contact lists with relevant and influential people who can potentially help them (and vice versa).
3. Get out of your comfort zone
Rich people are successful because they have learned that success comes to those who embrace the slightest difficulty. They understand that pushing yourself beyond limits is the only way to improve.
To get rich, you must fuel your creative spark, develop unique business ideas, and take advantage of them.
Wealth and success don’t come from a 9 to 5 job security. They come from attracting your inner strength and going for your big dreams. All successful business leaders, visionaries, and game-changers have gone beyond their comfort zones to achieve ultimate success.
Those who would go down in history dared to face their fears and take the first step into the unknown.
4. Create multiple income flows
The more money you have, the easier it is to earn more. And the easiest and fastest way to make more money is through multiple income streams.
This way, you always have cash flowing in, and you can use the extra income to invest in the new income stream. This is, in short, the first way for the rich to stay wealthy.
There are two primary forms of income: active income, in which you work for the money you make, and passive income, in which payments are not directly tied to the hours you work.
Passive income can include renting property, dividend stocks, index funds, writing a book, or building an app, all of which will bring in a steady income from sales or royalties.
Rich people make their money work for them. They know that investing is the key to growing their finances. Saving money for a rainy day is essential, but your investments will do the heavy lifting to help you get rich.
Savings means keeping money in a safe place until you want to retrieve it, but most savings bank accounts don’t pay high interest, so this pile of cash remains constant – it keeps from adding up as you go. You are not going to progress much.
But intelligent investing will give you healthy returns, which you can re-invest. When you invest in something, you also accept some risk, so you never want to invest more than you can afford to lose.
6. Take calculated risks
The rich don’t gamble on big financial decisions; They do what they can to reduce the risk. They research, analyze, and determine which options best fit their financial needs and business desires.
They weigh the pros and cons and then take the calculated risk.
They make financial decisions by asking themselves, “Will this get me closer to my goal?” They avoid trivial risks that will not benefit them and are never adamant about money.
7. Focus on self-improvement
Rich people are usually avid readers, but you won’t find many goofy beach novels in their bookcases. Wealthy people understand the importance of self-education and motivate themselves to be better in every way. Looking at a stack of bedside books, you’ll find titles mostly on self-improvement.
While 85 percent of wealthy people read two or more self-improvement books per month, only 11 percent read for fun, compared to 79 percent of poor people.
And 94 percent of wealthy people read news publications, compared to 11 percent of non-wealthy people.
8. Never retire completely
The ultra-rich certainly don’t have enough money to work another day in their lives, but most of them keep working, at least to some extent, often past age 70. This does not mean they are spending long days at the office; they’re probably taking their fair share of vacations and enjoying flexible schedules.
But many wealthy people never fully retire. It’s not because they can’t afford it, but because they want what they do.
Many are entrepreneurs, and the desire to run and grow a business never leaves them. The stability of working and the sense of purpose and fulfillment it gives them is an integral part of their happiness.
Working gives them a constant sense of success and a drive to keep them focused. Not to mention that it keeps the money rolling!
9. Avoid overspending
While non-rich people dream about spending money without worry, buying fancy cars, big houses, and expensive clothes, the rich understand that the more money you spend, the less you will have.
The wealthy believe that the less you spend, the more money you have to increase your wealth. Remember that frugality is relative to your income — a wealthy person may spend a lot more than someone considered middle class. But by comparison, the rich are frugal and ensure they do not overspend.
10. Take time to reflect
Many of the self-made wealthy spend time every day focused on thinking. Spending 30 minutes (or more) in a quiet space allows them to reflect on their lives and goals, think about their health and relationships, reflect on their career and financial goals, and analyze where they currently are and where they want to be.
Critical thinking time is essential to stay ahead of the market and consider the changes coming your way.
It is also a time to focus on self-improvement and to work through the ideas. Some may opt for journaling or writing to help them come up with creative solutions and ideas.
Just make sure you’re spending your time on productive thinking. Don’t waste your mental energy on rumors or negative thoughts that will lead you to second guess yourself. The rich don’t.