We’re fascinated by self-made billionaires. We often think of them as mystical creatures that have some secret sauce separating their extreme wealth and success from the rest of us.
Although every extraordinarily wealthy person has a different story, the truth is that they’re not that different from everyone else. Many billionaires got to where they are now by instilling some simple money habits that helped them rise to the top, and you can too.
Here are some of those simple habits that will make you wealthy:
View luxury differently
What do Sara Blakely, Oprah Winfrey, and Warren Buffett have in common?
Besides being incredibly rich and successful, they all have investment accounts. That’s because they view investing as the biggest luxury in life. They know that paying their future selves and empowering their life goals and dreams is much more of a treat than some new clothing.
You don’t have to live the life of a monk, but the next time you get a tax return or have some extra money because you just got a raise, consider this: Is that money better spent at a mall or on your future?
They spend differently
The truly successful know that having a big paycheck is different than actually being wealthy. They avoid the “golden handcuff” syndrome by not automatically correlating more income with more spending.
Even billionaire Warren Buffett lives in a $31,500 house, and Mark Zuckerberg drives a $30,000 Volkswagen GI. Having billions does not mean always buying flashy things, but investing in yourself and your future.
Automating money transfers from your checking account to your savings is a great way to start tucking away funds. Even a few dollars stashed away every month can make a big difference for your future success.
If you need help budgeting, check out our 20-30-50 plan to get started.
They use personal time to invest in themselves
A major difference between wealthy entrepreneurs and the average Jane is what they do in their down time.
What little personal time wealthy and successful people have isn’t spent binge-watching Silicon Valley until 3 a.m. In fact, Thomas Corley also found that around 70 percent of rich people only watched TV for less than an hour a day.
Instead, many of them invest in pastimes that improve them and their business. For instance, Bill Gates and Warren Buffett voraciously read nonfiction books. Oprah makes a habit of working out every morning before she goes to work. So put down the remote and exercise, learn a language, read an inspiring autobiography. If you use your downtime to better your future self, you’ll not only have fun, you’ll see your personal success soar.
Get more habits
Check in with the LTH Tribe to find out even more money-making habits! Have any of your own habits? We’d love to hear them!