3 Things Wealthy People Never Waste Time On
Written by
Cindy Lamothe
Edited by
Amber Barkley
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Learning how to become wealthy means following the lead of those who’ve achieved what you want. And the wealthy never ever waste time on certain things.
According to Adam Garcia, certified financial planner and founder of The Stock Dork, there are some habits that set wealthy individuals apart. “As I often tell my clients, ‘Wealth isn’t just about making money; it’s about making smart decisions with your time and resources.'”
Here are the things wealthy people never waste time on. Also, learn what the wealthy do with their money that you can do, too.
Financial Fads and Short Term Thinking
“I came across a client last week who, for some reason, kept pursuing every trendy stock and investment tip without considering the fact that his net worth hasn’t really changed,” said Garcia.
He said this is precisely an example of what wealthy people do not waste time on: financial fads and short-term thinking. Rather, long-term wealth accumulation enabled by consistent saving, investment and continuous education is the focus.
“Rather than focus on stock picking, wealthy people focus on portfolio diversification,” Garcia explained. “They automate their savings to make the most of compound interest, reinvesting in themselves through skill enhancement and networking.”
Instead of spending on depreciating assets, they save surplus income, avoiding lifestyle inflation.
Activities That Go Nowhere
“Wealthy individuals also don’t spend their time on activities that don’t help them achieve financial growth,” said Garcia.
They also emphasize financial literacy by studying about money and investing extensively.
Garcia added, “Tom Corley, who studied millionaires for five years, discovered that ‘88% said that they read every day to deepen their understanding of their job and industry. More than three-quarters, 85%, reported that they read at least two books a month.'”
Being Afraid of Taking Calculated Risks
How the wealthy deal with risk and failure in general is also important, said Garcia. “Calculated risks are appreciated by wealthy people as a necessity for progress, and fear certainly does not stop them.”
He added that the wealthy see failure as an obstacle, but also as a learning opportunity.
How To Learn From the Wealthy
To make use of the above observations, Garcia advised beginning with setting up automatic savings and investment plans. “Construct a budget that seeks wealth-building activities instead of mindless expenditures.”
Also make sure to invest in your financial literacy by reading books, taking courses or even hiring a financial planner.
“Wealth creation is a marathon, not a sprint, so avoid strategies that try to offer exponential returns overnight,” Garcia said. “Wealth is built over time and through consistent, informed decision making over the years. It is not about the next bitcoin or meme stock, but about building a strong financial base that can withstand strong volatility and grow consistently over time.”
While there is no glamour behind this approach, he said it’s proven time and again. “The truly wealthy understand permanent wealth can only be achieved with patience, diversification and a relentless focus on value.”
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