6 Daily Habits of People Who Get Richer Every Year
Written by
Cara Danielle Brown
Edited by
Zuri Anderson
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It’s been said that changing one’s life isn’t about thinking big; it’s about tiny habits performed every day. For instance, instead of moving houses or changing jobs to feel accomplished, a few daily pushups may be all it takes. This is because small changes are easier to sustain over the long-run. And these small changes, when performed consistently, ultimately become big outcomes.
The same concept applies to money and getting rich. Those who continue to grow their wealth year over year don’t just wake up one morning and invent a new form of space travel from which they can profit; instead, they perform consistent, daily habits that keep them focused and on track to achieve their financial goals. Because building wealth takes time and patience.
Here are six daily habits of people who get richer every year, according to experts.
They Journal
Crucial to building wealth is setting goals and having a clear purpose — and that means taking the time to reflect on and evaluate them.
That’s why Kevin D. Quinn, J.D. and president at Legacy Counsellors, PC, stated those that continually get richer keep a daily journal or focus planner to check in with themselves, stay on track and invigorate a growth mindset. Not only does journaling encourage individuals to re-focus and get clear on their purpose, but it helps them connect their work and wealth building activities to it.
Aytekin Tank of Entrepreneur.com wrote that journaling was a key factor in growing his business concept from just an idea to a full-fledged, profitable company because the act of daily writing and reflection helped him focus his thoughts into “something clear and actionable.”
They Learn Something New About Money
“Individuals who accumulate wealth are curious learners,” stated William Bergmark, personal finance expert and finance editor at Credwise. “They set aside a few minutes a day to learn about money, perhaps reading an article, listening to a podcast, or watching a video on budgeting, investing or money psychology.”
After, all, if getting increasingly rich is the goal, embracing financial literacy is a must. You can’t grow your wealth if you don’t know how money works in the first place. Not only does financial literacy help individuals make informed decisions around their finances, but it also gives them the knowledge to avoid costly mistakes.
They Rigorously Protect Their Time
Trying to finally get that proposal written but your friend keeps calling to ask advice? Well, if growing your bank account is the name of the game, politely tell her you are not available at the moment and will call back when or if you have time. Distractions, burnout and spreading one’s self too thin do not facilitate wealth building. This is why boundaries are essential.
Rich individuals “protect their time like a wealthy asset,” said Sophie Musumeci, CEO and founder at Real Entrepreneur Women. “You won’t find them overcommitting or people-pleasing. They honor their calendar and make space for what matters — including rest.”
Remember: The word “no” is a full sentence.
They Review Their Finances
Individuals dead set on growing their wealth constantly review their finances, explained Bergmark. They aren’t sticking their heads in the sand and just hoping for the best — they are rigorous and mindful.
Whether checking bank statements, credit card statements, or upcoming bills, “it helps them to stay aware of their spending, catch any fraudulent charges early and make intentional decisions every day.” It also allows for better budgeting.
They Invest
The best way to grow your wealth is to make your money work for you. While individuals don’t have to necessarily invest additional money each day, allowing currently invested money to continuously compound is a recipe for success.
Which is why, according to Bergmark, people who wind up rich over the long-term don’t wait until they have enough money to invest — they start as soon as possible.
“Regardless of the amount, whether its $10 or $500, it’s building the habit of putting the money to work that counts. They know that the sooner they begin, the more their money will grow through compound interest,” Bergmark said. “Even when markets are uncertain, they stay consistent because they treat investing like a marathon, not a sprint.”
They Spend Less Than They Earn
This one is just simple math. How can one grow their net worth if they are spending everything they bring in? Individuals who want to build wealth stay vigilant about spending less than they earn.
“They do not fall into the trap of lifestyle inflation — where your expenses increase as your income increases,” stated Bergmark. “Instead, they live modestly and set aside money for savings. It is not about being cheap but about being in control of your financial future.”
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