The Rich Person Habits You Haven’t Picked Up Yet (and the Poor Ones To Drop Now)
Written by
Laura Bogart
Edited by
Kristen Mae
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Growing up, you might’ve watched a certain show called “Lifestyles of the Rich and Famous,” wherein the wealthy elite and celebrities shared the ins and outs of their glorious, sometimes decadent lifestyle. The phrase “champagne wishes and caviar dreams” may have imprinted itself on your mind as the way all rich people live.
Despite your idea that rich people are spending their days diving into a swimming pool of gold coins, the truth is, many of the most successful and financially secure people around you aren’t flaunting their wealth. They’re quietly embracing smart habits that make growing and managing their money much easier — habits that are actually pretty simple to adopt. Including for you.
Picking up some of these common “rich person” habits can help you improve your own financial situation. At the same time, it’s the right time to drop the habits that are keeping you stuck in the muck of your own limited finances.
Rich Person Habit: Regularly Reviewing Your Financial Plan
Wealthy people may seem adept at reading the tea leaves of financial trends, but in reality, they’re just used to consistently reviewing their personal finance plans and ensuring those plans align with their long-term goals. And yes, wealthy people typically have long-term goals for their money, chiefly oriented around growing it and making sure that they and their loved ones are protected.
They also know when to bring in expert help. Rich individuals often work with trusted financial advisors who can guide them on when they should make changes and when they should stay the course. They’re smart enough to know what they don’t know — and to delegate accordingly.
Rich Person Habit: Outsourcing Time Strategically
Speaking of delegation: Wealthy people also understand that time is money. Rather than spending hours learning tax law or DIY-ing plumbing repairs, they hire experts who know what they’re doing. Not only do they benefit from this expertise, but it allows them to devote that freed-up time and energy to high-value tasks.
That could mean taking courses to refine their skill sets, attending networking events, or simply making space to think strategically about their business or investments. Investing their time wisely empowers them to increase their earning potential and long-term financial security.
Rich Person Habit: Prioritizing Assets Over Just Income
The old stereotype of a rich person working around the clock, all day every day, doesn’t tell the whole story. While many successful people work hard, they also take steps to make their money work for them. They prioritize building up and diversifying assets that generate passive income. In other words, they make their money work for them.
As Richard La Faber, editor in chief of RLF Insights, explains: “The wealthy prioritize assets because they understand the power of compounding and passive income. By following their example — investing in income-generating assets, diversifying your portfolio, and avoiding common pitfalls — you can set yourself on a path to long-term financial success.”
Poor Person Habit: Living Paycheck to Paycheck (Even With a High Income)
When you’re scraping by on a low income, living paycheck to paycheck is often unavoidable. You don’t have much to put away in savings or invest, simply because there isn’t enough to put away. But when income increases and spending increases right alongside it, that’s a sign of a deeper issue: lifestyle creep.
Whether you’re earning $40,000 or $140,000, you won’t build wealth if you spend every dollar. High earners aren’t immune to bad money habits. Many still fail to save or invest simply because they’ve never developed the discipline to do so. Time to build a budget and ensure you’re allocating a portion of each paycheck into savings and investment accounts.
Poor Person Habit: Buying Objects Instead of Assets
Sometimes you need a new (or new-to-you) car. Or a solid pair of headphones. But do you need the most expensive versions of these things?
It’s easy to confuse having nice things with being wealthy. But actual wealth isn’t about things — it’s about ownership. Rich people own assets that generate value, like real estate, stocks, and businesses. If your financial life revolves around acquiring high-priced goods that lose value the moment you take possession of them instead of investing in income-generating investments, you’re limiting your financial future.
Poor Person Habit: Believing Budgeting Alone Is Enough
If you haven’t evolved your money mindset, you may think that the alpha and omega of personal finance is creating a budget. And while budgeting is important, it’s not the only thing you need to do to build a financially secure future. Building real financial security means having an emergency fund. A diversified portfolio. Plans to grow in your career and to connect with people who can guide you to boosting your income. Successful people don’t just manage what they have — they find ways to expand it.
Bottom Line
While stereotypes around the wealthy often show them flaunting their money Scrooge McDuck-style, in reality, they’re often just smarter and more strategic about building their long-term wealth. They embrace structure, invest in real assets that appreciate and provide income, and make intentional decisions with their time and money.
Adopting some of these habits — and letting go of the ones that limit you financially — can make a real difference, regardless of your income level today.
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