Everyone wants to know how to be rich and successful.
It’s no secret that the richest 1 percent of American households own upwards of 40% of the country’s wealth.
These people — the ones that have “made it” in today’s society in terms of earnings and wealth — didn’t get there by chance. Far from it.
Instead, they often hold something in common — a shared set of similar habits that have helped them master how to be rich and successful in life.
Some people are born into wealth, others fall into it. But most people who’ve ever achieved huge amounts of financial success had to put in the work to get to where they are.
They’ve nailed down some key successful habits for creating value, building wealth, and snowballing their success into even more success.
Building up your net worth isn’t about cutting coupons and saving $1.13 on a tank of gas. It’s not about giving up your daily mocha. And it’s definitely not about “getting lucky.”
9 Habits That’ll Help You Become Rich and Successful
Breaking the “One Percent” is more about your attitude towards money (and life in general) than it is about skimping on small daily pleasures.
Understanding how your mindset and attitude can influence your finances and overall success is key to learning how to become rich.
Here are some successful habits you need to have that almost all self-made affluent people possess:
1. Become Obsessed with Delivering Awesome Value
I need to get real with you for a second:
Right now you are being paid exactly what you are worth.
Whether it’s at your job or perhaps even your own business, if you want to know how to become rich, here it is: increase the value that you are delivering to people.Want to make a billion dollars? Then solve a billion person problem.
Start looking at your financial situation from the other side of the picture — from society’s side.
What can you do to provide a billion dollars worth of value to others?
The people who are out there making serious money are the ones that understand that it’s actually not about them. They understand better than anyone else that it all comes down to adding as much value as humanly possible.
The money is just a by-product of your impact on the world.
2. Be Patient, but Also Proactive
Patience is one the defining factors between those who dream about wealth and the ones who actually go out and get it.
When I first walked away from my cushy desk job with a nice salary to start a business with Ben, I didn’t pay myself even one dollar for over a year.
It wasn’t easy, but I did it because I knew it was what I needed to do in order to make my business work. Everything we made, we put back into building the company.
I ate Ramen.
I didn’t go out on weekends.
I didn’t take a vacation for over a year.
I was busy putting in the work and trying to stay patient.
And while I haven’t reached the 1% yet, I know that eventually, I’m going to get there.
You can do the same.
Whether it means waiting an extra year to replace your car, saving up for something instead of buying it on credit, or understanding that “slow and steady” wins the race when it comes to investing, you need to be patient.
The vast majority of rich people didn’t get that way overnight.
It takes time.
3. Stop Thinking that “Stuff” Will Make You Happy
Whenever you spew $900+ on the newest iPhone or buy the latest Yeezys, you’re making somebody else richer.
And what do you get in return? Something that probably won’t mean much to you in a few months anyway.
That’s not to say that you shouldn’t buy the things you want, just make sure it’s in moderation and for the right reasons.
Before you buy yourself a new toy in the future, ask yourself, “Do I actually want this and will it add value to my life, or do I just like the idea of being someone who has this?”
It’s a very important distinction. Once you start realizing the motivations behind those purchases, you’ll start seeing them in a whole different light.
4. Create Systems and Processes for Your Money
Being organized is essential to staying on top of all your responsibilities, especially your financial ones.
Track where your money goes.
Set up automatic bill pay.
Automate your investments.
Outsource the stuff you don’t like to do (if you can afford it).
Your time is more valuable than you know.
By having everything in order and automating where you can, you’ll find that you’re much more productive. You’ll also have an easy way to see where your money goes.
Missing payment deadlines and just overall fiscal sloppiness can be a real killer for your finances. Don’t let it happen.
5. Start Having Some DisciplinePeople are rewarded in public for what they practice for years in private.
When you see someone who’s absolutely killing it in business/sports/whatever, you’re only seeing the outward results, not the years and years of dedication that led them to where they are now.
Again, refer to the Overnight Success video at the beginning of this article. It’s 100% spot on.
Ask any millionaire how to become rich and one answer you’re likely to get: hard work.
The vast majority of those that have mastered how to be rich and successful in life got to that point by being more disciplined than everyone else.
Whether it’s putting money aside every month to invest no matter what, or working harder in their career field than their peers and advancing more, it all comes down to discipline.
Keep at it, and keep at it every day.
6. Master the Art of Self-Awareness
Nobody is perfect. What’s important, though, is recognizing what you suck at.
A lot of us don’t like to do that. Admitting weakness is uncomfortable.
But what’s worse than that is denying it.
The ability to be honest with yourself and objectively look at your habits and your past decisions is absolutely key to improving your life. Whether it has to do with money, work, relationships, or anything else, self-awareness is a commonly underrated quality.
Leveraging what you are good at and improving (or delegating) what you aren’t good at is something that successful people do every day.
7. Get Rich by Investing in Yourself
I’m not just talking about traditional investing as it relates to your retirement portfolio (although that is a must-do).
No, I’m talking about putting money, and more importantly, putting time into improving yourself.
Take a business class.
Learn how to run a Facebook Ads campaign.
Go to seminars.
Do whatever you can to get more knowledge into that head of yours. The more you learn, the more valuable you become, and the more you earn.
8. Reaching the Top Means Taking (Smart) Risks
You need to be willing to take some risks if you want any chance of building significant wealth. But that doesn’t mean you should be reckless.
Investing in the stock market is a perfect example. There is some risk involved with doing it, but over the long term, investing money in the stock market is a way to earn higher returns on your money than a traditional savings account.
Compound interest is a powerful thing, and you best be using it to your advantage.
Some risks are bigger than others. You might decide at some point that you want to start your own business. That’s definitely a risk, but that shouldn’t deter you.
Here’s another hard truth for you: you’ll probably never reach the top 1% as an employee, so at some point, you should probably look into creating a business around something you love doing.
For me, that meant leaving my stable desk job at a financial advising office and taking the leap into online business.
Was I scared? You bet I was. Sometimes I felt downright discouraged, and for a while, I didn’t know if things were going to work out. But I stuck with it and eventually, my persistence started to pay off.
Now our business brings in over $17,000 per month.
That never would’ve happened if I hadn’t taken the risk and stuck it out.
9. Always Set Goals for Yourself
It doesn’t matter if you’re working hard, hustling day in and day out. Without clear goals, one day you’ll look up and realize you’ve made a whole lot of progress towards nothing.
If you really want to know how to become rich, this is a huge piece of the puzzle.
Setting clear, defined goals, especially with your personal finances, will help you out immensely. A popular goal-setting method is the S.M.A.R.T goals system.
The first step is to set specific goals on how you’re going to become rich and successful in life.
So, where one person would say “I want to save a lot for retirement,” another would say “By the time I’m ___ years old, I’d like to have $___ set aside. That means I need to save $___ each year and earn a ___% return on my money.” Which person do you think is more likely to succeed here?
Set clear goals, then create a plan to achieve them.
Learning How to Be Rich and Successful in Life is Something You Do Constantly
Guys, this is not impossible. When you start adopting some successful habits in your life, things can blow up a lot faster than you think.
Financial success and freedom is something that happens as a result of hard work, but the good news is that a lot of people have been able to pull it off — and you can, too.
The most viable path to prosperity isn’t winning the lottery, it’s all about working hard, always improving yourself, and giving more and more value back to the world. If you can do that, you’ve already cracked the code on how to get rich.
You might not have all the habits of wealthy people now, and that’s okay. Making positive changes in your life happens one day at a time.
Bottom line: if you want to have wealth and live the lifestyle that goes along with it, you’re going to have to hustle for it.
There are no shortcuts.
Your turn: What wealth-building habits and changes are you implementing in your life? Let us know in the comments!