Marcia's Blog

3 qualities of wealthy people

While it’s easy to tell yourself that some people are just born wealthy, the truth is that most wealthy people amass their money through sound financial habits. The good news is you can mimic them and watch your own fortune grow.

Here are some qualities that wealthy people possess that you might want to cultivate in your own life.

They know their financial weaknesses. Nobody’s perfect and nobody has all the answers. However, wealthy people look for ways to compensate for what they don’t know. They read books about financial management, they understand the value of taking a financial class or they see the wisdom in seeking the advice of a financial counselor. They also take the time to understand their money habits. They know where their money goes, and if they notice that they spend too much on a certain category, they take steps to get their spending more in line with their goals.

They see the value in saving. When wealthy people create a budget, they don’t focus on how much they can spend, but rather on how much they can save. They get excited when they see their savings grow because they understand that with those additional savings comes freedom. They understand the wisdom of delayed gratification and they wait until they have the money to afford something rather than charging it on a credit card. They are always on the lookout for ways that they can save more money whether it’s by clipping coupons or cooking more often than eating out.

They look beyond the material. Contrary to popular belief, wealthy people are not consumed with what they can buy. They keep material things in perspective and understand that experiences are often more valuable than possessions. They value freedom and a lifestyle in which they can enjoy themselves without the stress of financial anxiety. They understand that the more money they spend, the harder they will probably have to work. They are willing to simplify a little if it means that they will have less stress in their lives, and they make sure their budget covers those things that are most important to them.

Stop waiting for an inheritance, a bonus or a lottery ticket to build your fortune. Develop a wealthy mindset today and you’ll create a wealthier tomorrow.