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What Are the Secrets of the Wealthy?

Updated on January 8, 2020
nitinkhaire profile image

Nitin is a certified life coach, executive coach, writer, husband, and father. His passion is to help people become the best they can be.

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There is a huge gap between the rich and the poor. Below are 10 secret habits of the rich and wealthy.

If you want to acquire wealth and riches, learn from these habits of the wealthy and implement them.

In case you are rich already, applying these secret habits will further enhance your wealth.

Some differences between the rich and the poor are obvious whereas some are not.

Study the ones given below and apply those that are missing in your life.

It will result in an increase of wealth for you. these are open secrets and yours for the taking.

In fact, anyone can apply these secret habits in their lives and amass wealth.

1. They Live Within Their Means And Don’t Overspend.

Rich people have learned the secret of living within their means. Wealthy people never overspend.

Generally, rich people save 20% to 30% of their net income and use the remaining 70% to 80% for their expenditure.

Poor people spend almost one hundred percent of their income.

Rich people are careful about things like credit cards.

They don’t accumulate loans on credit cards.

Poor people are usually bad at money management and because of that, they end up in financial debt.

The wealthy don’t spend more than they earn.

2. They Don’t Gamble.

Rich people, who are also wise, don’t generally spend money on gambling.

Even if they take risks, they are calculated risks.

They are wise in the ways they handle their money and don’t just throw it away.

They even make money by investing the money that they already have accumulated.

Source

3. They Read Every Day.

Wealthy people have a good habit of reading books every day.

Millionaires like Bill Gates and Warren Buffett consume a huge amount of books daily.

It has become a part of life for them.

Reading increases knowledge and knowledge increases wealth.

Among the wealthy people, almost 80 to 90% of people read for at least 30 minutes daily.

It is said that readers are leaders.

So it is important to develop the habit of reading regularly if not daily.

4. They Forget The Television And Spend Less Time On The Internet

Rich people don’t spend a lot of time watching TV shows or surfing the internet.

The idiot box and internet can be the biggest time wasters of all time.

If you are not careful about how much time you spend on both of these you will end up wasting hours and hours of time.

Of course, no one can stay away from the internet in today’s technologically advanced world.

But one needs to definitely monitor how much time they spend on the internet.

If you are disciplined in your use of the internet, then you will be able to invest that time in creating wealth for yourself and your family.

How much of your valuable time do you lose parked in front of a screen?

5. They Control Their Emotions

People who are rich know how to control their emotions.

They don’t let emotions run their lives.

They don’t make decisions based on emotions.

They know that not every emotion should be expressed — that some emotions when expressed, can hurt others.

So they have learned to keep their emotions under control and use them only when necessary.

Source

6. They Are Good At Networking And Building A Team

Wealthy people are aware of the importance of building a good and large network of like-minded people.

They are very good at building strategic relationships which will help them in their businesses to increase their wealth.

They know how to use the power of synergy and leverage people’s skills and experience.

7. They Go Above And Beyond The Call Of Duty

Rich people go beyond the call of duty.

They don’t do just what they are required to do but they do much more than that.

They work hard not only in order to become profitable but also to increase the financial position of their employees.

They are not the kind of people who watch the clock all the time while working.

When they start working, they forget about the clock and just concentrate on the work that is to be done.

This is one attitude of wealthy people that we should start implementing in your life if you want to see riches and wealth coming to you.

8. They Avoid Procrastination

Wealthy people are action takers. They take massive actions and take it fast.

They know that time is of the essence.

They are aware of the fact that not taking decisions on time may result in huge financial losses.

They have mastered the art of taking quick action.

They know that time is precious and so they never procrastinate.

9. They Avoid Toxic People

The rich and wealthy people know the importance of building strategic relationships.

It is for this very reason that they strictly avoid toxic relationships.

A toxic relationship is one in which one person keeps on poisoning another person with his words and behavior.

Toxic persons are like vampires that suck the life of you.

Wealthy people have learned how to stay away from such people.

They are aware that such toxic people can affect them in many ways including financially.

So they only move around with other successful and like-minded people.

10. They Never Give Up

Wealthy people are very tough and they don’t give up easily.

They may fail in various ventures but they always come back and keep working until they succeed.

They have learned the secret behind the quote that says that “winners never quit and quitters never win.”

They are not afraid of failures and setbacks.

They are not afraid of missing the mark.

In fact, they know that they are going to fail sometime or the other and they are prepared for it.

Those who are successful in life have three things in common: focus, persistence, and patience.

As you can see, the differences between rich and poor are simple — sometimes small — but not insignificant.

If you start practicing these 10 principles or secrets in your life, you will definitely see more wealth and riches coming to you.

Do you think you can apply these secrets and become wealthy?

See results

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2020 Nitin Khaire

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    • nitinkhaire profile imageAUTHOR

      Nitin Khaire 

      3 weeks ago from Mumbai

      Thank you Abitha for the feedback.

      You are right self-improvement is something that should encompass the financial realm as well.

      We need finances at every point in life so while we are on the journey of self-improvement, our financial position should also increase.

      I appreciate your taking the time to read and comment.

    • Abitha Deepak profile image

      Abitha 

      3 weeks ago from Chennai, Tamilnadu

      I expected to read something else based on the title but was pleasantly surprised to come across a list that probably useful to anyone who is on the path to self-improvement, which I guess includes adequate wealth as well!

    • nitinkhaire profile imageAUTHOR

      Nitin Khaire 

      5 weeks ago from Mumbai

      Hey, Prateek we can learn so much from investors like Warren Buffet and Rakesh Jhunjhunwala. Rather than reinventing the wheel, it will help us to glean from the experiences of wealthy and experienced people. Thanks for commenting.

    • nitinkhaire profile imageAUTHOR

      Nitin Khaire 

      5 weeks ago from Mumbai

      Thanks for the comment Suchismita. We all need money to improve our lifestyle and learning how to acquire wealth is an important part of life. We can learn from the wealthy the principles of getting wealthy. This article has been an attempt to do so and help many people achieve their financial goals.

    • nitinkhaire profile imageAUTHOR

      Nitin Khaire 

      5 weeks ago from Mumbai

      Yes, Prantika. These are principles just like the principle of gravity or the law of gravity. They will work for anyone who will put them to work. They will work for individuals and they will work for corporations as well.

    • nitinkhaire profile imageAUTHOR

      Nitin Khaire 

      5 weeks ago from Mumbai

      Hi Rohan. Good to know that you will be implementing these ideas to enhance your financial situation. All the best buddy.

    • PrateekJain24 profile image

      Prateek Jain 

      6 weeks ago from Jabalpur, Madhya Pradesh

      Wonderful article Nitin sir. You always bring new and fresh content in front of us. The points you mentioned above are completely true in every aspect. I can relate these things to the indian Warren Buffett that is Rakesh Jhunjhunwala. He is the perfect examples of a wealthy person who lived hi life by following these same rules only.

    • Suchismita pradhan profile image

      Suchismita Pradhan 

      6 weeks ago from India

      Who doesn’t want to be a billionaire,we all struggling on our own way to get that throne of want.But not eveyone are fortunate enough to get the secret recepe.Thanks for sharing this.Atleat we can try to touch or sit on that throne one day applying your techniques.Thanks for sharing.

    • Prantika Samanta profile image

      Prantika Samanta 

      6 weeks ago from Kolkata, India

      These 10 secrets if implemented appropriately will not only help an individual to become wealthy but also enable one to accomplish his or her goals. Per me, it's a double benefit if followed diligently. Thank you for sharing these secrets.

    • nitinkhaire profile imageAUTHOR

      Nitin Khaire 

      6 weeks ago from Mumbai

      Thank you so much Kelty for reading and commenting on the hub. We need to know and benefit from the secrets of the wealthy people. I believe that if anyone applies these principles to their lives, they can become wealthy too.

    • profile image

      Rohan Kalonia 

      6 weeks ago

      Great article! I will soon implement these tips to enhance my financial situation.

    • nitinkhaire profile imageAUTHOR

      Nitin Khaire 

      6 weeks ago from Mumbai

      Thank you for your positive and encouraging feedback. Implementation of these 10 secrets will definitely result in a rise in wealth. You have been consistent in commenting on my hubs. Thanks again for your support.

    • hmkrishna profile image

      Halemane Muralikrishna 

      6 weeks ago from South India

      Hi, Nitin, I have voted to be wealthy. Now implementation of the ten habits of the wealthy is my goal. Thank you for sharing such rich information.

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