This is the No. 1 habit self-made millionaires share—and it’s also the most overlooked, says money expert
S E E D E D C O N T E N T
Photo: Getty Images
There are a handful of things that separate the ultra rich from everyone else: research has shown they tend to exercise regularly , maintain a healthy diet , save 10% or more of their income , read books and manage their time wisely .
But the most important — and most overlooked — habit they share that helped them grow their wealth, in large part, is their commitment to forge valuable relationships with individuals they aspire to be: positive, success-minded folks.
You are who you associate yourself with
That’s what I discovered through my “Rich Habits” study, in which I spent five years interviewing and researching the daily activities, habits and traits of 233 wealthy individuals (with at least $160,000 in annual gross income and $3.2 million in net assets) and 128 low-income individuals (with at least $35,000 in annual gross income and $5,000 in liquid assets).
It’s human nature to associate ourselves with like-minded people with whom we feel the most comfortable. The ultra wealthy and successful, however, are a lot more selective when it comes to who they allow into their inner circle.
Nearly all of the self-made millionaires I interviewed said one of their top priorities was cultivating “rich relationships” and avoiding the “toxic” ones.
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There are a handful of things that separate the ultra rich from everyone else: research has shown they tend to exercise regularly , maintain a healthy diet , save 10% or more of their income , read books and manage their time wisely .
You Are Who You Associate Yourself With
That’s what I discovered through my “Rich Habits” study, in which I spent five years interviewing and researching the daily activities, habits and traits of 233 wealthy individuals (with at least $160,000 in annual gross income and $3.2 million in net assets) and 128 low-income individuals (with at least $35,000 in annual gross income and $5,000 in liquid assets).
It’s human nature to associate ourselves with like-minded people with whom we feel the most comfortable. The ultra wealthy and successful, however, are a lot more selective when it comes to who they allow into their inner circle.
Nearly all of the self-made millionaires I interviewed said one of their top priorities was cultivating “rich relationships” and avoiding the “toxic” ones.
Hmmm . . . "cultivating “rich relationships” and avoiding the “toxic” ones"..
Excellent idea!
But then the question becomes-- how does one do that?
It's easy to figure out who has a crappy work ethic, who expects something for nothing, and to avoid those people. I have found that avoiding melodramatic people and negative people is another must for me.
Finding ultra wealthy people to hang out with is more challenging, though. I can't afford the membership fees of the places where they hang out!
For the most part that's quite true.
However there are ways...
For a while now I've been thinking of starting a business. And then I thought that, since I could probably figure out what type of clients I'd like to attract-- why not attract wealthy ones (so I could charge higher fees for my services-- and get satisfied clients!).
I did a lot of research-- and came up with the single most effective aid I could find.
This is not the single best book I've ever read on any subject-- but its by far the best I've read on this subject! (And I've read many...)
If you want to put in a bit of work, I recommend it highly!!!
How to meet the Rich: For Business, Friendship, or Romance
BTW its amazingly thorough-- it mentions that there are several "types" of wealthy people-- not merely the "Old Money" and "Nouveau Riche" most people think of. Each has different characteristics. And many tips-- how to dress for success when working with each type, etc, etc.
And especially useful-- it does list expensive places to hang out-- but also quite reasonable places as well.
Interesting photo. It isnt close to being the way a golfer would hold a golf club, or stand before a shot, but maybe their million dollars is good consolation for their ineptness on the golf course.
Especially given she is on a putting practice green.
True, but the grip and the feet placement is wrong as well.
Well, she's a lefty, wearing the wrong glove (should be on right hand for a lefty) her belt buckle is facing (?) the direction of her shot with a nine iron on the putting green with two flags, her hair is blowing the opposite direction of the flags. Other than that - well, maybe she's actually the caddyess.
There is separation between her hands. I've never seen an actual golfer grip a club like that. A model might though.
She's supposedly right handed in the shot. If she were left handed the right hand would be below the left on the club.
KRISH - PLEASE DELETE OFF TOPIC GOLF COMMENTS IF IT SUITS YOU
Grip, feet, posture and elbows ... Looks like a non-golfer model. Very strange.
To tell you the truth, she looks like she is getting ready to swing the golf club like a baseball bat.
No. I'd rather leave them.
It is interesting to me to see how people react to this article!
Interesting photo. It isnt close to being the way a golfer would hold a golf club, or stand before a shot, but maybe their million dollars is good consolation for their ineptness on the golf course.
Good point!
That obviously invalidates the entire article!
/sarc
The concept makes a lot of sense. If you have a small business you want to meet the wealthy. They usually pay well and also refer you to their friends and business associates.
I have always avoided toxic people, they are draining !
Incidentally I have also heard advice about the people to seek out.
Of course positive people are great.c.
However I have heard this bit of advice from more than one wealthy (and & highly successful) person:
Always try to surround yourself with a least a few people who are smarter than you are!
I usually find I'm in a mix of people, I like that.
I like a mix as well.
I have learned a lot from various types of people.
But IMO it pays to have at least one or two that are really smart.