This is the No. 1 habit self-made millionaires share—and it’s also the most overlooked, says money expert

  

Category:  Mental Health and Wellness

Via:  krishna  •  2 years ago  •  23 comments

This is the No. 1 habit self-made millionaires share—and it’s also the most overlooked, says money expert
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

S E E D E D   C O N T E N T



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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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Krishna
Professor Principal
1  seeder  Krishna    2 years ago

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  .

 
 
 
Lucifer Morningstar
Professor Guide
1.1  Lucifer Morningstar  replied to  Krishna @1    2 years ago

And they’re really much of the time fucking assholes to the max, so it seems to work so well I’m considering that strategy myself.

 
 
 
Krishna
Professor Principal
2  seeder  Krishna    2 years ago

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?  jrSmiley_26_smiley_image.gif

 
 
 
katrix
Sophomore Guide
2.1  katrix  replied to  Krishna @2    2 years ago
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!

 
 
 
Krishna
Professor Principal
2.1.1  seeder  Krishna  replied to  katrix @2.1    2 years ago
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

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Krishna
Professor Principal
2.1.2  seeder  Krishna  replied to  Krishna @2.1.1    2 years ago
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...)

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.

 
 
 
JohnRussell
Professor Principal
3  JohnRussell    2 years ago

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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. 

 
 
 
TᵢG
Professor Principal
3.1  TᵢG  replied to  JohnRussell @3    2 years ago

Especially given she is on a putting practice green.

 
 
 
JohnRussell
Professor Principal
3.1.1  JohnRussell  replied to  TᵢG @3.1    2 years ago

True, but the grip and the feet placement is wrong as well. 

 
 
 
1stwarrior
Professor Guide
3.1.2  1stwarrior  replied to  JohnRussell @3.1.1    2 years ago

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.

 
 
 
JohnRussell
Professor Principal
3.1.3  JohnRussell  replied to  1stwarrior @3.1.2    2 years ago

There is separation between her hands. I've never seen an actual golfer grip a club like that. A model might though. 

 
 
 
JohnRussell
Professor Principal
3.1.4  JohnRussell  replied to  1stwarrior @3.1.2    2 years ago
Well, she's a lefty, wearing the wrong glove (should be on right hand for a lefty)

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  

 
 
 
TᵢG
Professor Principal
3.1.5  TᵢG  replied to  JohnRussell @3.1.1    2 years ago

Grip, feet, posture and elbows ...    Looks like a non-golfer model.   Very strange.

 
 
 
JohnRussell
Professor Principal
3.1.6  JohnRussell  replied to  TᵢG @3.1.5    2 years ago

To tell you the truth, she looks like she is getting ready to swing the golf club like a baseball bat. 

 
 
 
Krishna
Professor Principal
3.1.9  seeder  Krishna  replied to  JohnRussell @3.1.4    2 years ago
KRISH - PLEASE DELETE OFF TOPIC  GOLF COMMENTS IF IT SUITS YOU  

No. I'd rather leave them.

It is interesting to me to see how people react to this article!

 
 
 
Krishna
Professor Principal
3.2  seeder  Krishna  replied to  JohnRussell @3    2 years ago

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

 
 
 
pat wilson
Professor Guide
3.2.1  pat wilson  replied to  Krishna @3.2    2 years ago

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 !

 
 
 
Krishna
Professor Principal
3.2.2  seeder  Krishna  replied to  pat wilson @3.2.1    2 years ago
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!

 
 
 
pat wilson
Professor Guide
3.2.3  pat wilson  replied to  Krishna @3.2.2    2 years ago
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.

 
 
 
Krishna
Professor Principal
3.2.4  seeder  Krishna  replied to  pat wilson @3.2.3    2 years ago
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. 

 
 
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