10 Rich Mindset Habits You Can Start Emulating Now

If you’re serious about success, then you need to understand the difference between the rich mindset and poor mindset or mentality.

Should you study the lives of rich people, you’ll notice that certain behavioral traits separate them from others. I’m sure we all know of some childhood friend or old colleague who later became wealthy.

If you reflect carefully, you’ll observe that such people were exhibiting certain traits which helped them in their financial journey later in life. 

This is why most lottery winners go back into debt or bankruptcy despite their huge cash winnings. Rich people on the other hand, are capable of growing their wealth from meager resources. This reinforces the fact that it is not about the money, but your mindset.

Ready to learn how to develop a rich mindset? Let’s dive right in!

 

 

10 Rich Mindset Habits to Start Emulating Now

1. Always have a vision.

One common trait in rich people is that they play the ‘long game’.

They have a vision of where they are going and how they intend to go there. This vision influences their actions, the people they align themselves with, and even their choice of spouses. Rich people weigh the impact of their choices today on their future before making a decision. 

 

2. Have productive routines.

A vision is most effective when it’s broken down into smaller tasks and everyday routines.

Because your actions lead to habits, and habits develop into character, some would say, your character determines your destiny. As such, rich people are aware of how small everyday routines will affect, aid or keep them from achieving their goals.

This is why they have productive routines. Rich people are intentional.

As such, they pay attention to what they feed their minds and put themselves in environments where success is most likely. Rather than binge-watching movies on Netflix, or engaging in meaningless banter on social media, why don’t you invest that time on something that would have a more meaningful positive impact on your life?

 

3. Be results-driven.

Rich people focus on outcomes.

Routines alone will improve your quality of life. But they won’t do anything for your bank account. Routines coupled with focused action will yield results.

A rich mindset entails taking full responsibility by setting goals – and achieving them. Not just building routines for bragging rights. Having a clear idea of what the end goal is and working your way backward.

This way, you’ll be able to measure your progress and make necessary adjustments. 

 

4. Admit when you don’t know.

Most people think that it’s cool to know everything, or to not show how much you don’t know.

This fallacy has kept many people from growing financially. By admitting what you don’t know, you acknowledge your limits and how you can reduce your knowledge gap in the subject area. 

Those with a rich mindset are well aware of this, so they’re on a constant search for knowledge as part of their rich mindset. If you’re learning from a mentor, ask smart questions for informational purposes.

Gather intel on best practices, new opportunities, and potential challenges and solutions. 

 

5. Don’t work for money.

This seems to be a huge paradox, but the conflicting statement is true.

Rich people don’t work for money, rather, they make money from their passion. When you work for something you are passionate about, you go the extra mile to know more, contribute more and do more. This ultimately increases your know-how and value, which attracts money. 

On the other hand, working for money only restricts you from seeing what is in front of you instead and chasing short-term gains. As such, you tend to miss the long-term benefits of a seemingly unprofitable action you are taking now. 

 

6. Have a mentor.

Those with a rich mindset always have a mentor, someone who embodies the values and principles they are trying to emulate. One’s mentor does not have to be alive. Anyone can be a source of mentorship to you.

All it takes is studying the person, and applying their principles to your life. Having a mentor helps you avoid the same mistakes and pitfalls of others before you.

You get to learn from the experience of the mentor and as such, grow faster in your journey towards financial freedom. 

Looking For a Financial Mentor? The 6 Important Things to Consider

 

7. Always look out for opportunities – in every situation.

Rich people can be said to be opportunistic.

In every situation – good or bad – there is an opportunity. It all depends on your viewpoint.

When others are allowing their actions to be guided by emotions or preconceived notions, the person with a rich mindset examines the situation critically and looks for an opportunity.

One very good example of this is the stock market. Most people tend to follow the crowd and replicate what others are doing.

In a bear market, when the price of stocks are falling and most people are selling their stocks, the person with a rich mentality sees this as a buying opportunity, because the valuations are way cheaper. 

As they say, necessity is the mother of invention. This is why recessions and times of economic uncertainty create some of the greatest comeback stories. Past recessions birthed companies like Airbnb, Disney, Venmo, Slack, and Uber.

 

8. Believe in abundance.

A rich mindset always believes in an abundance of resources.

It believes that there will always be opportunities and chances. As a result, it’s willing to forgo little gains for bigger ones in the future. Someone with a rich mindset knows that by sacrificing now, they gain in the future. 

This is a stark contrast with someone who has a poor mentality, which is burdened with the notion of scarcity. A poor person believes in getting what they can now, allowing the future to take care of itself. 

It’s a belief that resources are limited and there is not enough to go around. This breeds unhealthy competition with peers and leads to jealousy and resentment. 

This is why rich people are bound to cooperate among themselves and do not engage in us vs. them. They know that by cooperating and supporting each other, their resources will increase dramatically. 

 

9. Be shrewd with your finances.

Will Smith once said: “We spend money that we do not have, on things we do not need, to impress people who do not care.”

This is exactly how a poor mentality operates. Poor people tend to overindulge in material things to look rich to other people. 

However, those with a rich mindset know they don’t have to prove anything to anybody (after all they are rich). So in most cases, they want to blend in and remain anonymous.

They are shrewd with their finances and do not spend money on things they do not need just to appear rich. They know the value of money and the growth potential of each cent.

So, instead of racking up debt or spending on what you don’t need, you should understand how to use the money to your advantage. 

 

10. Don’t be afraid to fail.

Those with a wealthy mindset are always unafraid to fail.

They aren’t frightened to attempt new things. When they identify a problem, they are fast to come up with remedies. When it comes to money and investing, no one is 100% accurate; sometimes you just have to take a calculated risk.

They are unconcerned about failure, since they haven’t failed as long as there are life lessons to be learned. They’re prepared to go out on a limb on occasion, at their own risk, to develop and strive to achieve greater success.

You’ve certainly achieved wins in the past, but you’ve probably also had things not go according to plan before those wins. Look back at each of them and you’ll notice the lessons you learned for you to get to the point of success.

Wealth Mindset vs. Poverty Mindset & How Can You Develop a Wealth Mentality?

Editor’s note: This article was originally published Dec 25, 2023 and has been updated to improve reader experience.

Photo by Nicolai Berntsen on Unsplash