The Money Advantage Podcast

The Money Advantage Podcast


Key 16 Habits of Rich People

September 09, 2024

What sets apart the people who are wealthy and successful from those who struggle with money their whole lives?  What are the Key Habits of Rich People?

It’s not luck.  

Some people were familiar with wealthy habits, and some learned them.

Today, we’re talking about the fundamental habits and disciplines of an ordered life.

https://www.youtube.com/live/B8sUIodCLus

What if the key to your financial and relational success lay not in luck but in your daily habits? Join us as we challenge the notion that success is merely a result of favorable circumstances. We uncover the transformative power of self-discipline, self-awareness, and deliberate choices. Through insights from "Atomic Habits," we delve into how significant, transformative habits can set the foundation for broader success and why surrounding yourself with success-oriented individuals can be the game-changer you need.

In a touching conversation with my 13-year-old daughter, we debunk the myth that self-improvement means inadequacy. Bruce shares his wisdom on the ongoing nature of growth and learning, stressing the importance of new experiences. Drawing from Rabbi Daniel Lapin's holistic approach, we discuss how progress in finances, faith, fitness, friendships, and family are intricately linked, contributing to a balanced and successful life. This holistic model underscores that improvement in one area can create positive ripples across all facets of your life.

Discover why an abundance mindset is crucial for growth and wealth in our discussion on intentional living. We'll share how gratitude and viewing tasks as privileges can shift your career and personal growth trajectories. Learn from the financial habits of rich people, such as cash flow awareness and strategic investments, and see why building a self-sustaining business through teamwork is essential for long-term success. With practical steps for setting a long-term vision and focusing on significant goals, this episode is packed with actionable insights to help you achieve true financial independence and personal fulfillment.

So if you want to discover the thinking, action, and strategies that separate the top 1%, tune in now!

Take Responsibility and Work on YourselfHabits of Rich PeopleAbundance MindsetGet Your Priorities StraightWealth Takes TimeCash Flow AwarenessPay Yourself FirstFocus on What You Can ControlBook A Strategy Call

Take Responsibility and Work on Yourself

For better or for worse, you are responsible for the outcomes of your life. Taking responsibility of that is the first step toward a “wealth” mindset. So what does it mean to take responsibility? That can look like making different choices, forming new habits, doing research and due diligence, and so much more. 

I think, often, people conceptualize taking responsibility in a negative context. Many people view it as owning up to your actions when taking responsibility can also be a positive thing. It’s about taking ownership of everything you do so that you’re living life consciously and intentionally. When you’re responsible with your actions, you’re informed and empowered, which yields excellent results. 

If you want to go the way of the wealthy, everything starts with responsibility. Assume responsibility for how you think and what you do, and you’ll start seeing positive results.

[06:00] “Taking responsibility means recognizing that you can’t blame others, you can’t have excuses. It’s taking ownership of your life.”

Habits of Rich People

So what is it that sets the wealthy apart from your average person? It's the habits that they've collected over time that help them live life more abundantly. These habits of rich people are all small pieces that contribute to a larger picture of hard work, innovation, a desire to create value, and strong principles.

[08:46] “It’s not that you need to change to become valuable; it’s that when you recognize your worth and your value,