10 Habits That Separate The Rich From The Poor

Expensive cars, luxurious houses, designer clothes, parties, to name a few, are some assumptions people have about the rich’s habits and the way of life. Many people conclude that the rich live in mansions, host lavish parties, and dine in fancy restaurants every night. While a small percentage of rich people may live that way, many others don’t live that way.

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 “Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.”

Robert T. Kiyosaki

What’s fascinating about the rich are the habits they develop that distinguish them from the poor. Habits that make them rich, and keeps them rich, which is why we created this article for you to recognize habits that separate the rich from the poor, and most may surprise you.

#1. Poor Mindset

It is said that a man cannot grow past his mindset. This implies that oftentimes one’s reality is as a result of his or her mindest. Many poor people have rich mindsets but, for uncontrollable circumstances, can’t translate it to their reality (yet). A rich mindset amasses resources and mediums through which funds are generated continuously.

A poor mindset would rather invest in short-term programs with immediate rewards. Another difference is that a rich mindset sees surplus as an opportunity to expand influence for wealth generation, while a poor mindset sees surplus as an avenue for consumption. A person with a rich mindset seeks to build genuine relationships for a stronger network, but a poor mindset is all about personal and immediate gain from a relationship.

Apparently, the bankruptcy of the right mindset can affect one’s financial state. This is why it is necessary to be progressive and willing to unlearn and relearn things.

Also Read: 5 Habits That Kill Your Motivation

#2. Lack Self Development

This is a common reality among married women. You get to the supposed ‘climax’ of your life -marriage and somehow forget you once had dreams; it’s all fun and games until some years down the line when you are suddenly knocked off your fantastic life. You realize there is more to life, but you’ve lost your chance (or so you think).

The narrative wouldn’t be different for anyone else if you don’t strive for self-improvement. Remember that nobody feels your passion the way you do. Hence, no one can carry out your dream as much as you would. Improve on your ability and build capacity today!

Also Read: 5 Habits That Boost Your Self Confidence

#3. Living Without Goals

“If you want to live a happy life, tie it to a goal, not to people or things.”

Albert Einstein

A goal is an idea of the future or desired result that a person or a group of people envision, plan and commit to achieving. What happens when you do not have a goal is that you live life aimlessly. You literally just exist and wait for life to happen to you as it wills.

One of the major habits that separate the rich from the poor is their ability to dream and set goals toward achieving their dreams while exerting their will. Sometimes we wish to be rich yet do not have goals. Our only goal is to make money (with no plan of execution). You forget that there is a process that ensures being rich, and your GOALS drives it.

Now go ahead, evaluate yourself. Suppose you do not have goals; you need to set one. If you already do, go through it again. Does it need remodeling? Do you need to set up new sets? Just evaluate your goals to ensure you’re on the right track.

Also Read: 10 Things You Probably Didn’t Know About Money

#4. Blaming Others For Failure

This is a major excuse for failure. Blaming our failures on people and situations is a toxic habit that keeps you tightly knotted to the grip of poverty. This is because it is convenient to make excuses for our failures, but convenience never challenges outcomes and results. Hence, it promotes mediocrity which never allows growth past average (if growth is allowed).

The truth is that one of the major habits that separate the rich from the poor is that poor people are pessimistic and always complain. They prefer to blame people or situations they obviously have no control over instead of looking for a solution. In contrast, rich people do not brood over spilled milk; they take responsibility.

#5. Not Investing in Financial Education

Financial education is the ability to understand how money works. It is the art of investing and managing money and the ability to make sound financial decisions. How can you be rich when you do not understand major principles on how money works. Any decision taken with financial illiteracy is a dangerous step because it can be disastrous.

Individual financial literacy is necessary because the professionals in this field tend to exploit the not-informed who contract their services. So while it can be necessary to utilize professionals’ services, independent financial schooling is more necessary.

Check out 7 Toxic Habits That Make You Ineffective

#6. They Make Poor Decisions

Wisdom is the application of already acquired knowledge. Having financial education is one thing; applying it is another. In as much as you gain financial knowledge, if you do not put it to practice when necessary, you will end up poor.

Making poor financial decisions is one habit that can get even the richest man on earth bankrupt. You have to implement financial discipline alongside your application of knowledge. Indulging habits like gambling, impulsive and unplanned spending, overspending, etc., is a fast lane to Poverty Close.

#7. Being In A Toxic Environment

It’s just like any relationship, the more contained the environment, the more the good stuff appears and the more the bad stuff will reveal itself.

– Bruce Greenwood

Like plants don’t do better than their environments permit, so are our life’s results. If you desire to outgrow your environment, either physically, mentally, socially, or financially, you have to go out of it. Make contact with your desired life. Meet new people, position yourself around what you aim to be. Utilize the power of networking. Do not just sit and hope things will change.

This point passes like a bad habit because a lot of times we make the decision to not do otherwise. Only change has proven to be constant in our world, If you put in the effort necessary then growth is imminent.

#8. Being Passive With Decisions

A rich mindset recognizes the danger of being careless during decision making, hence analyses situations critically before making a decision. They understand that every choice made at every point in their would accumulate to form their reality, hence rarely involving short-term pleasures that could cost their future, especially financially.

Poor people have the ‘you only live once’ mentality; hence, they indulge every impulse and feed each craving to the detriment of their financial future.

#9. Avoiding Competition

It is said that ‘iron sharpens iron’. Competition is necessary for growth. The rich understand this and gladly embrace competition. If you get discouraged by the slightest hint of competition, you are well on the path toward poverty.

When you do not actively participate in growth-enhancing exercises, you become stunted. The rich are all about growth, and competition acts as stimulation to help them grow and become better.

#10. They Make a Habit of Quitting

Winners don’t quit. Quitters don’t win.

A lot of people start really strong, then meet challenges on the way and quit. Having potentials isn’t enough to make one rich. You have to equate the work necessary to produce the needed result. Starting a race doesn’t guarantee one’s victory. It is the ability to stick till the end of the race and even put in extra effort to beat the competition around to ensure one’s victory.

Final Thought

What habits are you aware that could be make you poor instead of rich? We would love to learn from you, so feel free to share in the comments,