10 Money Habits of the Super Rich To Steal

We all want to be among the top one per cent, but instead of envying them from afar we could learn a thing or two from their money habits.

It’s a common misconception that the super rich do not worry about money. In actual fact they are constantly thinking about money – how can they grow their wealth, how should they spend it and how can they maintain their current lifestyle.

A wealthy person who spent without any thought would not be wealthy for very long. There’s very few people who can sustain being rich without actually doing something to look after their money.

So we can learn a lot from the money habits of millionaires, including how to budget and how to grow our own personal wealth.

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Common money habits of wealthy people

Check out these smart money habits that you can steal from the rich in order to grow your own wealth.

1. Avoid bad debt

Even the rich have debts, for example a mortgage. However they avoid bad debts, such as credit cards and other consumer debt that can have huge interest rates. High levels of interest can end up causing you to pay double or even triple what you originally owed. That’s a lot of lost money.

Staying away from debt that you will not be able to afford is one of the most important things you can do for your finances.

It’s the best way to start with a solid foundation when it comes to getting a grip on your money.

So if you have debts, find a way to pay them off, consider how you will avoid debt in the future and spend within your means.

2. Stop spending to look rich

Someone who is wealthy does not always advertise that fact. In fact, spending to look rich is the fastest way to make yourself poor.

A person driving a $150,000 car is advertising the fact they spent $150k on a car – or maybe are saddled with $150k of debt. However you may assume someone driving a $10,000 car is not that well off, even though they have $150k in the bank. They have assets. The first person has debt.

People who are serious about building wealth funnel their money towards things they truly want and need. They do not spend based on keeping up with trends, fashions and new tech.

Debt such as buy now pay later schemes has been marketed as a way to get the stuff you want and worry about affording it later. This is a recipe for disaster.

If you want to keep your budget balanced, start rethinking the way you shop, prioritise your spending and avoid taking on debt.

3. Pay yourself first

The rich make their savings a priority once the essentials have been paid for.

This means they move money into savings or investments before spending money on the stuff they want.

Of course the super rich have much more disposable income than us mere mortals, but there is an important lesson we can take away from this.

If you do not save then you cannot build up wealth for the future. While spending money right now on stuff you want, such as nights out, holidays, and new stuff, may feel good in the moment, it may well be insignificant when you reach retirement with very little money set aside.

This is why it’s important to spend what you can afford on your wants – the fun stuff – and prioritise savings.

The rich have an idea of their goal when it comes to paying themselves first. This may be to retire early, or to fund a new project.

You can also help yourself to stay motivated with saving by having a goal in mind.

Try this process to getting your savings on track:

Decide what you are saving for.
Figure out how much you need.
Figure out when you need it by and calculate how much you would need to save.
Find a savings account that will help your money grow with a decent interest rate (look for options that will let you avoid tax on your interest earned, such as ISAs in the UK).
Commit to the process and set up a monthly direct debit to your savings.
Look to grow your income with side hustles or a second job if you cannot meet the monthly target.

4. Build an emergency fund

Unfortunately the unexpected does happen, and if it catches you unaware then you can be sent hurtling back to square one on your personal finance journey.

One of the most important things you can do when setting off with organising your finances is to get an emergency fund in place.

This will help you to avoid debt and to pay for things that come up out of the blue. It is not for things like holidays.

An emergency fund pays for sudden car repairs, issues with your home and unexpected healthcare costs. It can also help you pay the bills if you temporarily lose your source of income.

As a good starting point, it’s sensible to have around three to six months of expenses set aside in a savings account.

5. Invest

It is easy to become richer when you are already rich. This is an annoying but true fact of life.

But we can take inspiration from the wealthy by investing whatever we can afford to grow our money.

It is easier for the super rich to get involved with risky investments that can pay off, because they have spare money that they could afford to lose if it all goes wrong.

Those of us on a normal income can still learn something from the mega rich, by ensuring we have a diverse range of investments.

Have some money in stable places – such as your retirement fund – and take a chance with small amounts of money, put into investments regularly, with a view to those growing over time.

Success with investing is very rarely a short-term thing. It takes determination to keep putting money away every single month. Over time, you are rewarded!

6. Seek out other income streams

Wealthy people are always looking for new ways to bring in more money. Their wealth opens doors to opportunities such as investments and the ability to invest time in educating or training themselves for new ventures.

However you can take inspiration from this by also seeking out new ways to bring in money.

This could be something that brings in passive income, such as renting out a room in your home. Or it could be a side hustle, like selling your own products or starting a business in something like dog sitting or tutoring.

7. Always seek out the best price

It doesn’t matter if it’s a new yacht or a simple grocery run. The mega rich hate to waste money when they could have gotten a better deal.

This does not mean they are stingy! There is a huge difference between being stingy and being smart with your money.

For example, a rich person may happily splash out on a very fancy holiday. They have the money to afford it and while it’s not a need, they want to go somewhere beautiful.

That holiday is not a need, but a rich person will still hunt down a great deal. Very few people simply shut their eyes and click “buy” without thinking about what it’s actually costing them.

The people who do, are the ones who lose their fortunes quickly.

8. Be curious

Rich people look for new opportunities to grow their money all of the time and one way they do that is by being curious. They are always looking out for new ways to earn money and ways to look after the wealth they already have.

You can borrow from this by being curious about wealth and how to manage it. Read books about money – I recently finished the Psychology of Money and loved it – and read newspaper Money sections to get ideas.

I love reading the money makeover columns in newspapers as this always teaches me something new about investing and growing wealth.

9. Value your time

Self-made millionaires get there through hard work, but they also get there by working smart.

They know that earning $100 an hour will get them there faster than earning $20 an hour. So they look for income streams that will be more lucrative and ways they can speed up the process.

Whether you are making money in full-time employment or through a side hustle, it’s worth considering how you can make more for your time.

Can you ask for a raise at work? Or can you apply for a new job that pays better? If you love side hustles, then look for more lucrative side gigs to make you more money.

10. Stick to a budget

Even the wealthy have to budget – they cannot spend all of their money if they want to stay rich.

A budget is a sensible idea no matter what your income. It helps you to set out what your commitments are and whether you can reduce that spending, how to reach your savings goals and how much money you have for fun stuff.

Getting started with a budget is easy, and you don’t have to spend hours on it every month.

In order to set a budget you can:

Write down all of your income
Write down all of your necessities – this includes rent and energy bills and food
Write down what you spend on wants – this includes subscriptions to TV streaming as well as shopping
Work out what’s left after this – if there is nothing left or you are in debt then you need to try to trim from both your wants and necessities
Save – some budgeting experts suggest you try to save 20% of your income each month. If you can save more, even better.
Cut back on waste in every aspect of your budget – taking a look at your spending on food, bills and services like your phone bill. I found that when I analysed these areas and took decisive action, I saved hundreds a month.