58 Habits to Increase Wealth (2024)

• Wealth
• Barbara Friedberg
• Updated : May 20th, 2022

Use Habits to Increase Wealth

“I never could have done what I have done without the habits of punctuality, order, and diligence, without the determination to concentrate myself on one subject at a time.”Charles Dickens

Who can argue with such an accomplished man as Charles Dickens? Dicken’s isn’t the only one to recommend developing habits. This article discusses the power of habits and how, with discipline and a plan, you to can achieve wealth and greater life contentment.

Growing wealthy is not a mystery. If you crave a wealthy life, you can learn to develop and practice habits which will build wealth.

The Power of Habit Leads to Wealth

Do you think it’s possible to build habits which lead to wealth?

It is widely believed that small changes, practiced regularly, lead toout-sizedresults. Many great accomplishments began with tiny actions, implemented again and again. There’s research supporting the financial and personal benefits of quite a few of these habits.

In an interview with Charles Duhigg, bestselling authorThe Power of Habit,he talks about his own habit changing wins. As a result of delving into the the study of habits he’s lost 30 pounds, runs most mornings, and is much more productive. He diagnosed his habit of eating a chocolate cookie every afternoon and uncovered that he was actually craving more socialization. Using that newly gained insight as a trigger he replaced eating the cookie with a walk around the office to talk with his co-workers. Not only isDugigg thinner due to his habit changes, he is certainly wealthier as well, due to the success of his book.

My 96 year old father in law has a daily schedule. He plans when he eats, snacks, exercises, shops, and goes to bed. During his working life, he and my mother in law saved a part of every paycheck. Since he retired (with full retirement at age 80), he gets a juicy Social Security check and has built up savings to cover all his expenses, with some left over for emergencies. Oh, and did I mention, he’s lived on his own with no help for his entire life. I can’t help but conclude that his lifelong discipline and commitment to habit contributed to his longevity.

How Many of These Wealth Building Behaviors Do You Practice?

PRINT OUT THESE HABITS TO BUILD WEALTH

These wealth building habits were culled from a variety of sources, why not examine which one’s you possess and which one’s you’d like to develop. And add to the list in the comments.

1. Get a college education
2. Get to work early and stay late
3. Do more than is expected at work and get promoted
4. Have a side business
5. Take risks
6. Learn from your mistakes
7. Try something new
8. Contribute regularly to a ROTH IRA
9. Contribute to a work retirement account
10. Be patient
11. Be disciplined
12. Eat out infrequently
13. Transfer money regularly into a savings account
14. Invest regularly
15. Order water only with meals out
16. Drink alcohol infrequently
17. Avoid extravagant and ostentatious people
18. Live in a low cost region
19. Buy a modest home
20. Keep your vehicle 10 years or more
21. Take the stairs
22. Exercise regularly
23. Bring lunch to work
24. Maintain your possessions
25. Spend more on needs-less on wants
26. Drink water
27. Eat more rice, beans, potatoes, and peanut butter
28. Buy fruits and vegetables in season, canned, & frozen
29. Trade walking for driving when you can
30. Pay your credit card bill off in full every month
31. Give your kids more time and fewer things
32. Don’t equate net worth with self worth
33. Use the library
34. Compare prices
35. Designate part of every paycheck to saving &/or investing
36. Do not pay to have a check cashed
37. Learn a new skill
38. Get an advanced degree
39. Give to charity
40. Write down what you appreciate and value in life
41. Enroll in a work retirement plan
42. Put all investing dollars into unmanaged, low cost, index funds
43. Start saving and investing NOW, no matter how old you are
44. Take up low cost recreation and hobbies
45. Want less
46. Ask for a raise
47. Eat less meat
48. Think less about money and more about living
49. Buy I Bonds and Treasury Inflation Protected Securities (TIPS)
50. Never compare yourself with those above you
51. Spend time with nature
52. Own a pet
53. Don’t pay full price
54. Set goals
55. Review your goals regularly
56. Make time for fun and relaxation
57. Get married
58. Stay married

At first glance, many of these habits seem almost too simple. Even while I review this article, I’m struck with their simplicity. Isn’t building wealth supposed to be complicated? After years of inadvertently practicing most of these habits, I’m struck with how the discipline and sensible life habits lead to health and ultimately a wealthy life. So before you dismiss this list, take another moment to digest and try out the suggestions.

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Action Steps:

• List several “new” wealth habits from the list to try this week.
• Add some of your own “wealth habits.”
• Spend time and money on what matters most to you.

Can’t Get Enough Wealth Habits?

Family Money Values writes Develop Healthy Wealth Habits

Get Rich Slowly hosts a guest post by Dough Rollerin Understand the Seven Habits of Wealth

CNBC highlights The Highly Effective Habits of Millionaires

This is one of the most popular articles on this site. A version was previously published. (some prior comments remain)

What are your best habits? Which will you practice towealth?