5 Common habits of the wealthy

I’ve always wondered what it would be like to be a billionaire and with over 50% of billionaires being self-made, I’ve realised that it’s not just a matter of luck or inheritance.

Instead, it’s the habits and conscious decisions they make in all areas of their lives that help them to achieve their 10 figure status.

So, I studied the habits of self-made billionaires and decided to put them into practice for a month. Here’s what I found:

1. Billionaires wake up early 

One of the most consistent habits I found in billionaires is that they’re early risers, so I knew there had to be something about waking up at the crack of dawn. 

Well, waking up at 5 am every morning proved to be a task at first, to say the least! It was practically the middle of the night for me and waking up in the dark and cold didn’t make it any easier. What I did find was that I would have 4 hours every morning before I had to start my working day to do the things I wouldn’t have made the time for before. It had set me up for a much more productive day.

2. Billionaires never stop learning

The wealthy are not those who think they know it all, they’re those who constantly seek out to know more and invest in their knowledge.

This wasn’t as much of a struggle as waking up at 5:00 am every morning (phew). Every day I’d either choose reading or listening depending on what kind of mood I was in, so there’s definitely something for everyone. From TED Talks about self-development to books on personal finance, I always felt like I had learned something new every day to take away and implement.

 For my top 5 personal finance book recommendations, click here.

3. Billionaires live below their means

A lot of wealthy people are in fact surprisingly frugal and live well below their means. They don’t let lifestyle inflation get the best of them and remain frugal to maintain and build their wealth further.

So I went through the month only spending on necessities...and it was hard! It was tempting to not indulge in sales or cravings but it allowed me to save a lot more money than usual spending on online shopping and takeouts.

4. Billionaires set daily goals

They understand that it’s the small things they do every day that lead them to their greater goals, so they write daily to-do lists to stay focused on achieving them.

This was a gamechanger! I’d write my to-do list from the night before and could just open my planner to know exactly what I had to do for the day. I wasn’t wasting time thinking about what I had to do or worrying that I was forgetting something anymore. Also, I found it rewarding ticking off each task and that it built my momentum to get more things done.

5. Billionaires prioritise their health 

They value their health all around but are particularly fond of exercising. This is because exercising doesn’t just benefit your physical health, it can help to boost memory, sharpness, and concentration.

I began to incorporate running and walking for the days my body needed a break, into my mornings. I noticed after exercising, I’d always feel accomplished and would have much more energy, even though prior to exercising I would absolutely dread it. It was very much a love-hate relationship and I can’t tell you if my brain power has increased, but my mood and productivity definitely do after!

So, after a month of putting these billionaire habits into action, am I a billionaire yet? Not even close! However, these habits have helped me to become much more productive, use my time more wisely and save more money, all helping me to reach my goals.

If you’re ever thinking of trying these habits, or perhaps you do already, remember it’s all about consistency and taking the small steps today to lead you to the bigger picture!