16 Things The Rich Do That The Poor Don't

Have you ever wondered how some people get really rich while others struggle to get by? Do you think there's a secret to getting rich that you don't know about? In this article, I'll share 16 things that rich people do that poor people don't. These things often make the difference between having lots of money and having a hard time with money.

1: The Rich Mix Well With Positive, Successful People

It's often said that you become the average of the five people you spend the most time with. And Rich people know that who you hang out with affects your success. That’s why they spend time with people who talk about success, opportunities, and positive things. This helps them see the world better and have a better chance of becoming successful. On the other hand, poor people often don't try to be around people who can help them grow. They stay around bad influences, which makes it harder for them to improve their money situation.

2: The Rich Believe In The Law Of Income

Rich people believe in getting paid for the value they bring. If they help make something everyone wants or needs, they expect to be paid well. They know that results are what really matter in our world. Poor people, on the other hand, think they should be paid for the time they spend on a task. While hard work is important, more time doesn't always mean better results and can show inefficiency. Poor people often miss the mark by focusing only on the effort they put in instead of the value they create.

3: The Rich Grow Bigger Than Their Problems

Poor people see problems as obstacles, not opportunities. Instead of finding ways to solve these problems, they give up and go back to their old ways. In contrast, rich people love new challenges. They know solving problems can lead to success, which is often how they become so wealthy.

4: The Rich Set Financial Goals

Almost every rich person I've read about knows the importance of having clear financial goals. Instead of saying, "I want a billion dollars," they set specific goals like "I want to make $100,000 by the end of the year." They break it down too. If they start on January 1st, they know they need to earn $274 every day or $8,250 every month. They ask themselves how they can make this happen. How much are they earning now? How can they increase their income? Should they charge more, add new products, or find a new income source? Rich people set high but reachable goals that push them out of their comfort zones, which force them to grow to reach those goals. Even if they don't hit the exact number, they're likely to get much closer than if they hadn't set any goals at all.

5: The Rich Don’t Buy Clothes Or Products On Sale

They think the only thing you should buy on sale is stocks. Poor people try to save and stretch their money by buying things on sale. But rich people focus on making more money. Think about it: the clothes that go on sale are the ones that people who could pay full price didn't want. Buying clothes on sale makes you look like someone who can’t afford to pay full price.

6: The Rich Have Mentors

Every rich person I know has a mentor. A mentor is someone who helps you stay on track, gives advice, and helps you avoid mistakes they’ve already made. Having a good mentor makes a big difference in how successful you can be.

7: The Rich Focus On Being Healthy

You can't help others if you're not well yourself. You would be shocked by how much time, effort, and money rich people spend to stay healthy. They eat well, keep their bodies strong, and make sure they're mentally strong too. Many millionaires meditate and keep their minds busy, which is like letting your mind go to the gym.

8: The Rich Think “Both”, While The Poor Think “Either/Or”

Economists came up with the term “opportunity cost”. It means when you choose one thing, you often have to give up another. For example, if you have five dollars and buy a $5 ice cream, you can't buy the pack of gum you wanted as well. Poor people often think they can only afford one thing, not both. Seems logical, right? But rich people think about how they can get both. If a rich person has five dollars and wants both the ice cream and the $5 pack of gum, they don't choose one or the other. Instead, they might buy a 24-pack of water for five dollars, sell each bottle for fifty cents, and make twelve dollars. Now, they can buy both ice cream and gum and still have two dollars left. The rich think about getting both, not just one thing.

9: The Rich Love To Read

They believe, "The more you learn, the more you earn," and they often learn by reading. Warren Buffett, arguably the world’s best investor, once said that the key to success is reading 500 pages every day. He believes that knowledge builds up over time, like compound interest. Anyone can do it, but not many people will. Warren Buffett isn’t alone in this book-reading club. Mark Cuban, who owns the Dallas Mavericks, reads for three hours a day. Bill Gates, who started Microsoft, reads 50 books a year, which is almost one book every week. Elon Musk, who made Tesla, says he learned to build rockets by reading textbooks. On the other hand, only one in 50 poor people reads for self-improvement daily, so they miss out on the knowledge that could help them succeed financially.

10: The Rich Focus On Opportunities, Not Obstacles

There was once a shoe salesman who went to a faraway country to sell shoes, but no one there wore shoes, making sales very hard. Frustrated, he decided to leave. On his way out, he met another shoe salesman. "Don't bother coming here," he said, "these people don't even wear shoes." The second salesman's eyes lit up. "No one has shoes? That means I can sell a pair to everyone in town! We've found an untapped market!" You see, it's all about perspective. The poor often see obstacles and give up quickly, while the rich see opportunities and enter areas that many wouldn't even consider.

11: The Rich Network And Volunteer Often

They know how important it is to meet new people. This means making friends or finding clients, which can be very helpful. They do this through community activities. Almost three-quarters of rich people spend at least five hours a month networking and volunteering. But only one in ten people that are struggling financially do this, so they miss out on new connections and chances for financial success.

12: The Rich Make Money Work For Them

This idea is very important to becoming and staying rich. Rich people don’t just earn money to spend it. They work hard to get money so they can make smart investments that bring in more money and protect them from losing it all. For example, if you get $100,000, which might not be a lot but welcomed nonetheless, you can handle it in two ways. One person might spend it all on a new car, like a BMW M5, just to show off. This is a bad idea because the car will lose value quickly.

The second the car leaves the showroom, its value starts to drop. By year 5, it would only be worth 56% of its original value, and after 10 years, just 27%. Instead, a smart person will invest in something that grows in value, called appreciating assets. Depending on where you live, with $100,000, you could buy property, rent it out, and start earning money every month. After ten years, the property will have paid back the $100,000 in rent and increased in value. So, when you sell the property, you'll get more than what you initially paid for it. The key is to make money and then have that money work for you. If nothing else, use the money to pay off debt, giving you a better chance to grow financially.

13: The Rich Are Dollar Smart

There's a saying, "penny smart, dollar stupid," which means some people are careful with small amounts of money, like when buying coffee, but make bad choices with large sums of money, like investing, self-improvement, and education. Poor people often do this. Rich people, however, are wise with both small and large amounts of money. They make good decisions with their pennies and invest large amounts in things like conferences, paid mentorship, and activities that help them keep getting better and becoming more financially successful.

14: The Rich Focus On Net Worth, Not Just Working Income

Poor people often think about how much they get paid per hour, but rich people know that net worth is more important. You can earn a lot per hour, but if you don't know how to save and invest it, you can still end up broke. Rich people know that having a high net worth gives them more chances to make even more money in the future.

15: The Rich Actively Promote Themselves And Their Values

Many rich people have something they’re really good at, and they aren’t shy about letting others know. They share their best qualities and strengths to help people and to grow. Poor people, on the other hand, often don’t have any special skills and don’t show off what they can do. Because of this, they might have financial problems. Not showing their skills means they miss out on chances to get ahead and improve their situation.

16: The Rich Go All In On Their Strengths

They try to understand themselves as much as possible and spend time figuring out what they want to do in life. Then, they work hard to get better at that one thing. If you’re good at something that gives you an unfair advantage, use it. You don’t have to be born special, but you need to want it a lot and be willing to work hard. Remember, hard work beats talent when talent doesn't work hard. Trying to be good at everything means you won’t be good at anything. The education system and some faulty parenting practices are partly to blame. For example, if a child is really good with computers but has a hard time with history, parents often get the child a history tutor. Instead of helping the child get even better at computers, parents try to make sure their child is just like everyone else, instead of helping them become really good at what they love. It’s shocking how many people don’t know what they are passionate about, and even fewer work hard to develop those passions into skills. In contrast, the rich find what they love and work really hard at it.

Thank you for reading, cheers!

- Ivan