WE have been talking a lot about rich people, how they acquire their wealth, and how they manage to keep their money growing.
Most of our talks focused on the mindsets that the rich have and how these mindsets influence their actions and behaviors when it comes to their financial journey.
Today, let’s shift to their actual practices – ones that they do on a daily basis. We all know that it’s the small things which are done consistently that help form either good or bad habits.
For the rich people, these practices obviously brought good fortune to them and their bank accounts. Plus, the best thing about these practices is that they are very doable, yes, even for those who are still on their way to becoming rich.
So what practices do rich people do on a daily basis?
- Rich people wake up early
But who doesn’t? With the unpredictable traffic situations that we have today and the seemingly drifting time, everybody has to wake up early!
So who doesn’t? Sadly, there are still people who don’t wake up early, they are the ones who are lazy, disorganized, and they are those who have nothing on their to-do list.
If you’re working on a graveyard shift and mornings are usually your bed hours, you’re excused.
So what am I trying to say here? This practice of waking up early reflects the importance the rich people give to time. For them, time is money. The more time they have, the more chances they get of acquiring money.
Want proof? A study shows that 50 percent of self-made millionaires start their day three hours before their actual work starts.
I looked up some of the well known rich people’s morning routines and here’s what I got:
– Tim Cook, the CEO of Apple, wakes up at 3:45 a.m. every morning. He goes through his email, spends time for exercise, and then grabs a morning coffee before finally settling in to his work day.
– The gym welcomes Dwayne “The Rock” Johnson by 4 a.m., he does this everyday so he can get an edge on the competition.
– Even though Indra Nooyi’s work as a PepsiCo CEO does start until after 7 a.m., he still wakes up three hours before.
– Starbucks exec Howard Schultz gets up at 4:30 a.m. so he can walk his dogs, spend time for a quick exercise, and grab a good cup of coffee.
– The co-founder and CEO of Twitter and Square, Jack Dorsey, set his alarm at 5 a.m. to spend time for meditation, exercise, and coffee. After which he proceeds to work for the day.
Now you see, rich people don’t stay curled up on bed with Netflix, they wake up really early to get the job done!
- Rich people work really hard
Do you happen to know someone who is rich, like really rich?
You’ll probably be surprised to see their work calendar. They have so many things to accomplish for the day that sometimes, rest even becomes impossible.
Now we ask ourselves, why do they work so hard when they already have the money?
Rich people have the mindset “The rich aren’t rich because they work hard, they work hard because they are rich.”
They take advantage of their status and translate that to money-generating work. They are not afraid to sleep late and wake up early. They don’t mind extending a few hours in the office or in their businesses. They do hands-on work and manage responsibilities by themselves.
Hard work truly pays off and if you’re not convinced with that, ask someone who is rich.
- Rich people read books
While there is no causal relationship between being rich and reading, most rich people do read. And if that practice contributes to them becoming even richer, we might as well learn the trick.
So why do rich people read? They read because they want to learn and get ideas and ideas can be translated into actions that can actually bring the money.
I remember a quote by Zig Ziglar that says, “Rich people have small TVs and big libraries, and poor people have small libraries and big TVs.”
There is a reason why rich people would rather spend time in their libraries than in the shopping malls. It’s a practice that has contributed to what they have become today.
- Rich people don’t spend money the way most people think they would
Not all rich people spend frivolously. Though most people would have a different perception on the way they spend their money (because they have a lot), the reality is, they are just people who keep track and value their money.
There are however, plenty of rich people who choose to splurge their money on huge houses, lavish travels, and expensive cars but there are also those who choose to use their money as a tool to maximize what they already have – time, relationships, and even money.
THINK. REFLECT. APPLY.
How can little practices in handling money contribute to your overall financial status? How can waking up early help you manage your time in work and in business? How important is time when it comes to your goal of becoming financially free?
“The rich aren’t rich because they work hard, they work hard because they are rich.” – Unknown
