The wealthiest 1% of Americans are also some of the most well-known. Names like Jeff Bezos, Elon Musk, and Bill Gates are probably the first to enter your mind. That’s because there is an underlying fascination with this group and how they made their money — and rightfully so. According to Forbes, the top 1% of U.S. households have 15 times more wealth than the bottom 50% combined.
The fascination with the 1% often stems from curiosity. How do those people think? What do they do each day? How do their lives correlate with their success? What does the 1% do differently?
Though it’s unlikely you’ll ever reach Jeff Bezos status, it doesn’t mean you can’t learn from the habits of the extremely wealthy when it comes to business, relationships, personal choices, and more. With that in mind, let’s look at some of the habits America’s wealthiest 1% share, and how you can incorporate some of them into your life.
They Get Rid of Bad Financial Habits
The wealthiest people in the country know how to manage their money. Granted, many of them have a team of people constantly working on it for them. But, they understand their spending habits and how to make the most of them. They also know that debt can be a killer when it comes to financial success.
You can adapt those ideas to fit your own lifestyle, no matter how much money you make. Start with something simple, like looking at your spending habits and figuring out where you can cut back. If you have poor credit, learn how to repair it by:
- Fixing debt mistakes
- Lowering your balance
- Knowing when to take on new/appropriate debt
Wealthy individuals also understand the importance of a good investment. If they’re smart with their money, they will be more likely to invest it in things like real estate. Again, they likely have people looking into the housing market for them. But, if you want to get started in something like real estate investing, there are many things you can look for when buying a property, including:
- The size of the house
- Number of floors
- Number of bedrooms/baths
- Utilities and appliances
Money management and budgeting are both crucial factors when you’re trying to grow your income. You might not have a team working for you to manage your finances now. But, it’s okay to start small. In the end, it can make a big difference.
They Find Motivation and Inspiration Every Day
The personal and relational habits of the 1% might not completely dictate their success. But, they do have a part in it. That includes taking care of themselves every day by doing things like:
- Waking up early
- Eating right
- Setting a routine or schedule
Wealthy people also often constantly have goals in mind – some big, some small. They use those goals to motivate themselves to do their best every day. There are reasons the rich tend to get richer, and a big part of that has to do with having a few primary goals and finding the inspiration to work toward them.
Some might find motivation through the people they spend the most time with. Some set personal goals to better themselves every day with the idea that remaining stagnant isn’t an option. Others have goals of business growth or reaching new audiences.
Setting goals for yourself, whether they’re personal or professional, can keep you motivated in multiple areas of life. While you may not be the next Elon Musk tomorrow, keeping similar habits can greatly improve where you are now, financially and personally. You can share the habits of the 1% starting now, and quickly start to see the benefits that go with them.