a version of this article was originally published on March 24, 2010
“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? Develop habits for wealth and greater contentment will 
follow.
How Many of These Habits Do You Practice?
It is widely believed that small changes, practiced regularly, lead to out-sized results. 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.
Remember, wealth in life goes beyond money.
PRINT OUT THESE WEALTH BUILDING HABITS
- Get married
- Stay married
- Get a college education
- Get to work early and stay late
- Do more than is expected at work and get promoted
- Have a side business
- Take risks
- Learn from your mistakes
- Try something new
- Contribute regularly to a ROTH IRA
- Contribute to a work retirement account
- Be patient
- Be disciplined
- Eat out infrequently
- Transfer money regularly into a savings account
- Invest regularly
- Order water only with meals out
- Drink alcohol infrequently
- Avoid extravagant and ostentatious people
- Live in a low cost region
- Buy a modest home
- Keep your vehicle 10 years or more
- Take the stairs
- Exercise regularly
- Bring lunch to work
- Maintain your possessions
- Spend more on needs-less on wants
- Drink water
- Eat more rice, beans, potatoes, and peanut butter
- Buy fruits and vegetables in season, canned, & frozen
- Trade walking for driving when you can
- Pay your credit card bill off in full every month
- Give your kids more time and less things
- Don’t equate net worth with self worth
- Use the library
- Compare prices
- Designate part of every paycheck to saving &/or investing
- Do not pay to have a check cashed
- Learn a new skill
- Get an advanced degree
- Give to charity
- Write down what you appreciate and value in life
- Enroll in a work retirement plan
- Put all investing dollars into unmanaged, low cost, index funds
- Start saving and investing NOW, no matter how old you are
- Take up low cost recreation and hobbies
- Want less
- Ask for a raise
- Eat less meat
- Think less about money and more about living
- Buy I Bonds and Treasury Inflation Protected Securities (TIPS)
- Never compare yourself with those above you
- Spend time with nature
- Own a pet
- Don’t pay full price
- Set goals
- Review your goals regularly
- Make time for fun and relaxation
Action Steps:
Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it for all of your personal finance goals, thoughts, activities, and plans.
- List several “new” wealth habits from the list to try this week.
- Add some of your own “wealth habits.”
Can’t Get Enough Wealth Habits? Read on;
Family Money Values writes Develop Healthy Wealth Habits
Get Rich Slowly hosts a guest post by Dough Roller in Understand the Seven Habits of Wealth
CNBC highlights The Highly Effective Habits of Millionaires
Eventual Millionaire offers insight into Millionaires Mind in the podcast
For WEALTH TIPS (click here) delivered occasionally to your inbox, sign up for my newsletter; and get a Free bonus Ebook, 20 Minute Guide to Investing. I promise, no spam.
I am going to print this out and hang it on the wall. Great list. When I look at it were are decently on track which is good but there are some areas we could work on. I like simple tasks that you can tackle. It makes completing them a lot more manageable.
Miss T @ Prairie Eco-Thrifter recently posted..Increase Your Self Confidence: 5 Easy Steps
@Miss T- I’m happy you find the info useful. Keeping things simple is definitely helpful (and not so easy)
.
Taking risks and being disciplined may conflict with each other. One great advice, drink water!! It looks so simple but now I realized that if I keep my drinking to only water, I can save a good amount of money. Some of your tips are not only useful for increasing wealth but also for keeping health. Thank you for sharing, nice points!!
Hi Leesburg, ACtually, I look at wealth much broader than just in monetary terms. Wealth encompasses so much more.. including health and life fulfillment.
What a great list. It’s amazing what keeping these in front of you can do to derail your ADD….
AverageJoe recently posted..Getting Things Done or Creativity: Which Is More Important? Our Thursday Cuppa Joe Discussion
When I look at it were are decently on track which is good but there are some areas we could work on. Thanks for sharing.
Liz recently posted..Hcg diet reviews
I wouldn’t call “get married” a “habit” or a “small change.” Also, having a pet has saved me money some ways – I was more willing to rent a room in a shared home, whereas without my dog, I probably would have just rented a fancy 1-bedroom in a highrise without my dog. But the dog has her own expenses to take into account.
Otherwise, the list sounds like a pretty good list of small changes we can make to improve our quality of life as well as financial situation.
Kellen recently posted..Taxes and Innovation
@Average Joe and Liz- Glad the list was helpful.
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@Kellen- Thanks for the “balanced” comment. You got me there… getting married is definitely not a small change or a habit
Super list, Barb. It really is that simple, being consistent in the application of a few principles (56 isn’t that many).
The list sounds like a pretty good list of small changes we can make to improve our quality of life as well as financial situation. Thanks..
Jam recently posted..Good Low Carb Diets
Great tips! The only one I partially don’t agree with is working late. I’m all for getting to work early and being uber-productive, but there’s more to life than working all the time.
People need balance in their life.
Little House recently posted..Do Your Homework Before Buying a Prefab
@101, @Jam- Small changes yield some outsized results. Being consistent in positive behaviors is always a challenge.
@Little House-I agree, I should have included a tip on being balanced as well.
So funny, Prairie Eco Thrifter, that was my first thought! I am going to put this on the wall. We do many of these, but there are definitely some areas for improvement.
Melissa@PersonalFinanceJourney recently posted..Tax Day Freebies, April 17, 2012
Some of them are at a very high level. “Learn from mistakes”, “take risks”. These are easier said than done, isn’t it? And to develop this 58 habits I may take a couple of lives.
Overall your objective is fulfilled with the list.
SB @ One Cent At A Time recently posted..Few Simple Steps Towards Excellent Credit Score
@Melissa, I’m so pleased you find the article helpful and placing the article in easy viewing.
@SB-It’s easy to write them down and much harder to implement!!! I continue to try
We are decently on track as well! Areas we could improve on: Make time for fun and relaxation, ask for a raise (specifically the hubby), and use the library. For some reason, I haven’t set foot in a library for quite awhile–very valuable resource!
Amanda L Grossman recently posted..Sifting Through Energy Company Offers in a World of Deregulation: Part 2
@Amanda, From your honest report, sounds like you’re doing great. I’m lucky as El Carino is the “fun promoter” in our family, always pulling me away from the grind.
Some advice I’ve learned from the famous Duggar family: “Buy used and save the difference!”
While I practice frugal living myself and love personal finance, anyone who abided by all 58 of these would certaninly NOT be someone I’d want to hang out with. (Talk about a bore!)
“17.Order water only with meals out” <– What is up with this that keeps appearing on PF sites lately. Gimme a break you bunch of cheapskates!
You may want to re-phrase #52. Don’t compare yourself to those that appear to have more than you. Most of us came in this world the same way, so I don’t think of anyone being “above me”. (Unless they live upstairs).
@Frodo-Glad I could add to your list.
@Tori-Great tip, I like it; buy used and save the difference.
@Edward-Hey, what’s wrong with water???
@Sheena-That’s an attitude that will serve you well throughout life.
So to increase wealth I need increase my carbs and decraese my meat an poultry . I will increase my wealth, but die early. LOL. Contribute to a Roth or Employer plan. These are just clever vehicles created by our politicians to screw us. This list is crap.
Some of these I just can’t follow even though I know they are smart ideas (for example, drinking only water with meals). But I guess if you follow most of them you can allow yourself a little wiggle room with a few.
Mike Collins recently posted..Retirement Reality Check
@Mike, You don’t need to be perfect, just on the right track
Great list! Agree with some of the other comments, though…’getting married’ is a strange habit to ‘practise’. Especially hitting you right at number one. Staying married, clearly, an excellent habit (and one that not as many find easy to do). Also having a pet seems an odd choice, is that because it makes you a happier person? Most of my friends with pets end up spending what to me seems like ridiculous amounts of money on shots, vitamins, even surgeries, to protect their pet(s). But I’ve never been a ‘pet person’.
Also, although a college/university education used to be the norm for building wealth, I’d argue that it definitely is not, these days. I know a vast number of people with university degrees who are struggling to find work, and those with no degrees who are running one or more successful businesses.
@Karen, You bring up a “wealth”of topics for consideration and discussion. Any list certainly is not proof of anything but more guidelines and ideas to mull over. If not a “pet person,” then having a pet would not be a plus for you. The data about marriage supports the reality that in general, the majority of wealthy folks are married, clearly not all! In spite of the touch economic environment, the more education one has, the higher their lifetime earnings, in general. Thanks for weighing in.