58 Habits to Increase Wealth

By in Investing, Saving, Wealth

Use Habits to Increase Wealth

“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? Dicken’s isn’t the only one to recommend developing habits. This article discusses the power of habits and how, with discipline and a plan, you to can achieve wealth and greater life contentment.

Growing wealthy is not a mystery. If you crave a wealthy life, you can learn to develop and practice habits which will build wealth.

The Power of Habit Leads to Wealth

Do you think it’s possible to build habits which lead to wealth?

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.

In an interview with Charles Duhigg, bestselling author The Power of Habit, he talks about his own habit changing wins. As a result of delving into the the study of habits he’s lost 30 pounds, runs most mornings, and is much more productive. He diagnosed his habit of eating a chocolate cookie every afternoon and uncovered that he was actually craving more socialization. Using that newly gained insight as a trigger he replaced eating the cookie with a walk around the office to talk with his co-workers. Not only is Dugigg thinner due to his habit changes, he is certainly wealthier as well, due to the success of his book.

My 96 year old father in law has a daily schedule. He plans when he eats, snacks, exercises, shops, and goes to bed. During his working life, he and my mother in law saved a part of every paycheck. Since he retired (with full retirement at age 80), he gets a juicy Social Security check and has built up savings to cover all his expenses, with some left over for emergencies. Oh, and did I mention, he’s lived on his own with no help for his entire life. I can’t help but conclude that his lifelong discipline and commitment to habit contributed to his longevity.

How Many of These Wealth Building Behaviors Do You Practice?

50 habits to increase wealth

PRINT OUT THESE HABITS TO BUILD WEALTH 

These wealth building habits were culled from a variety of sources, why not examine which one’s you possess and which one’s you’d like to develop. And add to the list in the comments.

  1. Get a college education
  2. Get to work early and stay late
  3. Do more than is expected at work and get promoted
  4. Have a side business
  5. Take risks
  6. Learn from your mistakes
  7. Try something new
  8. Contribute regularly to  a ROTH IRA
  9. Contribute to a work retirement account
  10. Be patient
  11. Be disciplined
  12. Eat out infrequently
  13. Transfer money regularly into a savings account
  14. Invest regularly
  15. Order water only with meals out
  16. Drink alcohol infrequently
  17. Avoid extravagant and ostentatious people
  18. Live in a low cost region
  19. Buy a modest home
  20. Keep your vehicle 10 years or more
  21. Take the stairs
  22. Exercise regularly
  23. Bring lunch to work
  24. Maintain your possessions
  25. Spend more on needs-less on wants
  26. Drink water
  27. Eat more rice, beans, potatoes, and peanut butter
  28. Buy fruits and vegetables in season, canned, & frozen
  29. Trade walking for driving when you can
  30. Pay your credit card bill off in full every month
  31. Give your kids more time and fewer things
  32. Don’t equate net worth with self worth
  33. Use the library
  34. Compare prices
  35. Designate part of every paycheck to saving &/or investing
  36. Do not pay to have a check cashed
  37. Learn a new skill
  38. Get an advanced degree
  39. Give to charity
  40. Write down what you appreciate and value in life
  41. Enroll in a work retirement plan
  42. Put all investing dollars into unmanaged, low cost, index funds
  43. Start saving and investing NOW, no matter how old you are
  44. Take up low cost recreation and hobbies
  45. Want less
  46. Ask for a raise
  47. Eat less meat
  48. Think less about money and more about living
  49. Buy I Bonds and Treasury Inflation Protected Securities (TIPS)
  50. Never compare yourself with those above you
  51. Spend time with nature
  52. Own a pet
  53. Don’t pay full price
  54. Set goals
  55. Review your goals regularly
  56. Make time for fun and relaxation
  57. Get married
  58. Stay married

At first glance, many of these habits seem almost too simple. Even while I review this article, I’m struck with their simplicity. Isn’t building wealth supposed to be complicated? After years of inadvertently practicing most of these habits, I’m struck with how the discipline and sensible life habits lead to health and ultimately a wealthy life. So before you dismiss this list, take another moment to digest and try out the suggestions.

Click here to learn How to Get Rich Without Winning the Lottery

Action Steps:

  • List several “new” wealth habits from the list to try this week.
  • Add some of your own “wealth habits.”
  • Spend time and money on what matters most to you.

 Can’t Get Enough Wealth Habits?

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

This is one of the most popular articles on this site. A version was previously published. (some prior comments remain)

What are your best habits? Which will you practice to wealth?