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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by To paraphrase one of the great modern poets, \u201cYou\u2019ve got your mind on your money, and your money on your mind.\u201d You\u2019re looking at your bank statements and not loving what you see. You want to save more or start investing<\/a>, but right now it feels like survival \u2014 that everything will change only after you make a lot of money, fast. Then you\u2019ll finally live like the wealthy people you see on TV<\/a>.<\/p>\n But what if the wealthy aren\u2019t just celebrities? What if they\u2019re neighbors and co-workers \u2014 people who are like you except in a few key ways: they treat money as something to manage intentionally, not something to hope changes overnight. Wealthy people take a proactive, organized approach to money, and that\u2019s why they usually have more of it.<\/p>\n If anyone knows what separates wealthier people from everyone else, it\u2019s Graham Stephan<\/a> \u2014 a real estate investor, entrepreneur and personal finance creator<\/a> who worked directly with very wealthy people and built his own multimillion-dollar enterprise before turning 30.<\/p>\n Here are the top five habits Stephan says consistently show up among the wealthy.<\/p>\n 1. They Know What They Want \u2014 and They Act (but not Rashly)\u00a0<\/p>\n From Stephan\u2019s perspective, wealthy people are go-getters. If there\u2019s something that needs to be done, they do it, and they don\u2019t hesitate. But there\u2019s a core difference between acting proactively and acting rashly \u2014 and that comes down to preparation. Preparation often looks like a long-term investment strategy<\/a> and \u2014 if they run a business \u2014 reinvesting earnings where returns are best.\u00a0<\/p>\n \u201cThey track their spending meticulously,\u201d Stephan said. \u201cThey know exactly what they spend money on, if it\u2019s the best deal, and where their money goes \u2014 nothing is wasted.\u201d\u00a0<\/p>\n Stephan practices this daily: He reviews credit card statements, cancels unnecessary subscriptions<\/a> and hunts for better deals on services and products. That small, consistent work compounds over time.<\/p>\n 2. They Build Money Work Into Their Routines<\/p>\n Routine helps you improve just about anything in life, from learning how to paint to getting more physically fit. Improving yourself financially is no exception. Stephan shared that wealthy people build good financial habits into their schedule, such as daily or weekly expense checks, quarterly reviews, and proactive tax planning<\/a>.<\/p>\n \u201cI use several money-tracking platforms to categorize all of my expenses and income in one place,\u201d Stephan said. \u201cI review those at least a few times a week to make sure nothing falls through the cracks. What you track improves.\u201d\u00a0<\/p>\n They also put tax planning on the calendar well before year-end. Instead of reacting at tax time, Stephan says wealthy people estimate quarterly earnings and make calculated decisions to manage their tax burden. \u00a0<\/p>\n 3. They Surround Themselves With Like-Minded People<\/p>\n What is it that birds of a feather do? That\u2019s right, they flock together. And birds of a financial feather can push each other to stay on track with their goals or pursue bigger opportunities. That input can produce ideas, partnerships or deals that wouldn\u2019t surface otherwise.<\/p>\n In fact, Stephan shared that networking with other high-net-worth individuals<\/a> can be crucial to growing your wealth. After all, it worked for him.\u00a0\u00a0<\/p>\n \u201cSometimes my best ideas and opportunities come from talking with those who are focusing on bigger and better opportunities,\u201d he said. \u201cIt just expands your mind and options.\u201d \u00a0<\/p>\n 4. They Reject One-Size-Fits-All or Outdated Advice \u00a0<\/p>\n Rich people are exposed to all the same media messaging you are, especially about how to earn more money. You must rise at the crack of dawn. Your frugality<\/a> should encourage even a medieval peasant to tell you to live a little. You should be bold with your investments to see results. \u00a0<\/p>\n According to Stephan, all this advice is bunk. Night owls can make big money too. \u201cIt\u2019s way more important that you have focused, in-depth work that\u2019s efficient, regardless of what time it is,\u201d he said.<\/p>\n As for extreme frugality, \u201cIt works to a certain degree, but there\u2019s only so much you can save before you need to focus on making more money, which will have an outsized ROI.\u201d<\/p>\n And when it comes to investment style, most wealthy people favor low-cost, diversified strategies<\/a> over gambling on day trading.<\/p>\n \u201cDay-trading stocks or making risky investments works for a very small group of people,\u201d Stephan said. \u201cBut I bet 99.99% would be best off just sticking with indexed markets, properly diversifying, and then making more money from their main source of work.\u201d<\/p>\n 5. They Don\u2019t Give Up \u2014 They Play the Long Game\u00a0<\/p>\n Building wealth is not a sprint. Wealthy people accept setbacks and keep going because they think in decades, not days.<\/p>\n \u201cWealthy people think long term. They\u2019re not discouraged if something doesn\u2019t immediately work out the way they want it,\u201d said Stephan. \u201cThey know they\u2019re playing the long game.\u201d<\/p>\n That mindset lets them withstand volatility<\/a>, learn from mistakes and continue compounding gains over time.<\/p>\n This article is part of GOBankingRates\u2019 Top 100 Money Experts series, where we spotlight expert answers to the biggest financial questions Americans are asking. Got a question of your own? You could win $500 just for asking \u2014 learn more at GOBankingRates.com<\/a>.<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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