What separates the wealthy from everyone else? While luck, timing, and opportunity can play a role, research consistently shows that millionaire habits – the small, repeated actions and disciplined behaviors – are what drive long-term wealth. According to Thomas J. Stanley’s book The Millionaire Next Door and other studies, most self-made millionaires don’t rely on flashy lifestyles or inheritances. Instead, they develop specific daily practices and mindsets that compound over time.
In this article, we’ll explore 10 things rich people do that the poor don’t, backed by research, books, and real-world data.
1. Rich People Live Below Their Means
One of the most surprising millionaire habits is frugality. In The Millionaire Next Door, Stanley and Danko revealed that most millionaires aren’t driving luxury cars or wearing designer clothes. In fact, many live in average neighborhoods, avoid unnecessary expenses, and save aggressively.
- Fact: According to a Fidelity survey, 62% of millionaires describe themselves as “very frugal.”
- Habit in action: Instead of upgrading their lifestyle every time their income increases, they invest the difference.
Poor and middle-class individuals, by contrast, often fall into “lifestyle inflation” – spending more as they earn more – which prevents wealth accumulation.
2. They Invest Consistently
Millionaires don’t just save; they invest. They understand that money sitting in a bank account loses value to inflation. By putting money into stocks, real estate, or businesses, they make their money work for them.
- Fact: According to The Millionaire Mind by Thomas J. Stanley, 95% of millionaires own stocks, and a majority own some form of real estate investment.
- Example: Warren Buffett, one of the richest men alive, emphasizes the power of compound interest and long-term investing.
Poorer individuals often avoid investing due to fear of risk, lack of knowledge, or short-term thinking. This reluctance keeps them dependent on active income only.
3. They Value Education and Self-Improvement
While formal education can play a role, millionaires tend to prioritize lifelong learning. They invest in books, courses, mentorships, and experiences that expand their knowledge and skills.
- Fact: A study by Success magazine found that 88% of wealthy people read at least 30 minutes a day, primarily on self-improvement and education.
- Book Reference: In Rich Habits by Thomas C. Corley, he found that wealthy people dedicate significant time to personal growth while the poor spend more time on entertainment.
This habit compounds: more knowledge leads to better decisions, which lead to greater opportunities.
4. They Focus on Networking and Relationships
Wealthy people understand the value of relationships. Networking opens doors to partnerships, investments, mentorship, and opportunities that money alone cannot buy.
- Fact: In Never Eat Alone by Keith Ferrazzi, research shows that successful people attribute much of their wealth to strong networks.
- Example: According to Rich Habits, 79% of wealthy individuals spend at least five hours per month networking, compared to just 16% of the poor.
Poorer individuals often avoid networking due to fear, lack of confidence, or the belief that success should be achieved independently.
5. They Have Multiple Streams of Income
Self-made millionaires rarely rely on one paycheck. They diversify their income through investments, businesses, royalties, and side ventures.
- Fact: A study by Thomas Corley revealed that 65% of self-made millionaires had at least three income streams.
- Example: Real estate moguls often generate money from rentals, business ventures, and dividends.
On the other hand, poor and middle-class individuals often rely solely on a single source of income, leaving them financially vulnerable.
6. They Prioritize Long-Term Thinking
Millionaire habits are rooted in delayed gratification. They are willing to sacrifice today’s pleasures for tomorrow’s security and freedom.
- Fact: The famous Stanford “marshmallow experiment” showed that children who delayed gratification had better life outcomes, including higher earnings later in life.
- Book Reference: In The Psychology of Money by Morgan Housel, he explains how patience and time are the most powerful wealth-building tools.
Poorer individuals often get trapped in short-term cycles – payday loans, credit card debt, or impulsive spending – which erodes long-term wealth.
7. They Guard Their Health
Health is wealth, literally. Wealthy individuals recognize that maintaining their physical and mental health directly impacts their ability to perform at their best.
- Fact: According to Rich Habits, 76% of wealthy individuals exercise at least four times a week.
- Research: Exercise improves brain function, reduces stress, and increases productivity – all of which support wealth-building.
Poorer individuals may neglect health due to lack of access, knowledge, or prioritization, but this often results in higher long-term costs.
8. They Set Goals and Track Progress
Millionaires are goal-oriented. They don’t just dream; they plan, execute, and measure.
- Fact: In Rich Habits, Corley found that 67% of wealthy people write down their goals, compared to only 17% of the poor.
- Example: John D. Rockefeller famously tracked his spending and investments meticulously in a notebook.
Without clear goals, it’s easy to drift financially. Poorer individuals often operate without a plan, relying on hope instead of strategy.
9. They Take Calculated Risks
Millionaires understand that wealth doesn’t come from playing it safe all the time. They take risks, but these risks are informed, calculated, and strategic.
- Fact: In The Millionaire Next Door, many wealthy individuals were entrepreneurs who built businesses – one of the riskiest but most rewarding ventures.
- Example: Jeff Bezos left a secure Wall Street job to start Amazon, fully aware of the risks but driven by the potential upside.
Poor individuals often avoid risks due to fear of failure, or worse, they take reckless risks (like gambling or high-interest loans) without strategy.
10. They Surround Themselves with the Right People
Your environment shapes your financial destiny. Millionaires intentionally spend time with people who inspire, challenge, and motivate them.
- Fact: Jim Rohn famously said, “You are the average of the five people you spend the most time with.” Research supports this idea: wealth and habits are contagious.
- Book Reference: Napoleon Hill’s Think and Grow Rich emphasizes the importance of the “Mastermind Group” – surrounding yourself with success-minded individuals.
Poorer individuals often stay in circles where negative attitudes toward money, work, and ambition are normalized, making it harder to break free.
Final Thoughts: Building Millionaire Habits Starts Today
The difference between the rich and the poor often comes down to mindset and daily choices. While circumstances like upbringing and opportunities play a role, millionaire habits – frugality, investing, networking, long-term thinking, and self-improvement – are proven strategies that anyone can adopt.
If you want to transform your financial life, start small: track your spending, invest consistently, read daily, and surround yourself with growth-oriented people. Over time, these habits compound into wealth.
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