10 Elevated Habits Wealthy Families Enforce That Average People Can Learn From
If we want to live a rich life, we might want to take some lessons from those who truly know how.
Dean Drobot / Shutterstock If you are anything like the average person, you are close to living paycheck to paycheck, and one tiny stumble could crumble your whole life. But there are elevated habits wealthy families can enforce in order to live better lives without having to spend a single dollar extra.
For many people, money seems to burn a hole in their pockets, causing them to spend on impulse buys and things they could easily do without. The wealthy do things very differently. Their habits help them build wealth and retain it. Rich people know that money comes and goes and that if you're not careful, you could lose it all much faster and more easily than you gained it. The wealthy know that it is not all about money, as there are many other ways to live what would be consider a rich life.
Here are 10 elevated habits wealthy families enforce that average people can learn from
1. Getting dressed every day
Joshua Resnick via Canva
There is nothing more demotivating than lying around in your pajamas all day long. It puts you in a lounging state of mind where you are ill-prepared to take action toward your financial goals. Studies have also shown that clothing can be used as a coping mechanism to help you get out of a bad mood.
Whether you are a casual dresser, prefer business attire, or have a unique style of your own, what matters is that you spend dedicated time making sure you look presentable each and every day. In the words of singer, Macy Gray, "Get up, get out, and get something"... preferably money.
2. Eating meals at the dinner table
ferrantraite from Getty Images Signature via Canva
By now, we all know that eating meals while watching TV is not a great idea. You are not present or listening to your body, so you tend to overeat. Health is wealth, and being present during a meal by knowing exactly how much you are eating and putting the fork down is a good way of building it.
Instead of indulging in their guilty pleasures, the wealthy use mealtimes as a dedicated opportunity to connect with their family. They discuss ideas, new concepts, catch up with each other, and talk about the future. These discussions are absolutely necessary to build generational wealth.
3. Keeping a clean house
Valerii Apetroaiei from Getty Images via Canva
If your surroundings are cluttered and chaotic, your mind will be just as messy. How in the world can you expect to be among the financially, spiritually, and mentally wealthy if you can't get out of your own way? A clear mind starts with a clean house.
According to studies, people who keep their homes neat and organized have better focus, are more productive, and have higher self-esteem. The concentration, productivity, and belief in self are exactly what you need to build wealth for your family and make sure it lasts for everyone who comes after you.
4. Wearing shoes while at home
nomadsoulphotos via Canva
While most of us would love to trudge around the house barefoot until it's time to get up and go, it's possible that putting your shoes on can increase your productivity. Your footwear makes it much more unlikely that you will kick your feet up on the coffee table and binge-watch your favorite shows.
Wearing shoes while at home could help you get through deadlines faster and motivate you to complete chores, run errands, or work on that project that you've been putting off for months. Remember, that is you stay ready, you don't have to get ready.
5. Being aware of what's going on in the world
nomadsoulphotos via Canva
Nobody likes to talk to an uninformed person, unaware of current events that might impact their lives and finances. Staying abreast of what is happening around the world can help you make good decisions with your time and money and make you more confident in your knowledge and abilities.
Keeping aware also has a social impact. You might be at a dinner party meeting new people, and a topic that is all over the news comes up. Instead of looking like a lost deer in the headlights, you are able to participate in the conversation, potentially finding common ground with people who could be valuable in your quest to build wealth for your family.
6. Financial education
RichVintage from Getty Images Signature via Canva
Wealthy families leave no stone unturned when it comes to learning how to keep their assets. They prioritize educating all family members about finances, investments, and they know the value of money. The richest people understand the importance of being financially literate early on. They instill good money management habits in their children that pass on from generation to generation.
This kind of financial literacy is imperative to generational wealth and goes hand-in-hand with succession planning. Wealthy families get the next generation prepared to take the reins by mentoring them, including them in family businesses, and having open and honest discussions about investing. This ensures a smooth transition of wealth and guarantees that they will keep it in the family.
7. Long-term financial planning
Robert Kneschke via Canva
To hang onto your money, you must look beyond what is right in front of you. Many of us are so preoccupied with our immediate financial struggles that we can't even afford to look into the future and plan accordingly. But rich people know that the key to staying rich is not only to address your current money needs, but to engage in long-term financial planning so you don't run into the same problems moving forward.
Things like estate planning, trusts, and inter-generational wealth transfer strategies are just some of the tools you can use to ensure your wealth serves future generations. Saving money is good. Also investing your money wisely is even better. A diverse portfolio of investments that includes stocks, bonds, real estate, private equity, and venture capital can minimize risks but maximize returns over long periods.
8. Living below their means
andresr from Getty Images via Canva
While many average people do their best to keep up with the Joneses, rich people are unmoved by expensive fads and purchases that do not add value. Despite their wealth, many maintain a sustainable lifestyle that is not overly extravagant. Wealthy people do not deplete resources faster than they generate them.
Many wealthy families recognize that they are in a position of privilege and use it to give back to society. This philanthropy not only helps others who are less fortunate to realize their own financial goals, and meets their basic needs. It benefits the wealthy family by creating a positive public image, maximizing tax breaks, and teaching the importance of generosity.
9. Building strong networks and connections
pixelfit from Getty Images Signature via Canva
Sometimes, it's not what you know, but who you know. Wealthy families have a habit of meeting new people who are resourceful and valuable, and maintaining strong professional and personal relationships. They know exactly who to call on in their time of need maximize their networks to get the most bang for their bucks.
Connecting with the right people can create opportunities to invest, build partnerships, and start new business ventures. The rich also use these networking opportunities to link up with financial advisors, tax professionals, and lawyers, who later help them make informed decisions about their wealth and legal matters.
10. Fostering an abundance and growth mindset
PeopleImages from Getty Images Signature via Canva
To build and keep wealth, it's mandatory that you keep a mindset of growth and abundance. Coming from a place of scarcity and the idea that you don't and won't have enough keeps you stuck there. Wealthy families focus on personal development and continuous learning, believing they can do anything they set their minds to.
Many are disciplined and consistent entrepreneurs who have figured out that they must master themselves, as there is no boss to hold them accountable. This discipline and consistency that wealthy families practice includes financial discipline, ensuring expenses are planned and investments are made as forecasted.
NyRee Ausler is a writer from Seattle, Washington, and the author of seven books. She focuses on lifestyle and human interest stories that delivers informative and actionable guidance on interpersonal relationships, enlightenment, and self-discovery.
