Personal Finance

5 Habits of the Wealthy That Helped Them Get Rich

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Why do the rich keep getting richer? Most of the time, it’s not because of luck. It’s not because of the family they were born into. It’s not because they won the lottery.

Wealthy people simply do things differently.

It may not seem fair, but the fact is the “income gap” is increasing and most financial experts only see this trend continuing with no end in sight.

In preparation for this article, I sat down with someone who knows far more wealthy people than I will likely ever meet: Jeff Rose. Rose is a certified financial planner, author and blogger at He's also a millionaire himself, who dedicates a good portion of his time to helping people become, and stay, wealthy.

I asked Rose why he thought the income gap was growing. He mentioned five primary things that wealthy people simply do differently than the rest of the world. Here are those five, in no particular order.

1. They Take Risks


Rose explains that the wealthiest people he works with routinely “throw spaghetti at the wall to see what sticks.” In other words, they try a lot of different things, knowing that a lot of it will fail.

They take those risks because they know that failure is just part of the process in discovering what will truly work to build more wealth. Furthermore, as Rose explains, the rejection of those ideas invigorates the wealthy into finding what will work, a stark contrast to most of the population that simply looks at failure as a roadblock.

2. They Invest in Themselves

According to Rose, “Wealthy people don’t look at the money spent on personal growth as an expense, but an investment.”

While many individuals conserve every penny equally, the wealthy understand that strategically investing in themselves will produce a far greater return than any stock, real estate investment, or business venture.

Whether it’s purchasing a book, hiring a coach, joining a paid mastermind group or another source of paid self-improvement, the wealthy see this as an investment. Do you?

Related: The Surprising Lesson a Six-Figure Salary in My 20s Taught Me About Wealth

3. They Associate with Those They Want to Emulate

When the human body gets too hot, it produces sweat in an attempt to cool down. When it becomes too cold, it shivers to produce heat. In other words, the human body is constantly adapting to keep its temperature at the same comfortable spot. This automatic leveling is a biological process known as homeostasis and is found in numerous aspects of life.

From human biology to the temperature of the earth to a car’s cruise control to the thermostat in your house, homeostasis is a fact of life that governs nearly every aspect of your existence. And, as the wealthy have discovered, homeostasis can also be a powerful way to build wealth.

As Rose stated bluntly to me, “If you want to be rich, hang around rich people.”

Or as financial TV personality Dave Ramsey often says, “If there are four broke people in a room, you’ll be the fifth.”

Wealthy people have discovered that they can grow their wealth simply by associating with those who are even more wealthy. Humans pick up the habits and strategies of those in their immediate surroundings, and the wealthy have learned to use this homeostasis to their advantage.

4. They Have a Dedicated Morning Ritual


While most of the world is hitting the snooze button 14 times in a row each morning, the wealthy have already begun increasing their net worth.

“Most of the multimillionaires I know have a dedicated routine, a ritual, that they do each and every morning,” Rose said.

This morning ritual could include exercise, affirmations, goal reviews, breakfast, or whatever else helps them start their days with a bang. They start strong, accomplishing more before noon than more people accomplish in a week.

For those struggling to get started each morning on the right foot, Rose recommends two books:

In my own life, I’ve found this truth incredibly powerful. Since instituting a morning routine, I’ve quadrupled my income, written and published a bestselling real-estate investing book, lost 10 pounds, bought my dream house, and deepened my relationship with my wife. Not bad for just a few minutes each morning of dedicated routine.

Related: One Simple Habit the Vast Majority of Wealthy People Practice Every Single Day

5. They Review Their Goals Consistently

Finally, according to Rose, the rich have clearly defined goals and continually review them to track their progress, make changes, and develop strategies for meeting those goals. This process of immediate feedback allows the wealthy to make quick changes to their plans to keep the course in a rapidly changing world.

While most of the human population gives little to no thought on their futures, the wealthy are reminded daily of where they are headed. Like a family taking a cross-country trip in their minivan, the rich have their road map spread out on the dashboard so they can navigate the fastest, easiest route to their destinations.

Rose admits that the wealth gap is far more complicated than a simple “five-point blog post.” However, he continually witnesses these five traits guiding the lives of those who are getting richer, and has used them in his own life to create multiple businesses and build some serious wealth himself.

These five actions create a positive-feedback loop that will continue to make the rich richer, and there’s no sign of that ceasing. The good news is, however, these five actions are all things that the average American can put into practice today.


Will you follow these five steps, and what would you add to this list?

Share with a comment below!

Brandon Turner is an active real estate investor, entrepreneur, writer, and co-host of the BiggerPockets Podcast. He is a nationally recognized leader in the real estate education space and has taught millions of people how to find, finance, and manage real estate investments. Brandon began buying rental properties and flipping houses at age 21, discovering he didn’t need to work 40 years at a corporate job to have “the good life.” Today, Brandon is the managing member at Open Door Capital. With nearly 300 units across four states under his belt, he continues to invest in real estate while also showing others the power and impact of financial freedom.
    John Murray from Portland, Oregon
    Replied about 3 years ago
    Multimillionaires (i’m one) have things in common. They stay married. This is the commitment thing. They invest their time and energy in productivity. The time management thing. They see luxuries as a middle class fault. They live a spartan lifestyle. They are very smart in a practical way. They see the world as opportunity and see pragmatism as a philosophy. They see wealth building as freedom. This freedom dream makes them happy. They view self education as a priority and scholarly achievement as a middle class value. The constant improvement and research thing. Most of all it it not a feeling of money it is a feeling of achievement, money is the windfall.
    Laurel Devine Investor
    Replied about 3 years ago
    So true John!
    Linda D. from Apopka, Florida
    Replied about 3 years ago
    Thanks Brandon. Excellent article. I found it very enlightening, as well as all the following comments.???
    John Murray from Portland, Oregon
    Replied about 3 years ago
    Understanding what wealth building is not that hard to understand. The concepts of the middle class trap and how escape velocity from the treadmill is achieved. The treadmill is earned income, taxes, luxuries and keeping up appearances. First you have to realize you are not in control of the treadmill, if you try to keep up with it you will only go faster and faster until it throws you off. When you realize this, the point of escape velocity is achieved. Jumping off is scary for some, but jump you must if you want to be free or spend time in monetary purgatory and no one is going to pray you out. So either pick up the pace or jump off when the escape velocity presents itself.
    Matt Schuberg Investor from Los Angeles, CA
    Replied over 2 years ago
    Another awesome article from the great Brandon Turner. These 5 things are spot on. I love that you started with taking risks. Fear is almost always the reason people never follow their dreams, whether that’s starting a business or investing in real estate. I’ve been working towards following all 5 of these steps and I feel like I’ve finally got everything in place. It’s made me confident that I’ll reach my goals and become wealthy. Thanks for the post!
    West Wetzel from Denver, CO
    Replied over 2 years ago
    Could you elaborate a little more on how one might invest in oneself. I don’t really want to pay for more college nor do I want to throw more money away attending “buy this program to get wealthy” schemes. Thanks in advance.
    Sasha Fukuda from Walpole, New Hampshire
    Replied over 1 year ago
    My friends won't even read the personal finance books I recommend to them. They don't want to bother.
    Frank Greco Rental Property Investor from Atlantic Highlands, NJ
    Replied about 2 years ago
    Great article and content. Thanks for sharing!!
    Hadrian Ayyub
    Replied over 1 year ago
    As a 22 year old with a heavy chip on my shoulder, I have felt that I have failed the majority of my short term goals because of how incredibly bodacious they are, now I feel as though I do not wish to record goals and review on the regular until I can consistently hit the target and feel more momentum than before.
    Sasha Fukuda from Walpole, New Hampshire
    Replied over 1 year ago
    Dude, you're 22. You have time on your side. If you do even a pretty good job of building wealth, you'll be rich when you're old. I'm almost 37, and believe me, I wish I could be in your shoes.
    Phaedra Robinson
    Replied about 1 year ago
    I know this is an old article but I'm new to BP and reading everything that comes over email. My biggest challenge is the morning ritual. I have a 7yr old and a 2 yr old and they are the morning ritual. Just getting them breakfast, dressed and off to school exhausts me. One thing that i have started to do is get up even15-20 minutes earlier than the kids to trap myself in the bathroom to do daily devotions and read scripture. I have noticed that it helps to clear my head and give me courage in preparation for the long day. I also try to select an old BP or BP Money Podcast to listen to in the car on my ride into the office because once i get home it full attention to the kids again. Looking forward to learning more and more from you guys I love your energy and the ease of which your deliver your information. Congratz on the new baby!