The top 1% of wealthy individuals share common habits that have contributed to their financial success.
These habits are not merely about making money but encompass financial discipline, mindset, and lifestyle choices.
This article was written by a Financial Horse Contributor.
1. Financial Management Habits
Aggressive Saving and Investing
The wealthy save significantly more than average.
They consistently invest and often automate their deposits directly from earnings to investment accounts.
Many self-made millionaires have been saving 20% or more of their income since they started working.
Living Below Their Means
Despite having substantial wealth, the top 1% practice frugality.
Many describe their homes as “modest,” buy used cars and limit frivolous spending.
The “Oracle of Omaha” embodies frugality:
- Still lives in the same home he purchased in 1958 for $31,500
- Drives a Cadillac XTS he bought for $45,000 in 2014 (a modest choice for his wealth level)
- Eats McDonald’s for breakfast daily, spending no more than $3.17
- Doesn’t use a computer at his desk or carry a cellphone
- Once had a vanity license plate reading “THRIFTY”
Avoiding Idle Money and Bad Debt
Wealthy individuals ensure their money is constantly working for them rather than sitting idle.
They follow the “money-in, money-out” principle, keeping investments active.
They also limit or completely avoid bad debt, understanding that high-interest payments can erode wealth.
Multiple Income Streams
Most millionaires have diversified income sources:
65% have three streams, 45% have four streams, and 29% have five streams of income (source).
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2. Mindset and Learning Habits
Don’t rely on Motivation Alone
Successful individuals don’t rely on motivation alone.
They understand that the building block of success are habits.
You have to put in consistent effort – and make them non-negotiable habits, and the results will speak for themselves.
Continuous Learning
According to studies on millionaires, the wealthy are committed to ongoing education, with 88% reading daily to increase job and industry knowledge.
About 85% read a minimum of two books monthly, and 63% enjoy audiobooks or podcasts while commuting or exercising.
Positive Outlook and Resilience
Most millionaires describe themselves as optimists with a belief that anything is possible.
They embrace failure as part of the journey, with 27% having failed at least once in business but persisting nonetheless.
Goal-Oriented Planning
Wealthy individuals set clear financial goals and create plans to achieve them, regularly reviewing their progress.
About 80% are actively working toward one major goal at any given time.
You have to be a goal-getter to be a go-getter.
3. Career and Work Habits
Passion for Their Work
A significant 86% of millionaires enjoy what they do professionally, with about 60% pursuing what they describe as a dream or passion.
There is a strong correlation between how hard you are willing to work for something, and how much you enjoy it.
It’s much easier to beat the competition if you have a passion for what you do.
Strong Work Ethic
The top 1% typically work longer hours, with 73% reporting an average of 58 hours weekly.
They often wake up early, with 44% rising at least three hours before their workday begins.
Having a consistent morning routine can really set the right tone for your day.
Instead of being rudely awakened and rushing to get about your day, try to wake up earlier, and complete your routine with intention.
Time Management
Most wealthy individuals keep to-do lists and value their time highly, often outsourcing tasks that are less valuable than their earning potential.
We all have the same 24 hours a day, what we do with our time matters significantly.
If you can control your time and work efficiently, your results will double.
4. Health and Lifestyle Habits
Health and Wealth
The wealthy recognize the connection between health and wealth.
93% of wealth indivduals sleep at least seven hours nightly.
The world’s most successful CEOs know that they have to be in tiptop shape in order to perform at the highest levels.
Regular health check-ups and taking care of your mind and body are essential pillars for well-being.
Mental health is also extremely important.
According to therapists who work with ultra-wealthy clients, the super-rich frequently struggle with:
- Isolation and loneliness due to living in “rarefied” social circles
- Paranoia and distrust about others’ motives
- Distorted sense of purpose, particularly among those who inherited rather than earned wealth
- Depression and anxiety despite material comfort
Professional Guidance
The top 1% regularly meet with financial advisors, including accountants and estate-planning teams, to make informed decisions about their finances.
Beyond a certain net worth, it starts to make sense to get professional opinions on how you should be maximizing your money – especially when it comes to taxes and legacy planning.
5. Community and Relationship Building Habits
Philanthropy and Mentorship
Many wealthy individuals are passionate about philanthrophy and mentorship.
Money is just a number in your bank account.
You have to give meaning to your money in order to live a fulfilling life.
Strong Social Currency
The majority of millionaires curate the people they spend time with.
Your network is your net worth.
Social currency is a very key part of successful individuals’ leverage, and wealth individuals make it a point to surround themselves with people they are aligned with, and motivated by.
While these practices alone don’t guarantee wealth, these principles can certainly elevate your financial well-being.