58 Habits to Increase Wealth By Barbara Friedberg in Investing, Saving, Wealth

Use Habits to Increase Wealth

“I never could have done what I have done without the habits of punctuality, order, and diligence, without the determination to concentrate myself on one subject at a time.” Charles Dickens

Who can argue with such an accomplished man as Charles Dickens? Dicken’s isn’t the only one to recommend developing habits. This article discusses the power of habits and how, with discipline and a plan, you to can achieve wealth and greater life contentment.

Growing wealthy is not a mystery. If you crave a wealthy life, you can learn to develop and practice habits which will build wealth.

The Power of Habit Leads to Wealth

Do you think it’s possible to build habits which lead to wealth?

It is widely believed that small changes, practiced regularly, lead to out-sized results. Many great accomplishments began with tiny actions, implemented again and again. There’s research supporting the financial and personal benefits of quite a few of these habits.

In an interview with Charles Duhigg, bestselling author The Power of Habit, he talks about his own habit changing wins. As a result of delving into the the study of habits he’s lost 30 pounds, runs most mornings, and is much more productive. He diagnosed his habit of eating a chocolate cookie every afternoon and uncovered that he was actually craving more socialization. Using that newly gained insight as a trigger he replaced eating the cookie with a walk around the office to talk with his co-workers. Not only is Dugigg thinner due to his habit changes, he is certainly wealthier as well, due to the success of his book.

My 96 year old father in law has a daily schedule. He plans when he eats, snacks, exercises, shops, and goes to bed. During his working life, he and my mother in law saved a part of every paycheck. Since he retired (with full retirement at age 80), he gets a juicy Social Security check and has built up savings to cover all his expenses, with some left over for emergencies. Oh, and did I mention, he’s lived on his own with no help for his entire life. I can’t help but conclude that his lifelong discipline and commitment to habit contributed to his longevity.

How Many of These Wealth Building Behaviors Do You Practice?

PRINT OUT THESE HABITS TO BUILD WEALTH

These wealth building habits were culled from a variety of sources, why not examine which one’s you possess and which one’s you’d like to develop. And add to the list in the comments.

At first glance, many of these habits seem almost too simple. Even while I review this article, I’m struck with their simplicity. Isn’t building wealth supposed to be complicated? After years of inadvertently practicing most of these habits, I’m struck with how the discipline and sensible life habits lead to health and ultimately a wealthy life. So before you dismiss this list, take another moment to digest and try out the suggestions.

Action Steps:

List several “new” wealth habits from the list to try this week.

Add some of your own “wealth habits.”

Spend time and money on what matters most to you.

Can’t Get Enough Wealth Habits?

Family Money Values writes Develop Healthy Wealth Habits

Get Rich Slowly hosts a guest post by Dough Roller in Understand the Seven Habits of Wealth

CNBC highlights The Highly Effective Habits of Millionaires

This is one of the most popular articles on this site. A version was previously published. (some prior comments remain)

What are your best habits? Which will you practice to wealth?