8.3.21 21

11 Financial Habits Of Successful People

Do you ever wonder what successful people do that make them so successful? I feel like I am always fascinated to know the morning routines of successful people, their weekend habits, etc. Today I am sharing 11 financial habits of successful people to motivate you to maybe tweak or change your own financial habits. It has for sure motivated me!

Financial Habits Of Successful People

11 Financial Habits Of Successful People

 

They don’t live paycheck to paycheck: I know sometimes this can’t be avoided. We’ve all been there. But if you don’t spend beyond your means you should be able to have rollover each month that would eventually lead you out of this lifestyle.

They save: Successful people save! They save early and they save as much as they can. I have talked about savings here and why you should be saving and little ways you can save.  Successful people start saving very young. But it’s NEVER too late to start.

They don’t max out credit cards: If you read my post all about credit cards you read about how you shouldn’t max out your cards and you shouldn’t be using more than 30% of your revolving credit. Successful people are NOT maxing out their cards.

They don’t make rash financial decisions: 10 years ago if there was something I wanted expensive or not I just bought it. I never thought long term. If I wanted to sign up for a class, or membership, etc I just did it. Now, I really mull things over and try to not make rash financial decisions. The rash financial decisions are the ones that could get you in trouble later in life. My biggest tip is to wait three days. If you can’t stop thinking about it, go look again!

They are productive: From the minute they get up till they go to sleep they are productive. They don’t sleep in, they don’t lollygag. They get things done.

They are pro-active: With everything in life but especially their credit. They monitor their credit, they meet with credit counselors to make sure any charges that can be disputed are disputed. They may even have financial advisors telling them the best ways to save, spend, budget, and invest.

They have a budget and stick to it: Along with not maxing out cards, successful people stick to budgets. They make them, they stick to them. They know the long-term results of doing this are good.

They have multiple retirement funds: If you work somewhere you have a 401K MAX IT OUT. Also you can have an IRA, mutual funds, etc. Lots of retirement funds or places that your retirement money is gaining interest

They pay off their cards, bills every month: The most successful people pay bills as soon as they come in or they auto pay off balances each month. They don’t get late fees, or dings to their credit report from late payments. Late payments can REALLY ding you. Lots of late payments can majorly ding you on your credit.

They spend money on what matters:  From continuing education, to conferences and events that fuel them, to investing they spend money on the things that matter and will take them further. Never stop learning, saving, and bettering yourself!

They say NO: To things that do NOT fill them up, to bad ideas, to frivolous purchases.

What motivates you to be successful? Will you be utilizing any of these financial habits of successful people?

This post was originally posted in 2019 but has been updated for 2021

 

 

Leave a Comment

21 Comments

  1. Great tips! Going to keep some of these in mind. 🙂

    Charmaine Ng | Architecture & Lifestyle Blog
    http://charmainenyw.com

    Published 12.11.19
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  2. Joline wrote:

    We definitely pay off our credit cards in full every month, those interest rates are sky high! Unfortunately, while we have a budget, we rarely stick to it, especially now that holiday shopping is in full swing!!

    Published 12.11.19
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  3. This is great advice… I do some of these things but not all of them! Not so good on sticking to a budget or retirement funds – but we are working on it!

    Published 12.11.19
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  4. Chad wrote:

    100% noted!!! I need to make sure I am financially healthy in 2020, this is one of my main objectives.

    Published 12.11.19
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  5. Jessa wrote:

    I love all of these tips. I need to invest in something other than 401K. The one at my work is horrible.

    Published 12.11.19
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  6. Stephanie wrote:

    I do most of this. Although I will say, I can have issues with making rash decisions now and then. Nothing huge like a car, but smaller (still pricey) things like a new iPad or similar.

    Published 12.11.19
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  7. Marysa wrote:

    It helps to have some financial tips. Finances are so important to keep on top of, and to stay in control of a budget.

    Published 12.12.19
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  8. Tiffany wrote:

    Lots of great tips here. I whole heartily agree that setting a budget, sticking to it, and saving all you can will get you to financial freedom fastest.

    Published 12.12.19
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  9. jamie wrote:

    Saving and paying cash for everything is what we try to do. The only exception would be is I will occasionally take advantage of a no interest deal on larger purchases. (and then just bank my savings)

    Published 12.13.19
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  10. These are all great tips! And reminders! I have to say, some days I feel anything but successful, but I already do everything on this list, so I guess I’m on the right track at least! 🙂

    Published 12.13.19
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  11. Ben wrote:

    Saying no is the best tip on this list. We humans want what we want when we want it, but living that way will absolutely wreck your finances. You have to learn to say no to yourself.

    Published 8.3.21
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  12. will be keeping this in mind.. i need this kind of reminders.. thank you for sharing…

    Published 8.3.21
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  13. When in control of our money we are very mindful of our choices both for spending and for saving.

    Published 8.3.21
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  14. Kat wrote:

    As for me, I set small, realistic goals.

    We’d all like to earn more each year but dreaming about it will get us nowhere. In order to make more money there are certain small, daily steps we need to take. These are the things successful people concentrate on, rather than only looking at the big picture. The little changes in one’s daily life can make a very big difference to annual earnings.

    Published 8.3.21
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  15. I dont use credit card if not necessary. And I did, I pay off the amount next billing cycle. I avoid paying interest for unpaid balance

    Published 8.4.21
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  16. It’s nice to know that I’m on the right track as I’m already practicing many of those habits.

    Published 8.4.21
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  17. I think I will start paying close attention to having a retirement fund for myself! Life is just becoming more expensive with everyday that goes!

    Published 8.4.21
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  18. Great tips. I know so many of us struggle financially and its always good to have reminders.

    Published 8.4.21
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  19. Great tips. I know so many of us struggle financially and its always good to have reminders.

    Published 8.4.21
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  20. I think one quality should be: They have a budget and stick to it. It’s so difficult. But you need to stick to it.

    Published 8.5.21
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  21. Couldn’t agree more with your points. I have been interested in financial literacy and I am glad I am living within my means now.

    Published 8.5.21
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