8 Habits of Financially Successful People that You Should Follow

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What does your to-do list look like on Monday?

Do you schedule a money date right in there?

Perhaps not.

Perhaps thinking about money on a Monday is mind-numbing and soul-crushing. 

We always tend to dedicate time to other areas of our lives and forget about money. Successful people regularly dedicate their time and energy to plan, manage and budget their finances. Their drive is to empower themselves financially to gain the power to drive their dreams. Ultimately, life isn’t just about to-lists, tasks, work and productivity. There’s more to it. More so about gaining the freedom to do the things we love and be happy. Regardless.

If you are looking for ways to gain financial success by adopting habits from those who have made it, here are 8 habits of financially successful people:

Focused Intent

Many of us get lost chasing multiple goals and end-up chasing nothing, risking health and happiness, or simply being taken for a wild ride to nowhere. Successful people determine their intent early and focus on it with laser-like precision to the point of appearing obsessed. Every decision and action they take is done with this main goal in mind. Intense concentration of nature is what enables them to accomplish what others only dream about. So if your main financial goal is to build a block of flats, every step you take will be to that end.

Spend Time Wisely

Time and money go hand in hand and cannot be looked at exclusively. Successful people understand this and don’t waste time or procrastinate making important financial decisions. Money un-invested loses value with time and increases your chances of not achieving your goals or dreams. Therefore, instead of focusing on how much you earn in a month – focus on how much you earn every hour – how much you would lose by doing something or not doing something.. This will enable you to avoid time sinks (social media, tv, etc.) that many of us engage in on a regular basis.

Make own opportunities

Successful people strive to create their own opportunities by asking questions, taking calculated risks and taking the initiative to build their own success. They understand that it takes money to make money, and thus ensure to make solid investment plans to secure steady wealth flows. Living beneath your means and saving all the time will not be enough, therefore create more opportunities to increase your income. You may decide to invest in real estate or start a profitable business, whatever you do make sure you take the time to research all your possibilities, make calculated and logical decisions.

Test Different Strategies

Testing out different money management strategies and ideas is a great way to learn what works best for you. Ideas are considered the ‘currency of life’ and the more you utilize them, the more you will be amazed quickly you will be able to weed out the bullshit in your life. Businesses ideas and investment ideas need to be tested out in order for the entrepreneur/investor to learn and then, customize. One size doesn’t fit and ultimately, it is better to try and fail than never to have tried at all.

Stay Humble

Never forget your humble beginnings – how much you have sacrificed and strived towards your goals. Regardless of how much money you have made, it could all disappear if you get carried away making unnecessary purchases. Successful people, always keep pushing on. They never lose their drive and the passion that inspired them to take the journey in the first place. As a result, they never stop building and expanding their opportunities to make more.

Take Action

While some people choose to engage in betting and lottery games hoping for a financial miracle, successful people believe in creating their own financial fate. They see more value in talking to a financial advisor, than studying betting statistics. For them, it is important to make the right moves and take steps to ensure their own financial success. 

Own Decisions

Successful investors have a sense of responsibility for the choices they make and own them – they understand that they have a responsibility to :

1. learn from their decisions,

2. understand their decisions and,

3. educate themselves to better shape their savings and investments.

To do so, we must first understand that every decision we make has an opportunity cost attached to it i.e., deciding to pursue further education may mean, postponing buying a home or saving for retirement. Thus shaping our goals in the short-term and long-term, will better shape our decisions today. Having this in mind enables us to take more control over the outcome and exercise discipline not to undo any good achievements.

Be Generous

When you seek to help others, people will be included to return the favour. Life is a giant circle of Karma, thus freely giving your time and money pays back in the best currency possible. After all being financially successful isn’t just about controlling impulses or merely having an abundance of ‘things’.  These things will never give you financial or emotional prosperity you seek.

Final Word

While these habits may increase your chances of financial success, there is still the condition of survivors bias. This is when we make an error in concentrating on people who have made it in the past and overlook those who did not.  Typically because our failures are never publicized. Ultimately, we stand a bigger risk of making false conclusions and copy-pasting the lives of people who have achieved the success we want.

Instead, focus on developing good habits and don’t compare yourself to others on the financial road ahead. The key is to start good habits and set reasonable goals to achieve now, even though modest, base them on ‘me’. In the long haul, financial success will materialize as you will have learned, grown and developed good habits to bring forth financial success.

Image credits: Top, by The Lazy Art Gallary via Pexels.

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Irene Makanga
Irene has an MBA in Finance and is an avid businesswoman, passionate about financial literacy.

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