Imitation is often called the greatest form of flattery. If you want to become wealthy then you have to study the habits of those that have gotten there before. It takes more than hard work to join the ranks of the rich. From Donald Trump to Howard Schultz, there are some traits that the rich have in common.
Here are a few of the traits of the ultra rich.
This may come as a shock to you but wealthy individuals are actually better savers than the general public. The Mike Tyson’s and Stephen Baldwin’s that blow their wealth are the exceptions. Most high income earners save a larger portion of their earnings than they spend. Warren Buffett saved his income at a young age and today is the 3rd richest man in the world. The rich are actually better savers proportionally than the middle class and lower income individuals.
Individuals that have achieved massive sums of wealth are much more likely to take risk than the average person. By risk, I do not mean taking random risks like jumping out of an airplane. Wealthy people take calculated risks. They take a risk when they see the potential for a return. Successful entrepreneurs, investors, and innovators tend to be risk takers by nature. You will always miss the chances that you don’t take.
Americans will give interest free loans to the government in the form of tax refunds. Letting the government hold onto your money until April 15th robs you of the chance to maximize the return on your money. Wealthy people pay are much more efficient at dealing with taxes. Some of the world’s wealthiest people pay a lower tax rate than most middle class Americans. Whether it’s hiring a CPA or doing their own taxes, wealthy individuals take advantage of every tax deduction and loophole that they can.
Think outside the box
The saying may be a cliché but that doesn’t stop it from being true. Wealthy people march to the beat of their own drum. They don’t follow all of societal norms and do the same things that everyone else does. If they had followed the same path as everyone else, they wouldn’t have ended up rich. Take Mark Cuban for example. He wasn’t afraid to do things his own way and became a billionaire webcasting games for his company Broadcast.com.