Written by David Rosbotham DipPFS | Financial Planner

Not everyone aspires to immense wealth, and that’s perfectly fine. We all have unique goals, hobbies, and aspirations that drive us. However, one thing most of us share is a desire to ensure our families are secure and that our hard-earned money is used wisely. Over the past 10 years, working closely with high-net-worth individuals has revealed valuable strategies about wealth-building and financial behaviour. While we don’t need to live exactly as they do, there’s much we can learn and adapt to our own lives.

10 Key Behaviours of Wealthy People

Here are 10 key behaviours and strategies that the wealthy consistently practice. These insights can help you save money, build wealth, and create a more secure financial future:

1. They Focus on Equity

Wealth isn’t just about earning a high income—it’s about ownership. Equity is the foundation of true financial growth. Whether through owning a business or acquiring shares in a company, the wealthy prioritise building assets that generate value over time. According to The Millionaire Next Door by Dr. Thomas J. Stanley and Dr. William D. Danko, 60% of millionaires are self-employed business owners. While only 20% of households in America are self-employed, these individuals are four times more likely to become millionaires.

Equity provides a path to financial freedom that surpasses reliance on income alone.

2. They Invest in Real Estate

Real estate is a powerful tool for building wealth. Many wealthy individuals own multiple investment properties that generate consistent profit while others pay down the mortgages. Although primary residences or cash flow-negative rentals might not always be ideal investments, profitable rental properties can diversify portfolios and offer long-term value.

3. They Hold Onto Investments

Patience is a cornerstone of wealth-building. While many people panic-sell during market downturns or liquidate investments to fund discretionary purchases, the wealthy commit to long-term strategies. Allowing investments to compound over time is one of the simplest yet most effective paths to financial growth.

4. They Prioritise Investing Over Savings

Savings are crucial for short-term goals, but investing is essential for long-term wealth. The wealthy prioritise consistent investment, ensuring a significant percentage of their income is directed toward assets that grow over time. This mindset shifts the focus from immediate gratification to future financial freedom.

5. They Take a Long-Term Perspective

The wealthy understand that building wealth is a marathon, not a sprint. They’re not lured by get-rich-quick schemes or shiny new opportunities without proven value. Instead, they stay disciplined, focusing on steady, reliable growth while avoiding impulsive decisions.

6. They Spend Intentionally

Wealthy individuals take time to identify what truly brings them happiness, whether it’s family vacations, supporting causes they care about, or enjoying a comfortable home. By focusing spending on what matters most and cutting back on non-essential areas, they ensure their money aligns with their values. This approach allows them to consistently live below their means, a critical factor in building wealth.

7. They Seek Expert Advice

Recognising their own limitations, the wealthy rely on experts such as financial planners, tax strategists, attorneys, and business coaches. By delegating to specialists, they reduce costly mistakes, optimise strategies, and free up time for other priorities. The cost of expert advice is often far outweighed by the long-term financial benefits.

8. They Value Networking

The phrase “it’s not what you know, but who you know” rings especially true for the wealthy. Building a strong network can open doors to business opportunities, mentorship, and career advancement. In today’s interconnected world, leveraging social media, attending events, and maintaining relationships can significantly impact your financial journey.

9. They Use Debt Wisely

The wealthy distinguish between good debt and bad debt. While they avoid harmful liabilities like credit card or personal loan debt, they strategically use low-interest debt to acquire appreciating assets, such as real estate. This disciplined approach allows their investments to continue compounding while minimising unnecessary financial strain.

10. They Plan and Adapt

Success doesn’t happen by accident. The wealthy develop comprehensive financial plans and regularly review and adjust them to align with changing circumstances. This proactive approach helps them stay on track toward their goals while adapting to life’s inevitable shifts.

Lifelong Learning: Adapting to Financial Changes

The habits of the wealthy aren’t beyond reach. Through discipline, intentionality, and a willingness to learn, anyone can adopt these principles to improve their financial situation. By focusing on what truly matters and committing to a long-term strategy, you can set yourself on a path to greater financial security and freedom.

Collaborate with a Financial Planner for Your Financial Planning Needs

Are you curious about how financial planning can add value to your financial journey? Take the first step towards a wealthier future today by reaching out to us.

We invite you to schedule a free, 30-minute introductory meeting with our qualified planner, David Rosbotham. Or find out more about our approach to financial planning.