3 Daily Habits That Set the Rich Apart From the Poor

Once upon a time, I was penniless. Flat broke. A serious betting habit took all my savings, which was over $15,000 in just one year.

I was determined to turn things around and took a deep dive into understanding how money works. I consumed every book on personal finance and investing I could find.

Eight years have passed and I've now read over a hundred of the top books on money, and even started a business based on the financial knowledge I've gained.

Through these books, I learned about the daily habits of the rich and successful. In this article, I'll be sharing three of these habits with you.

People often make a major mistake when it comes to managing their personal finances - they get hung up on small decisions and ignore the big ones. Ramit Sethi, author of "I Will Teach You To Be Rich," likens this to asking $30,000 questions instead of $3 questions. To speed up your financial journey, it's crucial to concentrate on the big wins, or $30,000 questions.

They Ask $30,000 Questions, Not $3 Questions

According to Sethi, "Most folks get caught up in $3 questions like whether to make coffee at home or buy it from Starbucks, but the real focus should be on the $30,000 questions. Nail those, and you won't have to worry about the cost of coffee or an appetizer."

Small expenses like these have minimal impact on your finances, but too often, people fixate on them. If you want to improve your finances, concentrate on the $30,000 questions that truly make a difference. Examples of these are negotiating a raise, starting a side-hustle, investing automatically, minimizing investment fees, and paying off debt.

These big financial questions can be difficult to ask, but getting them right will save you from having to cut back or feel guilty about spending $3 on coffee. As Sethi says, "Most financial advice focuses on $3 questions, making you crazy about optimizing small things that don't matter. Instead, focus on the big decisions - increasing your income, investing early and consistently, reducing fees, and paying off debt."

Remember, you have limited time, energy, and decision-making power when it comes to your finances. Don't let $3 questions distract you from the big picture.

Focus on the important financial decisions.

They Make Better Choices That Lead to Wealth

In "The Millionaire Fastlane", author MJ DeMarco delves into the various paths to creating wealth quickly. The cornerstone of his approach is a simple yet crucial idea: the power of making better choices.

According to DeMarco, the reason for not being where you want to be lies in the choices you make. Your financial situation is just a result of those choices. In other words, wealth is not just a stroke of luck, but a natural outcome when you make the right choices every day.

Although almost everyone wants to be rich, their daily decisions often keep them stuck in financial insecurity. The problem is not a lack of desire for wealth, but a series of poor choices that slowly but surely lead to poverty.

As DeMarco explains, every choice you make has a lasting impact on your future, affecting tomorrow, next week, next year, and even generations to come. So, the choices you make today, such as saving or wasting money, investing in yourself or indulging in impulsive purchases, will shape your financial future.

Ultimately, it's the quality of your choices that determine whether you'll stay broke or achieve financial freedom. As DeMarco says, "The smallest choices made in your daily life create habits and a lifestyle that form a process, and they are the ones that can make the biggest impact."

They Nourish Their Own Potential

Tony Robbins once said, "Pouring into yourself is the most critical investment you'll ever make. Nothing else comes close, as enhancing your skills, ability, perception and potential leads to true financial independence."

Boosting your abilities, expanding your knowledge, and broadening your network yield the highest return on investment.

As you become more knowledgeable and skilled, luck no longer plays a role in your wealth-building. Instead, it's a natural result of bringing more value to society and making smarter financial moves.

That's why investing in yourself, through books, online courses, individual coaching, or live seminars, is a top priority.

Just one new idea from a book can redirect your entire life journey.

A single useful tip from an online course can result in an extra $1000 monthly.

One new connection at a seminar could spark a lifelong business relationship.

Investing in yourself delivers some of the richest rewards.