Do you ever look at those super wealthy people and just think – how on earth did they get there?
Often it looks so easy, so effortless – but we forget that we’re often seeing these people in their prime. We’re seeing them at the end of a long road of consistency, dedication, and most importantly good financial habits.
But what are the ‘healthy habits’ of financially successful people, and how can you implement them in your own life? Well, let’s dive in shall we?
Habit #1: Know your numbers
The key to EVERY successful wealth-building strategy, whether it be simple saving, property investing or something entirely different, is understanding your foundations and constantly checking in on these. Our advice? Set aside a time each week to check in on your finances – because what you measure, you improve. You can’t improve what you don’t know right?
A couple of things to track:
– Your income: How much money is coming in each week and from where. Do you have multiple income streams set up, and if not, are there ways to do so? Where is this income going and how do you divide it up each week to the various places you need it to be?
– Your expenses: How much money are you spending on essentials? How much money are you spending just for the sake of it? Are there any areas you could cut back or avoid spending?
– Your savings rate: What percentage of your income are you saving each week? Are there ways you could increase your income or cut back on expenses to improve this savings rate? Is your current rate aligned with your long-term and short-term financial goals?
A great way to track these numbers is through a spreadsheet, or there are a ton of apps and websites out there these days that do all of the heavy lifting for you.
Habit #2: Pay yourself first
Before you pay your bills, rent, or put some money aside for cocktails with the girls next Thursday night, pay yourself first.
What do we mean by this?
Well, if your goal is to build long-term wealth and have true financial security, your savings and investments should come first. Set up a direct debit every time you get paid into your investment account or savings. Make it easy, make it automatic and watch your money grow.
Even the smallest of amounts add up over time, and we can bet that the people you’re looking up to with the wealth you aspire to have prioritised their savings and investments CONSISTENTLY, eventually compounding and resulting in true financial success. But it’s not without sacrifice. You have to decide what ‘paying yourself first’ means to you, and whether you’re willing to sacrifice that extra bit of disposable income, for your own future benefit.
Habit #3: Keep learning and stay financially literate
We do say this a lot, but knowledge truly is power. There are so many free resources out there at your disposal, and if you’re truly passionate about building long-term wealth, educating yourself as much as possible is only going to help.
Habit #4: Build a strong support network
Surrounding yourself with like-minded people is a sure fire way to keep you motivated while you’re on that wealth-building grind. Because we’re going to be honest, it’s not going to be smooth-sailing or easy.
You’ll have to sacrifice, you’ll have to commit and you’ll have to have an unwavering drive to get to exactly where you want to be. Having people by your side who you can talk to when it’s feeling tough, and who can hype you up through your wins will be a game-changer.
Habit #5: Back yourself, take action and think long-term
Women are financial powerhouses, but too many still feel uncertain about investing – which is a key player in securing a wealthy financial future. The best thing you can do? Believe in your ability to build wealth and start taking action, even if it feels scary.
Taking small, consistent steps towards your goal over time is what’s going to make the difference, as well as taking calculated risks that align with your goals – like investing in property (if it fits). It’s all about playing the long game, so stay focused on your goal and do whatever it takes to get yourself there – but understand it will take time.
Our goal at InvestHER is to support women to reach their wildest financial dreams. If there’s any way we can support you to build the wealth you desire, we’d love to hear it. We offer free resources and education like this for YOU, so if there’s ever anything specific you want us to cover, let us know!
And if you’d like some more tailored 1:1 support, reach out HERE.
Here’s to becoming those super wealthy people you were once looking at and questioning how they got there.
Now you know how – you’ve just got to get started!