Many people think that rich people became successful without struggling. Do you think so? They became successful because of their good habits and hard work. In this article, you can find 7 rich people habits of well-known entrepreneurs. You will get expert advice on rich people habits how to learn to understand the people, act despite fear, be resourceful, always be learning, stay in touch with new technology, redefine failure, and don’t plan.
7 Rich people habits that you need to try
- Learn to understand people – Warren Buffett
- Act despite fear – Elon Musk
- Be resourceful – Jeff Bezos
- Always be learning – Bill Gates
- Stay in touch with new technology – Mark Cuban
- Redefine failure – Sarah Blakely
- Don’t plan – Jack Ma
1. Learn to understand people – Warren Buffett
Well, I knew a lot about what I do when I was 20. I mean I really read a lot and I aspired to learn everything that I could about the subject. So intellectually I knew a lot. I did not know a lot about human behavior. I mean that you can’t learn really out of reading books but it’s very important to understand people and I say to the students, you know, just imagine you could buy or you could be given 10 of the future earnings of one person that you know among everybody now are you going to pick the person that’s the smartest.
I’m going to pick the person that can dance the best or that you can run the fastest or anything like that. That’s the right height. No, anything. You’re gonna pick the person that has the right habits. That is cheerful, generous, gives other people credit for what they do. And when you look at all of the qualities that you admire in other people which would cause you to pick that person.
Say to yourself which of those qualities can’t I have myself because they are, you determine whether you have them. So just write them down on a piece of paper who is the person that you admire the molester like the best. Why do I like them and just write down and then say which of these can I do myself? And the truth is you can do them. And then you also if you really want to carry it to the next extreme you pick the person you dislike the most and why do you dislike that person? They always they’re never fair about things, basically they always claim more credit than they’re doing everything. And write down those qualities and say if you dislike that some other person why in the world would you want to have those yourself? So you should get rid of those and it’s a pretty simple thing to do, but you want to be the person that if you could pick your best friend that you would have the same qualities.
Do you know the success story of Warren Buffett, known as The “Oracle of Omaha,”?
2. Act despite fear – Elon Musk
First of all, I’d say I actually think, I feel fear quite strongly. So it’s not as though I just have the absence of fear. I’ve, I feel it quite strongly. But there are just times when something is important enough you believe in it enough that you do it in spite of fear. If people should think well I feel fear about this and therefore I shouldn’t do it. It’s normal to be to feel fear like you’d have to definitely something mentally wrong if you didn’t feel fear. Actually, something that can be helpful is fatalism to some degree. If you just accept the probabilities then that diminishes fear.
3. Be resourceful – Jeff Bezos
My grandparents would take me every summer starting at age four every summer kind of to give her a break really for the whole summer. So I’d be with my grandparents and on their ranch in Catoola Texas which is halfway between San Antonio and Laredo. We lived in Houston and so we would make the five-hour drive out to Catoola. They’d drop me off spending a couple of days there then they’d go back to Houston. I’d spend the summer and I went every day the ranch with my grandfather to help. Now a four-year-old boy on a ranch in South Texas is not a lot of help but I didn’t know that I thought I was helping and then as by the time I was 16 I actually was helping.
So I can suture up a prolapsed cow, can fix windmills. My grandfather was so resourceful and that he made his own veterinary needles. He would take a little piece of wire and pound it flat with like an oxy-acetylene torch and then drill a little hole through it and then we did all of our own veterinary work. Some of the cattle even survived and so we had but we had great fun out there. We built barns and welded things and he bought a d6 caterpillar bulldozer used like 1955 model year for five thousand dollars was completely broken the gears were stripped and then we spent you know a whole summer repairing that.
The first thing we had to do to repair it was build a crane to take the gears out of the transmission and so you know what I learned from watching him was just how resourceful he was. He didn’t ever call a repairman, he figured it out also.
4. Always be learning – Bill Gates
If you want to learn computer science just you know Knuth wrote the book buy it, read it and do the problems for if you really think you know this thing. If you want to learn physics Feynman wrote the book just read the damn book it’s all there. So that when we put stuff online we don’t have anything in online physics that’s any better than Feynman’s book honestly. Now it’s a little easier to learn. The guy makes jokes every 20 minutes or at least tries to and he does more demos and things. So learning is a weird social phenomena.
And so our foundation our big problem is that the group that does the worst with online learning are low-income students because their notion of why am I learning, their sense of self-confidence, the ability to figure out I just got stuck because you know two minuses cancel out and I never saw that notation before. They just hit dead ends all the time that if you’re sitting in your dorm at Stanford you know somebody walks down and helps you get through it.
5. Stay in touch with new technology – Mark Cuban
There’s nothing that AI won’t impact. As big as the so bit having been around a while, I saw the impact of pcs, then I saw the impact of local area networks, then I saw the impact of wide-area networks, then I saw the impact of the internet, then I saw the impact of mobile, then I saw the impact of wireless. Now I’m seeing the impact of artificial intelligence and it dwarfs any of those things if I don’t understand how to apply it to my businesses.
If you truly believe AI is going to change everything how are you going to understand what people are doing to change everything unless you at least have a foundational understanding of it.
6. Redefine failure – Sarah Blakely
Growing up my dad used to encourage my brother and me to fail. So at the dinner table, he would actually ask us what did you fail this week, and if we didn’t have something to tell him he would actually be disappointed. And I can remember coming home from school and be like dad I tried out for this and I was horrible. And he’d be like way to go and high-five me and what it was such a gift what he was doing. I didn’t realize it at the time but he was redefining failure for me. And so failure became not about the outcome but about not trying.
And so you know the fear of failure as we all know as entrepreneurs is one of the greatest fears in life it’s one of the things that stop us in our tracks and keeps us from trying something. And so I incorporate that in my philosophy at spanx we have. We celebrate failures, we talk about them, we have meetings where I’ll announce that I have and sometimes we have fun with it. We’ll even attach theme songs to our and we’ll play them in front of the whole company. But I think it’s just so important to try to get the people that you work with to take risks and to be entrepreneurial and not live in a place of I want to protect my job and feel like I’m not safe if I make mistakes.
7. Don’t Plan – Jack Ma
I really have never written a business plan. We wrote one before we started to seek funding. Raymond Lei was also from the valley. One night we chatted over drinks about my big plan. He ended up going back to China with me. Then I wrote a business plan to raise money in Silicon Valley. A venture capitalist rejected me. He said this was wrong and that was wrong. From then on I never wrote a business plan.
If you wrote a business plan in 1996 you were either lying to others or yourself. You have no idea what will happen. How can you write such a detailed plan for investors? I don’t even know what will happen. I could ask a Stanford MBA Graduate to write a very nice looking plan for me. Is it useful? No! It is only useful if you executed your plan. Right? So I later decided not to write a plan. Our life is a plan that is slowly unfolding. Embrace change. Change is the best plan. But you don’t want to lose your own sense of direction.
7 Rich people habits that you need to try
“Everything you try to do is already done. So when I figured that out oh what I’m putting out is what’s coming back. Your intention is always one with the law, meaning before you even think about a thing you have an intention for the thing and that the intention is going to determine the outcome.” Oprah Winfrey
Hope you found this article useful and learned 7 rich people habits. When you just read an article or watch a motivational video and get motivated, you have a 35% chance of following through with the content. But when you get motivated and then create a specific action plan of you have a 90% chance of following through. When you commit to other people, you increase your chances even further of following through. Try to pick up something from successful rich people habits and if needed, bring that into your life.
Recommended for further reading
- Success Habits You Must Adopt To Achieve Success In Life
- 15 Habits That Destroy Motivation
- Amazing Habits You Must Adopt For A Successful Life
- 6 Easy Ways To Break Bad Habits
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Mathukutty P. V. is the founder of Simply Life Tips. He is a Blogger, Content Writer, Influencer, and YouTuber. He is passionate about learning new skills. He is the Director of PokketCFO.
He lives with the notion of “SIMPLE LIVING, CREATIVE THINKING”. He Believes – “Sharing is caring.” and “Learning never ends.”