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Here’s what financially successful people do differently

Financially successful people have different habits when it comes to handling money. Here are 12 ways that make them stand out.



saving money

Who do you consider to be financially successful? If your answer is “those individuals who make loads of money,” then the answer is partly true. You could have a ton of money but lose it in an instant due to a bad financial decision. On the other hand, you can build up a great financial portfolio and grow big financially, in spite of starting small, with smart decisions and choices. So, what makes someone financially successful? Read on.

Here are some of the things that financially successful people do differently

1. They keep a check on their thoughts and emotions

Financially successful people believe in affirmative thinking and practice the same. They believe that ‘thinking’ controls every aspect of their life—business, finance, health and relationships. At the same time, they don’t let emotions control them. They keep a check on how they feel and don’t let negative emotions such as stress, fear, sadness or overwhelming events cloud their judgment. They understand that these emotions will make the brain less resourceful, and hinder their ability to make good decisions.

2. They keep the experts close and secure their retirement

Successful people know their strength and the areas where they lack the required expertise. They don’t hesitate to acknowledge their weaknesses and choose to build a team of experts in their business to compensate for their weaknesses. They assemble a team of experts that include a good business lawyer, financial counselors, accountants, financial advisors, etc., who can assist them in making good financial decisions. Having a trustworthy team of such experts can take their business to great heights and even lend a big hand in retirement planning.

3. They prioritize differently

The tasks on the ‘to-do’ list will keep growing, no matter how fast you complete them. It is no different for financially successful people, but they approach that list differently. They focus on starting and executing important things first, rather than the easy ones. They apply this to their financial decisions as well by tackling important decisions that can help them make money, instead of pushing such decisions to ‘some-other-time’ which can have the potential to seriously affect their finances. Change the mindset to approach the important tasks first, regardless of how tempting the easy ones seem.

4. They minimize their taxes

Financially successful people aim to get the most of their investments and money by minimizing their tax burden. They have a certified public accountant who ensures that they don’t miss applicable deductions when they file their taxes. Additionally, they invest pre-tax dollars through tools such as company 401(k) to the employer match. They choose to invest in Roth IRA as well so that they don’t have to pay taxes on their earnings in the future. It is essential to pay taxes but you can take advantage of tax benefits to the degree the law allows.

5. They never stop learning

The common trait amongst every financially successful person is that they NEVER stop learning. They always immerse themselves in books, articles or any reading material that will help them grow, both in business and finance. They know that there is always something to learn and keep their minds open about the same.

6. They know how to have fun

Financially successful people don’t just know how to make money, but also how to spend it and have fun. They spend their hard-earned money on vacations, loved ones, hobbies, and fun activities to do with their family. This allows them to build and strengthen important relationships and even grow personally. They understand that celebrating their accomplishments, no matter how small, is equally important. Not only does this allow them to see how they are faring in their business and financial journey but also recharges them to strive and reach for their next financial goal.


Financially successful people aren’t always serious, they like to have fun, too. These people smartly spend their money on vacations, hobbies, or their loved ones. (Source)

7. They always set goals

Goals are a part of every financially successful person’s life. Goals provide them with a roadmap of what and how they should do things to proceed ahead in their business. They set SMART (specific, measurable, achievable, realistic and time-bound) goals that help them dream bigger and fulfill their desires. They make SMART financial goals that help them save money and manage their finances smartly.

8. They keep adapting and reinventing themselves

Things in the business world are dynamic and keep changing frequently. Financially successful people adapt to these changes and are willing to reinvent themselves to maximize the opportunities presented to them. By keeping an open mind and a willingness to change with the times, they successfully capitalize on financially successful opportunities.

9. They believe in paying it forward

It is true that financially successful people put a lot of effort into making more money, but there is another side to them. They believe that it is equally important to give back a portion of their wealth to the community. They frequently donate to a favorite charity or simply help someone in need. It keeps them grounded and gives them a purpose to make more money so that they can keep paying it forward.

10. They are not afraid of failing

Successful people are not scared of embracing failure. They rather consider it to be a stepping stone towards success. They know that they can’t always succeed and that failure will be inevitable at some point but they don’t let the fear of failure deter or stop them from going after what they want. They might make decisions that would literally cost them money, but they learn from the mistakes and forge ahead. When you overcome the fear of failure and see it as a temporary setback instead, you open multiple avenues to explore and succeed, just like financially successful people.

11. They take risks even when it comes to debts and loans

Usually, debt and taking loan scares off people, and rightfully so. But financially successful people view them as powerful tools that can enable them to purchase or even own a greater percentage of an investment. If successful, it could earn them a lot of money through the interest on the loan. It is a risky move as irresponsible and impulsive decisions can have negative effects, but it is a risk the financially successful people are willing to take as they see it as a chance to leverage debt to maximize returns.

12. They are REALLY persistent

Lastly, the one trait that sets the financially successful apart from others is persistence. This quality enables them to take another step when they think they can’t go any further, overcome obstacles without getting overwhelmed and attain their goals, no matter how big. Financially successful people manage to pay off debt, create better products and increase their retirement savings through persistence.

A quote by Winston Churchill does a perfect job of outlining the attitude displayed by financially successful people — ‘Success is walking from failure to failure with no loss of enthusiasm.’ You no longer have to just dream of being financially successful, but rather live it. Embrace these twelve qualities and you will be on your way to becoming financially successful like those people you look up to. Make wise decisions and don’t hesitate to consult with the experts when needed.

(Featured image by DepositPhotos)

DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation for writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.

Rick Pendykoski is the owner of Self Directed Retirement Plans LLC, a retirement planning firm based in Goodyear, AZ. He has over three decades of experience working with investments and retirement planning, and over the last 10 years has turned his focus to self-directed accounts and alternative investments. Rick regularly posts helpful tips and articles on his blog at SD Retirement as well as, SAP, MoneyForLunch, Biggerpocket, SocialMediaToday, and NuWireInvestor. If you need help and guidance with traditional or alternative investments, get in touch with Rick.