7 Habits of Successful People Who Are Never Broke

7 Habits of Successful People Who Are Never Broke

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Not being broke goes beyond just managing money and finances. Most people want to make more money, but trying to make more money won’t do you much good if you aren’t able to also enjoy life while getting there. Successful people know that there is more to life than just having money. They usually have habits that help them manage their money while leading a productive life.

1. Spend Less Than They Make

This foundational first habit on the list should be fairly obvious, but is critical to saving and investing money. A lot of people start spending their money as soon as they get it and hope that there is some left over at the end of the month to save. This is backwards from the way financially successful people think and almost never works.

To build a steady, healthy saving habit, you should pay yourself first. This means save or invest a portion of your hard-earned money before spending it all. Even when I started out working a minimum wage job in my late teens, I usually saved 10-15% of each paycheck. I didn’t live in the nicest house at the time or drive the newest car, but I knew that starting a saving habit early was key.

You can plan out a budget to help determine how much money you actually need and how much you can save. Then you can setup an automatic transfer from your checking account to a savings account each time you get paid to help you save more.

Get Good With Money: Ten Simple Steps to Becoming Financially Whole by Tiffany the Budgetnista Aliche is a great book to read to help with managing your finances.

2. Patience

People with successful money habits often plan out and save for large purchases instead of buying them on credit. For example, if your car is going to need new tires in about 10,000 miles, then having a little patience and planning can make this a much less stressful financial event.

A lot of people always seem to have the latest and greatest gadgets, from cell phones to digital watches and the like. With cell phones, if you can wait a few months or more and be willing to not always have the latest and most expensive technology, you could save hundreds of dollars on the purchase.

People who manage their money are usually less prone to impulse purchases. If there’s a new pair of shoes you’re dying to have, wait for them to go on sale to save a few bucks.

3. Follow a Healthier Diet

Successful people know that they can accomplish more by taking care of their body. Someone who eats a lot of processed food that is high in salt, sugar, and calories is more likely to be overweight and may have brain fog. Someone who wants to maintain a clearer mind and healthy weight is more likely to eat healthier meals prepared at home and not eat out as much. Not only will that help with your mental capacity and waistline, it will also help you to save more money.

We got an air fryer earlier this year, which has helped to make cooking healthier meals so much easier. Check out this best-selling book full of great recipes: The Skinnytaste Air Fryer Cookbook: The 75 Best Healthy Recipes by Gina Homolka.

4. Exercise Regularly

You are only given one body in this life, and you need to take care of it. Successful people who are not broke tend to get regular physical activity and exercise. Exercise is great for both your body and mind, on so many levels. I love exercising because of how good it makes me feel mentally. There’s also nothing like the feeling of accomplishment after a good workout session.

As you get older, it is so important to get plenty of physical activity to help stay mobile. Successful people know this and have a life-long habit of staying active to help achieve their goals.

Getting exercise doesn’t have to complicated or expensive. You could take a few walks during the day or look online for some great workouts that don’t require any expensive equipment. There are lots of great exercises just using your own body weight.

If you are looking for a great do-it-yourself program for a workout to help build muscle, I highly recommend Thinner Leaner Stronger and Bigger Leaner Stronger by Michael Matthews of Legion Athletics. I have gotten stronger by following Thinner Leaner Stronger.

5. Never Stop Learning

An excellent habit to help keep your mind sharp is to never stop learning. Successful people know that once you stop learning, you stop growing. There are always new skills and techniques to learn, some that could help you make extra money or even make a career change. I’ve taken courses on edX and Udemy.

I have always enjoyed learning new things, and often read articles or take online courses in my free time. Growing up, there were several grade school years where I always had a book in my hand and won school prizes for reading so many books! I truly believe that my early reading habit has helped shape my success today.

People who never stop learning often watch less television and spend less time scrolling through social media. They know that their time is better spent reading or learning something new.

6. Get Enough Sleep

While you might think that successful people are always hustling and on the go, you must get enough sleep to give your body time to rest and recover. Successful people know that sleep is critical to being alert during the day and improves the ability to absorb new information. Develop good sleeping habits, like going to bed at a similar time every night and avoiding electronics before bedtime.

If you are looking for a mattress to get a good night’s sleep, check out the Classic Brands Cool Gel Foam Memory Mattress. It has thousands of 5-star reviews.

7. Set Goals

Prosperous people know that setting goals can help them grow and develop. Not only can goals help you to learn new things, they can improve your mental health and feeling of personal success. Setting goals can help you focus in on things you want to commit to achieve. A way to help achieve this is by setting SMART goals which are: Specific, Measurable, Achievable, Realistic, and Timely.

Check out this best-selling book for help with setting goals: Your Best Year Ever: A 5-Step Plan for Achieving Your Most Important Goals by Michael Hyatt.

What are some other habits that people who are successful at managing money have?

Check out some of my posts on investing:

Disclaimer: This information is intended for educational purposes and is not tailored for the needs of any specific investor. It is important to conduct your own analysis and research before making any investment.  It is recommended to independently research and verify or seek financial advice from a professional in connection with any information on this website before using it to make an investment decision or otherwise.

7 Habits of Successful People Who Are Never Broke
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