Despite the “success stories” you might see online, the vast majority of wealthy people got to where they are after many years.
But most of us have this idea that getting rich can be easy. “You just need to have the right idea!”
Deep down, we know that it’s not that simple. We also know that consistent action over time can lead to big results. As Warren Buffett said:
“It’s pretty easy to get well-to-do slowly. But it’s not easy to get rich quick.”
Whether you’re training for a marathon or working towards financial independence, your best bet is to aim for consistency. What is consistency when it comes to wealth?
Financial consistency is about moderation and perfect execution of your strategy.
A financially consistent person is dedicated to getting richer just a little bit, year after year. It’s about doing the least amount of saving and investing to grow one’s net worth.
If you are financially consistent, it’s a guarantee you will become wealthier over time. It’s all about how well you execute the little things.
Over the years, I’ve identified many small financial actions that sound obvious but few people execute consistently. Here they are.
- Reading books — Not only leaders are readers, but so are many wealthy people. Books usually contain quality information and are crafted with care. You usually learn more from books than from other mediums.
- Spending time with smart people — Being around smart people gives you an idea of how they think and operate. That’s inspiring.
- Asking questions — Being curious leads to new realizations, which in turn leads to better decisions.
- Controlling the urge to buy stuff — If you’re on a quest to accumulate nice things, you will never be satisfied. You will only empty your bank account.
- Ignoring fake geniuses — There are many people who pretend they are smart. Not only on social media but also in real life. The ability to distinguish the fake from the real will help you avoid stupid things.
- Limiting social media consumption — No matter how great social media can be, too much of it will turn you into a mindless consumer. And consumers don’t get rich.
- Working a bit harder than the rest — This one alone will make you wealthier than your neighbor who always works 40 hours a week and never more.
- Being deliberate about your actions — Taking an extra moment to think about your actions avoids stupid decisions.
- Enjoying time off to the max — When you recharge fully on your time off, you will get back to work with a sense of urgency.
- Working out — Because it gives you energy. And to get wealthy, you need energy.
- Sleeping on it — Sometimes you get way too excited about a new investment when you learn about it. But solid investments don’t have a deadline. Sleeping on it an extra day won’t lead to missing out on anything.
- Welcoming feedback — No matter how great we are, we always have room for improvement.
- Giving — When you share your wealth, you get less attached. And when you’re less attached, you can move freely in your career. That usually leads to more wealth.
- Being okay with being alone — Learning, thinking, writing, improving, working: We do those things alone. That’s something we need to be comfortable with.
- Improving your skills — Keep improving. The better you are at what you do, the more rewards you usually get.
- Aiming high — Aiming low and aiming high both require the same amount of mental energy. Why would you ever aim low?
- Sticking to your diet – This is about discipline and being okay with delayed gratification. Self-control is an essential trait for getting rich.
- Sleeping on time and waking up on time — Structure helps you to stay focused.
- Celebrating other people’s success — Never be envious of other people. Be inspired when others do well. Your time will come.
- Buying quality things — Cheap things lead to cheap results. Focus on quality and you will get quality outcomes.
- Investing in money-making equipment – To earn money, we need to work. And to work, we need tools. The tools you need to do your job are not expenses but investments.
For some of the points, you might not see a direct relationship. But getting rich is not only about doing money-related things.
It’s about energy, making smart choices, and knowing how to avoid bad things. The more well-rounded you are as a person, the higher the odds of becoming wealthy.