10 Habits That the Debt Free and Rich Do

September 21, 2018 | By Daniel Dewitt


Habits make up a much larger part of ourselves than we’d like to admit. Studies have shown that habit is more important than willpower when it comes to deciding our actions. 


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Habits for Financial Success

But what habits are those money-saving habits exactly? More importantly, which should you cultivate to become financially stable yourself? That’s what this guide is here to answer. Check out these 10 habits that the debt-free and rich ddo to stay rich and debt-free.

Small Things Add Up

While a dollar here and a dollar there may not seem like a lot, one of the keys to being financially stable is understanding that small, consistent drains on your income can add up to big numbers in the long term. For example, one $2 cup of coffee isn’t much, but one a morning for a year adds up to $730. Minimizing even small but consistent costs can lead to big savings.

Set Goals

There’s an old axiom that says it’s impossible to get where you’re going if you don’t know where that is, and the same principle applies to finance. If you don’t have a firm idea of the financial future you want for yourself, then you aren’t going to be able to achieve it.

Set Concrete Steps

Building off the above point, the easiest way of achieving a long-term goal once it’s set is to create a plan with concrete steps to achieve it. For example, if you want to have 80k in retirement by the age of 40, rather than having some fuzzy idea to save money every month, it’s far more effective to divide that 80k into the remaining months before you turn 40, and commit to putting that number into your retirement savings at the end of each month.

Impulse Control

Stopping yourself from buying things you want in the spur of the moment is an underrated skill when it comes to keeping your finances stable, but one that really should be ranked higher. A little impulse-control can go a long way.


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Strategic Credit

While taking out a title loan or signing up for credit cards isn’t usually associated with financial stability, taking a line of credit or a loan are actually powerful tools to both bridge short-term financial challenges, and investment well in the long-term. Knowing when it’s appropriate to use a loan is a key financial habit to form for success.

Research Before Investing

Speaking of investing, an important habit of the rich and financially well off is that they never invest their money before doing research on what they’re investing in. Even just a minute of googling or cursory research can mean the difference between a profitable investment and one that’ll just drain your finances.

Don’t Eat Fast Food

The reason most of us eat fast food is simple: it’s convenient and it’s a habit. But it’s also a habit worth breaking because while it may be cheap in the short term, in the long term it’ll play havoc with health. As the old saying goes, a lack of a cheeseburger a day keeps the mortician away.

Don’t Depend on Gut Feelings

As much as we like to think of ourselves as reasoned, deliberate beings, the truth is that a huge number of our decisions comes from the gut. And unfortunately, the gut doesn’t always make the best decisions or consider all the information at hand.


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Think Long-Term

One of the keys to being financially stable is learning to think in the long-term instead of the short-term. Your finances are, after all, possibly the longest term project you’ll ever have to manage, and getting into the habit early of thinking long-term will be a huge help.

Be Detail-Oriented

An important habit to cultivate alongside long-term thinking is to be detail focused. While it can be exhausting, focusing on financial details can prevent potentially catastrophic errors that can cost you thousands of dollars down the line.

The Bottom Line

It’s no surprise that, when it comes to being financially stable, one of the key elements is forming and maintaining healthy habits. Take a look at some of your financial habits - are they working for you or against your money goals? Figure out which ones are worth keeping and which ones are draining your bank account. With a little patience, you'll watch those numbers go up-up-up the longer you stick to these positive financial habits!