#RichLifeLawyer Show 016: Five Habits of the Super Rich (and how to adopt them)

In this episode of the #RichLifeLawyer Show we talk about the five habits of the super rich.

Why are we doing this?

Is it so that we can all become super rich?

Nope.

Is it to make you feel bad if you aren’t super rich?

Nope.

The point here is to take a look at these habits and see how simple they are.

These are things that we could all do if we were simply intentional about it. And the results we’d see from those actions would be incredible.

To find out what these five habits are and learn a little bit about how to implement them into your life, watch the video below (or scroll down to read the transcript).

Enjoy!

Cheers,

Christopher Small

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P.P.S. Do you own a business? Do you have a plan so the business, and your family, can survive if something happens to you? If not, click here to learn how simple it is to protect your business and your family from tragedy: 5 Ways to Protect Your Business from Catastrophic Failure.

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Christopher Small is a Kirkland estate planning attorney who helps people get rich and live forever. He is also the owner of CMS Law Firm LLC.

Five Habits of the Super Rich Transcript

Hey everybody welcome to episode sixteen of The Rich Life Lawyer Show. I am super excited to be with you, I’m Christopher Small. Always here, always very lucky and today we’re gonna talk about the five secret habits of the super rich. This is a list that I put together from some of the people that I know. From some of the things that I’ve read. and some people that I talk to that also hang out with people that have a lot of money and you know, the reason why I’m doing this is because we don’t like to talk about these things.

I think that we are not super rich. I guess so I know that or sometimes you think like, oh okay, this person got a lot of money because they did something special. Right or something like some that I can’t do. When the fact is they quite likely were just making better decisions than you over a long period of time. And that some things are going to talk about today. We’ll talk about habits. Talk about some of things that people are doing that really contribute to a lot of money for them down the road.

All right let’s talk about money habit number one or success you know whatever. Secret habit number one how about that. And that is that they buy the Audi instead of the Mercedes and that can sort of be translated into when you spend money in places that are going to provide a return on investment or pure enjoyment plays. You know like for example, I know some guys that have some really really nice cars. Really nice. Super expensive. The reason that they have the cargo isn’t really because of the status symbol of the car. But they don’t feel like they need to have a car to get the approval of other people. They’re just car junkies. That’s where they want to spend their extra income is in that area.

For me it’s golf but what that means is that I drive an older car. That was not that expensive but it’s reliable gets me where I need to go has the accoutrements that I want. You know what I mean is cruise control, heated seats. You know. Things like that right. Things that you want in a car. But to super rich they don’t really spend on things they don’t need. Now what we’re not talk about here like actors and actresses, professional athletes. These people typically tend to be super rich for a very short amount of time. If you go and watch there’s these thirty four thirties. ESPN puts them out.

There’s one called broke and it sort of chronicles the problem that professional athletes have with holding on to the money once their done. And it’s because they tend to spend lavishly and do these all things. So that’s habit number one. Habit number two is that while they take care and mind these bigger purchases. They don’t worry about getting Starbucks every day. I’ve talked about this before in a previous video. And that is that you know these little mini splurges, four dollars, five dollars, ten dollars a day. They don’t add up and they don’t really affect your financial outcome. Yes we just swore for forever, you would make more money or you would save more money and create more wealth. But the downside to that is that really we can do will power against these bigger purchases that have a tremendous effect on your bottom line.

So don’t worry about that daily little splurge that you want to take. Get the Starbucks. I tell you it’s okay. And the third thing. The third thing that they do is they don’t watch the stock market. Okay the stock market, if you want to trade for the stock market that’s fine. Go for it but just do it with money that you are okay with losing. That’s the bottom line. Put a hundred bucks in knowing that you probably will never see that money again. The super rich they don’t watch the stock market. Because they’re in it for the long game. Right they may look at their returns or their numbers on a quarterly basis or yearly basis. But they’re not looking because they want to make moves necessarily, they’re just looking to gauge the market, that makes sense.

Where sort of normal people falling into problems. Is you know you go to work today and you see that the stock market has fallen and you merely go sell your stuff. That’s the wrong way to do it because over time the market goes up. That’s what you want to catch. You know. Although on a day to day basis it may go like this. If you draw a line through it goes like this. So you don’t want to get in and get out. At the wrong times which is what everybody’s seems to do. You can try to get in and get out to beat the market. You’re going to get, you’re going to get out here. You’re gonna buy it. You’re gonna get out here. You’re gonna buy it.

So your train is going to go like this. So that’s the third thing that they do. The fourth thing is that they prefer to invest overspend. And that goes back to are you willing to sort of defer your gratitude for a while that’s why it’s important to have goals that are important to you. So I support to have your why, you know, why are you doing this stuff, why are you trying to save this money, why are you trying to build this wealth you know, what’s the point. The point isn’t the number, the point is the thing. Or the point is creating a legacy. The point is creating generational wealth. The point is retiring at sixty five knowing that you’re going to have a hundred grand a year. To live off of comfortably and do what you want.

These are the reasons that you invest instead of spend. And that’s the secret of the super rich. Now, you may find that it may seem like they’re spending a lot of money right you may see people have it appears they’re spending a lot of money. But the thing is behind the scenes, they have even more money, right. That makes sense so if they’re spending you know a hundred grand a year. Typically, they’ve got you know a couple of million stashed away back here and they’re slipping off interest. You know, something like that. So invest overspend. And that means that as particularly when it comes to like that. The car, things like that. Have your hobby. That you want to spend some money on.

But you don’t have to go luxury everywhere. And the last thing that they do is they rely on their team. Or they rely on their three best friends here although. When I talk about team, I thought about five but it’s your attorney, your accountant and your financial planner. Right they rely on those people heavily and they have people they can trust in those positions. And they listen to what they say and do the things that they say. So they can reach the goals that they have. That’s critical, that’s why I always talk about trying to find, you want to try to find a financial planner. You want to try to find an estate planning attorney. I’m not saying that there’s any out there that you can look at but estate planning attorneys are out there and an accountant and you wanna have an account. All these things work together to help your money grow, grow fast.

So that’s it. You know five habits these are little tiny things that make a huge difference. Over a long period of time. Let’s see question of the show. What I like to ask is this. You know question of the show. It’s a toughie. What, oh it was what I want to know what is your sort of your hobby? What is the thing that you would spend money on. For me it’s golf for some of my buddies the cars. You know for other people it could be electronics. You know who knows. But I want to know your thing is. What’s your hobby that you would want to spend your disposable income on. And remember if you have questions. I can answer them. Let’s get some questions in. You can go to @richlifelawyer. You can also go to Facebook. Oh that’s on Twitter. Facebook is facebook.com/richlifelawyer. Just include the hashtag #richlifelawyershow and keep me those questions and I’ll answer. See ya.