20 habits that wealthy people have… and where I’m currently at being on track with them.
So I've made my Glitterlist & I’m working towards it. So heres my ‘Frugal Friday’ heading. I’m listing off weekly hack/tips to keep me on track & checking in to see how others do it well.
So this week I decided to look at the 20 ‘checklist’ items of what wealthy people do as good financial Glitterlist habits. It’s been interesting looking up trends and listening to chat - and no doubt there are way more points, but this is a start and a snapshot of where I’m at now with it all. Ill add to these as I find them.
Budgeting: Wealthy individuals often create and stick to a budget. They track their income & expenses meticulously to ensure they are living within their means. Ok I’ve done this in in the past. Time to print off my bank statements and download the free budgeting & spending resources from Money with Jess and review the last 6 months and see what my current ‘snapshot is.
Investing Wisely: Wealthy individuals prioritise8 long-term financial growth by investing their money wisely in assets like stocks, bonds, real estate, and businesses. So up into the last few years I really never knew anything about investing. I currently listen to Money Talks by The Economist when I mop the floor at work and try to tune in weekdays before 7 to the Commsec Podcast for the update on daily world economics trade.But before I got here, before I understood anything, a few years back, started by I listening to every single Shes on the Money podcast episode to get my head around the terms as prior to that I had no idea on the Sharemarket.
It's worth noting that I found that 'She's on the Money' caters more to females in their 20s, but the lessons on investing & understanding micro investing are universal and presented clearly. Then, after about six months of listening and selecting the best platform aligning with my values, I took a deep breath and set up a micro shares account on an app called 'Super Hero' (there are a few similar platforms out there- all slightly different, best to work out what aligns with you). And I started the ball rolling by transferred $250 into the account and gradually learned on the tools via finance podcasts and watching the market how it all works. It's a form of bite-sized investing, and for me, it's been an incredible learning experience. Initially, prior to all this, I thought one needed a substantial income to start investing, but depending on the micro shares platform you choose, it may cost just $5 per transaction like mine does, the price of a coffee to make a trade - allowing you to buy as many shares as you can afford and shares can be just a few dollars or sence. I don't actively trade; instead, I 'set and forget' while continuously learning along the way. It has become somewhat of a hobby, as I unexpectedly discovered my fascination with examining global markets and understanding how the economy and globally trade ticks. I believe everyone should start investing, even if it's just to educate themselves or teach their children about financial matters."
Frugal Shopping: Despite their wealth, many affluent individuals are mindful of their spending. They look for discounts, use coupons, and shop during sales to get the best deals. I try and buy 3,6 or 9 months of staples stock when they are on special at roughly half price (depending on its expiry date). I also buy seasonally as it’s cheaper and have collected over 200 vacola jars (need to count them) to ‘capture & preserve’ this coming summer/autumn harvest. Also a big win I find, is if you shop on a Tuesday online at Woolworths or Coles and grab the specials at their end of the ‘week’ you can then go pick up on Wednesday and see the new ‘weeks’ changeover of specials in store. I also find that often there’s a higher amount in the ‘reduced’ section during this time wandering through the store.