11 Things Rich People Do Differently That Schools Never Taught The Rest Of Us
Your education doesn't have to be limited to what you learn in school.
Dragon Images / Shutterstock After we graduate from school and some people go on to become extremely wealthy, we may assume they just habve good luck. We may also ask ourselves how they became so financially blessed when we were shared the same education and similar opportunities in school. In truth, it's not only luck, though that may be a factor. More importantly, though, there are simply some key things rich people do differently that the schools we went to never taught the rest of us.
Individuals who expand their knowledge far beyond what they were taught in school use that information to unlock a variety of pathways to financial success.
These are 11 things rich people do differently that schools never taught the rest of us
1. They invest in their personal development
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Your education never has to be limited to what you are taught in school, and rich people understand that. They spend time and money investing in their personal development, whether it be reading, learning from mentors, and constantly looking to improve their skills and knowledge.
According to people who have experience in building wealth, personal development can be one of our best assets.
Personal development strategist Max Stephens noted that "the patterns you see in your financial life are reflections of the patterns you carry internally."
"Your personal development is the key to unlocking greater financial success," he concluded.
2. They prioritize long-term goals over short-term comfort
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Rich people focus on long-term wealth-building techniques, whether it be investing, entrepreneurship, or saving every one of their paychecks. They prioritize these goals over things that will bring them instant gratification, like dipping into their savings to get expensive new items.
Making these goals a priority fosters discipline and resilience, and people who do those also learn to manage and overcome setbacks along the way, which only contributes to their long-term success.
3. They take calculated risks
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Even if schools may caution us to avoid taking risks to keep us in line, those who go on to become successful are not afraid to take a leap of faith. They are willing to take smart and calculated risks that could potentially lead to greater rewards. They do not view risks as threats, but rather opportunities for further success and innovation.
“Every time you take a risk, there are only two possible outcomes,” Andy Frisella, an entrepreneur and bestselling author shared.
“You succeed, and it pays off. This gives you a tried method to implement in the future. Or you fail, and through that failure, you are provided with a lesson to learn from, grow from, and move past. If you think about it … you always have the opportunity to succeed or learn. Both of which are good outcomes.”
Even if you may fail while taking a risk, wealthy people do not let this stop them from taking them.
4. They focus on building multiple streams of income
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In school, we are often told to seek the job of our choice, and that is the sole way we will make money. However, rich people rarely rely on only one source of income. They focus on creating multiple income streams, whether this be through investments, side businesses, or passive income.
Limiting your income to just one source limits one’s ability to save and invest, which can hinder your long-term financial growth. Wealthy people often have multiple outlets where they can earn a steady income that will make them financially comfortable and beyond.
5. They embrace failure as a learning opportunity
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When some of us failed our academic assignments in school, we may have been chastised by our teachers, believing that we are not intelligent enough. This can instill a sense of doubt in ourselves that should instead be used as a significant learning opportunity.
When we fail at something, it highlights the areas we need improvement on, providing valuable insights on future endeavors. It does not mean that we are not or will never be good at something.
Wealthy people know that failure is inevitable, and it is not something that should limit them. Instead, they use these setbacks to fuel future success.
6. They value time over money
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Wealthy people know that time is one of our most valuable assets. Money may come and go, but time is a resource we can never get back. Having more time allows us freedom to pursue our passions, spend time with loved ones and engage in hobbies that will bring us happiness, which is more crucial for financial success than we may think.
A study from researchers at the University of Pennsylvania and the University of California Los Angeles study found that people who value time over money are happier, which gives them a better outlook when it comes to achieving success.
7. They seek financial education beyond what they're taught in school
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If we never took a financial class in school, the most we likely learned about finances was how to write a check — if we learned even that. Rich people never stop educating themselves on financial topics. They learn about investing, taxes, wealth management and everything else they possibly can, absorbing all of the information they need to become financially successful.
Since they never learned about finances from their teachers, wealthy people often seek out mentors and advisors of their own who specialize in the topics that will help them succeed.
8. They live below their means
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Despite their wealth, many rich individuals know how to resist the temptation to overspend their money, even if it means they need to live frugally. They often practice frugality early-on in their wealth-building journey to ensure that they save up the most of it.
According to financial planners at The Finity Group, people who live below their means have the ability to save for their other long-term life goals. Instead of spending whatever leftover funds they have each month or year on a fancy vacation or car, they save and invest in their future goals.
9. They focus on their health and well-being
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Wealthy people understand that without their health and well-being, their success would not be possible. A healthy mind and body are better equipped to handle demanding tasks and maintain focus for an extended amount of time.
A healthy lifestyle can also greatly reduce stress, making it easier to handle a financial journey that is often filled with challenges and unexpected turns.
10. They take action, even when they are fearful
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Even when they have fear or uncertainty about a financial risk, wealthy people do not hesitate to take action when their success is on the line. They act quickly and decisively, taking any opportunity that comes their way, and reframe challenges as chances to increase their success.
The fear that it may not work out never stops them from pursuing what they anticipate will help their financial success.
11. They create and protect their own brands
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Successful people who want to launch a brand know what they stand for. They define a clear purpose, mission, and set of values that resonate with their audience. They understand the importance of networking, maintaining authenticity, and building an active presence.
They also know how to protect their brands and secure their success. They do this through trademarking, hiring legal professionals, and prepare themselves with strategies that will allow them to handle challenges effectively.
Combining all of these techniques they often failed to teach in schools helps successful people build brands that are more powerful and resilient in the face of challenges.
Megan Quinn is a staff writer with a bachelor's degree in English and a minor in Creative Writing. She covers news and lifestyle topics that focus on justice in the workplace, personal relationships, parenting debates, and the human experience.