It might seem like rich people are part of an elite club, especially when you factor in that the richest man in the world, Elon Musk, has an estimated net worth of about $400 billion. However, even just run-of-the-mill wealthy people appear to have access to money secrets that helped them build impressive personal fortunes.
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If you’re hoping to increase your wealth, you might be itching to learn these secrets, too. Changing even one money habit can have a huge effect on your financial situation. Here’s a glimpse behind the curtain to find out what wealthy people are doing to earn and maintain their affluence. Regardless of your budget, there is a lot to learn here.
Look at the Big Picture
Some wealthy people get rich quickly, some build their wealth over time, and some inherit a family fortune to help get them started in a luxurious lifestyle. Either way, being a high-net-worth individual requires having a solid grasp on every aspect of your finances. Rather than getting hung up on one piece of the puzzle, they know to look at the big picture.
Looking at the big picture involves tracking your spending and your investments to see how you’re doing. Since you don’t want to guess when it comes to your financial future, it helps to use investment tools that make it easy to track your portfolio so you can constantly see how you’re doing. The big picture often involves giving up temptations at the moment to save for your future so you can live comfortably.
Rich people know the best financial tools to do this — some of them are even free.
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Avoid Debt
As of July 2025, the average interest rate on credit cards is 21.19%, according to the Federal Reserve. This can add up fast — really fast. For example, if you had a $10,000 credit card balance and took five years to pay it off, you would pay an extra $6,787 in interest.
Wealthy people don’t want to waste their money on interest payments. Therefore, they avoid racking up debt at all costs. Additionally, paying your credit card bills in full and on time each month is also the fastest way to get a great credit score.
Though it’s a shorter list than for most people, if the uber-wealthy can’t afford something, they don’t buy it. This can require a lot of sacrifice and self-discipline, but they know it’s worth it. Avoiding lifestyle creep is another part of avoiding debt.
When they get a pay increase, instead of incrementally increasing their expenses — such as buying a more expensive home or car — they save the extra money. This offers many benefits, including having a proper emergency fund. When they’re hit with an unexpected expense, they have plenty of money to cover the charge.
Search for Ways To Save
Rich people didn’t accumulate their net worth by making a habit of frivolous spending. Instead, they’re always searching for ways to cut costs, like buying in bulk at Costco.
This isn’t the only way the wealthy score deals, either. According to Ramsey Solutions, more than one in three millionaires use coupons all the time — including Warren Buffett.
Every dollar saved is a dollar earned. This might not seem like a lot at the moment, but over time, the savings can be substantial.
Remember That Time Is Money
Wealthy people know when to splurge. In the case of billionaire Mark Cuban, this meant buying a private jet. Cuban has revealed that a plane is the smartest thing he has ever spent money on.
“It is obviously brutally expensive, but time is the one asset we simply don’t own,” he wrote. “It saves me hours and hours.”
In fact, many other wealthy celebrities also have their own private jets on which they get around. Some other notable names include Oprah Winfrey, Tiger Woods, Elon Musk, and Taylor Swift, to name a few. Of course, this example can be seen on a much smaller scale, too.
For example, a wealthy person might do the math and find it cheaper to hire a professional to clean their home, instead of handling it themselves. Say the cleaner charges $50 per hour, but they earn $200 per hour. Along with the added convenience, hiring this service could make sense financially. Take stock of your schedule — where is your time best spent? Where are you making poor use of it?
Have Patience
When wealthy people invest, they’re in it for the long term. They know markets have ups and downs, so they don’t panic during periods of market volatility.
Sure, they might consult an investment professional to make sure their money is in the best place. However, they don’t get scared and move all of their funds out of the market — thus causing themselves to ultimately lose big.
Since they ride out down markets, they give their money time to grow. Warren Buffett is known for saying that his favorite holding period is forever — you want to stay calm during volatile markets.
Know That Knowledge Is Power
Successful people invest in themselves. They always want to have their finger on the pulse of the latest industry trend, so they don’t fall behind. They might seek out formal education opportunities, attend conferences, devour books, join professional organizations or attend networking events.
No matter what they’re doing, they’re on a habitual quest to learn. Some of these learning opportunities will have little or no cost, while others might come with a hefty fee. Even if the latter is true, they weigh the advantages of investing in furthering their skills and knowledge and decide if the cost is justified.
Caitlyn Moorhead contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: 6 Things Wealthy People Know About Money (That You Should Learn, Too)
