How can you get rich? One tip is to get inside the rich person’s mindset. Many wealthy people have certain habits that help them build capital — or at least keep them from losing the money they have.
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To get a sense of what these habits are, GOBankingRates asked ChatGPT what they are and how they can be implemented in everyday life.
Also see three things to stop doing if you really want to build wealth.
They Live Below Their Means
This one seems simple but is so key to preserving wealth. “Many wealthy people spend less than they earn, even when they could afford more. Think Warren Buffett still living in his modest house,” ChatGPT said.
This habit can be perfected at any income, so it’s something you can start today. ChatGPT suggested sticking to a budget, resisting the urge to spend a lot more when you earn more and setting aside a percentage of each paycheck for savings.
Check Out: The No. 1 Way Americans Become Millionaires Is Pretty Boring — and Easy To Do
They Invest Consistently
Once your budget is in a good place, it’s time to allocate a percentage toward investments. ChatGPT said rich people invest in real estate and stocks so their money grows over time. According to Ramsey Solutions’ National Study of Millionaires, 8 in 10 millionaires invested in their company’s 401(k) plan, and 3 in 4 also invested elsewhere.
You can start doing this by taking advantage of work-sponsored retirement accounts or investing in index funds. ChatGPT suggested automating a monthly contribution that goes toward investments so you don’t even have to think about it. In no time, your money will be growing with minimal effort.
They Value Their Time
ChatGPT said rich people outsource time-consuming tasks so they “can focus on high-value activities.”
Though you might not be able to hire someone to do all of your chores, ChatGPT suggested using apps to automate tasks that might manually take you a lot of time. This way, you can focus on other things that might earn money.
They Read and Learn Daily
A growth mindset is imperative to rich people, according to ChatGPT. “Dedicate 20-30 minutes a day to reading or listening to podcasts on finance, entrepreneurship or your field,” ChatGPT suggested.
Billionaire Warren Buffett, for example, is known to read five to six hours a day, per Medium. Reading or finding other ways to grow your knowledge can open up your mind to financial strategies, or just make you a more worldly citizen.
They Build Multiple Streams of Income
Rich people don’t just have one way of making money, according to ChatGPT. In fact, as Benzinga reported, the average millionaire has seven streams of income.
To emulate this, you can add freelance work, side gigs and dividend-paying investments to your income. ChatGPT said this will help you build more wealth as well as stay resilient if one of these streams dries up.
They Network Intentionally
Sometimes, networking might sound daunting, but if wealth is a goal, ChatGPT suggested surrounding yourself with other professionals in your field. ChatGPT also said to attend networking events and scroll LinkedIn to find opportunities to grow your professional circle.
They Set Clear Goals
Wealth in itself cannot be a goal. Instead, ChatGPT said rich people write their goals down and revisit them frequently.
“Write down financial, career and personal goals,” ChatGPT said. “Break them into daily/weekly actions, and track your progress.”
They Take Care of Their Health
“Energy and longevity are critical,” ChatGPT said of rich people’s habits. “Wealthy people often invest in exercise, nutrition, sleep and mindfulness.”
To do this on your own, ChatGPT suggested taking small steps to better your health, whether that be through getting more sleep or taking more walks.
They Think Long Term
ChatGPT pointed out that rich people are less interested in instant gratification and more invested in long-term payoff. To integrate this habit into your life, ChatGPT said to delay big purchases and reinvest any extra cash you have.
These two tips alone can help build up your savings.
They Practice Gratitude
Though it might not be a strategic step, ChatGPT said, “Surprisingly, many wealthy people credit gratitude journaling or mindfulness with keeping them grounded and motivated.”
You can try this by writing down what you’re grateful for every day. That perspective could reshape how you view your wealth-building opportunities.
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This article originally appeared on GOBankingRates.com: I Asked ChatGPT About Rich People’s Money Habits — Here’s What I Learned
