Instead, a wealthy lifestyle is consistent, intentional, and personal. It might surprise you that a wealthy lifestyle doesn't mean spending money, driving luxury cars, or having extravagant living expenses. In addition, wealthy people often reach a level of financial security, or independence, meaning they don't have to work to cover their bills. Related Article | The Finance Dictionary: Learn the jargon your Finance friends speak! What Is a Wealthy Lifestyle?Ī wealthy lifestyle lets you make the most of your hard-earned money. It's not as hard as it seems, and many millionaire lifestyle habits might surprise you. Then take a minute to consider how those emotions may be influencing your decisions.Anyone can live a wealthy lifestyle it just takes adopting millionaire habits. Note whether you’re feeling sad, angry, embarrassed, anxious, or disappointed. Make it a daily habit to label your feelings. Even if there’s only a small likelihood you’ll succeed, you might be willing to take a big risk if you’re excited about the potential payoffs (this is often the case with gambling). So if you’re nervous about the mortgage application you just filed, you might be less likely to ask someone out on a date because you’ll think it sounds too risky.Įxcitement, on the other hand, can make you overestimate your chances of success. ![]() And anxiety spills over from one area of someone’s life to another. Studies consistently show anxiety makes people play it safe. Your feelings play a huge role in the choices you make. But labeling your emotions can be the key to making better decisions. Many adults just aren’t comfortable talking about their feelings. People are often more inclined to say things like, “I have butterflies in my stomach,” or “I had a lump in my throat,” rather than use feeling words, like sad or nervous, to describe their emotional state. Or if you’re convinced rich people are bad, list reasons why wealthy people may be kind or helpful. If you’re convinced you shouldn’t speak up in a meeting, argue all the reasons why you should. The best way to challenge your beliefs is to argue the opposite. Those beliefs that you assume are always true or 100 percent accurate can lead you astray. Perhaps you believe, “People who work out a lot are narcissists,” or “Rich people are evil.” You’ve also developed beliefs about certain groups of people. Or you might believe you are bad at relationships, so you stop going on dates. It takes more compelling evidence to change a belief than it did to create it, and there’s a good chance you’ve developed some beliefs that don’t serve you well.įor example, you might assume you’re a bad public speaker, so you avoid speaking up in meetings. It’s a psychological principle known as belief perseverance. Once you’ve decided something is true, you’re likely to cling to that belief. ![]() Acknowledge the incorrect assumptions you may make about people or events and you may be able to become a little more objective. Make it a daily habit to consider the mental shortcuts that lead to bad decisions. Or if you’ve recently consumed a lot of news about plane crashes, you may think your chances of dying in a plane crash are higher than a car crash (even though statistics show otherwise). So if you watch frequent news stories that feature house fires, you’re likely to overestimate the risk of experiencing a house fire. The availability heuristic, for example, involves basing decisions on examples and information that immediately spring to mind. And while these mental shortcuts keep you from toiling for hours over every little choice you make, they can also steer you wrong. In fact, your mind has created mental shortcuts-referred to as heuristics-that help you make decisions faster. It’s impossible to be completely objective. Although it can be a bit uncomfortable to admit, you’re biased in some ways.
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