6 Things I See Rich People Do

I know a lot of rich* people. They may not even know my name, but I work in an industry where the sole purpose is to help the rich create and manage their wealth.

*For purposes of this post, I’m defining "rich people" as those who generate high levels of income on an ongoing basis. I don’t necessarily mean people who amass wealth over time by pinching pennies and living modestly, which is a great thing, but not what I’m talking about.

This is what I’ve learned about what it takes to get there:

1. Rich People Define Their Goals and Don’t Complain – I have not heard one rich person whine about their life or waffle about their goals. Sure, they’ll have a meeting to hash things out, but they are eager to lock in a plan of action, don’t dwell on minutiae, and don’t deviate unless something is truly not working, not just because inspiration struck. Unlike myself, they don’t waste time doing the hokey-pokey with career coaches or buying umpteen books about realizing their dreams. They go by gut.

2. If They Dream Big, They Sacrifice Big – Rich people give up a lot to realize their dreams. This might mean ditching their kid’s basketball game or missing a dinner date with their significant other because a big prospect called. Lack of meaningful family relationships and health problems are probably the biggest pitfalls I have seen, as business relationships often get the most nurturing. Of course there are the ultra-rich who retire at 40, are hand-fed vegan delights, have shiatsu administered to them daily, and go on world tours adopting children in throngs. But they are the exception, not the rule.

3. If They Don’t Know, They Know a Cadre of People Who Do – Rich people don’t have all the answers, but they know those who do. If they can’t make a balance sheet they’ll hire a CPA. If they can’t pick stocks they get a financial advisor. They know the middle man reduces costs in the end versus bumbling over things they don't have time to master. Similarly, they know they don’t need an MBA or 4.0 to be successful, but that they need to be persuasive enough to get the people who do to work with or for them.

A great businessman I know always says, “The guy who has all the A students working for him was a C student himself.” He’s right, and you know why? It’s not because the C student was stupid, but that the C student cared more about relationship-building than hitting the books, the C student developed people skills because their grades weren’t going to do it for them, the C student dropped out of college and invented the next big idea. Their C didn’t stop them in their tracks and give them a nervous breakdown, their C didn’t matter.

5. They Don’t Care What You Think – Rich people don’t take things personally. Your opinion doesn’t matter. If they need to know what kids are into these days or what their company’s web metrics are, they’ll find someone to give them a one page summary. The only thing that grabs their attention is really bad press and then their lawyers do the dirty work. They stress out about details, not about feelings. However, they can be persuaded by big, profitable ideas. Tell them how to make them more money than it will cost to invest in your idea or hire you, and you’ve got a deal.

6. They Give Back and Give Big – Rich people are motivated to make money, not just for themselves but often for something bigger than themselves. Even though they sacrifice a lot for money, they don’t have hearts of stone, they just get satisfaction from different life challenges. They also know they can’t take it with them, and often share their wealth while they are alive and plan complex tax avoidance (not to be confused with tax evasion) strategies that maximize their contributing power for future generations or charities by passing it on tax free once they are gone.

Have a Heart, Hug a Rich Person Today.