Unlock the secrets of financial success with this comprehensive guide, distilled from the wisdom of seasoned wealth management professionals. Discover key strategies that can propel personal wealth management through expert-backed habits proven to foster financial growth. Delve into the core principles that have empowered individuals to manage their assets wisely and secure a prosperous future.
- Automate Contributions to Savings and Retirement Accounts
- Split Income and Set Budgets
- Learn to Negotiate for Better Deals
- Invest in Stocks Early and Stay Invested
- Live Below Your Means and Reinvest
- Set Aside 20% for Emergency Fund
- Stay Ahead of Taxes and Structure Business
- Pay Yourself First Before Spending
- Automate Savings for Consistent Wealth Building
Automate Contributions to Savings and Retirement Accounts
After a late-in-life divorce, I examined every expense and income source and created a detailed plan to recover financially and grow my wealth.
Automating contributions to my savings accounts, 401(k), and Roth IRA is one financial habit that I can credit to increasing my personal wealth.
Online savings accounts that had no debit cards and naming each account for specific purposes helped me stay focused on my goal.
I did not miss the amounts I automated to my savings and retirement accounts because they were out of sight and out of mind.
I created my budget based on the balance left after the automated amounts for the savings and retirement accounts paid out.
Severine Bryan
Accredited Financial Counselor, Bryan Financial Empowerment LLC
Split Income and Set Budgets
I split my income into two parts, one part for saving and investing, and the other for growing my business. I’ve built discipline by saying “no” to unnecessary expenses, whether it’s expensive clothes or overpriced business tools. Staying focused on essentials by predefining my budgets has been the key to my financial progress. All of this tracking can be done using Google Sheets for free.
Shivam Sharma
Founder, Blogging Capital
Learn to Negotiate for Better Deals
One financial habit I truly credit for my success is learning how to negotiate. It all started when I realized I could negotiate my salary, which led to my first big income boost. From then on, I continued to negotiate, whether it was by renegotiating my rent, securing better deals on services, or even reviewing contracts I had previously believed to be unchangeable. At first, I was just trying to save a few bucks, but over time, I understood that negotiating is about more than just saving money; it’s about ensuring you’re always getting the best value for your money. This habit has helped me stretch my resources further, uncover hidden opportunities, and control my financial future in ways I never thought possible.
Brian Staver
CEO, NetPayAdvance.com
Invest in Stocks Early and Stay Invested
My main financial habit for building long-term wealth is to invest in stocks early and stay invested.
I started fully investing in stocks and bonds and diversified globally right after business school. I also set up a yearly saving target for emergency cash and the rest for investing. My experience tells me that time in the market beats timing the market.
For example, a Vanguard Investment Advisory Research Study found that for a portfolio with 60% US stocks (broad market) and 40% US bonds (aggregate bonds) from June 1996 to March 2024, a $100,000 investment would turn into $856,000 by holding the positions. By missing the best 5 days, the investment would become $659,000. Missing the 25 best days would give you $343,000, about 40% of what you could have made if you adopted a “buy-and-hold” strategy.
Humans tend to dump positions when fear sets in and buy for fear of losing out when everyone else is buying. Knowing why we buy something and regularly checking if our assumptions and thesis are still correct help us stay the course in investing. When the facts change, we can change our minds.
Marianne O
Co-Founder and Portfolio Manager, Lumen Global Investments
Live Below Your Means and Reinvest
One financial habit I credit for my success is staying frugal and consistently living just below my means. Early in my journey, I realized that it’s not about how much you earn—it’s about how much you keep and reinvest.
For example, when my first online ventures started generating income, I resisted the temptation to upgrade my lifestyle drastically. Instead, I focused on reinvesting profits into new projects, tools, and learning opportunities. This discipline not only created a strong financial cushion but also allowed me to scale faster without stress.
The key is simple: treat every expense as an investment. Ask yourself, “Does this move me closer to my long-term goals?” By prioritizing value over vanity, I built a system that kept my finances growing steadily, even during unpredictable times. Frugality isn’t about deprivation; it’s about ensuring every dollar works for you.
Johannes Larsson
Entrepreneur, Johannes Larsson
Set Aside 20% for Emergency Fund
Early in my career, I made the game-changing decision to set aside 20% of every client payment into a separate business emergency fund, which saved us during slow months and COVID. This buffer gave me confidence to turn down rushed projects that weren’t a good fit, leading to stronger client relationships and better-quality work.
Justin Mauldin
Founder, Salient PR
Stay Ahead of Taxes and Structure Business
It is truly the fundamentals:
Stay ahead of your taxes, especially if you are a 1099, pay quarterly not EOY.
If you have a partner, you are responsible to keep your tax payment current. If one of the partners is irresponsible, it affects the entire business balance.
Structure your business with care—I am an “S” Corp with an LLC Umbrella. This allows for a reasonable salary and a “draw” every month-tax advantage.
Enroll in a SEP or some other kind of IRA—keep tax fee money where you can.
Take advantage of non-reimbursable expenses for tax purposes.
Alicia Vargo
Managing Partner-Owner, BevAssets, LLC/Speakeasy Wine & Spirits, LLC
Pay Yourself First Before Spending
Paying myself first is a habit that has truly made a significant difference. When I first started earning a steady income, I promised myself to save a portion of every paycheck before spending on anything else. It wasn’t always easy—there were moments when I’d feel the pull of immediate wants, but I stuck to the plan. By saving first, I laid a strong financial foundation that shaped the way I approach money today. I quickly realized that prioritizing my future wealth over short-term pleasures was key. Even the smallest savings added up. This habit has been crucial in achieving both stability and freedom. The lesson? Consistency is everything.
Matt Gehring
Chief Marketing Officer, Dutch
Automate Savings for Consistent Wealth Building
Automating savings has been the single most impactful financial habit in my journey. Early on, I set up an automatic transfer to move a portion of each paycheck directly into a high-yield savings account. This small, consistent action made saving a non-negotiable part of my budget rather than something I’d only do if “extra” money was left over.
The beauty of automation is that it removes decision-making from the equation. I never had to wrestle with the temptation to spend that money because I didn’t even see it in my checking account. Over time, this built a solid emergency fund and gave me peace of mind, knowing I had a safety net for unexpected expenses.
What really stood out, though, was how this habit changed my mindset. Watching that account grow, even slowly, motivated me to find other ways to build wealth, like contributing more to retirement accounts or investing. It created momentum. For anyone starting their wealth journey, I’d recommend making saving as effortless as possible. Set it, forget it, and let time do the rest. You’ll be amazed at how powerful even small, consistent contributions can be over the years.
Kalli Hale
Dentist, The Airway Dentists
