Learning how to manage money effectively is a journey that many embark on, and for Vivian Tu, it involved observing and learning from the habits of the ultra-wealthy. Growing up in a frugal environment, she discovered four unpopular rules that rich people follow, contributing to her ability to make her first million by the age of 27:
Don’t Worry About Impressing People:
Rich individuals prioritize buying assets over liabilities. Instead of investing in flashy items that depreciate in value, they focus on acquiring assets that generate income. This mindset is centered on wealth creation rather than impressing others.
Have an Abundance Mindset:
Rich people cultivate an abundance mindset, believing that there is more than enough to go around. This mindset contrasts with a scarcity mindset, which can lead to competitiveness and hoarding. With financial security, they are free to focus on long-term goals and opportunities.
Think Long-Term:
Wealthy individuals embrace delayed gratification and are willing to wait for returns on their investments. This includes contributions to retirement accounts, understanding that patience can lead to greater financial gains in the future.
Share, Swap, and Collaborate:
Rich people often share knowledge and resources with their network, creating a mutually beneficial environment. By being generous with their expertise and connections, they foster strong relationships and strategic collaborations that can yield benefits in the long run.
These rules emphasize a shift in mindset from short-term gains and external validation to long-term financial growth and collaboration. Tu’s insights highlight the importance of strategic thinking, delayed gratification, and a willingness to share knowledge for building and sustaining wealth.
