There is a vast difference between being rich and being truly wealthy. The difference is not a matter of money, but a matter of mindset and habits.

Psychology tells us that the truly wealthy, unlike the merely rich, don’t just amass wealth. They cultivate habits that sustain wealth generation and lead fulfilling lives.

In this article, we’ll explore eight key habits that set the truly wealthy apart from the rich. As you read, you may find that being ‘wealthy’ has less to do with your bank balance and more to do with how you live your life.

So, let’s dive in, shall we?

1) Truly wealthy individuals value experiences over material possessions

There’s a common misconception that wealth is all about possessing the latest and most luxurious items.

But psychology tells us a different tale.

The truly wealthy, as opposed to those who are merely rich, usually value experiences over material possessions.

This doesn’t mean they don’t enjoy the finer things in life, but they understand that life’s value resides more in:

• The experiences they create
• The relationships they foster
• The personal growth they experience

As a result, truly wealthy people spend more on experiences that enrich their lives instead of accumulating objects that depreciate over time.

Research shows this mindset contributes to their overall sense of fulfillment and also helps them make more prudent financial decisions.

So if you’re striving for true wealth, you might want to reconsider where you invest your resources.

2) Truly wealthy people know the value of time

Time, as they say, is money. But for the truly wealthy, time is more than just a financial asset – it’s an invaluable resource.

For instance, I remember a conversation I had with a self-made millionaire friend of mine.

Despite being incredibly successful in his field, he was always available for a chat or a quick catch-up.

When I asked him how he managed his time, he simply said, “I don’t manage my time. I own it.”

This friend didn’t let his wealth dictate his life. Instead, he chose to spend his time doing what mattered most to him – be it spending time with family, pursuing a hobby or simply taking a walk in the park.

This, to me, highlighted the difference between being rich and being truly wealthy.

The rich may have the money, but the truly wealthy have control over their time and how they spend it. They understand that while you can always make more money, you can never recover lost time.

3) Truly wealthy individuals prioritize health

There’s a saying in health circles: “He who has health has hope; and he who has hope, has everything.”

The truly wealthy live by this principle, investing time and resources into maintaining their physical and mental wellbeing.

Research has shown that wealthier individuals tend to live longer and healthier lives.

This is not just because they can afford better healthcare, but because they prioritize their health. They understand that without good health, all the money in the world wouldn’t be of much use.

These individuals often incorporate regular exercise into their daily routines, make mindful dietary choices, and prioritize sleep – proving that for them, health is indeed wealth.

4) Truly wealthy people continuously learn and grow

While the rich might rest on their laurels, the truly wealthy never stop learning. They understand that knowledge is a powerful tool for maintaining and increasing wealth.

This doesn’t necessarily mean getting more degrees or formal education. Rather, it’s about:

• Being open-minded
• Staying curious
• Continuously seeking new knowledge and skills

This could be reading books, attending seminars, or even having deep conversations with people from diverse walks of life.

By staying committed to lifelong learning, the truly wealthy ensure that they are always growing – personally and financially.

They know that the more they learn, the more equipped they are to make sound decisions and seize opportunities when they present themselves.

5) Truly wealthy people give back

One of the most poignant differences between the rich and the truly wealthy lies in their approach to giving.

The truly wealthy understand that they have a responsibility to use their resources to make a positive impact.

They don’t just see wealth as a means to an end, but as a tool for making the world a better place.

Whether it’s donating to charities, setting up scholarships, or investing in social causes, these individuals seek ways to give back, making meaningful contributions that can create lasting change.

This practice of giving not only benefits society, but also adds a sense of purpose and fulfillment to their lives. They know that true wealth comes from the joy of contributing to the wellbeing of others.

6) Truly wealthy individuals embrace failure

Failure can be a bitter pill to swallow. Yet, it’s an integral part of the journey to true wealth.

The truly wealthy understand this and aren’t afraid to take calculated risks, even if they might result in failure.

I remember a time when I invested in a business venture that seemed promising.

Unfortunately, it didn’t pan out as expected and I ended up losing a significant amount of money.

But instead of letting the failure deter me, I chose to learn from it.

I dissected what went wrong, gained valuable insights, and used that knowledge to make better decisions in the future.

The truly wealthy view such setbacks as stepping stones, not stumbling blocks. They know that every failure brings them one step closer to success.

This resilience in the face of adversity is what sets them apart from the merely rich.

7) Truly wealthy people maintain strong relationships

Being truly wealthy isn’t solely about how much money you have in your bank account, it’s also about the relationships you cultivate.

The truly wealthy understand the value of strong, healthy relationships – be it with family, friends, or business associates.

They invest time and emotional energy into maintaining these connections, knowing that their network is a source of support, joy, and opportunities.

They also understand the importance of mutual respect and reciprocity in all their interactions. They don’t view relationships as transactional but as meaningful connections that enrich their lives.

In essence, for the truly wealthy, relationships are an important part of their wealth portfolio.

8) Truly wealthy people cultivate a positive mindset

The most important habit that separates the rich from the truly wealthy is their mindset.

True wealth begins in the mind.

The truly wealthy cultivate a positive, growth-oriented mindset that propels them towards success. They:

• View challenges as opportunities
• Embrace change
• Never stop striving for improvement

This positive mindset isn’t just about being optimistic. It’s about maintaining a balanced perspective, managing emotions, and keeping sight of their values and objectives, even in the face of adversity.

In essence, the truly wealthy understand that their wealth is a reflection of their mindset. And they know that with the right mindset, they can create a life of abundance and fulfillment.

Final thoughts: It’s all about perspective

As you can see, true wealth offers more than just financial freedom. It presents you with the latitude to live life on your own terms, chase your passions, give generously, and most importantly, savour the journey.

As you introspect on these 8 habits of the truly wealthy, ask yourself this:

What does true wealth mean to you?

And how can you start cultivating these habits to create a life of not just riches but genuine prosperity and fulfillment?