With their lavish vacations, enormous homes and successful careers — it can seem as if the wealthy have a playbook of rules only they can access.
But as it turns out, any of us can make the same money moves and reap the benefits.
GOBankingRates spoke with Abid Salahi, finance expert and cofounder of FinlyWealth, to discuss the savvy money strategies both his rich and poor clients have in common.
“I’ve worked with clients across various wealth levels and observed some common savvy money moves that transcend income brackets,” he said. Read below to learn more of his experiences working with the rich.
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Stick To Budgeting
“One strategy I’ve noticed among my most financially adept clients, regardless of their net worth, is their commitment to budgeting,” Salahi said. “They track their expenses meticulously and allocate their income purposefully.”
He said this habit helps them make informed decisions about their spending and savings, allowing them to progress toward their financial goals more effectively.
“For instance, I have a client who started with modest means but has now built significant wealth. She attributes her success to the budgeting habit she developed early on,” he explained. “‘I’ve always lived below my means,’” she told me. ‘Even as my income grew, I maintained the same lifestyle and funneled the extra money into investments.’
“It’s amazing how quickly wealth can accumulate when disciplined about spending,” Salahi added.
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Focus On Continuous Education
Another common trait among Salahi’s savvy clients is their focus on continuous financial education.
“They stay informed about market trends, tax laws, and personal finance strategies,” he said.
Salahi explained a wealthy client once told him that he may have more zeros in his bank account now, but that he still manages to read financial blogs and books regularly.
“The day you stop learning is the day you start losing ground,” he said.
Build Multiple Income Streams
“Interestingly, both my high-net-worth and less affluent clients who are financially savvy tend to prioritize building multiple income streams,” said Salahi. “They understand the importance of diversification not just in investments but in income sources as well.”
He said another client who started from humble beginnings shared that he always looked for ways to earn money outside his day job.
“Whether it’s a side gig or rental income, having multiple income streams provides a safety net and accelerates wealth building,” Salahi added.
Keep a Long-Term Perspective
Lastly, Salahi recounted that his most financially successful clients, regardless of their current wealth status, have a long-term perspective on their finances.
“They’re not swayed by get-rich-quick schemes or market volatility,” he said. “A client who has built substantial wealth over time once told me, ‘Wealth building is a marathon, not a sprint. I’ve learned to tune out the noise and stick to my long-term financial plan.’”
These strategies — diligent budgeting, continuous financial education, building multiple income stream and maintaining a long-term perspective — are the common threads Salahi has seen among his most financially savvy clients across the wealth spectrum.
“They are powerful tools for financial success, regardless of one’s starting point,” he added.
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This article originally appeared on GOBankingRates.com: I’m a Financial Advisor: 4 Savvy Money Moves My Rich and Poor Clients Have in Common
