Hey, guys. It’s Chelsea from
The Financial Diet. And this week’s video is
brought to you by Status Money. And this week, I
wanted to talk to you guys about the secret language
and behaviors of wealth. And that might sound
weird, because this channel is all about getting
better with money no matter where you
are financially. And you definitely
don’t have to be wealthy to participate in that. But we have learned so much
about how money impacts our behavior here
at TFD, and we’ve learned that wealth is not
just about how much money you accumulate. Particularly in America, there
is a whole different approach to life, not just the
financial parts of it, when you’re wealthy. Money actually scientifically
changes the way you think and feel, and
there are definitely downsides to those
changes, including feeling less empathetic
and connected to the world around you. But it’s not just
about perception. There are many
specific behaviors that wealthy people tend to
practice which are adapted to perpetuating their wealth. And the good news is there
are a lot of these habits and techniques that
one can adopt even if you are on a serious budget. Above all, wealthy
people give themselves permission to do things. They feel that they deserve to
go for the things they want. And yes, that’s
scientifically proven. They ask questions, and they
prioritize making life easier for themselves. We’ll link you guys to some
more of this research on how money affects the brain
in the description. And no matter how
much money you have, using some of these
strategies can be a shortcut to living the
life you want more fully and making the most
of what you have. So in the interest of using some
of these habits to our benefit, here are eight things that
wealthy people do differently. Number one, they don’t
wait for permission. As I said, probably one
of the biggest defining characteristics
of wealthy people is that they feel
that they deserve to go for the things they want,
and they don’t wait for someone to give them the green light. And while yes, a lot
of that has to do with having the
actual money required to go after some
of these things, there are a lot of ways you can
put that approach into practice that have nothing
to do with money. As I’ve mentioned
before on TFD, a maxim in life that I find
super useful is that it’s easier to ask for
forgiveness than permission. And in our careers especially,
it’s super important to put that into practice. Instead of waiting for your
boss to come up to your desk and drop your dream
job in front of you, start demonstrating that you
can take on that responsibility, and start working on some
of the tasks for the job that you want. Learn what criteria
your boss is judged on, and work on making
her look better. It’s one of the
easiest shortcuts to climbing any career ladder. In your personal life, start
signing up for clubs or meetups you’ve been meaning to go to. Start learning that language
you’ve been putting off. And start asking
people out on a date, rather than waiting to be asked. Remind yourself
every day that no one is going to walk up
to you and hand you the life that you want, and
that you deserve to go for it. Give yourself permission
to go after these things you’ve been putting off. Number two, they know the
landscape around them. One of the untold secrets
about being a wealthy person TM is that the idea that they don’t
talk about money is very false. They do talk about money,
but just amongst themselves. Amongst the wealthy,
there’s actually a much more established
practice of financial awareness around things like salaries,
home prices, investment strategies, et cetera, because
they seek out this information. They speak candidly with
advocates and mentors in their career field,
and they’ll even pay headhunters to give
them key information in their industries. They keep tabs on the
value of their investments, of their real estate assets,
and even fair market interest rates. They know their
financial landscape. And it used to be
that you had to have those same inroads to have
that information yourself. But with Status Money, you
can recreate that experience with a simple and
totally free platform. Basically, Status
Money aggregates data from millions of
people and allows you to anonymously analyze
your finances in comparison with your peers, your city,
or even national averages. Everything from spending to
interest rates to home values to salaries can be compared
to help you identify where you might be overspending,
underearning, or just not getting the
most value out of an account or property. Since these comparisons
are anonymous, your privacy is
always maintained. And Status uses
bank-grade security to keep your information safe. Status Money doesn’t
just show you your money. It puts it in the context that
matters, and helps you advocate for yourself by giving
you the actionable tips and showing what is
actually the norm. Join Status Money to start
creating smarter budgets and making more
informed money decision. We’ll link you guys
in the description. And remember, it’s totally free. Number three, they ask for
help with what they don’t know. As you’ve probably heard
before, wealthy people tend to have a lot of
counselors around them. They have accountants and
attorneys and estate managers and people to turn to for
basically any question they might have. And while you may not be able
to afford to have these people advocate for you, most of the
information you’re probably looking for is available
to you for free if you’re willing
to do the research. There are excellent resources
available on the basics of getting started in investing,
completing your taxes, buying a home, or even
creating a budget. The truth is, wealthy people are
often just paying other people to think about these
things for them, because they don’t have the
time or bandwidth to do it themselves. But if you’re willing
to take a little time, the internet provides us
with near unlimited resources to answer all of those questions
that we feel we can’t even ask. The first step is
knowing where to look. And as you saw on
screen, we are going to be including all of the links
I mentioned in the description. Number four, they put a
specific and growing value on their time. Wealthy people decide that every
hour of their life has a value, and they stick to that
value while constantly trying to raise it. They are judicious
about what they spend an hour of their
time on, because they’re aware that the only thing
they can’t buy more of in life is more lifespan. But we can all practice that
level of judicious in our lives and teach ourselves
to value our time just as much as we value of money. Take some time to calculate
your per-hour value if you’re someone who’s paid on salary,
and start thinking consciously about ways you can raise
the value of that hour. Can you take on a side gig
that might pay you more hourly? Could you work on
learning a skill that would raise your value in
the industry, instead of, say, going out to
happy hour again? Look through your contacts list. Who are the people
that are real friends that you’ve been meaning
to spend more time with? And who are the
people that are mainly just acquaintances that you’ve
been seeing out of obligation? Start treating each hour of your
life as if it has a real value, and not just the ones where
you’re sitting at a desk. Ask yourself if
what you’re doing with every hour of
that life is something you really want to be doing. Number five, they speak
the language of money. One thing that the wealthy tend
to understand better than just about anyone is how much
being good with money is really about
understanding its language. So many of these concepts
that seem like second nature to people with money and totally
foreign to people without is just a question
of understanding what these concepts mean. For example, I used
to think that one needed to have a lot
of money to invest, which is totally not true. You can invest with
literally just a few dollars, and there are several
different ways to do it. We’ll link you to
more information about that in the description. But whether it’s concepts around
investment or the jargony stuff that you’re likely to
hear in your office, half of having that
confidence in life is just understanding what
the hell you’re talking about. Some of these
things may still be out of financial reach for you,
but a lot of them won’t be. And knowing what
you’re talking about ensures that you can
advocate for yourself, know when you’re
getting a good deal, and ask for the things you want. Number six, they know
that money is a long game. There is a thing called
an investment horizon, and there is also a thing
called compound interest. And whether or not you choose
to engage with these things, they’re going to
exist all the same. You just won’t be
cashing in on them. If you are young– and chances are, if you’re
watching this channel, you probably are– you have the most valuable
thing in the world when it comes to money– time to let it grow. And the more you start
thinking about every dollar in your life, not just in
terms of its immediate value, but in terms of what it has
the potential to become, the better you will be
with money immediately. The choice is not between
this $5 Starbucks that will make me happy, or this
$5 just sitting in a sad bank account making me feel bad. The choice is between this $5
Starbucks today or the hundreds of dollars it has the
potential to be when it comes time for retirement. And trust me, you will want
those hundreds of dollars. Wealthy people understand
that leaving your money time to work and grow is
the key to accumulating it. But they do not have a
monopoly on thinking this way. Start playing the long game
in your own life, instead of the impulsive one. Number seven, they outsource,
outsource, outsource. Sometimes, you are
just not the best woman for the job, even when it
comes to the things in life that you are supposed to do. And what things are
better off outsourced is going to depend on
your own life and skills. But the point is, you can
give yourself permission to not do everything. Wealthy people are hardcore
about outsourcing everything from child care to domestic
tasks to administrative stuff to even actual big
parts of their job. And I’m not saying that
you should do that, even if you had
the money to do it. But the second part about
deciding the value of an hour is deciding that this
thing you’re about to do may not be worth the
value of that hour. If you are someone who
absolutely dreads cleaning, and are living in a constant
state of low-level squalor because you can’t bring
yourself to do it, the cost of a
twice-monthly cleaner might be worth it in terms
of your mental health and in terms of the things
that it will free you up to focus on. You may want to automate
the delivering of groceries. Many apps and stores
will do it for free. You can automate
banking transfers. You can hire assistant for short
term and extremely demanding projects. Or you can even just ask
for help from a loved one to hold you accountable
to something. Life is not meant to
be one huge challenge that you take on totally alone. And the more you accept that
you are a human being who can dedicate their
time imperfectly, the better you will
become at deciding what is really worth doing yourself. Number eight, they know the
importance of recharging. Wealthy people are
always taking vacations. They’re always jetting
off to recharge at one of their second
homes or the second home of one of their
friends, which is one of the biggest perks
of being a rich person, is having other rich
friends with whom to share all your rich person things. And yes, that is probably
not accessible to most of us. But what is totally excessive
is carving out intentional space in your life that is
dedicated to recharging. Plan out detailed
staycations that force you to be present and
grateful in your own city. Schedule yourself a full-on
pampering day at home, with facemasks, manicure,
pedicure, scrubs, bath bombs, and wine. Mark specific time on your
calendar to read a book you’ve been meaning to read, and
actually honor that schedule. Treat recharging like an
intentional, valuable part of your day-to-day
life, because it is, and because focusing
on that recharging will help you be so
much better at the stuff you actually have to work on. Studies show that you
work better when you take time for dedicated breaks. And it doesn’t
just have to be 20 minute pauses in
between study sessions. Start making your
relaxation a priority so you can manage the
rest effectively. You don’t have to
have a lot of money to start acting like
you do in the good ways. We are all entitled to
design and pursue our lives and to treat ourselves like the
valuable people that we are. And to start learning more
about the current status of your finances,
joint Status Money for free at statusmoney.com. As always, guys, thank
you for watching. And don’t forget to hit
the Subscribe button and to come back every Tuesday
for new and awesome videos. Bye.