10 Habits of Highly Successful Wealth Builders

There’s a common misconception that wealth is mostly inherited—giving those born into money a healthy head start on the path to prosperity.

But the reality is that in the United States, most millionaires are self-made.

According to the 2024 National Study of Millionaires by Ramsey Solutions, over 10,000 millionaires were surveyed, and the findings were eye-opening:

• 80% grew up in households at or below middle-income levels
• 79% received no inheritance
• Only 3% inherited $1 million or more
• 88% earned a college degree, yet just 8% attended a prestigious private school

So, how do these men and women manage to accumulate their wealth? The research and other similar studies have found that when it comes to life, work and finances, successful wealth builders tend to share many of the same attitudes and attributes. Here are 10 habits they often have in common:

1. They Set Clear Goals and Make a Plan

Most high-net-worth individuals aren’t just winging it. They know what they want to accomplish early on and develop a proactive plan to help reach their objectives—revisiting and adjusting that plan as needed.

2. They Believe and Invest in Themselves

Successful wealth builders recognize the value of personal development to get ahead. Whether launching businesses, pursuing creative careers, or climbing the corporate ladder, they’re willing to invest time and money in their skills.

3. They Practice Self-Discipline

Despite what you may see on TV or social media, many millionaires live modestly without fancy cars, opulent homes, or private planes. They avoid unnecessary debt, stick to budgets, live within their means, and prioritize saving and investing. Billionaire investor Warren Buffett, for example, lives in the same Omaha home he bought in 1958.

4. They Embrace Opportunity

Successful investors understand the difference between risk and recklessness. They tend to stay informed about economic and market trends, which allows them to assess opportunities thoughtfully. They aren’t afraid to take a chance, but their calculated risks are aligned with their financial goals and risk tolerance.

5. They Prioritize Mental and Physical Health

Ever notice how even busy leaders can find a way to fit in a round of golf, game of tennis or trip to the gym? Wealth builders know that exercise and rest benefit their mental and physical health and supports long-term success. Research shows they typically aim for seven or more hours of sleep a night.

6. They Build a Network of Trusted People

High achievers tend to value strong relationships, and they’re adept at finding the right people to help them grow successfully and reach their goals. They seek out and surround themselves with advisors and peers they feel they can trust. Many speak fondly about the mentors who helped them along the way, and they often return the favor by mentoring others.

7. They Manage Their Emotions

Even seasoned investors sometimes experience fear or anxiety during market volatility. With experience, though, they learn to manage those emotions and avoid the impulsive decisions that can take a toll on a portfolio. They understand there will be good and bad days, staying focused on their plan and long-term results.

8. They Aren’t Afraid of Hard Work

Is there really such a thing as an “overnight success”? Maybe if you’re a lottery winner. But generally, wealth builders are known for their hard work and perseverance. They build on small wins and keep plugging away until they achieve their goals.

9. They Enjoy Learning

Eighty-eight percent (88%) of the millionaires in the study graduated from college, and more than half (52%) earned a master’s or doctoral degree. But their learning didn’t stop there. Wealth builders are lifelong learners. They’re curious about the world and how things work, they read and continue to seek out information, and they carefully analyze what they learn to help make informed decisions.

10. They’re Resilient Problem-Solvers

The road to wealth isn’t always a smooth one. Many successful entrepreneurs (Bill Gates, Steve Jobs and Martha Stewart, just to name a few) have managed to bounce back from mistakes and failures. Instead of giving up, they adapted and came up with creative solutions to overcome their setbacks—often emerging stronger than before. The takeaway here is pretty clear: Successful wealth builders don’t wait for a lucky break. They plan, commit, and take action to shape their own future. This positive mindset allows them to view challenges as opportunities, and it helps empower them to create long-term wealth.

At Octavia Wealth Advisors, we thrive on helping clients build financial confidence and achieve lasting success. Schedule time now with one of our wealth advisors to explore how thoughtful, proactive planning could help you create your own path to prosperity.