--- title: 'Dollar Scholar Asks: What Are Some ''Rich'' Financial Habits I Can Adopt?' description: Here's how you can copy the blueprint of ultra-high-net-worth Americans. authors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Personal Finance - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum editors: - name: Katherine Peach role: Associate Editor url: https://money.com/author/katherine-peach/ bio: Katherine Peach is an associate editor with a focus on news and email at Money. Her writing and editing work has been featured in Investing Daily, Clever, Investor Junkie, The Palm Beach Letter, Truth & Plenty, Independence Monthly, NICHE, AmericanStyle, AntiqueWeek, Millennial Money, Money Done Right, TheStreet, Sure Dividend and many others. education: University of Maryland, Baltimore County at_money_since: 2025 articles: 14 covers: - Personal Finance - Banking - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Federal Reserve Rate Cuts - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Professional Services - Retirement - Shopping - Taxes published: '2025-08-15T17:33:38.000Z' modified: '2025-08-15T17:33:38.000Z' section: Personal Finance tags: - dollar scholar - News word_count: 818 canonical: https://money.com/dollar-scholar-rich-people-habits/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Dollar Scholar banner featuring piggy bank mascots and their healthy financial habits](https://img.money.com/2025/07/Dollar-scholar-rich-financial-habits.jpg) *This is an excerpt from Dollar Scholar, the Money newsletter where managing editor Julia Glum teaches you the modern money lessons you NEED to know. Don't miss the next issue! Sign up at **[money.com/subscribe](https://money.com/subscribe/dollar-scholar/)** and join our community of 160,000+ Scholars.* * * * Spanx CEO Sara Blakely drives a fake commute. Goop CEO Gwyneth Paltrow meditates with her eyes open. Los York CEO Seth Epstein eats three peeled hard-boiled eggs upon reaching his desk every morning. The habits of successful people are strange, to say the least. But at the same time, they've got to be doing something right. Right? (*They're* certainly not waiting impatiently for the next Bath and Body Works candle sale so they can restock their supply of eucalyptus spearmint single-wicks.) While I'll skip the open-eye meditation, I've been thinking lately that there must be ways I can copy the affluent blueprints of ultra-high-net-worth — or UHNW — Americans. ## Wealthy people... ### …know how to differentiate and prioritize. According to Mary Clements Evans, author of *Emotionally Invested*, wealth is linked to four factors: what I earn, what I spend, what I save and what I invest. To make sound financial decisions, I need to manage those four areas. "One thing I've noticed with all my clients that are well-off \[is\] they definitely know the difference between needs, wants and wishes," she says. Clements Evans says affluent people also tend to categorize their needs: If they have a 10-year-old car that's just running fine, they know to classify a new one as a want rather than a need. They also rank them: If they want a new car but also have been eyeing a bathroom renovation, they decide which they want more and narrow in on it. ### …are frugal when they can be. In [Tom Corley](https://money.com/dollar-scholar-millionaire/)'s 2009 survey of 233 millionaires, 64% said they have "modest" homes, and 55% said they prefer to buy used cars. ### …stick to a plan. Jeremiah Barlow, head of wealth solutions at Mercer Advisors, tells me his UHNW clients all share a long-term view — they know what their goals are and exactly what steps to take to accomplish them. This strategy prevents his clients from reacting to day-to-day headlines in a rash manner that could hurt them later. "They have perspective into what they want to accomplish, what are the landmines, what are the unknowns and what is the plan to solve for that," Barlow says. In short, rich people need to budget, too. Todd Kesterson, principal with Kaufman Rossin, tells me that in a previous role he would sit down with a wealthy family every year to make their annual budget. They'd outline upcoming expenditures for each person — clothing, travel, household employee costs, et cetera — so they had guidelines to work within. "They used it as a family education and planning tool," Kesterson says. "Then we had a quarterly meeting, and we reviewed the budget-to-actual \[analysis\] from the previous quarter." I can adopt this, too, by adopting [budgeting best practices](https://money.com/how-to-create-a-personal-budget/). ## Save time & stress — Get expert financial peace of mind ![Get Started](https://s3.consumersadvocate.org/prd/image/image/39598/medium_1ef76516-dc75-4ee1-bb20-abc490a96567.webp) Our Partner [Get Started](https://money.com/go/6bafd8716047?bidid=4114520705&pmeta=p129-c579-u41076&ptid=670738740&ptoken=ad3cf7466d8947f2bf93cb3c54f72483) ![Get Started](https://s3.consumersadvocate.org/prd/image/image/23375/medium_3bc88782-8fff-4c3e-85cb-335c9fcf36de.png) Our Partner [Get Started](https://money.com/go/33cb69c8e110?bidid=4114520709&pmeta=p129-c579-u41076&ptid=670738740&ptoken=593b0e2d878ec529711ad9372fbf3ed4) ![Get Started](https://s3.consumersadvocate.org/prd/image/image/28104/medium_d5970849-7b23-4f32-80c4-adde5be39b6c.png) Our Partner [Get Started](https://money.com/go/61a66a0a5fc1?bidid=4114520712&pmeta=p129-c579-u41076&ptid=670738740&ptoken=fb7bca29ca7be87f14fb0e55a8870428) ![Get Started](https://s3.consumersadvocate.org/prd/image/image/40082/medium_de803292-9580-4414-9107-91d45041ef0b.webp) Our Partner [Get Started](https://money.com/go/922e4b3dec23?bidid=4114520710&pmeta=p129-c579-u41076&ptid=670738740&ptoken=17fbfd192ef1f5eaca5a158828bb8bb1) ![Get Started](https://s3.consumersadvocate.org/prd/image/image/35117/medium_4cd45dfc-1300-479a-bf70-a79e0df6b02f.webp) Our Partner [Get Started](https://money.com/go/5e7924f8a049?bidid=4114520714&pmeta=p129-c579-u41076&ptid=670738740&ptoken=2ed87e26bd3c4b57c20b4bdf97be0556) ### …do the math. Kesterson's affluent clients also generate a rolling cash forecast, which involves using data to predict what they think their businesses and investments will earn in the next 12 to 24 months and compare it to their spending. "Frankly, we get a lot of clients \[who\] come in and say, 'OK, I know I make $2 million, $3 million a year in income. And I also know at the end of the year, none of it's left,'" he says. "When they hire us, we start coding every transaction and building a profit and loss statement." Sometimes, just sitting down and doing this simple analysis can inspire big revelations. ### …get professional help. Rich people tend to outsource. They don't have the time or desire to comb through the complexities of real estate, equity compensation, estate planning, investment strategies, saving for college and such. So they bring in professionals. A June 2024 [survey](https://newsroom.firstcitizens.com/2024-06-17-Affluent-Americans-Confident-in-Their-Money-Management-Skills-but-Underprepared-to-Transfer-Wealth-to-Heirs,-First-Citizens-Wealth-Study-Finds) found that three-quarters of people with at least $500,000 in investable assets worked with a financial advisor; 89% of them said their advisor helped them generate more wealth than they could have solo. What's more, a [separate study](https://ustrustaem.fs.ml.com/content/dam/ust/articles/pdf/2024BoA-PB_Study_of_Wealthy_Americans.pdf) found that two-thirds of wealthy Americans with advisors actually had multiple people telling them how best to use their money, including attorneys, accountants and private bankers. This strategy is easy to mirror. Banks and credit unions often have staffers who can offer customers financial advice. I can seek out pro bono services through community groups or organizations like [the Foundation for Financial Planning](https://ffpprobono.org/) and [Savvy Ladies](https://www.savvyladies.org/). Or I can pay to connect with a(n ideally fee-only) advisor. "It is within your means, and it actually is beneficial to you," Barlow says. ## Get the financial advice you need, without leaving your home ### An Online Financial Advisor can help you develop a sound and effective economic plan that works for you. Click below to learn more. [Get Started](https://money.com/pr/u73fdabeac7e?ap_referrer=%2Fdollar-scholar-rich-people-habits%2F) ![](https://s3.consumersadvocate.org/prd/image/image/26409/medium_84cd5235-e7cf-4d20-aff5-f5197af93ec8.png) Financial Advisors are standing by, ready to help you out today. 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