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Investing Habits of the Fairly Wealthy: #10 Powerball

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Your Survival Guy knows a lot about highly successful, fairly wealthy people because I talk to them.

On the flip side, I know plenty about those who’ve won and lost a fortune. I know about the guy who can’t hold onto his money. He just spends every penny, afraid it might be gone tomorrow. And sure enough, it is.

I also know all about the billionaires thanks to the real estate sections, the virtual tours of their homes, the shows on Netflix and HBO, and the books by Walter Isaacson. Plenty of drama to go around. Entertaining. Maybe not the best family life.

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That’s why when I say I’m interested in the habits of highly successful, fairly wealthy people, I’m talking about a person or family I’m intimately familiar with because I actually know them. I know how they’ve worked, saved, and lived. I know what they appreciate in life and what drives them. Yes, money buys them happiness and the freedom to do what they want. But they aren’t flashy (maybe sometimes).

Which brings me to Your Survival Guy’s Habits of Highly Successful, Fairly Wealth People #10: They’ve made their money slowly and appreciate what they have.

They’re not the lottery winners as rich as Croesus overnight, emptying the bank account, and then we’re told how it’s all gone ten years from now.

No, the highly successful and fairly wealthy appreciate what they have because they never feel rich even though they’ve got plenty. They’re comfortable. But they’re also fearful, knowing how easily it can be taken away. And the work? They can’t do the work it took to get here again because there’s not enough time.

Action Line: The virtue of saving money slowly, over a lifetime, is the gift of appreciation for what you have. That’s a habit that’s best taught over time. When you’re ready to talk about preserving what you’ve earned, I’m here.

Read about all of the Top 10 Investing Habits of the Fairly Wealthy here. 

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.
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