In the investment world, it is often said that success depends on three main components, known as the 3Ms, which include:
This means that psychology and mindset—or simply put, habits—have the greatest impact on success. I once asked a very successful insurance salesperson friend how he gained so many wealthy clients.
He replied, “If you want to catch big fish, you have to go to the ocean. If you want wealthy clients, you need to be among wealthy people and live in their social circles.”
Hearing that, it made sense: if we want to be rich, we should develop the habits and mindset of rich people. But what habits do wealthy people have?
So, I looked for global research reports about wealthy people's habits. Fortunately, I found studies by Thomas J. Stanley (The Millionaire Next Door, 1996), the Credit Suisse Global Wealth Report, and research in Behavioral Economics.
The main habits of wealthy people found across various aspects in these studies can be summarized as follows:
Continuous saving and investing: Wealthy people typically set aside part of their income for investments such as stocks, real estate, and mutual funds. Warren Buffett mentioned this in 2004,
“If you invest in low-cost index funds not by lump sum but by averaging over at least 10 years, you will earn better returns than 90% of investors who invest all at once.”
“Buy continuously, whether the market is good or bad, especially when it’s down.”
Avoid consumer debt: Use debt responsibly, especially avoid high-interest credit card debt, as Warren Buffett once shared,
“I remember a friend came to me recently with some money and asked what he should do with it.”
Buffett asked, “Do you have any credit card debt?”
The friend replied, “Yes, I still owe some credit card debt with an 18% interest rate.”
Buffett answered, “I never knew how to make 18%. If I owed 18% interest, I would definitely be poor. If I got money, I would pay off that debt first.”
Buffett concluded...
“I think people should avoid using credit cards to incur debt, just like avoiding using the money saved in a piggy bank at home.”
Unfortunately, most Thai people are not aware of this because the majority of Thai household debt comes from personal unsecured loans and credit card debt, which are mostly consumer debts.
Diversify risk: Invest in multiple assets and across various regions. As the saying goes, “Don’t put all your eggs in one basket,” because if the basket drops, all the eggs break.
Wealthy people have long-term goals: they plan financially for 10–20 years.
They focus on value, not just price. For example, before buying something, consider if it is necessary and if it will be used, rather than just buying because it's cheap or on promotion, like monthly installment offers that create urgency to buy but end up unused. Such purchases turn cheap items into expensive clutter. Wealthy people choose things that add real value to their lives, such as health, knowledge, and relationships. Focusing on value means paying attention to what truly creates worth, based on clear goals, prioritizing tasks, and using resources efficiently.
Applying "value focus" in daily life and work:
Set clear goals: regularly review what you want and what matters most.
Prioritize: concentrate your time and energy on a few important tasks instead of spreading yourself thin over many that yield little result. You might use the Pareto Principle, focusing on the 20% of tasks that produce 80% of the results.
Create an environment conducive to focus: minimize distractions, such as turning off unnecessary notifications or reducing excessive email checking.
Practice mindfulness and discipline to better control your energy and focus.
Develop multiple income streams: such as businesses, investments, intellectual property, and so on.
Read books and engage in lifelong learning.
Invest in your own and your children's education. Again, quoting Warren Buffett, “Investing in yourself to develop specialized skills and expertise greatly increases your value and is not easily taken away.”
Reasonable frugality: Research shows most wealthy people avoid overspending beyond their means. They buy what is necessary and avoid what is not. A money management tip from millionaires that I often hear is: “If you don’t need it, don’t buy it—even if it’s on sale.”
Choose inspiring social circles. This aligns with the 38 Buddhist blessings (Mongkhon 38) that promote happiness and progress. The first is to avoid bad company, and the second is to associate with wise people.
Health comes first: Prioritize exercise and healthy eating. I recall a doctor’s wise words,
“If you have good health, you have everything. If your health is poor, you lose everything.” What do you think?
Overall, developing wealthy habits isn’t difficult, but the hard part is that we often quit too soon. Let’s make a vow right now—not waiting for the new year—that we will adopt wealthy habits from now until the end of 2026. I believe that even if we don’t become millionaires, we will surely be wealthier than we are today.