5 Habits of the Wealthy
Nicole Iacovoni

Nicole Iacovoni

Nicole Iacovoni is a financial therapist, licensed psychotherapist, and writer for women entrepreneurs who are tired of struggling financially and feel overwhelmed by the emotional up’s and down’s of growing a business.

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5 Habits of the Wealthy

Have you ever wondered how the rich get rich?

Not so long ago, I would sit and admire those who seemed wealthier than me and wish for them to share their secrets of financial success. How were they able to travel the world while I wasn’t even able to pay my phone bill on time? What were they doing that I wasn’t? Were they born with some special ability that I just didn’t possess?

I learned through my own wealth building journey that every human being is born with the ability to create a life of health, wealth, and love. We just have to train our minds and claim our power to make it happen. Everything you need to live like the wealthy, you already possess, because you have the ability to choose which habits to form and maintain.

By learning from my financial mentors and practicing myself, I’ve discovered 5 habits of the wealthy:


If you’re in debt, you don’t have real wealth; you have borrowed wealth that you’ll have to pay back. The wealthy work hard to pay off all their debt and never, ever buy something unless they have the money to pay for it in full. This takes self discipline, and you’ll have to practice resisting the immediate gratification you get from “buying now, paying later”. Once you do though, you’ll experience a deep sense of freedom and security that will allow you to grow your money in ways that people in debt can’t.


The wealthy don’t try to keep up with the Jones’. They enjoy having nice things, but they don’t see possessions as the most important thing in life, nor do they use their possessions as status symbols. The wealthy always spend less than they earn and invest the difference, which allows them to live a life of abundance. They make thoughtful decisions about their finances and use a spending plan (budget) to make sure they’re on track with their financial goals.


People who carry debt are stuck in a vicious cycle. Pay day rolls around and they have to give most of their money to creditors. They only get to keep what’s left over after the bills are paid, and sometimes there’s nothing left over at all. This is one more reason why the wealthy live debt free; it allows them to pay themselves first and then pay recurring, everyday bills. The wealthy make sure they take money from each paycheck to invest or save for future use before paying anyone else. Because they use a spending plan, they always have more than enough money to pay their bills on time and save for their future.


You’ll never get what you want if you don’t know what that is. The wealthy get clear on their values and priorities and base their financial goals on what’s most important to them. They set both short, medium, and long term goals and base their spending plan on these. For example, I have a short term goal to buy new running sneakers this month, so I’ve set aside $100 in my spending plan for this goal. My medium term goal is to have $20,000 saved in my emergency fund by the end of the year, so my spending plan reflects what I’ll be saving each month to reach that goal. My long term goal is to have $1.5 million saved at age 60 for retirement.

As you can see, once you establish clear goals, you’ll be able to break down those goals into smaller, more manageable steps. Following those steps consistently yields success.


The wealthy know that whatever they give will come back to them multiplied, so they give generously and freely without worry or fear. Because they practice the habits described above, they have full control of their finances and reserve money just for giving to others. They are also clear on their values and know that lasting fulfillment doesn’t come from what you GET; it comes from what you GIVE. As such, the wealthy give generously of their time, money, and wisdom, which is a habit everyone can benefit from adopting.

Rather than wishing you’re rich, you can become rich by consistently and persistently practicing these five habits. If you need some help getting started on your wealth creation journey, you can download my FREE FINANCIAL MASTERPLAN. This download provides you with the 7 steps to eliminate debt, claim your financial power, and live the lifestyle you deserve.


Remember: you have the power to create a life of health, wealth, and love. So, claim your power and live abundantly. And as always, please let me know if there’s anything I can do to help guide you along the journey.

Nicole Iacovoni is a personal & financial development trainer, author, and motivational leader dedicated to helping you create a life of happiness & prosperity. Her work is centered around personal growth and holistic health and wealth building. Nicole takes an honest, straight-forward approach to helping clients identify where they currently are in their life’s journey. With expertise in how our DESIRES, EMOTIONS, THOUGHTS, and BELIEFS influence our success, Nicole helps clients create a concrete action plan for living the life of their dreams.

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