I've been a financial planner for over 10 years. Here are the 6 most useful lessons I've learned from my wealthiest clients.

Anyone can apply wealthy habits to improve their financial life.Sumala Chidchoi/Getty ImagesThe author has over 10 years of experience as a certified public accountant and financial planner.Most of his wealthy clients have common habits, mindsets, and wealth-building strategies.He's learned six useful financial lessons, which include generosity, health, and relying on others.I'm a certified public accountant and certified financial planner with over a decade of experience helping high-income professionals and diverse business owners take control of their finances. My clients range from medical professionals to small businesses, and I help them grow their wealth, reduce tax burdens, and run more profitable businesses.Many of my high-net-worth clients share common habits, mindsets, and strategies that helped them build and maintain their wealth. The good news is that anyone can apply these habits to improve their financial life.Here are six of the most useful lessons I've learned from my wealthiest clients.The more you give, the more you receiveOne of the most profound lessons I've learned is that life becomes richer when you focus on pouring into others, rather than just focusing on yourself.For example, clients who are generous with their employees often see retention rates soar. This principle extends beyond finances into mental well-being, relationships, and overall happiness. Generosity has a way of opening doors that talent or hard work alone sometimes can't.Many of my wealthiest clients often share that they wouldn't be where they are without the generosity of others who helped them along the way.Relying on others is the only way to accomplish everythingWealthy individuals often have incredibly demanding schedules, leaving little time for personal tasks or downtime. One key to their success is recognizing the power of outsourcing and delegation.Whether they hire a nanny to help with childcare or work with a financial advisor to manage their finances, they understand that they can't do it all alone. Instead of trying to juggle every responsibility, they build a trusted team around them with professionals who help them stay focused on what matters most.They become comfortable relying on others, knowing it's the only way to accomplish everything on their plate while still maintaining their sanity and quality of life.You can only go as far as your health allowsIf you don't take care of your health, it will be harder to reach your goals, no matter how important they are. Many of my wealthiest clients have learned this firsthand. They've realized that when their mental, physical, spiritual, or emotional health is off-balance, their ability to lead, create, and perform suffers.As a result, they intentionally make time and invest in activities that support their overall health, such as exercise, therapy, spiritual practices, or rest. Prioritizing health is not a luxury; it's a necessity.Never stop learningOne of the most consistent pieces of wisdom I hear from my wealthy clients is this: never stop learning. No matter their industry or background, they all attribute part of their success to a mindset of continuous growth.They understand that lifelong learning is essential to keep progressing in both life and business. There's no single path to learning. Some lean on books and mentors, while others invest in masterminds, coaching, or formal courses. What matters is the commitment to growth.Avoid lifestyle inflationOne of the biggest challenges my wealthy clients face is resisting the urge to significantly increase their lifestyle as their income grows. It's tempting to spend more when you make more, but true wealth often requires discipline and delayed gratification.Becoming wealthy means making intentional trade-offs. That might mean reinvesting in your business, putting a down payment on a rental property, or consistently investing in the stock market. Rather than inflating your lifestyle, put your money to work.Financial freedom comes from what you own, not just what you earnThere's an important difference between being rich and being truly wealthy, and it often comes down to owning assets. The rich may earn high incomes that support a luxurious lifestyle, but the wealthy prioritize acquiring income-generating assets that work for them while they sleep.Earning a solid income is important, but it's rarely enough on its own to build long-term wealth. To reach and sustain true wealth, you can't rely solely on your labor. You need assets that generate cash flow with minimal day-to-day involvement.These assets might include equity investments, real estate with a trusted property manager, or a business supported by a reliable team.Jovan Johnson, CPA and CFP, is the co-owner of Piece of Wealth Planning and specializes in strategic tax planning, personal financial planning, and small business accounting.Read the original article on Business Insider

Comments

Business News

What to know about the Air India plane crash that killed more than 240 people

ABC News

Comments

Similar News

O2 launches its summer sale on SIM-only plans - but we've found a cheaper deal

'I've managed to make £10k on Vinted by using these essential selling methods'

BT won't cancel my internet and now I've had my MORTGAGE rejected: CRANE ON THE CASE

Holidaymakers reveal the most expensive things they've bought by accident

Nine Hobbycraft stores to shut in DAYS as part of huge restructuring – and they’ve launched closing down sales

I've lived in Boston for 18 years. I always recommend these 7 underrated activities and attractions to first-time visitors.

I've been to over 90 countries. I'll never travel somewhere new before asking these 8 questions.

'We've listened', says Reeves as winter fuel U-turn confirmed

'I've paid £120k to reverse my surgeries so I look like my kids again'

Our neighbours have painted their posh homes black to deter influencers taking pics – but we’ve taken different approach

I regularly rescue furniture and other items from the side of the road. I've even trained my teens to always be on the lookout for 'roadside treasures.'

I live full-time on a boat & save thousands every year – it’s much better than a house… but I’ve seen some awful things

Frankie Bridge’s silk eye mask is hailed the ‘best sleep mask I’ve ever used’ by shoppers

I've worked at Costco for 19 years. Here are 9 of the best things I'm seeing on shelves right now.

I'm 30 and I've been married for years &mdash; but I'm not planning to have kids until I've completed my travel bucket list

I've held leadership roles at Google and Facebook. Here are the top skills I'd urge the next generation to focus on &mdash; none of them are technical.

I've been traveling across Southeast Asia for 30 years. 3 cities have changed for the better.

Now your CAR knows if you've put on weight! Major manufacturer adds body measuring sensors to safety feature

I’ve read thousands of CVs – eight phrases you MUST avoid and major mistake all jobseekers make

Are we allowed an 8ft fence for privacy? Our neighbour says we've broken planning rules

Business News

What to know about the Air India plane crash that killed more than 240 people

Investigators search the Air India crash site for evidence and more victims

Bank boosts interest on savings account to 5% and earns 'excellent' rating

Push to block L.A.'s tourism wage hike has been misleading, union alleges

Plans approved to transform historic walled garden into 'landmark' distillery

How Rivians became the ‘it’ car in the Hamptons: ‘Everyone is dumping their Cybertruck’

Musk-Trump war of words likely puts kibosh on rumored Truth Social buyout — or will it?

Lidl recalls popular breakfast item over fears it contains pieces of metal

Nationwide is offering free cash to customers - how to make sure you get it

'I ate at McDonald's in the Philippines and five items blew me away'

Millie Mackintosh loves these ‘incredibly comfy’ Ugg clogs that are ‘amazing for wide feet’

New Winter Fuel Payment rules for pensioners who are in a couple confirmed

Weekend Wishlist: 10 fashion and beauty must-haves from M&S, Sephora and more

Medical conditions that could exempt you from paying any council tax

US fast food chain 'that beats KFC' set to open 45 new restaurants in UK

DWP help for older people worth more than £10,000 a year

M&S customers alerted to ‘act immediately’ before making any online purchases

The surprising 'loophole' that allows pensioners to claim Winter Fuel Payments

Lloyds, Nationwide, Santander customers told 'direct payments' could 'leave with nothing'

Tweak your income to keep the winter fuel payment, pensioners told

Aldi's Scottish Gin named as best in the world as prestigious awards

HMRC confirms major change that will impact millions of taxpayers

'My £2.49 Morrisons Too Good To Go bag contents made me feel physically sick'

Increase summer income and cut costs by checking for unclaimed benefits or discounts

Top Tech: Disney+ £1.99 per month deal is back but with one major upgrade

TK Maxx's 'gorgeous' £55 leather bag looks 'similar to' £315 designer style

Berghaus’ £750 five-person tent that can be pitched in ‘just twenty minutes’ is now under £360

Marks & Spencer’s ‘lightweight’ basket bag is perfect for holidays and ‘looks so expensive’

Boots warns shoppers 'when it's gone it's gone' as latest beauty box saves £116

BT chief Allison Kirkby pockets £2.5m in her first year in charge

State pension top-ups vanish 'in the ether': DWP and HMRC boost staff to deal with backlog

Fiat solves 'barrier for electric cars' to allow battery recharges in FIVE MINUTES

Rachel Reeves rocked as oil price explodes – nightmare tax scenario unfolds

How to manage your subscriptions and save money

Why you should do a mid-year review of your finances

Business news live: Oil prices surge after Israel attacks Iran, FTSE 100 falls after all time high

Full list of Poundland stores already confirmed to close as company sold for £1

'Comfy' Roman dress is £34 with discount code and shoppers are giving it five stars

Enter our £1,000 Aldi voucher giveaway to celebrate the UK's cheapest supermarket

Aldi's new £1.69 'wellness-boosting' drink helps lower cholesterol and blood sugar

Amazon drops the price of 'ultra silent' tower fan in time for heatwave

Anglian Water profits go up after price increases as debt swell to £7.7bn

Oil prices soar after Israel launches strikes on Iran’s capital

Trump's parade, FEMA phase out, and Warner Bros. Discovery divorces ... itself?

Meta invests $14.3B in AI firm Scale and recruits its CEO for 'superintelligence' team

Asian shares slide while oil prices surge after Israel's strike on Iran

What to know about the Group of Seven summit in Canada that Trump will attend

St Andrews golf chief to set out 10-year plan to share the wealth

Boots £112 Yves Saint Laurent Black Opium perfume reduced to £33

The car makers giving away free home chargers worth £1,000 to convince you to switch to an electric vehicle

Do I need a Crit'Air sticker to drive in France this summer? France votes to abolish low emission zones

What's our collection of Manchester United shirts worth? DAN HATFIELD replies

My mum wants to buy a retirement flat: Is it a bad idea?

Cheaper mortgages and relaxed lending rules push up price of a first home

FTSE 100 Live 13 June: Oil prices surge after Israel attack, index seen lower

Ricki Lake says she's open to talk about her plastic surgery: 'I don't want there to be any stigma'

Asian shares slide while oil prices surge after Israel's strike on Iran

I'm 30 and I've been married for years — but I'm not planning to have kids until I've completed my travel bucket list

I've held leadership roles at Google and Facebook. Here are the top skills I'd urge the next generation to focus on — none of them are technical.