8 Habits of People with Great Financial Freedom

The minds of millionaires are not different from yours, but the way they perceive money.

Photo by Maria Orlova from Pexels

These are habits of people with a lot of financial freedom that set them apart from most people.

What are people like Bill Gates, Warren Buffet, and Elon Musk like? Surely the first thing that comes to mind is that they are all millionaires and are on the Forbes List of the richest people on the planet. In fact, they all have great fortunes and a lot of financial freedom, but they also share several basic habits that have allowed them to get where they are.

“With financial freedom, you are more yourself”

I already wrote an article addressing “7 things rich people do that you probably don’t”, and you can read it here.

In this article, I want to address other points; just keep reading.

#1 - They are aware of their financial situation and live according to their means

The main characteristic of healthy personal finances is to spend less than what comes into the checking account, and this is something that people with financial freedom adhere to in the letter. This is the basic formula for achieving financial freedom, a golden rule that no millionaire or person in good financial health will break.

There may be specific cases or periods when expenses equal or even exceed income, but it will be temporary and not structural. In other words, they live within their means and even below them because they know the importance of financial freedom to be themselves.

#2 - They don’t get into debt unless it is to generate value

Today’s society encourages debt as a way of life. Cheap and easily accessible financing for your vacations and even current expenses via credit card. People with a lot of financial freedom know the hidden dangers of debt.

Millionaires are sure that debt can be a great tool, but it can also be a nuisance if not used properly. That is why they will always calculate the real cost of borrowing, that is, what they will end up paying for what they have acquired with the debt. But, above all, they will never go into debt if it is not to acquire an asset, something that is capable of generating value in the medium or long term.