Habits of the Wealthy
- Ron Taraborrelli
- Apr 29
- 3 min read
Updated: May 8

As I approach my 30th year in the financial services industry, I reflect on what the wealthy have in common. I started learning about the wealthy well before starting my finance career. In my late teens and early twenties, I worked in a high-end restaurant where the who’s who went to dine. Outside of the athletes, celebrities, and organized crime clients, I would ask the other regulars how they made their money. They were all happy to share their stories with me. Nearly all of them were business owners. Their stories always included when they decided to take a risk. The one client told me his story when he was a mechanic repairing food vending carts, and one day a gentleman came into the shop and said If you can get me this part today, I will give you $500. He had the part and sold it to the gentleman. The part only cost about $15, and he realized there was an opportunity in selling parts. The next day, he quit his job as a mechanic and started a business selling parts for vending carts. These people were from all walks of life; most grew up poor, lower middle class, or middle class. The one thing they had in common was that they took a risk.
A few years into my finance career, I took a position taking calls in the High-Net-Worth department of a mutual fund company. As these clients shared their stories with me, more themes emerged—they were from all walks of life. Some had highly lucrative careers, but many never made over 100K a year. Here are their habits.
Start saving early. Albert Einstein called compound interest the 8th wonder of the world, and for good reason. It is hard to beat a good start. See my blog post Save Early: The Power of Compound Interest.
Stay out of debt. Outside of a mortgage, these clients paid cash for their cars and avoided using credit cards.
Save consistently. Not only did they start to save early, but they also saved 10 to 15 percent of their income for retirement and 10 to 15 percent of their income outside of retirement.
Live within your means. The first three are challenging to accomplish if you are not living within your means. These clients would prioritize it, even if it meant doing without.
Invest. The clients were not only savers but investors. Consistently looking for the best return on their money.
Hire Professionals. Even though I dealt with passionate do-it-yourself investors who spent many hours researching investments, they would recognize when to hire a professional. Many of them went on to hire advisors over the years.
Buy quality. When clients called me to withdraw money from their accounts, I often asked if they were doing something fun with the money. They would tell me what they plan on spending the money on and why they chose a specific product to purchase. They often emphasize the quality of the product they are buying and state that, although it is more expensive than the others, this is something they hope to pass down to the grandkids.
Taxes. They took advantage of tax shelters and tax-advantaged accounts as much as possible and consistently did tax planning.
Many people believe that the wealthy inherit their wealth. The reality is that only about 1% of the US population inherits more than $1 million, with the average inheritance under $50K. This is according to the Federal Reserve FEDS Notes “Wealth and Income Concentration in the SCF: 1989-2019” by Jesse Bricker, Sarena Goodman, Kevin B. Moore, and Alice Henriques Volz, with assistance from Dalton Ruh. You can find a link to the study HERE. The vast majority of Americans become wealthy over time with good financial habits.
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Disclaimer: Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor. Stratos Wealth Advisors and Synergy Wealth Management are separate entities.
Stratos or Synergy Wealth Management does not provide tax or legal services. Please consult legal or tax professionals for specific information regarding your individual situation.
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