Highlights:
- These tips work even if you’re just starting to build your wealth
- Psychological habits wealthy people use to stay consistent
- The tool used by investors who have 6x more money than the average brokerage user
I’ve spoken with many wealthy people, and there are a few things they all have in common:
They all share these 5 perspectives when it comes to money.
Having the right mindset is important because it shapes how you think and feel about money, which in turn dictates your behaviors.
Even people with average paycheques have used these principles to build wealth over time.
1 - They believe they will become wealthy
The most important ingredient is that they believe it’s possible.
This starts decades before they actually become wealthy.
Having this perspective allowed them to take small, consistent steps that built their wealth.
On the flip side, if they saw themselves as someone who struggled with money, they probably wouldn’t have stuck with it.
I think of myself as someone who is becoming wealthy.
This identity shift has helped me make better money decisions that align with my goals, because I now filter my choices through the lens of who I’m becoming.
Change your identity, change your behavior
Take Rosa, a nurse in her early 30s. She doesn’t make a huge salary, but she made a decision a few years ago to stop thinking of herself as “bad with money.”
Once she started seeing herself as someone who is good with money, she began acting like it.
Instead of trying to fix everything at once, she focused on one thing: setting aside $300 a month. She opened a TFSA and invested in a few broad market ETFs.
When she retires at 65, her investments will be worth around $570,000, assuming an average 8% return.
And that’s just her TFSA. She’ll also have her workplace pension and government benefits to support her in retirement.
2 - They think long-term
When people have a long-term perspective, they act differently.
They pass up the shiny impulse buys, don’t panic when the market dips, and invest regularly.
According to The Psychology of Money by Morgan Housel,
“Doing well with money has little to do with how smart you are and a lot to do with how you behave.”
How to prioritize the long-term gain
Let’s say you’re deciding between upgrading your car or maxing out your RRSP for the year.
The car will feel good now, and the RRSP doesn’t give much instant gratification.
This one decision can mean tens of thousands more in retirement - or not.
And if you consistently max out your RRSP each year, it could add up to hundreds of thousands (or more) by the time you retire.
Wealthy thinkers make choices today based on what they want things to look like in the future.
3 - They simplify and systematize
People who grow wealth consistently often don’t spend hours managing their money each week.
Instead, they set up systems that take care of it for them. They don’t have to remember or rely on motivation or willpower.
This kind of structure removes stress, reduces the risk of forgetting, and protects against emotional decision-making.
When the market dips or life gets busy, the system keeps working in the background.
Automate your investments
One of the best systems you can set up is to automate your investment contributions.
Schedule an automatic monthly or biweekly transfer from your main bank account to your investment account - ideally right after payday.
Even a few hundred dollars a month makes a big difference over time.
Then use a tool like Passiv to automatically invest that money according to your target portfolio.
Passiv helps you stay balanced, reinvest dividends, and stick to your strategy without needing to log in and place trades manually each time.
4 - They control the controllables
You can’t control the stock market or inflation.
But you can control how much you save, how often you invest, and how you react when things go wrong.
Wealthy thinkers don’t get discouraged and give up - they stick to the plan of their long-term vision.
They stay motivated by looking for small wins and keep moving forward.
They’re also not afraid to get creative when it’s needed. They might cut expenses or boost income by picking up overtime or side gigs.
Know what’s in your control and let go of the rest
Creighton University found that people who believe they can improve their financial situation are far more likely to take action.
“Behavioral finance research shows that mindset often determines behavior. If you believe wealth is possible for you, you’re more likely to take positive action.”
5 - They hang around people with strong habits
"You are the average of the five people you spend the most time with," said Jim Rohn -and this includes your finances.
You don’t have to only spend time with people who are great with money, but it’s helpful to be aware of the messages you pick up from others.
Noticing the way friends, family, or coworkers talk about spending, debt, or investing can help you see which behaviors are a good fit for you.
What do you want to normalize?
If you're surrounded by people who constantly spend, complain about money, or avoid thinking about the future, it's easy to adopt the same habits without realizing it.
Instead, spending time with people who save, invest, and talk openly about financial goals, those behaviors start to feel normal.
Even if you don’t know many “money people” in person, you can find people online. Blossom Social, Facebook groups, and Reddit all have strong personal finance communities you can join.
Small steps lead to wealth
Your next step could be:
- Saying no to a purchase that’s not aligned with your goals
- Setting up an automatic $50 transfer to your savings
- Learning how to invest for retirement
- Having a conversation with your partner about financial priorities
- Creating your free Passiv account to manage your investments
Wealthy people also use tools to manage their finances.
On average, Passiv users have 6x more money invested than the typical brokerage user.
That’s because they have a clear plan, an automated system, and the tool to stay consistent - which means they invest more regularly and stay on track with their goals.
Passiv connects directly to your brokerage account and helps you stick to your investment plan. Just set your target portfolio and Passiv keeps everything on track.
