Why the Old Playbook Won’t Get You to the Next Level of Wealth

Why the Old Playbook Won’t Get You to the Next Level of Wealth

Old habits die hard – especially when it comes to wealth.

When we have some success, we tend to stick with what works. We may even develop superstitions and routines that look crazy to others, but prove comforting to us.

That’s why many successful writers swear by using a talisman – a tangible object that they always keep in sight on their writing desks to serve as a source of inspiration.

That’s why even highly-trained professional athletes still swear by superstitions. Pittsburgh Penguins star Sidney Crosby may well lead the NHL in his zeal for lucky charms – he wears the #87 because of his birth year; wears the exact same sweat-smeared hat for every media interview; and refuses to see or speak to his mother or sister on game days. (He says that he seems to get injured in any game after he sees them.)

Most of these rituals are harmless and help to keep us grounded in a success mindset. But we can often cling to habits that no longer make a lot of sense once we get to a certain level of wealth.

Take our mindset on frugality, for example. Most self-made entrepreneurs instill habits of thrift that allow them to amass their fortunes. It can be difficult to let go of these habits, which is why you see a guy like Warren Buffett eating his breakfasts at McDonald’s. Walmart founder Sam Walton famously kept picking up loose change from the sidewalk long after he had become one of the wealthiest men in America.

There is absolutely nothing wrong with maintaining a frugal mindset – as long as you’re still respecting your own time. I’ve seen countless examples of successful people who waste inordinate amounts of time fighting with customer service representatives over trivial bills or spending countless hours on complicated credit card rewards schemes. If they would calculate how much their time is worth, they would probably realize that they should keep their focus on their earnings and their interests, not clinging to every last dollar.

As you continue to progress in your net worth journey, take a hard look at the media and advice that you’re consuming. Outlets like Fortune and Fox Business can be very useful as you are first venturing into the world of personal finance. They help you to make sense of all the confusing terminologies out there and provide constructive advice on getting your portfolio started. But as time passes and your portfolio grows more complex, you’ll invariably encounter a range of contradictory advice that rarely takes into account the nuances of your personal situation.

One of the benefits of wealth is that you can afford to take on more personalized assistance in a range of areas – make sure that one of them is taking on more personalized wealth management advice. You can afford to take on professional teams to provide you with better actionable insights. Remember – what got you to $1 million isn’t going to get you to $5 million.

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