Want to be rich? Do What the Rich do!

How many times do you hear people say, "If I knew then what I know today," or, "Hindsight's 2020"? Whether you're 18 or maybe just looking to grow your knowledge, these insights that I'm about to share, they could change the course of your financial future. After working with high net worth clients for more than 30 years now, I've asked the question. Today I'm sharing the answers to help you avoid the same regrets that a lot of millionaires have. Let's get into it.

The first thing millionaires tell me is they wish they'd known about the power of starting early. Time is your biggest ally when it comes to building wealth. Investing even small amounts, and I'm talking $10, in your late teens or early 20s, that can lead to massive growth thanks to compound interest. For example, if you invested just $100 a month starting at age 18, by the time you're 65 years old you could have over a half of a million dollar. Now multiply that. Say that you did $500 per month: at age 65 you're talking about more than 3 million. Make sure you start early.

Next up is financial education. Now, many of the millionaires that I've interviewed, they admit they didn't understand the basics of money management when they were younger. They wish they had taken the time to learn about budgeting and saving, investing and controlling debt. The good news: it's never been easier for you to get educated. There are books, there are podcasts, you can find any kind of online education. You can enroll and be taught all kinds of good stuff in a short period. Everything you need to know, it's at your fingertips.

This next one, it's avoiding lifestyle inflation. When you start making more money, it is tempting to upgrade your lifestyle: nice cars, bigger homes, fancy vacations. But here's the thing: the more you spend, the less you have to save, the less you have to invest. The same millionaires, they often say they wish they had kept their expenses low, lived within their means, even as their income was growing. Learning to control that urge now, it can change your future in a huge way.

One of the things that you probably haven't thought about that's common among millionaires that I've interviewed is the value of networking relationship. So let's talk about relationships and their importance. These strong networks, they can open doors that you never think about, opportunities that you'd never find on your own. It's not just about what it can do for you. Being generous with your time and your advice, that can pay big dividends as well. So those networks go far beyond just benefiting you. It could be you benefiting them, and that drives more opportunity.

Next, let's talk about not taking risk. At age 18, or maybe slightly over that age, you probably feel like playing it safe is the right way to go about your life. But many of the millionaires that I've interviewed, they said they should have been more willing to take more calculated risks when they were younger. Not necessarily at 18, but certainly by their early 20s. And remember, they said calculated risk. Starting a business, investing in stocks, or just trying new things that push you out of your comfort zone, they can lead to huge rewards. None of them suggest that you gamble your future, but you don't want to be afraid to seize opportunities when they come your way.

Last but certainly not least, focus on personal development. Spending more time developing skills and habits, you can make a quantifiable difference to your long-term success. Learning how to manage time, for example, learning how to do it effectively, developing a growth mindset, getting active in your community: this helps you learn where real opportunities might exist. Remember, the best investments you can make is in yourself. Sometimes that requires a little sacrifice, but a little goes a long way.

And there you have it: six things that many millionaires I've interviewed wish they knew at age 18. If you take just one of these lessons to heart, it could make a world of difference in your future.

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