Wealth Starts With Learning and Doing This One Habit

Updated: June 25, 2025

Let’s admit it: Everyone wants to be rich. Unfortunately, only a few achieve wealth. Most struggle financially their whole lives, while some simply become financially stable and live modest lives.

So why does this happen? Why can’t everyone achieve financial freedom and retire rich?

Of course, there are many factors—lack of knowledge is one, and limited access to opportunities is another.

However, regardless of a person’s initial circumstance, one factor is common to everyone that determines if they’ll become wealthy.

The Prime Factor

There are many ways to become rich. You can work your way up the corporate ladder or become an entrepreneur. You can invest in real estate or grow wealth through the stock market.

There are still other routes you can take, and you can combine any of them.

But regardless of where you start and which path you choose, eventually, one prime factor will determine your financial success…

Your ability to spend less than what you earn while investing the difference to grow your wealth.

How People Lie To Themselves

We sometimes hide the truth from others for various reasons—good and bad. But when it comes to ourselves, I see no good reason to deny our own truth.

In my years as a financial advocate, I’ve noticed that most people are aware of their poor financial habits, but they consciously ignore them and simply lie to themselves that everything is okay.

I met a guy who’s been working for almost five years now and yet has no money in his savings account. He keeps promising himself that he will start saving, but deep inside, he knows that’s a lie.

Then there’s this woman who kept telling herself that she’d start saving money once she got a salary increase, but again, that’s a lie because the moment she does, she immediately adjusts her lifestyle and increases her spending.

I also met an OFW who kept sending all his income back to his family. He says that he’s earning a lot anyway, but in the back of his mind, he knows that his contract might not get renewed and he could lose his job, so he just reassures himself with a lie—”No, that won’t happen.”

Don’t Sabotage Your Own Wealth

Wealth starts with learning the habit of saving money and actually doing it—not just saying to yourself that you’ll do it someday.

Don’t sabotage yourself by choosing to ignore this truth. Don’t turn your head in the other direction when you see yourself spending more than you can afford.

Here’s the thing… saving money is hard. I will admit that it really is.

A lot of stuff is becoming more expensive, and our salaries are not increasing. If you’re a breadwinner, maintaining a budget is more challenging. And as if minimizing our expenses isn’t hard enough, it’s also difficult to find extra income nowadays.

However, you shouldn’t use these as excuses for not trying.

Save money even if you can only save a small amount—because what’s more important is doing the act and forming the habit.

Scientists have determined that it takes 66 days to form a daily habit. So why don’t you try saving money for that duration and see how it slowly becomes automatic?

Have a piggy bank and put P10 there every day. After 66 days, you’ll already have enough to open a passbook savings account in most banks. Hopefully, setting aside a small amount as your savings have become a habit, and you’re now excited to grow it more.

After a year, you’ll have P3,650 in your savings account. It’s not much, but you’re already ahead of the 69% of Filipinos with no savings. Yes, that’s right — almost 70 million Pinoys have no bank savings accounts.

So, the choice is yours…

You can decide to be wealthy by starting small and forming the habit of saving, or you can decide to continue denying yourself the truth and choose to struggle financially your whole life.

Which one would you rather be?

Learn more: Money Saving Tips For People Who Hate Saving Money

What to do next: Click here to start your financial journey with IMG Wealth Academy