Five lifestyle habits of financially successful people

Michael Freemire, BFA, is the founder of Full Circle Financial of Colorado, a full-service advisory firm in Thornton, Colorado. He helps clients take a comprehensive view of their finances and works with them to develop “a proactive plan for protecting and advancing their financial future.”

In an article he wrote about the journey toward a successful and satisfying retirement, Mr. Freemire poses an important question: “Those dreams of lifestyle freedom also require financial means. How do some of the most vibrant, influential, and fulfilled people in your life and community get to do what ‘they’ do? By leaning into what we call the ‘5 Lifestyle Habits of Financially Successful People.’”

Here are the five habits—or “secrets”—he outlines:

Secret 1: They set goals. Mr. Freemire says these goals should be developed using the SMART (Specific, Measurable, Attainable, Results-based, and Time-sensitive) method. Writing them down, he explains, can provide clarity and a consistent reference point as clients work toward achieving them. “Once you begin reaching your goals,” he says, “you’ll be excited to set the next level.”

Secret 2: They budget and track their expenses. “A written budget can be incredibly insightful for knowing if your spending patterns match what you want your lifestyle to be in retirement.”

Secret 3: They work with experts. “People who retire with the greatest accumulation of wealth typically rely on experts to help them make the best possible choices with their money. Leveraging the expertise of others can sometimes come with a serving of humble pie: we often don’t know what we don’t know.”

Secret 4: They build a strong community. “Who are the people you know, like, and trust who are adding a positive impact on your everyday life? These are the voices speaking into your life when you’re establishing a budget, preparing for a major purchase, changing jobs, moving to a new home, planning for college, or preparing for retirement or any other significant event.”

Secret 5: They take the first step—and then the next. “Financial success doesn’t happen overnight. It’s a continual journey that involves adjusting and course-correcting throughout your life, based on your circumstances.”