The top 5 things wealthy people do

Ben Brett 10 July 2023

At Bounce Financial, we get the opportunity to work with all types of people at different points in their wealth journey. This can range from people who are just starting out to people who are further down their journey.

For those that have already had a lot of success, there are some common things we see (and recommend). This is the top 5 things wealthy people do.

No 1: They max out their super

Wealthy people are willing to forego access to money now to get a benefit that will pay out later.

Pound for pound, putting money into super can be one of the best things you can do to build your wealth. Why? Because the tax savings are huge.

Let’s say for example you earn $220k and you’re in the top tax bracket paying 47% inclusive of the Medicare levy. Now any money you contribute to super (under the concessional contribution cap of $27,500) is taxed at 15%. That is an immediate return on your money of 32%!

In addition, this money is invested and earns income at a lower tax rate.

Wealthy people utilise this tax break for both them and their partner. Whilst some people will do it for the higher earner, I rarely see people focus on contributing for both of the earners in the family.

No 2: They prioritise paying off their house aggressively

Most people aren’t too concerned with their mortgage if they are meeting their monthly payments. In some cases they may have a small additional amount going to the loan or some money in their offset account.

Wealthy people on the other hand understand that having debt is an anchor on your wealth building capabilities and attack their mortgage aggressively.

In the first 10 or so years of paying a mortgage, you actually pay very little off the principal with most of your payments going to interest. It’s only in the later years that you start paying more off the principal.

Wealthy people pay down their mortgages aggressively at the start to prevent this and to minimise the amount of overall interest they have to pay.

No 3: They know their numbers and they spend confidently

Wealthy people have a realistic lifestyle budget they plan for each year. Once they know what they are spending, they do it confidently.

Wealthy people don’t try to trick themselves into thinking they are spending less by using afterpay or having a large amount of confusing accounts where money is transferred constantly. They know how much things cost, have planned for them and spend accordingly.

This can be confronting if you’ve never properly budgeted in the past and find that your lifestyle doesn’t quite match your income and goals. Wealthy people accept that it’s human nature to want more than you can afford and put up effective guardrails to make sure they don’t spend more than they have planned.

No 4: They buy cars with savings

This is going to be a controversial one but I’ve seen it time and time again. People who succeed with money don’t buy cars through novated leases or on personal loans. They pay in cash and this process of having to dip into their savings makes them on average spend less on cars.

Wealthy people have a plan to replace their car every 10 years or so and put aside money for it in preparation.

This touches on no. 3 in that wealthy people know how much cars cost and they spend confidently.

No 5: They have an investment strategy outside of superannuation

Even when wealthy people enjoy their jobs, they know they may one day change their mind and want to stop working or change their work. They may want to do this prior to superannuation access age and have a plan on how they are going to invest.

This could be an investment property, or shares, or both, but wealthy people have a rock solid plan they are executing on.

If you’re not yet a wealthy person but are willing to put in the work to be one, then please reach out. We work with all types of people at different points in their journey and would love to hear from you.

About the author: Ben Brett

Ben Brett owns and operates Bounce Financial with his wife, Cara. Having started his career as a Corporate Lawyer, Ben has always had a passion for helping make the complex things simple. Follow Ben on LinkedIn at