Success isn’t just about what wealthy people do—it’s equally about what they deliberately avoid. Psychology research reveals that high achievers consistently sidestep specific time-wasting behaviors that keep others stuck in cycles of financial struggle.
These fundamental differences in how financially successful people approach daily life, manage energy, and invest their most precious resource—time—offer valuable insights into the mindset shifts necessary for building wealth. Let’s examine seven bad habits that wealthy people don’t waste their time on.
1. They Don’t Get Lost in Endless Entertainment and Screen Time
Research by Tom Corley, who studied 233 wealthy individuals, found that 67% of rich people watch less than one hour of television daily, while 77% of those struggling financially spend more than one hour watching TV each day. The Bureau of Labor Statistics reports that the average American watches 2.7 hours of television daily, representing a significant opportunity cost.
Studies from the Netherlands examining millionaires’ time use found that wealthy individuals spend significantly more time engaged in “active leisure” activities like exercising, volunteering, and socializing than “passive leisure” activities such as watching television. This preference for active engagement creates compound benefits—building relationships, maintaining health, and developing skills contribute to long-term success.
The psychology behind this behavior relates to opportunity cost awareness. Successful people instinctively calculate what they’re giving up when they choose passive entertainment, leading them to seek activities that provide multiple benefits simultaneously.
2. They Never Wait for Perfect Conditions to Take Action
While often viewed as a positive trait, perfectionism can be a significant barrier to wealth building. Psychological research has consistently shown that perfectionism is associated with procrastination, anxiety, and decreased performance rather than enhanced achievement. Meta-analyses have found perfectionism at the root of multiple psychological disorders, including depression and anxiety.
Wealthy individuals understand the difference between striving for excellence and demanding perfection. Psychology distinguishes between adaptive perfectionism, which involves setting high but attainable standards, and maladaptive perfectionism, which focuses on avoiding failure rather than achieving success. Research shows that perfectionists often procrastinate, waiting for the perfect time to attend to tasks, and even when they achieve success, they don’t experience satisfaction but only relief that they didn’t fail.
Instead, wealthy people adopt a “progress over perfection” mindset, understanding that taking imperfect action consistently leads to better outcomes than waiting for ideal conditions that may never materialize.
3. They Don’t Waste Energy Seeking Universal Approval
Psychological research identifies “socially prescribed perfectionism” as the perception that others require oneself to be perfect. This form of perfectionism is particularly draining because it focuses energy outward rather than on productive activities.
Studies of wealthy individuals show they exhibit higher levels of internal locus of control, meaning they believe their actions and decisions primarily determine their outcomes rather than external factors or others’ opinions. This internal focus allows them to make decisions based on their values and objectives rather than constantly seeking validation.
The time and mental energy spent managing relationships for approval and adjusting behavior to please everyone create significant opportunity costs. Successful people set clear boundaries around whose feedback matters and focus their attention on relationships that provide genuine value and growth opportunities.
4. They Avoid Passive Leisure in Favor of Growth-Oriented Activities
Research shows that 72% of millionaires volunteer five or more hours monthly at local nonprofits, and 83% vote regularly in elections. This civic engagement represents a broader pattern of choosing activities that build social capital and create meaningful connections.
A Netherlands study found that wealthy individuals experience greater life satisfaction partly because they spend more time in active leisure pursuits that provide multiple benefits—physical health, social connections, and personal growth—rather than passive activities that only offer temporary relaxation.
Psychology research consistently shows that meaningful activities contribute more to well-being than passive consumption. When wealthy people relax, they often choose activities that refresh them while simultaneously building skills, relationships, or knowledge. This approach creates compound benefits, where relaxation activities contribute to professional networks, personal development, and physical health.
5. They Never Let Procrastination Derail Their Progress
Tom Corley’s research revealed that 81% of wealthy people maintain daily to-do lists compared to 19% of those struggling financially. This systematic approach to time management reflects a deeper understanding of how small daily actions compound over time.
Wealthy individuals understand the psychology of delayed gratification and consistently choose long-term benefits over immediate comfort. Successful people are goal-oriented, creating daily goals represented in their to-do lists and prioritizing tasks with specific time allocations.
The key difference isn’t just planning but execution. Successful people have developed systems to overcome the natural human tendency to procrastinate on complex tasks. They often tackle challenging items first when their mental energy is highest and break large projects into manageable daily actions.
Research on self-regulation shows that successful people have trained themselves to act despite not feeling motivated, understanding that motivation follows action rather than preceding it.
6. They Don’t Dwell on Past Failures or Play the Blame Game
Corley’s research found that 94% of wealthy people “filter their emotions” compared to 69% of financially struggling individuals. This emotional regulation extends to how they process failures and setbacks.
Psychological studies show wealthy individuals demonstrate higher levels of internal locus of control and lower levels of financial stress. This internal focus means they spend less time ruminating on past mistakes and more time analyzing what they can control moving forward.
The psychology of rumination shows that dwelling on adverse events reinforces negative thinking patterns and prevents the cognitive flexibility necessary for problem-solving. Wealthy people have developed the ability to quickly extract lessons from failures without getting emotionally stuck in the experience.
This doesn’t mean they’re emotionless—instead, they’ve trained themselves to process emotions efficiently and redirect energy toward solutions and future opportunities.
7. They Stop Repeating Strategies That Don’t Work
Cognitive flexibility—the ability to adapt thinking and behavior when circumstances change—is a key characteristic of successful individuals. Wealthy people treat past errors as data points rather than personal failures, allowing them to assess what isn’t working and pivot accordingly, objectively.
Studies show millionaires are willing to take calculated risks but are quick to abandon strategies that aren’t producing results. This balanced approach requires the courage to try new techniques and the wisdom to recognize when change is necessary.
Warren Buffett’s “no to almost everything” principle reflects this pattern. Successful people become comfortable cutting losses—whether in investments, relationships, or business strategies—when evidence shows they aren’t working.
This behavior requires overcoming the sunk cost fallacy, where people continue investing in failing strategies because they’ve already committed resources. Wealthy individuals make decisions based on future potential rather than past investments.
Conclusion
These seven habits represent fundamental psychological differences in how wealthy people approach life. By avoiding passive entertainment, perfectionism paralysis, approval-seeking, passive leisure, procrastination, rumination, and ineffective strategies, successful individuals protect their most valuable resources: time and mental energy.
The psychology research consistently shows that these behavioral patterns can be learned and developed, offering a clear pathway for building wealth and achieving sustained success.