Wealth-building extends beyond financial strategies and is fundamentally rooted in psychology and behavioral patterns. Research reveals that wealthy individuals possess what experts call an “internal locus of control,” meaning they believe they can influence their circumstances rather than feeling controlled by external forces. This mindset shapes how they allocate their most precious resource: time.
Successful people understand that time management is energy management. They view time as their most valuable asset, more precious than money itself, because time can’t be earned back once spent. This psychological framework drives them to be extraordinarily strategic about what they choose to avoid, recognizing that success isn’t just about what you do—it’s equally about what you deliberately decide not to do. Let’s look at what the self-made rich don’t waste time on based on their psychology.
1. Endless Television and Passive Entertainment
The average American spends five hours daily watching television, which amounts to 77 days per year of passive consumption. Wealthy individuals take a fundamentally different approach to entertainment, understanding the psychological concept of opportunity cost. Every hour spent in passive consumption represents an hour not invested in wealth-building activities.
This doesn’t mean successful people never watch television or enjoy entertainment. Instead, they’re strategic about it, often using entertainment as a specific tool for relaxation after productive work rather than as a default activity. Research shows that wealthy people prioritize active leisure activities over passive ones, choosing pursuits that build skills, expand networks, or enhance their physical and mental capabilities.
2. Perfectionism and Analysis Paralysis
Perfectionism might seem positive, but psychological research reveals it can be a significant wealth-killer. Behavioral economics studies demonstrate that overthinking often leads to worse outcomes than making reasonably informed decisions and adjusting course as needed. The “paradox of choice” concept from psychology shows that people frequently make poorer or no decisions when faced with too many options or data points.
Wealthy individuals understand that perfect conditions don’t exist—they’re created through action. They’ve learned to make decisions with sufficient rather than complete information, recognizing that excessive analysis can cause them to miss profitable opportunities. Successful people embrace the reality that failure is part of the process, viewing setbacks as data rather than personal shortcomings.
3. Energy-Draining and Toxic Relationships
Author Tom Corley’s research found that 86% of wealthy, successful people associate with other successful individuals, while 96% of those struggling financially stick with others in similar situations. This isn’t coincidental—it reflects the psychological principle of social influence on behavior and decision-making.
Studies from the Journal of Consumer Research demonstrate that people make better financial decisions when surrounded by others who exhibit self-control and positive financial habits. Wealthy individuals understand the concept of “social contagion” in economic behavior, recognizing that their closest associates’ attitudes and habits directly influence their choices.
They strategically curate their social circles, limiting time with those who encourage consumption over creation or consistently drain emotional energy without providing value.
4. Seeking Everyone’s Approval
Psychological research consistently shows that people who base their self-worth on others’ opinions experience higher levels of stress, anxiety, and relationship problems. The mental energy required to seek universal approval constantly represents a significant drain on the cognitive resources needed for wealth-building activities.
Wealthy individuals flip this script by strategically seeking feedback from people whose opinions matter for their goals and then making decisions based on their values and objectives. They understand that trying to be “everyone’s favorite flavor” is impossible and counterproductive. This approach frees up enormous mental energy that can be redirected toward productive pursuits.
5. Passive Leisure Over Active Pursuits
A Harvard Business School study examining millionaires in the Netherlands revealed a crucial distinction in how wealthy people spend their leisure time. The research found that millionaires engaged significantly more in active leisure activities—such as exercising and volunteering—than passive leisure activities like watching television and relaxing.
This preference isn’t arbitrary. Active pursuits often build skills, expand networks, or enhance physical and mental health, creating long-term benefits. Wealthy people view leisure as an investment in themselves rather than simply time away from work. Physical activity improves cognitive function and decision-making capabilities, while volunteering builds networks and provides perspective on larger social issues.
6. Procrastination and Waiting for Perfect Conditions
Research demonstrates that procrastination impairs quality, creates dissatisfied employers and customers, and damages business and personal relationships. Successful people understand that waiting for perfect conditions is often just disguised procrastination, and ideal conditions rarely, if ever, exist.
Wealthy individuals have learned to be comfortable with uncertainty, viewing it as a competitive advantage rather than a barrier. They understand that action creates clarity far more effectively than planning, and they’re willing to start with what they have, where they are. This approach allows them to capitalize on opportunities others miss while waiting for better circumstances.
7. Dwelling on Past Failures and External Blame
Psychology research identifies that wealthy individuals typically possess an internal locus of control, believing they can influence their circumstances rather than feeling victimized by external forces. Studies consistently demonstrate that people with this internal orientation are more likely to achieve financial success.
This mindset manifests in how successful people handle setbacks and failures. Rather than dwelling on what went wrong or blaming external factors, they focus on solutions and lessons learned. They treat failures as data points for future decision-making rather than reflections of their worth. This forward-looking approach prevents the mental energy drain from ruminating on past mistakes.
The psychological principles underlying these seven behaviors reveal a consistent pattern: wealthy people treat time as their scarcest resource and make decisions accordingly. Research shows that effective time management is energy management, as mental energy and attention are finite resources that must be carefully allocated.
Successful individuals create systems and habits that minimize decision fatigue around low-value activities, preserving their mental energy for high-impact decisions. They understand the concept of strategic avoidance—deliberately choosing what not to do—as a powerful tool for maintaining focus on wealth-building activities.
Implementing these insights doesn’t require dramatic life changes. Start by tracking your time for one week to identify current time-wasters and energy drains. Audit your social circle and relationships, noting which energize you and consistently drain your mental resources. Set boundaries around passive entertainment, perhaps limiting television or social media to specific times rather than using them as default activities.
Take action on goals you’ve postponed, even if conditions aren’t perfect. Consider reading one finance or business book monthly, as research shows wealthy people maintain consistent learning habits. The key is starting small but being consistent, as minor changes in time allocation can create significant long-term impacts.
The path to building wealth isn’t just about what you do—it’s equally about what you deliberately choose not to do. Wealthy people have mastered the art of strategic avoidance, understanding that their time and mental energy are finite resources that must be carefully guarded and allocated. These behaviors aren’t innate traits reserved for a select few—they’re learnable skills anyone can develop with awareness and practice.