When thinking of wealthy people, many might imagine brilliant investors or global business figures like Elon Musk, or those who understand complex numbers better than most.
But reality offers a more interesting story. In 2014, a man named Ronald Reed passed away at age 92. He was not a businessman or executive, nor a graduate of a prestigious university. He worked his entire life as a gas station attendant and janitor in a small town in Vermont, USA.
Those around him remembered him as an elderly man who drove a used car, wore old clothes, and lived simply like anyone else. Yet after his death, it was discovered he had assets exceeding $8 million.
Certainly, that wealth did not come from luck or a large inheritance but was gradually built from repeated behaviors throughout his life: saving, investing, and letting time do the work.
In contrast, Richard Fuscone, a former Merrill Lynch senior executive with an MBA from Harvard and once recognized as one of the brightest in finance, had knowledge, networks, and a huge income but ended up bankrupt after the 2008 financial crisis. This was due to overconfidence, heavy debt, and holding assets that were hard to convert to cash.
The stories of these two men show that financial knowledge and financial results are not always the same. What separates them is not education level but the habits and decisions repeated over a lifetime.
Similarly, Warren Buffett, one of the world’s greatest investors, has proven how time and the power of compound interest influence wealth.
Most of his recorded net worth, in the tens of billions, accumulated after he turned 65, not from rushing returns late in life but from decades of consistently compounding good returns.
Here are seven mindsets behind the financial decisions of many who have successfully built wealth.
1. View money as a "tool" rather than just a reward for hard work.
Many work hard and see their salary as a reward to compensate for monthly fatigue. This thinking isn't wrong, but when repeated monthly, money often flows out faster than it should.
Those who build wealth assign clear roles to each sum of money: some for living expenses, some for creating opportunities, and some for securing the future. Before spending, they consider where the money should work rather than what they want to buy.
2. Save before spending, not save what’s left over.
Most people use the formula: income minus expenses equals savings. The problem is, many months this results in zero or negative savings. Those who truly save use a different formula: income minus savings equals expenses.
They pay themselves first, then spend what remains because experience shows that if money is in the same account as spending, the chance of impulsive use is always there.
3. Value the future more than temporary happiness.
Humans tend to value present happiness more than returns ten years ahead, which is why many find it easier to buy things than start investing. People with stable wealth also want to buy things like others but weigh future outcomes more heavily.
The question often asked is, "Is today’s happiness worth what might be lost in the future?" Sometimes, not spending 10,000 baht today can create much greater value twenty years from now.
4. Understand that saving alone may not be enough.
Savings accounts remain important for preserving principal and liquidity but with rising living costs yearly, saving alone keeps money safe but doesn’t grow value to keep pace with increasing expenses.
That’s why many start diversifying some money into mutual funds, quality stocks, or assets aligned with their risk tolerance because the same amount of money buys less over time even if the account balance stays the same.
5. Don’t rely on discipline alone; build systems.
Many believe good savers simply have more discipline, but consistent saving often comes from setting up financial systems in advance, like automatic savings deductions, automated dollar-cost averaging investments, or separate accounts for spending and investing. The more money decisions you make, the more likely emotions override reason.
6. View taxes as part of wealth planning.
Many see taxes as an unavoidable expense, but those who plan finances see taxes as an element of asset management. The key is knowing legal benefits and using them in personal financial plans. Investing through RMF or ThaiESG funds not only helps with tax deductions but also turns part of the money into long-term investments simultaneously.
7. Discipline matters more than income.
This may be the most important mindset because the world is full of high earners with no savings and many middle-income people who gradually build wealth. Many make money well but end up with little left, while some with ordinary incomes accumulate assets year after year. The difference often comes after earning money in how they manage, organize, and preserve it.
Looking back at Ronald Reed and Richard Fuscone, their financial lives were not determined by education or income but by small decisions repeated daily over decades.
This may explain why wealth does not appear on the day we earn the most but when we start thinking differently about money because ultimately, every sum reflects its owner's mindset. When the mindset changes, behavior follows, and financial results gradually come afterward.
Source: The Psychology of Money, Krungsri Bank