We all love the idea of getting rich without breaking our backs or pulling 80-hour workweeks — and according to one self-made millionaire, it’s not as far-fetched as it sounds.
GOBankingRates spoke with Matthew Tran, engineer and founder of Birchbury, to discuss the habits that led him to financial success.
For You: The No. 1 Way Americans Become Millionaires Is Pretty Boring — and Easy To Do
See Next: 6 Subtly Genius Moves All Wealthy People Make With Their Money
“I have adopted several financial strategies that have helped build wealth without excessive spending or effort throughout my entrepreneurial journey,” he said. The below two habits made him rich without trying.
Master the Minimalist Wardrobe
The first habit Tran said had a major effect on his personal finances and his mental energy was simplifying his wardrobe.
“When I first started my business, I adopted the minimalist concept for my clothing choices,” he said.
Instead of buying fast fashion or seasonal trends, he invested in a few versatile wardrobes that include quality and durable pieces which can be mixed and matched for any occasion.
Tran said this decision reduced the time and mental energy he spent deciding what to wear each day and cut down the money he used to spend on clothes.
Check Out: What Class Do You Actually Belong To? The Income Breakdown Might Shock You
“Instead of always refreshing my wardrobe, I buy items that I know will last for years,” he added.
He was able to save thousands of dollars by avoiding impulse purchases and buying only the things that he really needs.
The habit of mindful spending on clothes translates to a mindset of thoughtful decision-making in other parts of Tran’s life as well.
“A minimalist approach isn’t just for clothing but is also a philosophy that encourages making purposeful, lasting investments and staying away from things that don’t add long term value,” he said.
Create an Intellectual Property Asset
Early on, Tran made a strategic decision to focus on building intellectual property (IP) instead of just focusing on physical products.
“I didn’t just focus on the sales from the shoes I sold directly but I also focused on creating assets such as patents, designs and trademarks that could generate income on their own,” he explained.
He explained that intellectual property, once established, can keep working for you without the need for constant reinvestment and provide passive income.
“For example, I’ve been able to license certain product designs and materials which means I receive royalty payments without having to develop new products every time,” he said.
Building wealth through intellectual property creates a revenue stream that works independently without working for it daily. Tran said this has allowed him to reinvest the profits into other ventures and grow the business without depending on traditional product sales.
“Intellectual property, if nurtured and protected, can be one of the most powerful assets for creating wealth with minimal effort over time,” he added.
More From GOBankingRates
- 5 Luxury SUVs That Will Have Massive Price Drops in Fall 2025
- I Help People Retire Every Day -- Here's the Most Common Retirement Mistake People Make
- 6 Clever Ways to Pocket an Extra $1K This Month
- 6 Safe Accounts Proven to Grow Your Money Up to 13x Faster
This article originally appeared on GOBankingRates.com: I’m a Self-Made Millionaire: These 2 Habits Made Me Rich Without Trying
