Want to live a rich life? Start by looking to the affluent.

This article was first published in Business Insider.

• New Mastercard research shows affluent consumers enjoy optimizing their wallets with "financial gymnastics."

• Tangible rewards like cash back and travel points are big pull factors, as the affluent juggle credit and debit cards with digital wallets and mobile payments.

• While prioritizing experiences and legacy-building, affluent consumers don't accept anything less than the speediest and most convenient payment options.

What does the perfect wallet look like? It might be embossed with your initials or is entirely digital, shiny, and easy to access with a single press of your thumb. Regardless of your aesthetic tastes, the perfect wallet is arguably one that works perfectly for your needs. 

At Mastercard, we recently caught up with today's affluent — that is, people in the top 10% of household incomes — to inform the creation of the most attractive, exciting card propositions, tailored to their needs. While many interesting habits stood out, my personal favorite is "financial gymnastics," which refers to optimizing wallets as much as possible, juggling payment methods, and strategically using different cards. In fact, as many as 75% of affluent individuals globally "like managing money closely and don't mind spending time doing it," with almost half reporting that they use financial gymnastics to maximize rewards.  

That said, stacking up rewards is only one aspect of their gymnastics routine. While the affluent manage spending and benefits, they also tend to think long-term and want to build a legacy for their loved ones.

But how exactly do they save and spend at the same time? Here's where it gets interesting, and we can find inspiration for our own finances. 

Financial flexibility pays off

How many ways do you have to pay? 

To maximize and diversify rewards, the affluent use as many as six different payment methods, including about two credit cards (2.1) on average. Those based in Asia Pacific tend to go even further, juggling approximately 7.5 payment methods. 

What's the point? Points.

On the contrary, mass consumers — those in the 10% to 95% of household incomes — typically use five payment methods and an average of 1.7 credit cards. 

While affluent consumers undoubtedly expect comfort, convenience, and safety when paying, rewards make all the difference. For close to half (47%) of the demographic, perks drive payment decisions, with one disclosing: "I have a card that offers cash back, I have a card that has miles and a card for earning points." This means frequently tapping on rebates and discounts for dining and entertainment — 69% of the affluent feel they can take advantage of such offers from their banks and financial institutions — and more importantly, they use these rewards to enjoy priceless experiences with loved ones. 

So investing time in managing money is a means to an end. We see this every day in our work with banks across Asia Pacific: Affluent consumers are no longer motivated by simply accumulating assets. Instead, these clients value experiences over possessions, with international travel a huge priority for many. Prudent financial decisions add up as a way to live life to the fullest, where they can continuously grow, learn, and improve every aspect of their lives, including careers, wellness, hobbies, and experiences.

Balancing risk and reward

That said, rewards rarely come without risk. The two are an inseparable pair. 

Beyond the desire to closely manage money, the affluent tend to have the foresight and trust to balance risk and rewards as they explore various payment options. In growing their money, they often have a higher risk tolerance — 45% of the affluent globally are willing to take financial risks, compared to 65% of mass consumers who have a lower risk tolerance.

These attributes are reflected not only in the affluent's financial savviness but also in their tech savviness. For instance, many embraced digital wallets and alternative payment methods (APMs) early, both for online purchases and to send money to others. We see a great deal of this in India and Hong Kong. 

As the number of payment methods adds up quickly, any new additions to wallets need to be seamless, quick, and easily linked to commonly used platforms — so much so that 45% of affluent consumers globally will pay a little more to save onboarding time. After all, time really is money. 

Another observation is that financial and personal progression tend to run in parallel as the affluent take a more hands-on, deliberate approach to payments. Reliable payment methods free up time that is better spent with loved ones or pursuing passions. This cohort truly embraces the idea of working to live, not just living to work. Therefore, living richer is about maximizing convenience and living better as much as it is about luxury. 

Stick the landing

After juggling payment options, risks, and rewards, financial gymnasts need to finish on a firm footing. Looking ahead, they want to leave a legacy for their loved ones, so are 30% more likely than mass consumers to prioritize saving for an inheritance. 

But you can't prepare for a better tomorrow without planning for it today. Making every payment decision intentionally also means taking control of savings, so it's no surprise that the affluent are 40% more likely to have a financial goal to build a legacy.

Though the risks, rewards, and payment methods vary over time, one lesson remains evergreen – managing money prudently pays off in the long run — with rewards, savings, and even a legacy. 

So the truth is, the perfect wallet isn't identifiable from the outside — it could be made of leather or pixels on a screen. The secret is finding ways to optimize your wallet to suit your needs and goals, making it the perfect tool to help you lead a richer, more rewarding life. 

Want to know more about how the affluent are mastering their money?