Seven Habits Of The Wealthy

It’s important to look into the lives of rich people to determine how they make their money and continue to grow in their personal finances.  What do they do differently than the average person?  Included in this article are seven habits of the wealthy.  

They take risks– Wealthy people are not afraid of failure.  Failure is part of the process in learning if their risk will help them be successful or not.  They are persistent in trying new things and don’t get into the habit of giving up.  They are inspired by others who have overcome life’s difficulties.  

They have a schedule-Wealthy people have a good time management skills.  They are disciplined to control their time and use it wisely.  They say no to mindless  internet surfing,  tv or any other time wasters.  The wealthy also wake up early for personal time.  Having  early morning personal time, lead to happier, healthier more positive people.  This also includes taking time to be focused, intentionally relax and prepare for the day ahead. The wealthy also include exercise into their day.  Exercise is proven to help clear the head and motivate people.  

Read-Wealthy people read.  They usually don’t read for pleasure but to educate themselves.  They read the news, biographies, self help and history books.

Surround themselves with positive people they wish to emulate– Wealthy people network.  Networking provides opportunities. It is often said ” it is not what you know, but who you know”. Often someone is promoted because he was recommended by a powerful friend of the boss. Another way to network is by volunteering.  Volunteering helps you become part of a community, take on new skills and challenges you.  Wealthy people also surround themselves with people who inspire them and encourage them  to find their potential.  They try to stay away from negative people who promote negative self talk.

Goals-Wealthy people create to do lists. To do lists are basically goals which are short term and long term goals.  This helps them be self motivated to set their own deadlines and not to procrastinate.  Basically, they know how to work hard, push themselves and are not afraid to do so.   

Live within your means-Wealthy people know how to live within their means.  This includes no credit card debt, no more than 25% spent on housing, buying their car instead of leasing, investing wisely and having an emergency fund. Some find it surprising but wealthy people are also generous.  American philanthropist Andrew Carnegie once said “No man can become rich without himself enriching others, the man who dies rich dies disgraced.” Some of the wealthiest people in the world are also the most generous.

Multiple incomes-Wealthy people also find ways to have multiple incomes.  Financial independence is important.  If you were to lose your job tomorrow, would you be able to pay your bills?  Wealthy people find incomes that are flexible, enjoyable, sustainable and inexpensive.  Some ideas include; online businesses ,home businesses, real estate and selling a product.

These are all goals that an average American can begin with.  Wisely carve out time today to start that to-do list and set some goals for yourself.  Be committed to work hard and stay focused .  In time you will find yourself being surrounded by those who want to emulate you.

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