It might be easy to be hypnotized by the lifestyle of the rich. There are plenty media of them in lavish cars and living in large scale homes. Why it could be all too true if we admit to having those same dreams. Quite honestly, to see the words “Rich”, Famous and Wealth are like human bait. Our desires seem to be ultimately fulfilled with the thought of being Wealthy. What would that be like?
To some there is a dark side to this being a main goal in life. Money maybe the route to bad consequences if we level it with greed and selfishness. I’ve come to terms that wealth doesn’t exactly buy happiness. Sure when I’ve ever received a large sum of money I was always instantly happy. When it was gone, all I could think about is what I wasted. In the pursuit of happiness its the results you generate from your wealth to make changes.
Besides the knowingly Rich and Famous, their are a lot of people unknown that are just as wealthy. Giving us dreamers something to validate what can be possible. How did the become wealthy? What were the steps they took to create such a large income? I’m a strong believer that if you want something to grow, you have to be consistent. You want to have more wealth? You should start by doing implementing these habits of the rich to help you save money.
The Habit List
1. They Save Majority of their Income
The Rich may be seen spending large amounts of money but many also save a great portion of their income. So save a large proportion of what you get. If your starting off at a low income start by saving at least 10 to 15 percent. As you increase your income also increase your savings. This will ensure that you do not run out of money at any point in time.
“Save one-third, live on one-third and give away one-third.” – Angelina Jolie
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2. The Rich is living their dream career
This can be in relation to why they are rich in the first place. Some say if you find a career that makes you happy you will naturally become wealthy. Don’t waste your energy and your time anymore and find a career that best for you. Find a career that makes you happy. Get a mentor that is in a similar career that you want to be in and study their steps. Make a commitment to work on your dream career every day. Absolutely DON’T, DON’T and DON’T give up!!!
It’s easy to lose your focus on big goals because they can feel intimidating. All of this fear can make you procrastinate and sadly not accomplish them. How do we fight the fear, in other words, it puts it in its place! The first thing you have to realize is fear is a natural reaction, accept it for what it is. This is your mind and body advising you, it’s just plain new. If you want some tips on choosing the right goals, here are some things to think about. Read More…
3. Spend Significantly Less than You Earn.
How do the rich stay rich? Well, to keep the wealth above expense they spend less than what they earn. They want to remain wealthy. Sure they have a lot more funds, but developing that habit early is crucial. When you start to earn more money you instinctively will not waste it.
“Do not save what is left after spending, but spend what is left after saving.” – Warren Buffet
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4. Avoid Debt
You can’t continue to build wealth when debt is just creeping up around the corner. Your total financial worth is income minus debt. The rich try their best to avoid debt therefore their net worth continues to grow. Debt devalues your credibility. It tells lenders or future creditors willing to invest in you that you do not take care of your obligations.
5. Invest Your Sooner rather than Later
Many people are afraid to invest. The rich not afraid of the risk, in fact, they usually start at an earlier age. Investing is another way to grow other than saving. Do your research and look for ways how you can currently invest your money.
If you don’t find a way to make money while you sleep, you will work till you die
6. Always make thoughtful purchases
When you have a lot of income, why waste on useless things. Spending uncontrollably will decrease your funds and put you at risk. And the rich know this can be a trap. Shopping trips are based on value, if they are made they put a lot of thought into it. One thing the wealthiest people keep in mind is quality versus quantity. Making wise decisions to make investable purchases is best. If not the quality should be right up there with the price. Those who have lower incomes try to compete with millionaires and overspend. The overspending turns into impulse buying which could lead to having debt or worst, no money at all.
Too many people spend money they haven’t earned, to buy things they don’t need, to impress people they don’t like
– Will Smith
7. They Give to others
You can’t take your wealth with you to the grave. Well I lied, you can probably bury yourself with it but that still would be a waste. The point of having more money than you need is to give to others that need it. The rich always work with other charitable organizations or give to their communities. Money given to charitable organizations help them and like nonprofit companies survive and continue to do service. So as the last in final step into your wealth-building venture, make sure you save some to give.
Success isn’t about how much money you make, it’s about the difference you make in people’s lives.