When most of us think of “wealthy” people today, we think of star athletes, movie stars and wealthy businessman. The fact is however that many “average” Americans are also quite wealthy, and it had nothing to do with their ability to play a sport, act or conquer the business world.
In fact, these people simply had a number of habits that helped them to become wealthy and, as people do with habits, they stuck with them in the long run and built their wealth, much the same as anyone else could do if they had the same habits. If you’d like to copy these habits you’re in luck because we put them together in today’s blog. Enjoy.
Habit #1: Being Patient. Building wealth takes quite a bit of time and, unless you win the lottery, you’ll need plenty of patience in order to become wealthy. Being patient means holding on to your car a few extra years rather than buying a new one, waiting for things you need to go on sale and, most importantly, letting your money accumulate in accounts like IRAs and 401(k)s, while compound interest does its job.
Habit #2: Being Satisfied. Many people are unsatisfied with their lives for whatever reason and purchase things in an effort to squelch their dissatisfaction. Commercials and advertising have one purpose; to make you think about the product or service they’re talking about will make you happier, better looking, wealthier or what have you. The fact is, if you’re satisfied you won’t need to spend money on those products, gadgets, cars or what have you because you’ll already be happy, feel good-looking and be on your way to being wealthy.
Habit #3:Being Organized. An organized person never pays late fees because they never pay their bills late, keeps on top of deadlines that can affect their finances and has a budget that’s well planned and executed.
Habit #4: Being Philosophical. A philosophical person can look at the financial mistakes that they’ve made and, rather than think themselves the fool, learn from them and not make them again.
Habit #5: Being Creative. Not all financial plans go well and, when they don’t, the creative individual is able to deal with the circumstances, move money around to pay off bills rather than go into debt and find cheaper alternatives to pay for things and get by until money isn’t so tight.
Habit #6: Setting Goals. One of the best ways to build wealth is to set financial goals, review them regularly and, once you’ve accomplished them, set new goals. The simple fact is that goals show you where you’re going and give you something to strive for. They’re like a roadmap to financial success and, without them, you’ll probably end up lost.
Habit #7: Continuous Financial Education. The only way to know if you’re making the right financial decisions is to constantly educate yourself, learn new financial information and then use that information.
If you don’t yet have these habits, but you want to become wealthy, your best bet is to adopt all of them and start using them regularly. It won’t be extremely easy and, as we mentioned above, you’ll need quite a bit of patience, but building wealth can be done and in fact people all over the United States are becoming wealthy every day.
If you need any help or have any questions about anything in today’s blog, please send us an email or leave a comment and we’ll get back to you ASAP with answers and advice.