Just think about it ‒ where and what you are in life is for all practical reasons the culmination of your habits. Stand in front of the mirror ‒ your physique is the result of your eating and exercising habits. The same goes for your house ‒ if you have the habit of picking up and cleaning up after yourself, is probably very neat and uncluttered.
The same goes for your money habits ‒ if they are not encouraging a wealthy lifestyle and building wealth, chances are that you are in short supply…
But here are a few easy habits of wealthy people who made it themselves.
- Wealthy people focus on real assets. Your auditor and the Joneses next door might consider your car to be an asset, but wealthy people don’t. Someone who has wealth, sees an asset as something that creates an income or that grows in value. Regardless of what your auditor says ‒ your car is NOT an asset…
- Invest in true assets ‒ spend as much as you can on real assets. In the financial world these include things like stocks, bonds and similar paper assets. At the Wealth Creators University, we don’t include paper assets. A businesses generating an income and a property increasing in value (not all properties) can be assets. Rather spend your money on buying assets instead of buying just ‘stuff’…
- Invest in yourself: Why waste away your most valuable asset – time – by watching TV at night? Wealthy people would rather read a book about self-development or spend their free time gaining new skills or learning how to give their clients more value.
- If you want to become rich, rather spend your free time investing in yourself ‒ becoming a better version of yourself.
- Creating value. What is value for money? The more value you offer, the more you will get in return. Wealthy people don’t just sell something for as much as possible ‒ they become rich by creating more value and charge for it.
- Poor people or people who aren’t really wealthy are more often than not more focused on extracting value – milking whatever they have until there is little or nothing left. Think of subsistence agriculture… The average person takes a bite out of someone or something else.
- Getting paid for results, not time. People with a lower income insist on trading their time (think union workers) in exchange for payment. If you work for a boss, this includes you.
- The problem with this mindset of trading time for money is the fact that our time is limited.
- Anyone with faith in their ability would rather be paid on their results. This can increase your income into the unlimited realm and beyond.
- One of the most successful ‒ and wealthy ‒ people in the world, Warren Buffet, started his investing career by keeping a share of the investment profits only once it reached a certain margin. If any of his investments failed or didn’t make a significant amount of money, he took nothing. I don’t know about you, but to me it seems he did sort of OK in the end.
- Minimizing the risk and taking carefully calculated risks. Most people would do whatever they can to avoid risk. There is a lot of money in risk, but that doesn’t mean you have to be reckless. Managing risk is key to a wealthy person.
- There is a massive difference to play to win as opposed to play not to lose.
- Wealthy people make their own money. Wealth is just the result of cause and effect ‒ just like your body weight or waistline.
- Most people are waiting for lightning to strike. They think wealth is something that only happens to a few lucky ones. Wealthy people make their own “luck”. As one of the world’s best golfers ever said when he was called one of the lucky few: “The more I practice, the luckier I get.” ‒ Gary Player
- Never give up. If you try something and it fails, or you try two or three times and it still fails, do you decide it won’t work? Wealthy people keep going. They will go back to the drawing board, alter their approach and try again until it works, but what is more important, is that they keep going. People who give up easily, vastly lower their chance of success.
Anyone can become wealthy by simply learning proper habits. Focus on creating value and providing more value to others. If you start working on bringing these wealthy habits into your life, you will soon enjoy watching your income grow.
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