If you want to achieve lasting wealth, you must be willing to change your habits.
For the last 15 years, I've been learning from the most financially successful people in the world. By modeling their beliefs and behaviors, I've been able to achieve financial freedom.
Modeling is a technique used by those with a growth mindset – those who believe that we can learn and unlearn behaviors.
Why reinvent the wheel when you can extract knowledge from those who have already achieved what it is that you want?
If you want access to 5 rich people habits for creating wealth, read on!
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Rich people share similar habits.
The most successful people in the world don't get to the top of their game by acting like everyone else. Rather, they possess specific traits and behaviors that have helped them create wealth faster than others. In effect, they are willing to do what most won't do. Did you know that habits make up 95% of a person's behavior? You are the sum of your habits.
Everything that you have or don't have today is determined by the quality of your habits. Given that successful people have successful habits, it makes sense to pay attention to what they are doing. What one man or woman can do, another man or woman can do. There's no reason why you can't be rich. Anything is possible.
I've identified 5 rich people habits that have contributed to my financial well-being. If you have the desire to build long-term wealth, adopting these habits will help you achieve your financial goals. Let's dive in!
1. The Habit Of Money Management
Being a great money manager means that you are on top of your finances 24/7. A lot of people avoid looking at their bank account or credit card statements. Is this you? You may not be happy to see how much money you currently have in your account. However, when you avoid the truth, you have no power to change your financial situation.
Cultivating awareness goes a long way when it comes to managing your money. I check my investments on a regular basis. Doing so ensures that I am on top of my finances and expenses. If I drop the ball, my expenses will creep up and my investments will get off track.
If you cannot manage the money you already have, you will not be able to manage larger sums as you become more successful. The best way to manage your money is to start budgeting. Be mindful of where your money is going every month. Find ways that you can spend less so that you're able to save money for your future.
The most successful people invest time, attention, and energy into their finances. The more that they think of ways to save their money and grow their wealth, the richer they become. Remember… whatever you focus on will expand.
2. The Habit Of Saving Money
If you can't save money, you're not going to be able to get ahead in life. The big mistake that I see a lot of people make is that they live paycheck to paycheck. Whatever money they have coming in goes directly towards their expenses. It's not how much money you make that matters. Rather, it's how much money you keep.
I know quite a few people who make a lot of money but they spend it all. Sure enough, they have zero savings. Hence, their money doesn't appreciate over time. I'm still frugal in some aspects of my life, despite the fact that I've already achieved financial freedom. In order to be a great saver, you have to be willing to sacrifice the present moment for your long-term future.
Start planning for your retirement. Think about where you're going to be in 30-40 years from now. When you start saving your money early, your money has more time to compound. I recommend saving 10% of what you earn. Be willing to delay gratification in the short-term. Your future will thank you for it.
3. The Habit Of Investing
A lot of people consume and spend money on products instead of investing in the very companies that create those products. What I love about investing is that it allows me to invest in incredible entrepreneurs who are changing the world for the better. In his book, Rich Dad, Poor Dad, Robert Kiyosaki says that you need to invest your money into assets, not liabilities.
An asset is something that appreciates and grows in value over time. What assets can you invest your money into? The key to investing is to just get started! It is equally as important to invest in your personal growth and development as it is to invest your money. Taking care of your health and well-being will ensure that you are able to create more wealth. At the end of the day, your health is your wealth.
4. The Habit of Continual Learning
The more that you learn, the more money that you will earn. The most successful people are constantly upgrading themselves, whether that's from books, courses, or from being in close proximity with successful people. A five-year study of 177 self-made millionaires found that the self-made rich made a conscious effort to only forge relationships with individuals they aspired to be: other rich and successful people.
Successful people ask questions. They leave their ego at the door, never assuming that they know everything. As a result, they are better able to absorb new knowledge and put it into action. More importantly, they don't stop learning. They are up-to-date on cutting-edge trends in their industry which ensure that they are always one step ahead of the game.
If you want to achieve a high level of financial success you must adopt a growth mindset. I believe that everything is learnable. There is so much knowledge that you can consume on the Internet. Your level of income is in proportion to your level of self-development. The more that you commit to expanding your mind, the more money that you will make. It's that simple.
5. The Habit Of Giving
The only way that you make money is by contributing to others. The more that you give, the more that you will get rewarded. If you work a 9 to 5 job and you aspire to get a raise, give more! Think about ways that you can add more value to the company you work for. How can you help the company make or save more money?
This is what will help you stand out from other employees. In turn, you will create more opportunities to expand your skills and make more money. Similarly, if you're an entrepreneur, figure out how you can stand out from the competition.
Create a unique selling proposition that nobody else has. Make it a priority to over-deliver to your audience. In my business, I always focus on giving more than I receive. That is the formula for business success.
Which habit of creating wealth will you take action on today?
Keep in mind that you cannot implement these money habits once or twice and then expect to see results. Rather, you need to consistently practice them over the long-term.
There is one thing that I can be sure of… if you commit to building these rich people habits, wealth and financial freedom will flow into your life.
Are you ready to build a successful online business and create long-term wealth? CLICK HERE to take my FREE quiz to discover which business is best for you!