Habits Of Successful Wealth-Builders
There are many ways to become rich. But there are fundamental ways applied by many people who build wealth and you can apply them as well. Here are few habits of the successful wealth-builders.
Wealthy Builders They Hustle All Day Long
Wealth builders know better that the harder they work the luckier they get. Most wealth builders work for 80 hours a week. If you are not prepared to work for long hours than anyone else you know, you are unlikely to get rich. If you want to be wealthy, working harder than the punk next to you is the only sensible option, so you must not be deceived. To be wealthy one must embrace the lifestyle of hard work, perseverance, planning and self-discipline. Being wealthy is not for faint- hearted it requires sacrifice. You must get used to that or give up the quest.
NOTE: You can read this or watch the same as mini-documentary on my YouTube channel (use the link https://www.youtube.com/watch?v=ORlX5P29XiE). I want to make learning interesting as possible.
Being Good At What They Do
Being exceptionally good at what they do is what guarantee their massive wealth. They do one thing so well that there is little or no room for improvement. Habits of successful wealth-builders are what make them successful. It is what shapes them.
Having Multiple Streams Of Income
Natural moneymakers make most of their money by practicing a single skill within the context of a single industry and eventually develop many streams of income from that industry; you should do the same as well. To get your financial fortune started, you have to radically boost your income.
Living In A Cheap Home
Tom Stanleyin his book The Millionaire Next Door spent 20 years studying, researching, interviewing and surveying over 500 millionaires. One of the things he discovered was that most wealthy people do not live and drive expensively. They live next door to people with fraction of their wealth. Multi-billionaire Warren Buffet still lives in a house that he bought in Omaha in the year 1958 for $31,500 equivalent to today’s $285,000.
They Are Very Moderate In Their Spending
Master wealth builders understand that they have to keep their spending down while their income increases. Mike Tyson became poorer than the poorest person in Sierra Leon, the poorest country where an average person makes annually $200 dollars, he violated this principle. You must change the way you feel about spending and train yourself on how to buy appreciating assets. Remember any time you buy a depreciating asset, you become poorer. Those who violates those habits of successful wealth-builders they find themselves in similar position with Mike Tyson.
Wealthy Builders are savers
They have money saving habits. You don’t need more money; you need better financial habits and you will always have money. Habits proceeds outcome.Most wealthy people are compulsive savers and disciplined in doing that. This is the first step towards wealth building.
You can’t invest that which you didn’t save. Money spent is the money that cannot be invested. Most people prefer to budget money and then save what is left, but that doesn’t work. Budgeting shows you how to spend your money on everyone else but it leaves you out of the equation and if you’re lucky to get in the equation there is always unwanted guest, the unforeseen misfortune that comes seeking your “pay yourself first” dollar. So at the end of the month, you have nothing left to put in the bank.
Putting a certain percentage automatically to your savings account is the sure way to save money monthly and then increase this percentage with time.
They Pay Themselves First
They pay themselves first. Apart of all they earn is theirs to keep. They prioritize themselves than paying bills. You see, many people pay the landlord, the credit card company, the telephone company, the government, and on and on. This is the reason many think they need a budget is to figure out how much to pay everyone else so at the end of the month they will have something “leftover” to pay yourself. It not how much money you make it’s how much you keep.
Ability To Take Risk
Wealth people are not afraid of taking risk, failing and learning from their mistakes is the key. They know that fear impedes wealth accumulation, and so is reckless. The ability to live and embrace risk is what sets apart the financial winners and losers in the world.
They Focus On Serving Others
The wealthy people focus on serving people while everyone else is focusing on chasing money. The money we earn is as result of the services we offer to other people. The more people you serve, the more money you earn. You see how simple that equation is. So to become a billionaire, what do you do? You serve a billion people.
They Take Responsibility Of Their Actions
The wealthy don’t play the blame game but the gain game. They don’t spend their time complaining and pointing fingers they take whatever comes their way even as painful as it might be and they will wear that pain as shirt and use it for their good. They never waste valuable lessons that pain and mistakes teach. There are lessons in life that a college degree will never teach you, but pain will.
Respect for the Law of the Excluded Alternative
This law states that doing one thing means not doing something else. The wealthy respect this law and they therefore willing to experience some trade-offs. This is what is known as PAY PRICE TO ACTION. They know they can’t have it all. The mooches who preach that ‘you can have it all’they’re BSing you. Wealthy builders they know that you have to give up something to get something. They calculate with precision what they are willing to give up, or to trade-off, to get what you want?
Wealthy Builders They Don’t Care What You Think Of Them
Wealthy builders The Elon Musk’s, The Steve Jobs, The Bill Gates of this world they don’t give a hoot what you think about them. They have the confidence in what they do, in their judgment and they are firm on their decisions. They don’t second guess themselves, and they care less about other people’s opinion about them or their dreams and neither should you. Trying to please people is a sure-fire way of failure. Once in while you will hear them say things like,
“Not one drop of my self-worth depends on your acceptance of me.” Quincy Jones
Abhor Conventional Wisdom
The super-successful know exactly what is conventional wisdom is, a loser’s crutch, an opium of the people injected to in their brain from birth, It chokes wisdom required to take an audacious risk and stifles creativity. The wealthy never followed the script. They ignore conventional wisdom because it only serves as a crutch to support the weak.
They Focus On Their Vision
Wealthy builder they a clear vision of what they want and they put all effort in achieving that vision. They don’t allow distraction to destroy their focus. They know that distraction is the only luxury you can’t afford unless you want to be poor. Extra focus is mandatory for those who want to successful. They stay laser beam focused on their vision.
Bill Gates, once said
“If you want to be a software company you have to be only a software company, you can’t dabble in other things.”
Larry Page, Google Founder, once said
“You should focus on one important goal and you need to be pretty single-minded about it.”
Wealthy Builders Help Others
Most of the biggest philanthropists are the wealthy people for obvious reason, the poor can’t give. It is impossible to give that which you don’t have. Foundations like the Bill and Melinda Gates have helped so many people in the world. A philanthropist like Jamsetji Tata his company has given over US$102.4bn making it the top philanthropist in the world. Few years back Ted Turner gave 1 billion USD gift to support United Nations.
They Read Consistently
Most wealthy builders spend hours every day reading books to improve their knowledge on business, life, history and so on. Most don’t read for entertainment but for self-improvement. They read three types of books: biographies of successful people, self-help or personal development books, and history books. Billionaire Mark Cuban said he used to spend hours in library reading books. He used to read The Only Investment Guide You’ll Ever Need by Andrew Tobias. Warren Buffet reads up to 500 pages per day.
They Get Up Early
Successful people wakes up around 3 a.m. in the morning, while others woke up around 5 a.m. in the morning. Nearly 50% of the self-made millionaires woke up at least three hours before their workday actually began. It’s a strategy to deal with inevitable daily disruptions, such as a meeting, traffics and so on.
They Have Mentors
Wealthy builders have Mentors. A mentor is an individual who has been there, who has traveled the road you are embarking on, and sees the potholes and detours from the other side and can tell what work and what doesn’t. Bill Gates mentor is warren Buffet. Steve jobs apple founder was mentored by Bill Campbell. Steve Jobs mentored Mark Zuckerberg, the Facebook founder. Richard Branson was mentored by Freddie Laker. Those mentors gave them a quantum leap advantage in wisdom. Get 8 books by billionaire, the package goes $10 only.
“Only a fool learns from his own mistakes. The wise man learns from the mistakes of others.
A Chilean poet wrote, “He who has not been down the road does well to heed the traveler.”
They Learn From History
Wealthy builders learn a lot from history. They know that those who cannot remember the past are condemned to repeat it.” Winston Churchill wrote, “Those that fail to learn from history are doomed to repeat it.”
They Contemplate/Meditate
Billionaires love setting aside alone time to think. They might do this by meditating or doing some other relaxing activity they enjoy. Most Billionaire including Ray Dalio practice transcendental meditate and Ray Dalio has said that practicing Transcendental Meditation has contributed greatly to what he has accomplished today. He has been doing this done the past 50 plus years twice a day for 20 minutes. You can read Ray Dalio best-selling book Principles here.
Those are the 20 habits of successful wealth-builders there many more but those are the key habits of the majority wealth-builders.