Four Habits of Wealthy People
What would it mean to achieve your financial goals? Get out of debt? Secure your family's future?
The good news is that there are four key habits of rich people that almost anyone can practice -- no matter how much you make!
#1: Make Your Money Work for You
You work hard for your money. With a few smart choices, there are lots of ways to put your money to work for you!
Get started. It doesn't take much to get started. There are savings and investment options for almost any budget, such as your employer's retirement plan, a certificate of deposit (CD), or an individual retirement account (IRA). And remember, you're never too young -- or too old -- to improve your financial health.
Live modestly. Did you know that billionaire Warren Buffett still lives in the same modest house he bought in 1957? Many of the richest people in the world understand that having a comfortable nest egg is much more important than buying the biggest house, driving the flashiest car, or wearing the most bling.
Automate your savings. Set up recurring transfers to automatically divert a portion of your checking account into a savings account on a monthly basis. You decide how much or how little you're able to set aside.
Look for deals. Lots of wealthy people, including celebrities like Carrie Underwood and Lady Gaga, are said to use coupons. In fact, people earning $100,000 or more per year have a higher rate of coupon usage than those making less than $35,000. And about three-quarters of "super rich" households shop at so-called "discount stores" like Walmart.
Watch out for debt. Revolving debt carries lots of problems, from unnecessary fees to interest charges. Paying off debt gives you more to save and invest over the long run.
Invest wisely. Warren Buffett's investing prowess is built on companies with strong cash flow and low risk of technical obsolescence. Focus on the fundamentals in your investment strategy.
#2: Invest in Relationships
Many of the world's richest people understand the value of mutually beneficial relationships.
Seek out mentors. What are your goals? Find someone who has already achieved something similar and learn from them. Author Thomas Corley, who has done extensive research on the daily habits of successful people, has found that 93% of rich people who had a mentor attributed their success to that person.
Networking and volunteering. About Â¾ of wealthy people network and volunteer at least five hours a month. Seek out "rich relationships" with individuals who are willing and able to help you reach your goals.
Mind your manners. Think etiquette is just a bunch of old fashioned rules? Think again! Successful people in the 21st century make a point of sending thank-you notes, acknowledging birthdays, practicing good table manners, and dressing properly.
Pay it forward. Rich people seek opportunities to help someone else become successful. It could be anything from mentoring a young person to helping employees advance their own careers. They are also very generous. Many of the wealthiest people in the world have donated huge chunks of their fortunes to charitable causes.
#3: Invest in Your Mind
One of the most important habits of the wealthy is a continuous quest for knowledge. Successful people know that education is a lifelong process that extends long after graduation.
Rich people are voracious readers. Corley found that 88% of wealthy people read at least 30 minutes a day. Here are some other reading habits of the wealthy:
94% read about current events
79% read educational career-related material
63% listen to audiobooks on the way to work
58% read biographies of successful people
55% read for personal development
51% read about history
Log off. Wealthy people limit their recreational Internet use: 63% spend an hour or less online if it isn't work-related.
Sit and think. Most wealthy people spend about 15 to 30 minutes a day doing nothing but thinking! What do they think about? Ten core topics include careers, finances, family, friends, business relationships, health, goal-setting, problems, charity, and happiness.
#4: Invest in Life!
Finally, rich people understand the importance of taking care of your health and other daily habits for success.
Pay attention to nutrition and exercise. Corley found that 57% of rich people count calories. Furthermore, 76% do at least 30 minutes of aerobic exercise daily. This benefits the body and brain, which helps you do your best work and make smarter decisions.
Have passion and purpose. What, besides money, motivates you go to work each day? Who benefits from what you do? Listen to self-made millionaires like Christopher Paul Gardner: "...find something you love to do so much, you can't wait for the sun to rise to do it all over again."
Have goals and a to-do list. Wondering how to think like a millionaire? According to Corley's research, 70% of wealthy people pursue at least one major goal each year. More than 80% also create a daily to-do list.
Go above and beyond. It should come as no surprise that work habits play a major role in success. Corley asked survey respondents to agree or disagree with the following statement: "I do more than my job requires." A full 81% of rich people agreed, with 86% working 50 or more hours per week.
Get up early. Benjamin Franklin knew what he was talking about when he said "early to bed, early to rise makes a man healthy, wealthy, and wise." About 50% of rich people wake up at least three hours before the workday begins. The alarm clock is your friend!
We hope these daily success habits will help you on your journey towards a better future.
Have questions about the best savings and investment options for achieving your goals? Contact us at BluCurrent to get started today!