Bill Gates once said that “If you are born poor, it’s not your mistake. But if you die poor, it’s your mistake.” It brings in the question of time, how are we spending our time. Successful people expect luck will find them, and it usually does. With a heart full of expectation they prepare. I guess there is a lot of truth in the old saying that luck and preparation always meet opportunity.
Here are 10 simple habitudes that will cost you nothing. Sprinkle them over your life to supercharge your financial success and perhaps set you up for massive wealth.
Habit 1: Successful Wealth Builders Set Goals to Visualize
…“I thought a goal was a broad objective, but the wealthy said a wish is not a goal.” – Thomas Corley
Successful Wealth Builders write down their goals, plans, visions, and dreams on a regular basis beforehand in order to be able to tackle the challenges that await them in achieving them. They break down their goals into small tasks into daily to-do-lists because to be wealthy you need to know what needs to be done and stay focused on the tasks at hand. Most successful people set themselves up for success by preparing all the time that includes investing wisely and setting aside an emergency fund.
Habit 2: Successful Wealth Builders Spend Money Wisely
…“If you buy things you don’t need, you will soon sell things you need.” – Warren Buffett
Successful Wealth Builders spend differently and are not disillusioned by pig paychecks which for poor wealth builders translates to more spending.
So while the rest of the non-wealthy folks splurge additional income upgrading to the latest cars, phones and other luxury items, Warren Buffet still lives in a home he bought in 1958 for $31,500 valued at approximately $260,000 today with inflation and all that. This is a man who spent $12 billion in 2010 to purchase a railway.
How much did you last invest?
Mark Zuckerberg worth $35.7 billion, drives a $30,000 hatchback Volkswagen GI. What do you drive? What is your net worth?
Most of us would be like, “If I were worth at least $1 billion not even $20 billion or $35.7 billion, my family would own, at the very least, two luxury cars.” I hear you.
I am not saying that you should live in a Manyatta and walk to work every day. All am saying is that just like the Successful Wealth Builders have practiced and perfected the habit of identifying the essential and what is a luxury – learning to practice moderation in all things. Remember, at the end of the day they indulge well within their means.
Habit 3: Successful Wealth Builders Take Smart Calculated Risks
…“Risk comes from not knowing what you are doing.” – Warren Buffett
Understandably it is not easy to take up a new investment in a business venture but if you want in, then taking leaps of faith is part of the game. This does not mean that you just risk it all and hope to win over the house, you must take calculated smart risks with contingency plans in place just in case things do not they way you want i.e. diversify your risks and reduce your overall risk exposure by spreading out your investments across various sectors and industries. Then you can potentially take advantage of multiple sources of growth and protect yourself from financial ruin if one of your investments takes a nose dive.
Habit 4: Successful Wealth Builders Live in the Future
…“Someone is sitting in the shade today because someone planted a tree a long time ago.” – Warren Buffett
Always strive for a better tomorrow because today may feel horrible, tomorrow maybe even worse but the day after tomorrow may be great – only because you did something about it today. Successful Wealth Builders realize are not fortune tellers to know what will happen in the future, but they realize that the best way to predict the future is to is to create it today – goes an old saying. Bill Gates had a vision about Microsoft and so did Steve Jobs and they brought the future here with us today.
Habit 5: Successful Wealth Builders Read Daily for Self Improvement
…“Reading is to the mind what exercise is to the body.” – Joseph Addison
Successful Wealth Builders use their personal time to build themselves either by reading for 30 minutes or more every day as books are a wealth of knowledge untapped or breaking a sweat in physical activity to keep fit. For instance, Bill Gates spends his time reading non-fiction books. If you use your downtime to better your future self, you’ll not only have fun, you’ll see your personal success soar not just your financial situation.
So get off your high horse and stop binge-watching Keeping up with the Kardashians and realize that being wealthy means a serious attitude adjustment – hard work, sacrifice and a lot of small daily battles to win. Stop dreaming that with the little your doing now you can make it, you got to strive to do better and be better each day.
Bottom Line
Always remember that motivation is what gets you started but, habit is what keeps you moving as “Habits are like snowflakes – they build up, and then you have an avalanche of success.” – Thomas Corley
Happy Becoming!
Meanwhile, You can click on the following links to read more on building wealth:
- 5 Habitudes of Successful Wealth Builders
- Save Money in 10 Practical Ways
- Leverage: The Key to Amassing Wealth
- How to Make Millions in Stocks
Disclosure: This information is provided to you as a resource for informational purposes only. It is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal. This information is not intended to, and should not, form a primary basis for any investment decision that you may make. Always consult your own legal, tax or investment advisor before making any investment/tax/estate/financial planning considerations or decisions.