5 things you need to know from the rich
Credit to Author: Tempo Desk| Date: Wed, 13 Feb 2019 11:59:25 +0000
IF you have been following me here, you’ve probably gathered a lot of money lessons on how to grow your money. Now think about all the money you’ve made in your lifetime. Do you think you have reached your target or goal?
If you want to hit your financial goal this year and you want to be rich, please read on. As I always say in my seminars, “You got to think like a rich person in order to be one.” Let’s talk about these five things that we need to know if we also think like a rich person.
- Income is not wealth
We all have been blinded by the idea of a high-paying job as the key to being rich. It may be a lot easier to gather wealth when we’re earning a good paycheck but in reality, what makes a high-earning individual rich is his behavior: Spending less than what he makes.
It has been said many times that the measure of wealth is the difference of our income minus our spending.
- True wealth is having control over your time
How else will you know if you are indeed rich? That is, if you have control over your time.
Having an eight-hour job is not wrong, of course not, especially if it’s something that really makes you happy and productive. But for those who find themselves literally dragging their bodies to work, that’s a different story.
In the quest to becoming truly rich, one cannot fight with passion alone. Everything needs to be strategic. Are you earning more in that eight-hour job that you have? Or will you be more productive in terms of acquiring money when you take control of your time?
- True wealth is having healthy family life
For those who are married, this is your spouse we are talking about. No matter how successful one is, unless the spouse compliments the hard work and discipline, the efforts will be futile.
They say marry the wrong person and everything in your life will go haywire: Yes, especially your finances! Now for those who are not married, this support can come from your parents or your peers; unless they too, show discipline in terms of handling their money, you will find it difficult to succeed financially.
- Rich people’s goal is to grow their money
One of the common mistakes that people do when it comes to investing is using their money that’s already intended for the identified needs, with high hopes that the investment made can actually give them the return they are hoping to get – a very risky move.
Amassing wealth should be a slow process, it needs time. It’s the little things that actually contribute great impact on becoming financially independent – budgeting, cutting down on expenses, and generating extra income.
Also, making sure that we increase our revenue such as our income or sales (for business people); this is the best way we can have extra money which we can then use for investments.
- Grades have nothing to do with becoming rich
Of course, we were encouraged to finish school and finishing school is great thing! And while this is something that students should look forward to, it shouldn’t be the only criteria for becoming successful.
Take for example, Mark Zuckerberg. Ring a bell? You know the story of this college dropout. Yours truly never finished my formal schooling but I’m able to write best-selling books. There are so many financially successful people who didn’t make it half past college but emerged as some of the most financially successful ones!
But just to be clear, education is very important. It just shouldn’t be used as a measure of whether or not someone is capable of becoming financially independent.
THINK. REFLECT. APPLY.
How important is acquiring money lessons in life? Do you have a specific money lesson that you’ve actually put into practice? How does learning that lesson impact your financial journey?