Who would not want to become rich? It may be a minuscule no. of our society who could be 0.000001% or less of such no., who are either recluse/hermits may not go for the riches.
That makes me think about the attribute that makes a man wealthy. While looking into these, we observe that becoming rich requires hard work, patience, and time. It might seem like business skills, and knowledge is secondary to having a prosperous and abundance mindset. Thus, a positive attitude is the most desired attribute for being wealthy. People are poor because they decided to be. Maybe not consciously, but it is of their mindset they became poor and make poor financial decisions
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The most important of being wealthy is the development of a prosperous and abundant mindset. It's important to know what are the success habits of rich and successful people, which can be inculcated in our lives to become more abundant Here are some of the habits of successful people which are almost found in all the rich people.
2. Organization - Planning as well as setting priorities and goals. Joel Brower – the founder of addictive to success call for a prioritized to-do list. Before going to bed for the next day. Jack Dorsey, the founder of Twitter says Sunday is a crucial day for organizations for getting ready for the rest of the week.
3. Meditation/ Relaxation - This is a dominant habit of the rich. One needs to get relaxation which could either be through meditation or through avoiding distraction. It could also be through listening to the Chirping of the birds in the wild. To elude distraction which could also be getting through concentration on your breath for 30-35 minutes.
4. They take a calculated risk - All rich men/women have been positive persons. They do take risks but a calculated ones by measuring the probability of failure and the gains therein. They don’t jump into anything but without considering all ins and out and take calculated risks.
5. They read a lot - Reading helps in the broadening of their horizon. Good points read in the books are adapted for their self-improvement. They specifically read the biographies of great people and from their life, good points are imbibed or copied by them. 80%of the wealthy people read self-improvement books which show their urge to improve upon themselves. Warren Buffet reads about 500 pages daily & Mark Cuban reads for 3 hrs daily. Thus motivate yourself to read regularly, read biographies, self-improvement books, and others regularly, and learn more.
6. Be an early riser - It is been observed that most rich people rise early in the morning. Getting up early provides enough time for preparing for the day, and organizing the day ahead. Also, be mindful of things to do and getting them done.
7. They invest in themselves - Successful and rich people not only invest time in their job but also spent a lot of time working on themselves, be it by reading, taking classes, seeking mentors, meditating, or doing anything that can help them to achieve the goal. Entrepreneur needs to invest in the company but also in themselves.
8. Workout -They regularly work out to keep themselves fit. Exercising fills them with freshness through the release of endorphins which is also a mood enhancer.
9. Develop patience- Another important characteristic/ personality for being rich is to develop patience. Nothing is achieved overnight and you will not get rich in a matter of days.
These are the characteristics of the wealthy, other factors of the rich are that all rich person own their business and have multiple streams of income.
Start your own business: Business may take time to fructify but ultimately one would be wealthy. The best way to do business is to find a new approach to the specific needs of the society/ market to build a business. Then you have the potential to succeed in that business. All entrepreneurs have to endeavor great risk and stress. But if one can pull it out then potential rewards are huge. This is how seriously wealthy people have done it. The business of construction is one such business that perennially has been able to give a high reward. If you can pull it off successfully by leveraging the funds you can earn high profits within a short period.
The other methodology to get rich is to find the job in which you have an interest. Do what you love and love what you do. No one succeeded in doing what they hate. You may have to start from the bottom but your love for work will lead you to the top. Earn your experience through different levels of work and when you feel that you have enough experience, move to another company in good positions that will make you a gradually valuable asset to the company. That would make you a better option for a valuable position in the company. That may otherwise be said in these words "Get great at what you do or commit to excellence in whatever you do. Learn all the nuances of the particular trade & glory shall be yours. For an average person, the work may be painful but the same may be massively rewarding for those who are dexterous/ great in their profession. Thus it may be said that the great get the riches. Therefore the exercise is to choose the job or career of your taste or choice and learn all the nuances of that trade, in other words, be a master of your profession & you would be rewarded suitably.
The other thing which is common to the rich/ wealthy person is that all had a financial plan. Financial Planning is a framework for achieving your goals systematically and sustainably by avoiding shocks and surprises. One needs to plan for achieving his goals and those who do not plan to fail in achieving them. One needs to write down all their financial goals can be retirement funds, Education funds, or vacation. The Financial goals of life should be divided into short, medium, and term goals. Off your savings invest in these goals regularly. For long-term goals invest in stocks directly or through mutual funds and for short-term funds, you may invest in Bank deposits or other short-term secured Debt instruments. People should always see that they have an emergency fund which must be at least six times their monthly expenses.
Insurance is one of the crucial components of financial planning. Need to insure one with inabilities/accident/job loss/displacement/death and medical insurances to avoid any kind of disruption in life. Wealthy people besides their profession do have another source of income, maybe through investments or any other side hustle which increases their disposable income and thus investments.
Thus all successful and wealthy have been observed of having success habits that set them for life. They generally have a business model which serves the wants of people, thus having a unique business. They excel in their profession whatever they are in, and always the best foot forward. Savings of money, be frugal and adopt different ways to save more, and investing them. So that their savings do start earning for themselves and add to their richness and their goal of wealth.
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