My definition of wealth does not necessarily mean a lot of money; it means the ability to fully experience life (as Henry David Thoreau says) with the resources I need to do so. That could mean having the money I need or simply being able to leverage someone else’s money or resources.
For instance, I used to want to own a yacht but then I thought about it. Why own it when all I really want is access to one whenever I want??? That means I can rent it and don’t have to worry about the cost of upkeep. Let someone else handle those costs!
Sometimes I think about how the wealthy got their wealth AND how they maintain their wealth.
And then I think about the stories of those who are mega wealthy and realize that a lot of them created a way out of no way by establishing simple (though not always easy) habits.
For instance, I doubt if Oprah watches 25 hours of TV every week and I doubt if Steve Jobs sat around NOT creating new ideas because of what he thought people would say about him. I do bet they were hustlers though – in the sense that they go after what they want with determination and fervor.
So what’s the difference between them and me? Why haven’t I reached the level of wealth I desire yet?
Well, I’m finding it could be because I haven’t yet FULLY developed the success habits of the wealthy!
Yeah, I do things here and there that allows me to bring in some moolah and accumulate assets but I certainly have a ways to go.
So check out these 10 habits the self-made wealthy have and let’s all work towards whatever our wealth goals are a lot faster!
Adopting 10 Habits of the Wealthy
If you think about it, your life is largely the result of your habits. Your waistline is a result of your diet and exercise habits. A neat and uncluttered home is the result of a habit of picking up after yourself.
Likewise, your money habits may or may not be conducive to building wealth. Do you have these habits?
- Know what assets really are. The traditional definition of an asset is anything you own that has some monetary value. So you’d think, “Cool, my car and big screen TV are assets!” Well, not as it relates to wealth creation. To someone who has wealth, an asset puts money into your bank account. Your car does not meet this requirement. Think stocks, bonds, real estate, businesses, and other investments of the like. Focus on buying assets instead of buying ‘stuff’.
- Personal growth and continuing education. Rather than watching TV or playing games every night, wealthy people are more likely to read a book about self-development or spend their free time learning how to be more valuable. Takeaway: If you want to be wealthy, regularly spend time becoming a better version of yourself.
- Creating value. The more value you create, the more you can expect to get in return for that value. Wealthy people create value and then charge for it. Those that aren’t wealthy are usually more focused on extracting value. The average person wonders how he can take a bite out of someone or something else.
- Don’t be the smartest in the group. Find and network with people who are smarter than you and have complementary capabilities.
- Surround yourself with like-minded and positive people. I think you’ll agree with me that wealthy people hang out with other wealthy people. Hanging around people who are positive, driven, and are working towards (or already have) a wealthy mindset can get you very far. So where y’all at so we can hang! 🙂
- As Mark Twain once said, “Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great.” ‘Nuff said!
- Find better deals. I for one don’t like paying retail for stuff, unless I really really really really want it. Best believe though I probably already tried to find a good deal first. LOL Yes, this could mean clipping coupons but it could also mean to use your network, do your research and due diligence to find great pricing on items, and don’t make impulsive buying decisions.
- Being paid for results, not for your time. Don’t trade your time in exchange for payment (except in the case of a job; in a job, you trade time for money but that’s until you can do differently if you so desire). If you have faith in your ability, you’d rather be paid based on results, which can put your income into the unlimited realm. This is particularly important for entrepreneurs. For instance, when I create a proposal to my clients, it shouldn’t matter if the job will only take 10 minutes. If it will produce big results, I should be paid big bucks! This is a lesson I had to learn the hard way.
- Know that wealth is a result. It’s a matter of cause and effect and consistently practicing good habits. Average people are waiting for lightning to strike (or to win the lottery). They believe that wealth is something that happens to the lucky few but the wealthy believe in making their own luck.
- Never give up. Do you try something once and then decide it will never work? The wealthy person keeps going. They’ll likely keep altering their approach until it works, but most importantly, they keep on going. If you give up easily, you vastly lower your chance of success.
So I’m definitely going to be working more on these success habits to achieve my idea of wealthy. What about you? What other wealthy habits can you share?