9 Habits of Extremely Wealthy People
Extremely wealthy people know how to make more money, because that’s how they became extremely wealthy people in the first place. They made more money. With that money they worked it to their advantage to get even more money. If you are to become one of the extremely wealthy, you need to adapt to the nine habits exercised by extremely wealthy people.
1. Respect The Benjamins
This is the foundation to your financial success. You must learn how to respect money, every penny of it. Did you know that you can actually achieve success one penny at a time. Over a period of 30 days, start off saving a penny and double the amount every day for 30 days. Do you know much will you have saved? The total is $5,368,708.80!
Of course, for the average person that is not possible. It is possible, however, to save your change every day or every time you have change. Another savings method wealthy people use is to save $1.00 a day.
Your goal in respecting the Benjamins is to become financially free, with your debts at a minimum or eliminated altogether.
Keep in mind, statements made by one of the world’s wealthiest billionaires who made the bulk of his riches from the stock market. Warren Buffett has several money rules by which he lives. Two rules, in particular, attributed to him are to never lose shareholders money, and to always remember the first rule.
If you preserve money like your life depends on it, you will have a firm respect for every other habit you need to incorporate in order to become an extremely wealthy person.
2. Manage The Benjamins
Once you’ve mastered respecting your money and started saving it, you’re ready to take it to the next level to understand how to manage your money. Here is what is meant by managing your money:
• Knowing how much to save.
• Knowing how much to invest.
• Knowing when to spend some on you.
There is a school of thought that promotes saving 10%, giving 10% away to church/charity and spending the remainder on yourself. Part of the 10% you save will become what you eventually invest. If you desire to achieve financial security over the long haul, this method will work. If, however, you are looking for early retirement and your goal is to become an extremely wealthy person, you’re going to have to step it up a bit.
The formula for financial success should be closer to the following:
• Pay all your bills on time.
• Evaluate your spending.
• Reduce your spending by 10%, if at all possible.
• Save 10%.
• Give 10% away.
• Out of the remainder, divide it in half. Invest one-half, spend the rest.
3. Procrastination
Bottom line – don’t do it. Don’t ever put off till tomorrow what you can do today. Take charge of the day and time. Use it to your advantage. Get ahead of the game, if at all possible.
The time you lose in procrastinating will often overwhelm you when attempting to catch up. It also takes the fun out of doing business when you’re always catching up.
4. Meet Your Commitments
If you commit to do something, do it. If you commit to provide a product by a certain time and place, follow through. It is easy to over commit when you have aspirations of becoming an extremely successful person, but don’t do it.
When asked for something by a specific date, evaluate your time. Can you really commit to it? If not, provide one that’s more workable.
5. Stellar Plan
A stellar plan is always a factor in establishing a stellar foundation to a business. You must have a solid business plan that includes the following:
• Define what becoming an extremely success person means to you – determine at what point you arrive at your goal.
• Product/service you will be providing.
• Identify goals that will help you arrive at your financial success.
• Work the plan.
• Visit/update the plan quarterly throughout the life of the plan.
6. Execution
Sometimes the success of a plan is all in how it is executed. Before you execute your plan, write down all the different media you will use to advertise the launch of your new business. After you do, broadcast the launch of your new business.
7. Watchful Anticipation
You don’t stop monitoring your business once you’ve launched it. You watch it, obtain different statistics to see how it’s moving along, and monitor sales and feedback you receive. Anticipate success and always be upbeat when responding to questions or criticism about your business.
8. Scope Change
It often happens whether you’re launching a new business or maintaining a current one. The scope of the business may need change, or you just may need to adjust how you’re doing business in order to achieve greater success.
9. Charity Investments
Giving to church or charity is actually an investment, an investment in someone else’s life. It’s amazing what you get back when giving to a church or charity. The typical standard is 10% of your income. The sense of satisfaction or selflessness you get in giving regularly is something you will not experience doing anything else.
It’s also a way to remain humble in your achievement of wealth. It helps keep your wealthy world in perspective and makes you less self-centered and self-focused.
(ArticlesBase SC #1468205)
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