7 Simple Habits Guaranteed To Make You Richer; A Bonus Tip After No 7
30 September 2020 Blog
According to Authout Thomas C, Corely in his book “Change your Habits, Change your Life”, Habits are the cause of wealth, poverty, happiness, sadness, stress, good relationships, bad relationships, good health, or bad health,”
Here are 7 simple money habits you can adopt today that will help you create more wealth .
1. Automate your finances.
If your financial plan isn’t on auto-pilot, change that immediately, encourages self-made millionaire David Bach. Automating your finances — sending your money automatically to investment accounts, savings accounts, and creditors — allows you to build wealth effortlessly.
It’s “the one step that virtually guarantees that you won’t fail financially,” Bach writes in “You’ll never forget a payment again — and you’ll never be tempted to skimp on savings because you won’t even see the money going directly from your paycheck to your savings accounts.”
Simply link your accounts, so that money from your paycheck goes straight to your investment or from your checking account to your savings account, and set up the exact day you want to make transfers.
In addition to never making a late payment again, automation ”frees up valuable time and allows you to focus on the fun parts of life, rather than spend time worrying about whether you paid that bill or if you’re going to overdraft again,” writes Bach.
2,. Come up with specific money goals.
“The number one reason most people don’t get what they want is that they don’t know what they want,” self-made millionaire T. Harv Eker writes “Rich people are totally clear that they want wealth.”
To reach that level of clarity, he suggests writing down goals for your annual income and net worth. Like all goal-setting, be realistic, but don’t be afraid to challenge yourself.
3. Save, don’t spend, unexpected cash.
Pretend that extra money, such as a bonus, birthday check or any windfall, doesn’t exist.
Get in the habit of putting any surprise cash, no matter how small Apply it to student loans, debt, your emergency fund, or an investment account. It’ll add up. Plus, establishing this habit early on will help you avoid lifestyle inflation when you get more surprise cash in the form of a raise.
4. Tell yourself you deserve to be rich.
The wealthiest individuals believe that “success, fulfillment and happiness are the natural order of existence,” self-made millionaire Steve Siebold writes in his book “ How rich people think.” “This single belief drives the great ones to behave in ways that virtually guarantee their success.”
On the flip side, the average earner remains average because they expect to, the self-made millionaire explains: “The masses think they aren’t worthy of great wealth. Who am I, they ask themselves, to become a millionaire?”
Try asking yourself, “Why not me?”
5. Spend 30 minutes a day reading.
Rich people tend to read They continue to teach and invest in themselves long after formal education is over. “Walk into a wealthy person’s home and one of the first things you’ll see is an extensive library of books they’ve used to educate themselves on how to become more successful,” Siebold writes.
If it works for the millionaires and billionaires, it could work for you too
6. Set your alarm clock earlier.
In addition to reading, wealthy people start their day early Self-made billionaires Richard Branson and Jack Dorsey start their days at 5:00 a.m. Waking up early will give you a head start
there may be no guarantee that becoming an early bird will make you rich, but it can’t hurt, and it will almost certainly make you more productive.
7. Surround yourself with successful, high-earners.
Who you hang out with matters more than you may think. In fact, your net worth tends to mirror that of your closest friends, Siebold points out.
“Successful people generally agree that consciousness is contagious, and that exposure to people who are more successful has the potential to expand your thinking and catapult your income,” the self-made millionaire writes. “We become like the people we associate with, and that’s why winners are attracted to winners.”
One more thing; Track your spending.
You can’t build wealth if more money is leaving your wallet than coming in. To ensure this you must, track your daily expenses.
You can easily use a spreadsheet on your computer or simply record your everyday purchases in a notebook or on your phone.
See you at the wealthy peoples club. Good Luck
Sourced from www.cnbc.com (Edited )