When it comes to being rich and wealthy, people look for the easier options like gaining an inheritance, winning a lottery, gambling and betting and so many other quick fixes. But how many really get wealthy from the aforementioned quick fixes?
You can genuinely get wealthy when you practice certain financial habits.
Below are some of the financial habits that can make you rich.
1. BE AWARE OF YOUR FINANCIAL SURROUNDINGS
This is one simple financial habit that many people pay little or no attention to. Many people enter businesses and make investments without having a background knowledge of their business / financial environment. Interest rates, tax laws and changes in tax laws, changes in customer perception, stock market, loans, investment opportunities and so many things surrounding the business climate or an intended business are highly important.
Having this knowledge of your financial surroundings would help you make wiser decisions.
2. BUILD YOUR BRAND
Branding is an important part of making wealth, and it’s one that not everyone pays attention to. Whether you are a career person or a business person, branding is highly important. Your brand is what would make you wealthy or not. Build a brand that people would value and appreciate.
3. QUIT BEING IN DEBT
You can’t live a financially free life when you are always in debt. Learn to spend within your means — this is an important habit that every wealthy person knows.
4. HAVE A PICTURE OF WHERE YOU WANT TO GO
You ought to have goals, ambition and drive. Create that mental image of where you are going and what you want to achieve. Having this image would set your mind to work and remind you daily of where you are going and what you ought to do to reach there — in other words, it keeps you motivated.
5. MONITOR YOUR EXPENDITURE
Keep track of what’s coming in and what’s going out. This is another important aspect of wealth creation that people don’t pay enough attention to. Sometimes it’s how you spend your money that makes it unable for you to save, invest and stay out of debts. When you keep track of where your money is going, it would be easier to curb those unhealthy money habits and cover those loopholes.
6. SAVE
You can’t run away from savings, no matter how wealthy you are. Everyone saves, even the rich and the wealthy — this habit separates them from the ordinary people. Savings come with so many benefits and can be the key to you being wealthy if properly utilised.
7. WRITE DOWN YOUR GOALS
Write down your goals; your daily goals, weekly goals, monthly goals and yearly goals. Also, write down your financial goals for saving and spending your money and also your investment goals.
Goal setting makes you ambitious and reminds you of where you want to be and it helps you know if you are actually working towards it. When you don’t write your goals, you would probably live and act carelessly. One of the best ways to motivate yourself is by goal setting, and even if you don’t meet those targets, you know how far you have come.
8. MAINTAIN STRONG RELATIONSHIPS
This is one simple trick every wealthy person knows. No man is an island, we all gain off each other, and keeping strong relationships would definitely keep you in business — their importance always come in at the time you need them most, that is, only if you know how to create and maintain strong relationships.
These are basic habits that can take you further than you can imagine.
Jake
Good talk
Great idea I never took savings seriously