Affluence is a status everybody wants to attain in their lifetime. Many of us look at millionaires and billionaires with such admiration and worship that reflect the respect money effortlessly commands in our society. But there is one vice that has held many from living to their full potential and achieving their goals in life – Bad habit.
For centuries habits have served as the causative factor for many situations man found himself in, whether good or bad. The scores of death, sickness, insanity, divorce, poverty, crime etc have all been linked to man’s unchecked lifestyles — unhealthy habits. Conversely, men who lead healthy lifestyles and maintain clean habits tend to be happier and more fulfilled. That is, good habits translate to good living. It is on this premise we will discuss 6 money habits that are needed for wealth acquisition.
Start a business
This is not necessarily a habit but a step through the ladder of wealth acquisition. Be that as it may, it is imperative that it makes this list since taking the first bold step forms the base in wealth acquisition. As we all know, nobody becomes wealthy by doing nothing. Whether you aspire wealth through business, innovations and inventions or simply by taking up jobs, you must first take the big step!
Many people often complain about not having enough money to start, but this is not an excuse. Statistics have shown that most people who started small ended up as multi-billionaires. Billionaire, Richard Branson once said “my advice to aspiring entrepreneurs thinking of starting their own business is to start small but always think big”
American billionaire Carl Berg lost his father at the tender age of 10 and was raised by his poor school teacher mother. He started his first job as a hotel clerk. His plan was to meet someone who would offer him a job in Investment banking. Well, it worked out for him. He did meet someone who helped him with a job and the rest they say became history. The most important lesson to learn from Berg’s story is that he started small with a big plan. This is the first habit to master in order to acquire wealth. Quit the habit of folding your hands and waiting for some miracle that may never happen.
Save from what you currently earn
It is almost impossible to change your financial situation if you are not disciplined enough to save some percentage of your earnings. Thus, it is of utmost importance that you set aside at least 30–50% of your monthly earnings. Smart people set aside funds as a way of ensuring financial protection. It is pretty hard at the beginning but as one adheres it becomes easier to save. Some of the reasons you need saving are:
Economic Unpredictability: countries like the United States Of America have fallen into economic recessions multiple times even with the brightest economic predictions from the world’s best economists. So, basically, you save to help yourself during the rainy days which totally falls out of your financial plans and permutations.
Save for Investments: You must agree with me that, for one to really become wealthy, investments are needed. Salaries hardly made anybody wealthy. So, it’s a near futile venture to aspire wealth without plans for investments.
The most effective and reliable way to solidify wealth is by making investments. Whether small or big, invest. Many times people say they do not have enough money for investment. The belief that one can only invest with millions is false. One can invest in shares and the stock market with small amounts. It must not be real estate or the likes.
Also, falling loosely under this subheading is ‘Investing In Oneself’. Set aside funds for your personal development. Attend seminars, learn new things, go for courses in your relevant field, take business and financial management courses. When you improve yourself and grow in knowledge, you increase your value.
An expert is not needed to make one understand the level of detriment gambling does in people’s finances. English writer Owen Feltham said, “By gaming (gambling) we lose both our time and treasure: two things most precious to the life of man”. Such a succinct but complete description of the damage gambling does in a person’s life. It not only dries your pocket but disallows you from exploring other ventures that could accrue revenue to you. What other habits could be more oppressive to a person’s quest for wealth?
This is perhaps the most difficult habit to imbibe as it takes strong discipline to have money and not spend it on needs. But then, the reality is that we cannot spend like there is no tomorrow because there is, for most of us all the time. It may surprise you to know that most of the billionaires you look up to, live life in the most frugal manner.
Take, Warren Buffet, for instance, he still lives in a house he bought in the 1950s. According to Sarah Fallow, Director Of Research for the Affluent Market Institute, many millionaires and billionaires share one attribute in common aside from being excessively rich. They are frugal; it is the characteristic that launched them in their billionaire status in the first place.
If one can maintain a frugal lifestyle, other habits will be a walkover to inculcate.
In conclusion, there is no hard and fast rule when it comes to the creation and sustenance of wealth. Read widely, apply common wisdom and remember that some things take time to come to fruition; wealth is one of those things. Hence, the need to exercise patience even as you work harder to see yourself in that financial position you aspire.