Everyone aspires to be wealthy, but not everyone is aware of the requirements for doing so. The habits of the wealthy distinguish them from the poor on a large scale. Your habits affect your behavior, which in turn affects the decisions you make. We are what we repeatedly do, said Aristotle, once. Since excellence is a habit rather than an act, you can’t keep doing the same thing and expect a different outcome. As a result, in order to achieve financial success, you must learn what the wealthy do. For this reason, I’ll share with you in this video, the seven habits you must give up in order to become wealthy.
Habit # 1 Looking Down on the Rich
The primary cause of your lack of riches is that you continually look down on individuals who are wealthy. Simply, you can’t change into something you hate. If you despise wealthy people, you cannot become wealthy. It’s bad practice to judge wealthy people because you are poor. If you want to establish a mindset that will help you become wealthy, you must stop looking down on the wealthy. The majority of the poor will believe that the rich are to blame for their circumstances.
Contrary to popular belief, wealthy people do not acquire their fortune by stealing from the less fortunate. You will remain poor if you adopt this attitude. Actually, wealthy people do have a clear source of income.
They are either entrepreneurs or business owners who create goods and services that people need. They get their money in return by providing value to others. So the question is, what value do you provide to other people? Looking down on the wealthy will stop you from becoming rich because instead of learning what they know, you will complain that you weren’t born rich, or that having money isn’t ethical. Where the poor see obstacles, the wealthy see opportunities.
Learn to appreciate rich people, and quit putting the blame on them for your poverty. They are not responsible for your current financial situation; your bad habits are. To learn from the rich, you must respect them. Be humble to admit that they know what you do not, that way you can easily rise from poverty and become rich.
Habit # 2 Playing it Safe
Playing it safe is a habit you must break if you want to be wealthy. Rich people have a reputation for taking risks. Playing it safe won’t get you anywhere if you want to win big. Simply put, it doesn’t work that way. See how wealth is spread around the world by looking at these facts. About half of the world’s total wealth is controlled by the richest 1% of people. The top 1% in net worth are those people. While the richest 10% of the global population own 85% of the global wealth, people are as wealthy as the rest 99%. The remaining 90% of the population must now compete for the remaining 15% of the population.
The disparity in the world’s wealth distribution is vast but one thing that is common to the wealthiest people is that they are all Risk Takers. They are always willing to step out of their comfort zone and try new things. They don’t let fear of failure stop them. They believe that failure is another opportunity to learn new things.
The poorer will prefer to put all their money in a savings account where they can always see it, but the rich would rather take a calculated risk and invest it where it has the potential to make more money. It is good to be safe but playing safe will never make you rich. Therefore, if you want to become rich someday, you have to step out of your comfort zone.
The comfort zone is where mediocrity lives. Life itself is a risk and not taking a risk is the greatest risk you can make. Try out new businesses and opportunities you may fail at some but it is an opportunity for you to learn and grow and taking risks doesn’t mean gamble. Rich people don’t just take any risks but calculated risks. So, for you to be rich, you have to say no to the fear of failure. You have to stop playing it safe all the time.
Habit # 3 Managing Your Time
Time is money, as the saying goes. Rich people are adamant about becoming good time managers since they are aware that this is the case. Poor spend time on activities that help them little or nothing toward their goals while the wealthy spend their time on activities that will help them make more money. This is one of the bad habits of the impoverished.
The poorer will spend time on activities that will increase their financial obligations. The wealthy have a time management practice that the poor lack, and it involves rising early in the morning. The majority of wealthy individuals are aware of the significance of rising early in order to prepare for the day’s task before beginning it.
They do not wake up early just to start working immediately. They set their priority for the tasks that they have to do during the day, putting the important ones first. That way they ensure they complete their highest-value tasks. They do this because rich people are extremely focused, that is they do one thing at a time until they complete it. Poor people on the other hand think that by doing several things at once that they will achieve more but that is not the case when you focus on one thing.
You will achieve great productivity and maximum return. Poor people have the habit of trying to do everything by themselves while rich people delegate activities to others to save time. Rich people know the importance of time. They don’t let activities that others can do for them steal their valuable time.
Habit # 4 Over Spending
Overspending is the next habit you need to give up if you want to get wealthy. One of the negative habits poor people have is this. They spend money to show off their wealth to others. They spend excessive amounts of money as a result, which has an impact on their financial situation. While the rich continue to get richer, the poor typically desire to appear wealthy. The wealthy are aware that human wants can never be met. They have also learned to prioritize by only spending money on things that will add True Value to their lives. The poor are frequently moved by what they witness. They purchase items because of an insatiable appetite.
I mean who doesn’t want to enjoy the good things that money can buy but to become rich you have to understand that you must cut your spending, learn to save, and invest more money than you spend no matter how much you earn. If you do not control, how you spend your money, you will never become rich. There are several ways to avoid overspending and some quick tips include creating and maintaining a budget, prioritizing needs over wants, planning your purchases, not buying to impress others, keeping track of your spending, and always comparing prices to get the best deal.
Habit # 5 Trying to Get Rich Quick
The poor aspire to get wealthy quickly and, in any way, possible. They are continually looking for methods to save time. The wealthy are aware that there are no shortcuts to wealth. Wealth is acquired gradually and steadily. Nowhere can you find easy money. You won’t become rich overnight. In actuality, a large number of lottery winners eventually fall back into poverty. This is a result of the way they think about money.
They struggle to keep their money because they don’t understand how it is made. It’s likely that you are poor and will remain so for a while if you have a tendency to hunt for quick cash. Businesses that promise instant cash are meant to fail.
They are not sustainable and you should avoid them if you want to get rich. That is why most poor people are always looking for get-rich-quick schemes. Examples include Ponzi and pyramid schemes that are designed to only favor the ones who invented them. You may be lucky to get paid for a short period of time but you will end up losing more money at the end of the day. Another reason why you should not consider all these get-rich-quick schemes is that most of them are illegal. You don’t want anything to do with something that will get you in trouble.
Habit # 6 Giving up Too Early
There’s a saying that Winners never quit and quitters never win. The winners are the rich while the quitters are the poor. For you to become rich, you must give up the habit of giving up too early. Rich people know that it takes time to build wealth, so they have the right mindset that allows them to be patient even when it seems nothing is working out because they are sure that at the end of the day, they’re going to get a great reward for their actions.
Rich people have the habit of sticking with their dreams until they see it become a reality. Poor people don’t have the patience to see their dreams become reality, so they give up too soon. There are actions that rich people do that prevent them from giving up too early. Some of these actions include setting clear goals, not caring about the Judgment of others, not fearing failure or rejection, and believing in themselves.
Habit # 7 Delaying Important Financial Decisions
The final habit on the list that keeps people poor is, putting off important financial decisions. Rich people aren’t always more intelligent, skilled, or brilliant than others. Typically, they are the ones who make the most crucial financial choices. Poor people often make careless purchases with their money. They lack a strategy for how they will increase their income or spend what they have already earned.
The majority of the poor remain poor while the privileged continue to get rich due to this lack of financial intelligence. If you want to become wealthy, you should think carefully about how much money you should spend, save, and invest. Start by making a budget. The wealthy operate within a budget.
A budget contains their expected income and how they wish to spend it. A budget will let you save more money and spend it on more important things. Next is investing, this is another important financial decision that rich people have formed as a habit. They set aside a certain portion of their income every month which they will invest. The poor on the other hand do not see investing as an action they should prioritize. Finally, there are savings. It is important to decide on a portion of your money to keep away from future spending.
Rich people save as much as 30 percent of their income for future use, while poor people save less and spend more. In fact, if you want to save a larger portion of your income, then one of the things I can suggest to you right now is that you increase the income that you earn on a monthly basis. Now this is easier said than done. You need to establish a side hustle along with your regular income and grow it consistently. That will help you get rich and be financially independent. So, start today and never stop. One day you will definitely reach there.