Smart Money lessons to learn from wealthy people
 
Smart Money lessons to learn from wealthy people-9amstories

Smart Money lessons to learn from wealthy people

I think it’s important to see what we can learn from people who are wealthy because they’re better people, because having a lot of money is an important goal and learning from people who have achieved such an extreme level of wealth can teach us something important about how we truly want to shape our lives for the better.

Successful people often spend more time on focusing on bettering themselves, which leads to a higher income over the remainder of their lives. They view themselves and their careers as an investment just like a business owner would view his or her business, investing time and resources in upfront to maximize their “return” in the future.

The rich have a very specific money habits that are instrumental in helping them accumulate their wealth." Habits are not glamorous." But having the right habits puts success on autopilot. When you develop smart money habits, you take control of your financial life and are walking in the footsteps of the wealthy.

The vast majority of the well-off people take some risk in time and money in order to build their wealth. This risk requires to gain some experience and working knowledge in some area and then put that knowledge to work by taking action. It might be real estate, investing in some private business, starting your own business, etc..

 

 

Here are the learnings you can derive from their thrifty habits:

  • Quit talking and begin doing:- This is a very important money lesson, as well as a life lesson. Everyone likes to talk about their problems, but seldom like to set about fixing them because that requires hard work.You can’t keep ignoring your money problems. They will only get worse if you don’t take immediate and swift action to fix them.
  • Motivation is very important:- Some people might say that a millionaire's are highly motivated than the average person, but I don’t think that’s true. Motivation doesn’t appear when your bank account gets larger. Anyone can become motivated, and anyone can do great things! You have to dig deep sometimes, just believe that you can move mountains and you will!
  • Think about yourself:- Warren Buffett has said “It takes 20 years to build a reputation and five minutes to ruin it. " Value your own self-worth and your own reputation the most. Build up your good reputation and never do anything that could compromise it!
  • Take risk:- Taking risks can be scary stuff, but it could also increase the chances of reaping greater rewards. Just look at Donald Trump, he has filed for corporate bankruptcy at least four times, but always bounces back. Today he is worth billions!
  • Spend carefully:- Wealthy people spend on things that will keep them and their progeny rich in the future, not what will make them look rich in the present. This is the reason Infosys founder N.R. Narayana Murthy dons simple clothes or filmstar Rajnikanth is dressed in plain dhoti-kurta off screen.
  • Invest in future:- One of the big ways wealthy people save money for the future is by investing and investing over a long period of time. Instead of chasing every shiny new toy and wanting it right now, plan for the future. Separate your needs and your wants. You have to cover your needs but be willing to wait to get what you want. Shift your viewpoint from saving only what is left over and make saving the first priority.

The most interesting about the world’s wealthiest is that they seem to have maintained their humility and their priorities and money isn’t their biggest priority. Success isn’t about being rich. It’s about living a full and rewarding life.

By: Gunjan Johar | Real Estate Analyst & Home Decor Blogger
 
 

Follow us

We will send you breaking news right
to your inbox

 
 
 

Get latest news
delivered daily!

Read our latest news on any of these
social networks!

 
 

The Real Impact of Demonetization in India-9amstoriesDemonetisation

Before you pan me as a critic of Demonetisation, please read my last article on Demonetisation (Positive Impact of Demonetisation).

Read More

Money Lessons

I think it’s important to see what we can learn from people who are wealthy because they’re better people

Read More

 
 

Related Articles