Have you ever heard the term “Money is the root of all evil”? Ever notice the people with no money, little ambition, or little desire to become financially free are those who use this term? In my opinion the term “The love of money is the root of all evil” is more appropriate.
There is nothing wrong with making and having money as one of your key priorities in your life on the condition your relationship with family/friends does not suffer at the expense of creating wealth and your morals/ethics are not messed up. Think of it, if you are a genuinely good person don’t you think you can help a whole lot more people if you have money as opposed to being in a position where you are struggling to makes ends meet?
In this regard, I am providing the following list of wealth building habits that have worked for my wife and me.
Poor doesn’t make sense. Why would you stay poor when being rich is much better. You can help more people when you have money. Bill Gates has said, “If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake.”
Avoid debt that doesn’t pay you. Broke people borrow for the wrong reason. Use debt only if it will help you make money. Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy “stuff” that make rich people richer.
Becoming and staying wealthy should be one of your priorities. Countless people wish for financial freedom. Only those who make it a priority have millions. Becoming rich takes work and to become and stay rich, it will need to become one of your major priorities. Treat becoming and staying wealthy like a hobby and money will leave you for someone who makes it a priority.
Follow the money. Saving your way to millionaire status is virtually impossible in today’s environment. That is why your first step should be to focus on increasing your income in increments and repeating the process (with modifications as required).
Don’t flaunt your wealth. Stay humble. You want to be known for your work ethic, honesty, and countless other great qualities and not for what kind of car you drive or other toys you have!
Save so you can invest. Don’t save so you can save but rather save money to invest it. I try to make it difficult to easily access my money. This forces me to really manage my cashflow. Just because I do this doesn’t mean it is the right way or the only way. Find what works best for you.
You sleep. Money doesn’t. I have never seen money watch a clock or look at a calendar. You probably shouldn’t either. Money loves people who have a great work ethic. Here is an example of someone who is not a clock watcher!
Get a millionaire mentor (NOT tormentor). Ever hear the old adage “you’re a product of your environment”? Since many of us were brought up poor or middle class, chances are we hold ourselves to the limits and ideas of that group.
If you want to make some changes in your life, you’re going to have to make some changes in your life. Study successful wealthy people to duplicate what they have done. If you can, get your own personal millionaire mentor and study them. Most rich people are extremely generous with their knowledge and their resources. In fact, many came from a humble background.
Shoot for several million dollars as opposed to $1 million. Shoot for the stars and land on the moon. Think big! Don’t set a limit on what you can achieve.
Get your money to make more money. Investing is a MUST in becoming a millionaire. Strive to make more money off your investments than your work. If you don’t have surplus money you won’t make investments.
Skip trying to get wealthy by winning a lottery and focus on:
- staying away from people who suggest greed is at the root of your financial dreams;
- avoiding get-rich-quick schemes;
- being ethical and be kind;
- never, never, never, never giving up.
Finally, once you become financially free you owe it to help others get there too.
I wish you much success!