If you ever wonder how the wealthy came to be, surprisingly majority were not born with wealth nor did they invent anything or win the lottery. And they can be your next door neighbor without you even realizing it. Yes most aren’t flashing their wealth and neither are they just splurging on expensive things.
It seems that the rich just seem to be luckier, though. Whatever they do, wealth accumulates with just a sneeze. While others, no matter what they do, struggle to pay bills on time. There must be something these wealthy people possess that draws money to them like flies.
According to the authors of the book The Millionaire Next Door there are 10 traits the wealthy have that explains how they got rich:
1. Patience. Buying a few years older car rather than a new one which depreciates as soon as you take it out of the parking lot.
2. Satisfaction. Not buying frivolous or expensive things just because you think it will bring you satisfaction. In fact it doesn’t really bring satisfaction if it digs a hole in your pocket or puts you in debt
3. Organization. Keep out of financial trouble by organizing where everything is and paying bills on time.
4. Discipline. Pay yourself first by putting away money into a savings or retirement fund before taking a shopping trip to the mall.
5. Reflectiveness. Consider carefully before you buy something, if you really need it and worth spending the money on.
6. Creativity. Think and plan ahead what to do with money whether to put in an emergency fund, take advantage of real bargains or add a skill that you can market to make more money.
7. Curiosity. People who are curious don’t plant themself nightly on the couch. They explore and investigate. Learning things means the more you get to know, the richer you will become.
8. Risk Taking. Taking calculated risks (not foolish ones) and investing in things that will offer a good return on the investment.
9. Goal Oriented. When defining a goal, to get there you have to come up with a plan that you can put it to action. Drifting through things isn’t going to get you anywhere but a well thought out plan will.
10. Hard & Smart Working. In comparing the two, hard work may seem the smart way to achieve things but not necessarily so. Because you can work hard getting nowhere while working smart gets you somewhere. A smart worker tops a hard worker in that they are more organized and efficient in completing their tasks.
These traits of the millionaire next door is how to achieve wealth. I’m applying these to succeed in my 365 days to a million dollars challenge!
37/365
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