Wealth-Building Wisdom: Habits for Success

Introduction

The journey making money and becoming rich is everyone’s dream when a child comes into the world parents and other family members have already developed preconceived notions of what their child would become and to be honest most or all of these notions have something or other to do with money or becoming rich parents have a great deal of experience from life.

Want to make sure their children do not make the same mistake and lead a better life than theirs the child’s journey from a boy to a man is mainly about living a healthy successful life with loads of money being rich is a rather subjective word and varies from person to person people owning big luxury cars and houses may be classified as the rich by many.

But our definition our understanding is a bit different who is rich for us any person who’s able to develop a sustainable income stream and lifestyle may come under the definition of being rich we will further delve into the subject and bring some clarity to the matter at hand our generation is the generation of social media tools like instagram facebook and snapchat have increased.

1. Following the Herd

Change comes with the mind and that’s exactly what we mean when we say following the herd everyone has their own circumstances and thus lead their lives accordingly similarly we have our own lives and conditions and thus may lead our lives that way if i see someone blindly spending all of their fortunes on something useless.

Such as unnecessary luxuries it’s not obligatory for us to do the same soliciting credit through credit cards bank loans or mortgages is so easy these days that almost everyone these days appears to be rich or at least on the surface it’s imperative that we do not get impressed easily by other people.

We should be able to assess our own strengths circumstances conditions and weakness and come up with decisions accordingly impressing others may bring in instant gratification but in the long run it can be disastrous decisions especially related to money and wealth should be taken while keeping the long run in perspective.

2. Blaming Others

Blaming others most people who are not rich always complain about their job how unfair life is how someone else screwed them up how their boss is not supportive and so on there’s a very famous saying taught  in school that a bad worker blames his tools no one in this world likes to blame themselves.

It’s human nature to spread the blame but doing it every now and then is a major red flag life will always be unfair and one should accept this fact a person who adopts the habit of blaming others would continue to do so their entire life rich people instead of pointing figures at others always blame themselves.

First this is a great quality to have it inspires an individual to always keep improving and ultimately rattle the world with no matter how hard the circumstances most rich people were ridiculed and degraded in the beginning when a boy who loved basketball was cut off from his team he became so disheartened that he went home and cried the entire day.

But he picked himself back up showed perseverance and resolve and became michael jordan and redefined basketball we would never have seen the great man play if he would have given up that day and blamed the coach for unfairly cutting him off the team.

3. Not living your Passion

Not living your passion  the number one reason for demotivation and depression is not living your passion people most of the time are living someone else’s dream one can never succeed when one does not like what he does when you work for something you’re passionate about your motivation sensors are automatically triggered.

These sensors allow the person to work more than a normal human being rich people  today are rich because they love what they do when a person is demotivated from his job there’s no way he’s going to put in the extra effort required to excel most people today fail to take risks and are hanging on common career paths mbas bbas medical etc.

They’re afraid to explore other avenues such as arts sports and literature because these paths are something that society won’t accept all those people who dared to do something different are extremely rich and the only reason is that they followed their dreams and passions instead of being part.

4. Not Working Hard

Everyone wants to become rich but no one wants to work hard enough practice makes perfect practicing again and again is imperative for success malcolm gladwell in his book the outliers mentions the ten thousand hour rule according to gladwell a person would obtain  mastery over anything.

Once he spends ten thousand hours doing something in other words practicing more would allow one to obtain mastery this brings us back to our earlier point of living your passion a person won’t be able to work or practice again and again.

If he doesn’t put his heart and soul into it .Hence working hard comes with a prerequisite once a goal has been set a person should work hard with a disciplined approach most rich people when asked the secret to success have a common answer there’s no shortcut to success to become rich one must bring discipline and hard work in their lives. 

5. Relying on a single source of income

Rich people often do not work on a single source of income diversifying your portfolio is the key  to success.

If you’re earning from a job it’s important to save a portion of your income and then invest in lucrative investment opportunities as we keep on investing our wealth multiplies the extra amount can then be invested somewhere else and then the cycle will continue.

Eventually we’ll  have multiple learning streams each taking us a step further on our goal of becoming rich.

6. Not reading more

Another habit that one must leave behind is not reading reading is a must if you want to get rich in our earlier point we mentioned that one must have multiple income streams but in order to identify those earnings streams one must make reading a habit.

Spends 80 percent of his day reading his reading material consists of newspapers corporate reports and books reading allows an individual to be in touch with the investment world if a person makes a habit of reading corporate reports like buffett identifying an investment opportunity becomes all the easier.

Moreover it also allows a person to understand and recognize other industry trends industries other than the one he works in.

7. Impatience 

People should focus on giving 100 and then avoid the habit of being impatient seldom do we see people becoming rich overnight hence one should display patience and also leave some things each.

Every person is unique and therefore may reap the benefits at the allotted time therefore the key here is of not becoming impatient by losing hope with skill and hard work success will come eventually.

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