Monthly Archives: May 2013

Learning from the rich: 4 traits you should emulate

Hard work:Rich people have been the ones who studied for hours, worked late into the night, never watched television, went on vacation, or had social lives, and gave up countless small luxuries for the sake of their goal. A large amount of effort is required for a large financial gain. Most people aren’t willing to put that much effort into it. Conservatism:The simplest reason why rich people have money is that they haven’t spent it. It’s easy to fall into the habit of spending everything we make. Wealthy people have mastered the discipline of saving money and making it work for them instead of always working for money. If you study the lifestyles of the wealthiest people in the world, you won’t find them buying the newest, most popular vehicle every year. Instead you’ll probably find them driving a vehicle that’s paid off and has high mileage. You’ll find them to be conservative and wise about their spending. A well-known financial adviser, Dave Ramsay, has said, “You have to live like no one else in order to live like no one else.” Ingenuity:By ingenuity, I’m not saying wealthy people are any smarter or even more educated than ordinary folk. But they’ve realized their own unique abilities and mixed them with some creativity to say, do, or create something no one else has — something that works, and something that everybody wants. Ingenuity lies in everyone, but wealthy people have utilized it to their financial advantage. An opportunistic mindset: Wealthy people work hard and are wise and careful planners. On the other hand, they’re also willing to take the risks often necessary for great success. People who are tentative when an opportunity arises often miss out on some of the greatest advantages. While being unafraid of opportunity is a good trait to have, it sometimes carries consequences. Not every uncertain or risky opportunity succeeds. Rich people have often faced discouraging failures,
but remain undeterred by them. They know that, in spite of failures, they’ll eventually succeed.