Habits of Financially Successful People

images(3)(1)Success should cover the financial part of one’s life too, that’s when we can refer to it as “Real Success”. Financial success entails succeeding in the monetary facet of your life. Being financially successful entails you have control over your money and not vice-versa. Being able to control and manage your income/money adequately is one attribute of a financially successful person. Your income/salary doesn’t determine how financially successful you are, you can be more financially successful than someone who earns a lot more than you do, Why? How? Well, it is your priorities that determines this, the choice you make and how well you manage your financial resources. Your income is meagre and you wonder how financial success is attainable, it is, when you make practical efforts in doing so; Understand your income, create a budget, pay your debts, borrow wisely, take loans just for homes, automobile and education, do not spend more than you earn, save and invest , be accountable and responsible.

A lot of knowledge and dedication is needed to develop financial security and independence. Financial success is very possible, no matter how low your income is, it’s not determined by your income like I earlier stated or the amount of cash you have in your bank account, but rather, how you manage it with your choices and priorities. Here are habits of financially successful people you can work on and develop yourself.

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THEY RELATE WELL WITH MONEY

Financially successful people have a good relationship with money, they set budgets and work with it, and they contribute to investments. They get things and not wanted with their money. A positive attitude towards money, which entails spending money on investments and setting up a workable budget.

TIME MANAGEMENT

If you take time to study the lives of financially successful people, you will discover that they place high value on their time. Time management is money management. Learn to do things at the right time, you shouldn’t waste your time focusing on things that are not necessary and postponing the important ones. We have been appointed the same amount of time, so how come some excel and some don’t? It’s the way the time has been managed.

THEY RECOGNIZE THE DIFFERENCE BETWEEN “NEEDS” AND “WANTS”

This is a very important aspect in the lives of financially successful individuals. They invest more in their needs than wants. Most of them might not invest in any “want”, the very frugal living ones, and if they do, they ensure they have satisfied their needs and savings and then they get their “wants” with the amount of cash remaining. This habit is very essential to inculcate.

THEY DON’T TRY TO IMPRESS OTHERS

“Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like”- Will Rogers.

The financially successful people do not live to impress others in any way, most of them even act like they are not rich, how? Most times, you expect a rich person to dress and ride expensive cars, but they just decide to live low, not because they don’t have an idea on how to spend their money, but they have targets which they find more important. When money is invested rightly, it can increase and yield more money, so try not to invest too much on expensive clothes, jewelry, cars, etc, they don’t add money to you in any way, they rather eat away. Set your priorities right.

THEY ARE POSITIVE AND LEARN FROM FAILURE

Positive thinking brings productive results, financially successful people learn from their failure, and don’t lose hope. They learn from their mistakes and aim at getting better, rather than dwelling on the mistakes. They don’t blame other people or things for their mistakes, they rather learn and make better efforts.

THEY CREATE OPPORTUNITIES AND SET GOALS

They don’t depend on a particular source of income, they venture into other productive things. They create initiatives and stay diligent. If you don’t have a job, you should start a business of your own, it takes hard work but with time, it will be worth it. Also, financially successful people set goals, they know where they’re going and stay on that path. Make a list of what you want to achieve, make realistic goals and work with it. Keep a track of your progress.

SAVE, SAVE AND SAVE

Cultivate the habit of saving, it’s a major attribute of a financially successful person. Most times, we procrastinate the act of saving with the excuse that the income is meagre. The thing is if you don’t develop the habit of saving when you don’t earn much, you won’t when you earn big. Needs arise daily and the ability to manage your resources and save will help greatly. Don’t wait until you earn big, start saving now.

THEY ASK QUESTIONS AND GROW THEIR KNOWLEDGE BASE

“True knowledge exists in knowing that you know nothing”- Socrates.

Don’t let a lack of financial education hinder you from being financially successful. You should ask questions, especially from people you know are successful financially, be well informed. Financially successful people constantly grow their knowledge base and seek to be more financially literate.

“In early history, wealth was measured in land, in gold, in oil and in machines. Today, the principal measure of our wealth is information-its quality, its quantity and the speed with which we require it and adapt it”- Bill Clinton.

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