Success is measured differently by different people. No matter how different one's interpretation of the word is, building wealth seems to be the common denominator among the various definitions of success. What makes reaching this level of success difficult is that people don't get rich by accident. It takes hard work, frugality and determination (for most people) to get rich.
The best people to write notes to are people who are doing what you want to do. For example, if you want to get rich, you should look to people who are already rich for advice and observe their habits. Here are a few habits of rich people:
Connect with Great Minds
To get rich and find success, you have to surround yourself with like-minded people. Steve Siebold, author of How Rich People Think, said that rich people surround themselves with like-minded people. If you surround yourself with successful and hardworking people, you are more likely to be successful as well. At the same time, you should stay away from people who belittle your desires.
Setting Goals
Millionaires set goals for themselves and usually achieve them. For example, Mary Kay Ash, the founder of Mary Kay Cosmetics, was a big believer in setting goals. Setting his own life goals and urging his representatives to set their own goals has led to his success and the success of many other people.
In addition, the wealthy often write down their goals in the form of a “to do” list and focus on achieving one goal.
Exercise
According to the Journal of Labor Research, regular exercise has a 6% to 10% impact on the salary level, here. The same study also found that while some exercise is associated with higher earnings, in general, the more people exercise the more they earn. This is due to several reasons. First, regular exercise prevents many chronic health conditions that can affect your ability to work Second, regular exercise stimulates blood flow to the brain, and improves focus and concentration – all of which help improve your income.
Get Rid of Debt
Another big habit of wealthy people is to get rid of debt and stay debt free. When members of the Forbes 400, the 400 richest people in North America, were interviewed, 75 percent of them said they were confident in paying off debt and avoiding debt. This is the key to getting rich (and staying) rich.
Track Your Wealth
Rich people track their own value. You should too! You can easily track your worth using a budgeting app, spreadsheet or other finance-related apps and stay up-to-date on your income and debt balance. Your net worth should increase every year if you intend to build great wealth.
Tracking your wealth has another benefit of helping you manage it better. You will be able to see which assets are growing fast, or which are not. You can use the rule of 72 to find out how fast your portfolio will double. Investopedia has more.
Drive a Decent Car
One of the biggest mistakes you can make when you come across wealth is to buy extravagant things or things you don't need. You might think that rich people go out and buy the latest and greatest of everything. What you probably didn't know is that 37 percent of millionaires buy used cars, not new. The average price of a millionaire's car is $22,500. Rich people drive decent cars so, if you aim to be rich, you should also drive a decent car.
Read Freely
One of the richest people in the world, Warren Buffett, studies in his spare time. Successful people also enjoy learning. The famous economist Barry Asmus said that leaders are students, so if you want to be successful and rich, take the book.
Here's a video explaining some of the better ones you can learn.
Finding the Best Deal
Even millionaires still want to buy the best. There are a few rich people who are still commercial hunters. Just because you have money doesn't mean you should spend it without thinking about it. The best and most common way to save a little while shopping is to clip coupons. Believe it or not, even Hilary Swank coupons!
Use Emotional Control
According to many researchers, the rich are able to control themselves emotionally. According to author and researcher Tom Corley fully 94% of the rich in his research filtered their thoughts before expressing them. This is because relationships are the currency of the rich and expressions of anger or criticism can damage valuable relationships, thereby denying one access to finance, deals, or valuable market intelligence.
Final Note – Copy the Habits of the Rich and Hit the Books
Finally, if you're interested in learning more about how to apply rich habits to your life, consider picking up a copy of Tom Corley's Rich Habits – The Daily Success Habits of Wealthy Individuals.
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