Saving money is boring to most people. Commercial advertisements and our “give it to me now” society makes spending fun. To many people, shopping is an escape. Some people even use this experience to make them feel and look wealthy. Ironically, it takes more energy to shop and spend than it does to save money.
When you buy shares of stock directly or through a mutual fund, you become part owner of a company. These shares can build your wealth by paying you dividends and by rising in price.
One of the most common characteristics of happy wealthy people concerns their attitudes every Sunday night before work. Most of them enjoy their work so much that they don’t know the difference between a weekday or weekend night.
Wealth is never worth sacrificing your happiness, family or integrity.
Along faith in yourself, faith in others is almost as important. One of the most common characteristics among wealthy people is their belief in the inherent good in others.
A basic understanding of economics will help you make so many decisions in life, including when to buy a house, when to borrow money to start a business, and when to buy a stock or bond. It will also help to clarify the three most important aspects of economics: inflation, interest rates, and corporate rate earnings growth.
The primary key to success in your own business is to be passionate about what you are doing. Passion creates tenacity, and if you’re tenacious enough to give it everything you’ve got, the money will follow.
Most business owners think that if you work hard all the time, you’ll eventually be successful. This is not true! You have to work smart. This implies a lot of thinking and planning. Thinking and planning require time and a peaceful, relaxed mind. Without either of these two, your business cannot prosper. Therefore, don’t forget to take some time out.
If you really want to build wealth, you must write down exactly what you define as wealth. Describe what you define as being wealthy. Refine this further and make it your goal. This alone more than doubles your chances of achieving wealth.
A personal mission statement will help you increase your chances of achieving whatever it is that you want in life. All you have to do is be honest when you write it, be disciplined when you follow it, and be consistent when you read it.
Remember that no matter what you do in life, you will always reap what you sow. In your journey toward wealth, make sure your work helps others or improves the world in some way. If not, your efforts will eventually backfire and reverse the wealth-building process.