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The Habits That Create Financial Wealth

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By : Ann Knapp    99 or more times read
Submitted 0000-00-00 00:00:00
There are plenty of help-self books on the shelves these days touting sure-fire methods for achieving great wealth. Books that assert a particular mindset will create the magic pathway to financial goals that seem elusive to so many. While there is no magic button to generate discretionary income, in fact there are habits of the successful that anyone can easily adopt.

Wealthy individuals have no limits on self belief. Destined to be prosperous, there is nothing which will stop them from reaching their goals for financial freedom. To achieve this, the affluent may even agree to doing things they dislike or taking on out-of-reach tasks that will require great effort to attain.

Individuals of means also know that to make money you must pay yourself first. This is a total necessity to building wealth as eventually the saved money will be invested to produce additional income. If invested correctly, the interest accrued from these investments can eventually be used to meet living expenses. To do this, a person of means recognizes the importance of a spending plan - otherwise known as the dreaded budget. To the wealthy, a budget doesn't constrain them. It allows them to have greater control of their money, where it goes, and what it accomplishes.

While it may seem the rich have the world at their fingers, another habit of the wealthy is the ability to delay gratification. These individuals know that to achieve the larger goals of financial freedom, it's necessary to create priorities. The average consumer spends money faster than they can earn it. The wealthy can look beyond possessions to realize bigger dreams. Many of America's most affluent individuals don't drive in brand new cars. They live in paid-for houses. They're willing to forego the trappings of consumerism to build more wealth.

Recognizing the importance of time, the well-to-do consider time to be one of their most important assets as well as a precious asset. Time is not wasted watching television or dreaming of being wealthy "some day." Instead, the affluent spend their time networking with individuals of higher social status - others who are more experienced and wealthier.

Money makes money but to get to the point where your money is working for you, it's sometimes necessary to create additional income streams. Most prosperous individuals did not start out rich. Many worked very hard for years to reach their goals. They developed strategies for side businesses that generate income with little start up. Once the business is up and running, someone else is hired to run day-to-day operations and income from the business is invested.

With a strong commitment to their goals, the wealthy do not give up. They know that gaining wealth takes time and dedication. Having faced many set backs, the affluent don't shy away from challenges. They embrace them. They learn from them. These challenges make them who they are and refine their skills and expertise. The path to wealth is scattered with adversity, which are simply opportunities that allow a prosperous individual to adapt and grow.

Along the path to riches, those who have acquired much learn to give back. Philanthropy is a practice among the wealthy intended to enhance human well being. Many of them have been the recipients of giving in the past and now want to pass goodness on to others. Giving back helps to foster an attitude of generosity and positivity.

Philanthropy also enhances that willingness to take risks, which is perhaps the most essential characteristic of the successful. Imagine if the likes of Bill Gates, Steve Jobs or Richard Branson hadn't dared incredible odds. Without the courage to accept change, Warren Buffet, one of the world's most powerful investors, would not have been able to negotiate decades of ever-changing money markets and remain on top today.
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