If there was a magic formular to becoming wealthy, everyone would clamour for it. The truth is that, there is no such formular.
However, wealth is status. It’s like a very very exclusive club with the strictest entry requirements. If you don’t meet those entry requirements, you never enter.
And even far worse, after you enter, if you don’t live by a certain code, if you don’t form a certain money habit, you’re thrown out without remorse.
The rich and wealthy in our society live by a code. That code keeps them rich and wealthy. It’s the code of money. They live by certain money habits that keeps them rich and financially successful.
Failure to live by these money habits have very strict repercussions. You lose your money. And you lose your wealth.
Written below, are the most important of these money habits of the financially successful people among us.
Getting up early
There’s a saying that goes, “early to bed, early to rise, makes a man young, wealthy and wise”.
If you have the habit of waking up early, you’ll always have the upper hand in society. You’ll always be ahead. You’ll have more time to work on things and improve your life.
Because while others are taking their time to sleep, you’re already awake, working, and getting ahead in life.
Saving
Financially successful people don’t live from pay check to pay check. Even if you run or own your own business, you don’t just spend all the profit you make.
Financially successful people understand that they have to save part of their earnings for unexpected future expenses.
Apart from the fact that you might have unexpected emergencies in the future, here’s one more reason why you have to save. You can’t work forever.
One day, you’ll need to retire. If you don’t save money, if you don’t have any retirement fund, how is that going to happen?
That’s why there’re many old people out there still working really hard even though they’re old, because they didn’t save enough to retire.
If you want to be financially successful, or raise kids that are financially successful adults, then you must teach them the power of saving money.
Budgeting
Budgeting is key, if you want to spend your money wisely. It will stop you from buying things on impulse, because once you’ve budgeted your money on something, you’ll know not to buy things you didn’t plan to buy just because you came across them and they look pleasing to you.
Investing
Investing is a key element to becoming rich or wealthy. Investing in its simplest terms simply means putting your money into assets that increase in value over time.
You just put your money into an asset with the hope that the value of that asset will increase in value over time.
Example include buying real estate like land which appreciates in value over a certain period of time. Putting money into start-ups or small businesses is also a form of investment. Because when you invest in a small business that’s just upcoming, you own part of that business depending on the size of money you put into the business.
Hence, if the business ends up becoming a huge success, you also share in the profits made by the business as you’re part owner of the business.
There are so many other things you can invest in. In recent times, Crypto is one of those things or assets that people invest money into today. Crypto investments can be quite risky, but if you know what you’re doing, the rewards can be astronomical.
Nevertheless, one thing is certain, investing is a key element to becoming rich and wealthy. Most of the richest people in the world today got their wealth through investing in various businesses and assets that turned out to be very valuable.
So, if you want to grow your wealth, or if you want to raise kids that grow up to be financially successful adults, then you must teach them the power of investing even as kids.
They Start And Own Businesses
No one really gets rich from getting paid a weekly or monthly salary. Even professional athletes like footballers that gets paid hundreds of thousands weekly/monthly and millions yearly to play football hardly get rich from only their salary.
You’ll find out that the richest athletes are not even the ones that are paid the most. But they’re the ones that use what they’re paid to start, buy, and build their own businesses on the side.
Most athletes that are not smart enough to start their own businesses while they’re playing usually end up without much to account for all their playing days.
Hence, to truly become financially successful, you must learn to become an entrepreneur and run your own business.
If you want to raise kids that are financially successful adults, you must teach them this money habit. They must learn the value of being an entrepreneur.
Live below their means
This is one of the most important money habits of the rich and wealthy among us. They live below their means. In fact, they live far below their means.