Becoming and staying wealthy is less about luck and more a matter of committing to developing good wealth-building habits. Skeptical? Consider those who became wealthy purely by luck, such as lottery winners. One study determined that 70 percent of those who won large jackpots or received an unexpected windfall went broke within a few years. *
Although individuals who amass fortunes over time aren’t immune from losing cash, they may be less vulnerable to losing it all when compared to those who simply got lucky. That’s because those who earn their wealth do so by taking steps to retain their riches. What habits of rich people can “Average Joes” follow to help them become and stay rich?
The 10 Habits of Rich People
1. They know their goals…as well as what it takes to reach them.
Committing goals to paper helps solidify an intention and a map to reach them. Those wishing to get ahead should write down the goals they plan to achieve, including the timeframes along with three steps that will move them toward the desired results.
2. Plan daily.
Before bed each night they write down the next day’s to-do list and number each task in order of priority to keep on track.
3. Skip TV.
According to Thomas Corley, author of “Rich Habits: The Daily Success Habits of Wealthy Individuals”, one important habit of rich people is their productive use of time. When asked to agree or disagree with the statement, “I watch TV one hour or less a day,” 67% of rich people agreed.
4. Read instead.
Corley describes the rich as “voracious readers on how to improve themselves”, pointing out that 88% of rich people read about self-improvement for at least 30 minutes each day.
Dale Carnegie’s famous book, “How to Win Friends and Influence People” was first published in the 1930s, but it remains on top of reading lists for many well-to-do people, says Corley, making it almost a habit of wealthy people.
5. They fully embrace the value of networking.
Carnegie’s book includes a discussion of the importance of networking before “networking” was a thing. Networking is vital to acquire jobs, clients, mentors and trusted peers. Even if it’s a challenge to participate in a networking event, success-oriented people do it because it gives them opportunities to hone their communication skills.
6. Early to rise.
Those who get out of bed early, jumpstart their day, giving them time to respond to emails and catch-up on news. According to Entrepreneur magazine, President Obama, business maven Richard Branson and numerous other CEOs are all committed early risers.
7. “No,” is a word they say often.
Understanding the difference between “an opportunity” and “the opportunity” helps the wealthy stay on track. Billionaire Warren Buffet once said: “The difference between successful people and very successful people is that very successful people say, “no” to almost everything.” Rejecting a project that doesn’t result in a specific, desired goal is a habit of wealthy people.
8. Don’t waste time on small decisions.
In January 2016, Facebook founder Mark Zuckerberg posted a photo of his closet, showing only gray t-shirts and hoodies. His comment read: “First day back after paternity leave. What should I wear?” Zuckerberg is on record explaining his repetitious wardrobe selection enables him to focus on things he thinks are more important.
9. They work harder.
Corley notes that one of the 10 habits of wealthy people is they work 50 or more hours weekly and only 6% are unhappy because of their work.
10. They automate their savings.
A wealth-building habit of rich people is establishing recurring transfers from checking to savings and investment accounts, maximizing their long-term savings.
They also know how to handle unexpected expenses…
While traveling the road to riches, there are pitfalls and detours that can drain wealth. Equally important: There may be unexpected opportunities that require cash. Consumers facing those sorts of occurrences need to know where they can turn to for fast cash.
LoanMe can provide funds quickly
When consumers want cash fast to pay for an expense or an investment, LoanMe can provide qualified buyers with funds within a few hours of completing an application. The online application is easy the terms are made clear up front.
Once the borrower selects a loan schedule, the terms are locked in, complete with regular monthly payments. This makes budgeting and keeping on top of payments easy. Plus, borrowers can strengthen their credit scores because LoanMe reports on-time payments to the three major credit bureaus.
If a sudden need for cash arises, call LoanMe today. A short-term loan can help keep borrowers on track to building wealth.
*This article has been prepared for general information purposes only. The information presented is not legal, financial, tax or accounting advice, is not to be acted on as such, and is subject to change without notice. Credit approval is subject to LoanMe’s credit standards, and actual terms (including actual loan amount) may vary by applicant. LoanMe requires certain supporting documentation with each new application. If you have any questions regarding this, call us at 844-311–2274. California loans are made pursuant to LoanMe’s California Department of Business Oversight Finance Lenders Law License #603K061. LoanMe also offers loans in certain other states which may have higher minimum loan amounts. Copyright © 2016 LoanMe, Inc. All rights reserved.