04 Jan 7 Money Skills Wealthy & Successful People Commonly Possess
It’s my habit to read non-fiction books that help me grow personally and professionally. Several months ago I read The One Minute Millionaire by Mark Victor Hansen & Robert G. Allen. I did a book review on the writing as a whole, but there was one section in the book that kind of stuck with me and I thought was especially worthy of a blog post. Here are the seven money habits or skills that highly prosperous people have in common.
- Value. Wealthy people value the dollar as a money seed. Every dollar represents an opportunity and should be treated as such.
- Control. Wealthy people control their money. Their money doesn’t control them. They know where their money is going each month, down to the penny. Fanatical? Maybe. Successful? Definitely.
- Save. Wealthy people love to watch what they spend and save on every purchase, but they also make it a point to save at least 10% of their income. They make saving for the future a priority of today.
- Invest. Wealthy people don’t just put their money in savings accounts. They use systematic investing processes to grow their money. Remember #1 – leaving money in a savings account loses the opportunity to earn much more.
- Earn. Affluent people have multiple streams of income aside from their main job. They create these streams of income so when they have a setback, they still have other earning opportunities.
- Shield.Many rich people use trusts, corporations, LLCs, etc. to protect them from liability. They shield their assets with the corporate veil to reduce their tax burden and protect them from other legal issues.
- Share. Wealthy people donate at least 10% of their income as a rule. They understand the importance of leaving a legacy and they also understand the little-known secret that money multiplies when it is divided and shared. They know that when you are a blessing to others, you become more blessed to be a bigger blessing to others.
As I’ve said many times over in other blog posts and in live seminar classes, wealthy and successful people don’t follow these principles because they have lots of money. It’s the other way around. They are wealthy because they follow these principles. It’s ingrained in who they are.
Who are you at the core? Are you a millionaire at heart? A large part of your success tomorrow depends on your attitude today. If you want to be wealthy and successful, do what wealthy and successful people do.