5 Things Rich People Do, Poor People Don’t
You dream about the life you want to live.
You imagine yourself traveling to some exotic place to stroll the white sand beaches and then returning home in your jet.
Ah the life! To be able to get up and go without having to concern yourself with getting time off from your job. Or checking in with your bank account to see if you can afford to go in the first place.
Wouldn’t it be nice?
We all know there are people who don’t just fantasize about such a life but actually live it.
How do they do it? What is it that the rich do differently?
Their distinct habits and approaches to life may seem small, ordinary even, but that’s what makes the big difference.
#1 They Delay Gratification
They don’t buy things on whims. They plan their purchases and budget for them.
Instead of spending what is leftover after the bills are paid they make choices to put this money toward income-producing assets.
While many get paid, paid their bills, and then spend what’s left, people who are rich invest that money in their an asset that will bring them an income outside of their job.
When they have built enough assets to provide for their income they can then quit their job and their life is their own.
Then they can take off Fiji for a month, or set of to Rome for a weekend without worry.
#2 They are always learning
Whether it be through books, audios, podcasts, seminars, webinars, or conferences they make learning a priority.
Most of the high net worth people I have met have been at seminars and conferences, as attendees.
Investing in their own education is not an accident, it is a part of their budget. They plan to learn more so that they can do more. As they learn more they have information that when applied will give them more.
To many paying $200 or even $3000 on a conference is a waste of money. The rich know otherwise. They see the cost of the conference as an investment in the future of their financial legacy. They expect to learn something new and so they can apply it.
#3 They take risks
It is not enough to attend a conference or read a book. You need to take action and that is what the rich do.
They know that to succeed they are going to have to stretch themselves financially and do things they have not done before.
They take calculated risks. They don’t just throw caution to the wind and plunk down a bunch of money but they do move forward to reach their goals.
Many are risk adverse, too afraid of losing that they don’t do anything at all. When rich people are taking a risk they understand the risk, they know they it’s possible to lose everything but they also see the possibility of winning big.
Armed with this analysis they step out so they can move up.
Due to this strong “risk muscle” they get into investments first and they ride the high wave of success. Others wait to see if something will be a sure thing before they invest but by then it’s too late. Whatever it is has become over-saturated and their is very little fruit left.
#4 They Diversify Their Assets
The purpose of assets is to generate income. If you only have one source of income and that source dries up, then what do you do?
The rich develop diversity in their portfolio by building assets one at a time.
Robert G. Allen says building your asset portfolio “ is like being a plate spinner in the circus. He starts with one plate and gets it spinning successfully. Then he gets another plate spinning while he maintains the spinning of the first plate.When the second plate gets to spinning, he starts the third, while also maintaining the first two.”
Building wealth is done in the same way. You start with one asset and you build it to produce an income. When it is successfully producing an income then you begin start creating another.
If for any reason one of the assets stops producing it doesn’t cause a personal financial collapse because you have the others bringing income.
#5 They Build Relationships
Business is about people. Businesses exist to serve people, to solve their dilemmas and provide solutions to problems.
Rich people know that to achieve their goals they will only be successful if they help someone else reach theirs.
They know that they are in the people business and not the money business. They add value to others without expecting anything in return.
It is in the power of the trusting relationships they build with people that is going to propel their efforts.
They know everyone has value and their goal is to add value to people, to relate to them personally, not treat them as a transaction.
Moving from Dreamer to Doer
So what about you? Do you align with any of these aspirations?
Many people think that building wealth is about the attainment of things. But nothing could be further from the truth.
Building your financial legacy is about having a vision of your future that allows you to delay today’s gratification so you can have a more abundant tomorrow.
To make anything happen you need to change our perspective and move from being an inactive dreamer to being an active wealth building dreamer. We do this by stretching ourselves, taking carefully considered risks, and by adding value to to others.
Once you begin to implement these tactics, your life will be full of blessings money cannot buy.
