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Some Secrets Of The Wealthy

There is a perception that the wealthy, the so-called 1%, are a different kind of people. Yachts, mansions, jets, unlimited money... anything you want to put into your perception of them. The fact is, many of these "wealthy" people started with nothing, and throughout the years kept their hand to the grindstone, their ear to the ground, and their eyes wide open. Most have many of the same things in common: let's look at how you can develop the habits of the wealthy...

Pay yourself first. Most of us, as in my article in this newsletter "Saving Upside Down" are in the long time habit of paying everybody else first and hoping there will be something left after all have been paid. Put yourself on the top of the list of people who need to be paid, and allocate the rest. Wealth is all about net worth- the amount of money you have, not the amount of money you earn. The more, the merrier.

Live below your means. Warren Buffet, "the Oracle of Omaha" is one of the wealthiest people in the world, yet drives a 10+ year old car and lives in a 2500 square foot house on a common, neighborhood street. Need I say more?

They hire and follow the advice of trusted advisors. Doctors, lawyers, dentist, Certified Financial Planner® ... these are people that have dedicated their lives to learn and follow their profession. It's important to work with a professional you feel comfortable with, who cares about you as a person as well as just for your business. If you don't have the training, don't do the job- the outcome can be disastrous.

A balance between business and your personal life is crucial to happiness. The saying "money can't buy happiness" is true to most points. It may feel good short term, but the reality is that the only thing the workaholic achieves is sometimes making more money... at the expense of missing life events like your kids growing up, anniversary dinners, birthdays, class plays, and all those once in a lifetime occurrences that once missed cannot be repeated. In my personal opinion, no amount of money is worth that. Is it really worth it to you?

Chew on these for a while. I could give you many more, but I'd rather you think about a few seriously than breeze through many and absorb little. It's a shame to see how much money most people leave on the table- don't be one of them.

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