Thursday 24 September 2015

12 Things Really Wealthy People Did to Get Ahead

Want to get ahead financially and in your
career? Follow in the footsteps of giants.

Everyone wants to achieve wealth and financial
freedom, but very few actually go on to rack up
the seven-figure bank accounts they dream
about. In fact, it's commonly suggested that
Americans don't identify as poor; instead, they
see themselves as temporarily embarrassed
millionaires.
So what gives? How can it be that so many
people list "being wealthy" as a goal, when
American consumers owe more than $11.85
trillion in household debt (up 1.7 percent from
last year)?
It turns out, becoming wealthy may be less
about your inherent intelligence (or, for that
matter, about your inheritance), and more
about the habits you practice and the mindset
you maintain. Want to know how the wealthy
got ahead? Check out the following 12 traits of
the super rich:

1. Play the money game to win.

So many people dream of having enough
money to "become financially
comfortable." Unfortunately, this is too vague
to work in most cases. Wealthy people have a
specific endgame in mind -- to become rich
and stay rich. They take on projects and
tangible ventures that result in real-life wealth.
You have to think like a rich person to become
one.

2. Always know their net worth.

At any given time, a person with substantial
amounts of money can tell you exactly how
much they have. Most of us know how much
is in the bank, give or take a few dollars. The
super rich, however, know the ins and outs of
every part of their wealth; and if there is
something they aren't sure of, one phone call
separates them from an immediate answer.
The real difference here isn't the knowledge
itself -- it's the amount of time the super rich
spend working with their money. Financial
speaker Brian Tracy argues this distinction,
claiming, "The average adult spends two to
three hours each month studying and thinking
about their money, usually at bill-paying time.
The average self-made millionaire, by contrast,
spends 20 to 30 hours per month thinking
about, studying, and planning his finances."

3. Broaden the bookshelf instead
buying a bigger television.

According to Thomas Corley, 78 percent of poor
people veg out on reality TV, while only 6
percent of rich people spend their time on this
type of programming. What do they do
instead? Read books. Whether they're
increasing their financial knowledge or studying
another subject that'll increase their earning
power, wealthy people know that education is
the key to a successful financial future.

4. Hang out with people they want to
become.

As the saying goes, you become the average of
the five people you associate with most often.
Wealthy people don't hang around people who
make poor financial choices. It's not because
they look down on others of less net worth,
rather that they realize they will become more
like the people they spend time around, so they
choose their friends and acquaintances wisely.

5. Focus on the big picture.

Good things will happen and bad things will
happen, and you won't know when either is
coming. But wealthy people take advantage of
this fact. They celebrate the amazing
opportunities life has to offer, yet they waste
little time being upset about things they can't
change. Rather, those with substantial wealth
choose to set their gaze on the long run and
work toward creating an enjoyable future for
themselves.

6. Face their problems.

Many people run from their problems,
especially financial ones . They bury their heads
in the sand, hoping issues such as bad debt or
an underwater mortgage will disappear.
Wealthy people face their problems head on.
While it may sting in the short run, rich people
recognize that your overall loss of money and
time can be diminished if you face up to the
problem sooner.

7. Constantly develop new skills and
techniques.

Last year's methods and tricks are outdated.
The only thing that remains the same year
after year is this: everything changes, and it
changes quickly. Those in the bracket of high
net worth educate themselves and learn the
newest techniques and breakthroughs. This
allows them to build their wealth even further
by generating a sustainable competitive edge.

8. Step outside their comfort zone.

You can only go so far and make so much
money within a certain arena. Every situation
has a ceiling -- and it's usually padded with a
comfort zone. In order to build their fortune,
wealthy people know they'll have to expand
their horizons and step beyond what they've
known thus far. But they don't just think about
it -- they do it, taking the uncomfortable steps
and entering a world of new opportunities.

9. Say "no" when it's appropriate.

Not every deal is a good deal. Those who are
serious about their money, even when the
stakes are high, have the confidence to walk
away from poor investments -- and will walk
away alone if no one agrees with them.

10. Set goals and visualize.

Goals that are never set are rarely achieved.
Rich people document their goals and follow
through by tracking their progress. They know
exactly what they want to achieve and what
they must do to get there.

11. Network, network, network.

It's no secret that most great deals come from
those you know. Rich people take advantage of
this and network like crazy. It has been said
many times -- and I completely agree -- if you
want to become rich, never each lunch alone.

12. Take risks, but never gamble.

that have the potential to pay huge dividends
-- but not before spending a lot of time
researching and looking into the deal. Rich
people are all about investing, but only if the
risk and potential return validates it.
Do you share any of these traits with the rich?
Share your thoughts and experiences by
leaving a comment below:

By Sujan Patel

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