Want to join the ranks of the wealthy? If so you will have to adopt new financial habits.
Here are 3 simple financial habits to implement in your life on a daily basis that will bring you tremendous wealth over time.
1. Save money by “paying yourself first”
That’s the core principle of any accumulation of wealth. If you want to earn more money on a long-term basis, you must pay yourself first. This means as soon as you get your monthly paycheck, you want to save 15% of what you’ve earned before paying any bills, insurance…
When I give this advice to people, most of the time I hear:
“But I can’t save that much money! I’ve this and that to pay…”
I always give them the same answer:
Imagine that tomorrow for one reason or another, your boss decide to cut your pay to 15%. You will have no choice but living with the 85% remaining and you will consequently have to change your lifestyle.
To save 15% of your salary, pretend that your boss has reduced your pay.
You can automate the process by transferring automatically 15% of your salary on a separate bank account.
2. Control your impulsive spending
You also need to control your impulsive spending if you want to become wealthy. Things like eating outside on a regular basis, buying things you don’t need…must be controlled.
As Trent of The Simple Dollar suggests, you can create a 30-day list:
“Make a new rule: you can’t buy anything (except necessities) until a 30 –day waiting period has passed. Put a 30-day list on your refrigerator, and when you have the urge to buy something, put in on the list with today’s date. After a month has passed, you can buy the item.”
3. Invest in your future
The above 2 habits are useless if you don’t invest the money you save.
As I always say, saving money and keep it on a bank account is the worst thing you can do because money that sleeps = money that loses value with the inflation over time.
You need to use your money to invest in books, trainings, seminars, programs…and afterwards you will be able to invest it in businesses, real estate, stock exchange…
Always educate yourself before investing in anything.
As I know that as human being we really suck at making new habits stick, I’ve a final advice for you:
To successfully redesign your life, start with one single habit at the time otherwise you won’t stick to your new routine.
We’ve all done this. Waking up early, starting to eat healthy food and do some sports all at once…as a result we ended up quitting. That’s because that’s too much change.
Instead of adopting the 3 habits at the same time, make sure you’ve completely integrated the first habit into your life for 21 days before jumping into the next one.
Now I want to know, have you ever applied one of these habits into your life? If not, will you adopt them? Let me know in the comments below! (I read and answer ever comments).