Secrets of the Wealthy: What We Can Learn
How do the wealthy think? What makes them tick? What do they know and do that most of us don’t? What traits do they share?
We all have all asked these questions (in our head or out loud) – let’s be honest. We have all wondered what it takes. Some of us have just assumed they are lucky or that they fell into the right circumstances.
How They Think
In his book, The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, Thomas J. Stanley Ph.D. lists 7 common traits of millionaires:
1. They live below their means (spend less than they make)
2. They have built their own wealth (they did not inherit it) through their own time, money and energy.
3. They don’t care about social status
4. They did not receive financial assistance from their parents as adult children.
5. Their kids are now self-sufficient.
6. They recognize and seize the opportunity.
7. They chose the right industry.
The author goes on to say that the biggest difference for millionaires is in their thinking. They tend to think long-term (years and decades-long term). He distinguishes between the common (material) view of wealth and “true” wealth. He points out that wealth has less to do with income levels and more to do a person’s worth over time (net worth + age).
1. They set goals and follow up on these goals.
2. They practice delayed gratification as a daily discipline.
3. They view change (both positive and negative) as an opportunity.
4. They learn from successful people.
5. They never expect anything from anyone.
6. They invest in their financial education.
7. They are lifelong learners and generally have an abundance of books.
8. They choose to be creative rather than reactive when faced with adversity.
9. They prefer to focus on entrepreneurship and passive income over having a job.
10. They ask themselves questions that encourage growth and problem-solving.
11. They direct their lives rather than have their lives direct them.
12. They have an abundance mentality.
13. They see money as abundant and time as a commodity.
14. They tend to add value to others and to situations.
15. They learn how to attract money and abundance.
The bottom line is that we all have the same 24 hours in a day and we can all choose what to do with these 24 hours. It has been said that as long as money is more important than our time, we can never become wealthy. We all have the tools to choose our future and our life. We can all be financially free if we want.
Diana’s passions are family, travel, self-improvement, living a debt-free/financially free life. She also loves hanging out with family, friends and being with her dog Skye. You can connect with her through Livingandstuff.ca
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