Traits of being a wealthy person
Being a wealthy person is not an amount of money. It is a matter of attitude about money. A person can get wealthy if he/she has the following traits:
- Contentment: Your level of contentment is a matter of choice. Not an amount of money. You will not be the richest man on earth or the poorest on earth. So somebody will always be richer than you and somebody poorer. Stop comparing.
- Satisfaction about everything around yourself.
- Have Gratitude for the things that you have. Look around your OWN house you still have things you do not use!
- Have patience with your investing, portfolios take time to build. Like a Mango tree, after 5 years it will give you more than you need!
- Be organized – pay your bills on time, do not buy things you will not use, do not duplicate, file returns on time…It means not paying late fees, knowing deadlines that can affect your finances and getting more done in less time. All these can greatly benefit your finances.
- Discipline turns into a habit. So saving for retirement is first a matter of discipline – after a while it becomes a habit. Like brushing your teeth.
- Be hard working, and smart working: Creating wealth and staying out of debt – cannot come without some serious hard work. Even a lottery will NOT solve all your financial problems. The true path to financial freedom, is to work hard to earn money while educating yourself to earn more. You may not possess all of the above traits, but ensure that you get there! Knowing them can help you make changes so that you nourish the ones that you have and obtain the ones you’re missing.
- Be Goal Oriented: The importance of setting and working toward goals is obvious. If you don’t know where you are going, it’s difficult to get there. It helps your personal finances immensely if you have money goals and are motivated to reach the goals that you have set for yourself.
- Understand, take and manage risk: To build wealth, one needs to be willing to take risks. It means weighing all the options and taking calculated and sensible risks when appropriate.The share market has risks involved, but over the long term, it provides good returns on money that is invested wisely. Those who fear risk altogether end up saving money in accounts that likely lose money to inflation in the long run – and this happens because they did not understand the risk of inflation!
- Reflect on what you are doing while being curious. Both reflecting and being curious help you in your wealth journey!
CK
Rich person may have more money but no luxury of time while a wealthy person will have both.