What Do Rich People Have That The Poor Does Not Have Apart From Money? The rich has money which the poor does not have but aside that, there are other urbane possessions of the rich that the poor don't have and I will just write on10 of such. The rich has money because they have learnt how to make money flow to them effortlessly but the poor would never know or do that These other urbane possessions of the rich include: 1. Wealth Mindset The rich has learnt that his mindset is everything and thus he guards jealously never allowing weeds and negative thoughts to live therein and making every effort to avoid the victim mentality. But the poor has accepted his condition as his fate and thus makes no efforts to extricate himself from the poverty pool. 2. Personal and Financial Discipline The rich has taught himself both physical and financial discipline. He does not speak out of tune, he has a cultured mannerism, is often courteous and humble. He also...
Do You Desire Financial
Freedom? - Then Consider These Habits!
Many people aspire to
achieve financial independence aka financial freedom. It usually entails having
enough savings, investments, and cash on hand to afford the lifestyle you
choose for yourself and your family—as well as a growing nest egg that will allow
you to retire or follow the vocation of your choice without being constrained
by a yearly salary.
Regrettably, far too many
people do not succeed. They are beset by mounting debt, financial crisis,
wasteful spending, and other problems that prevent them from achieving their
objectives.
Then there are unforeseeable calamities like hurricanes, earthquakes, or pandemics, which throw plans into disarray and reveal previously unseen gaps in their safety nets.
Nearly everyone encounters difficulties, but these behavioural practices can help you avoid them.
1. Establish Your Life Objectives.
In other words, create your life goals and plans to achieve them.
When we talk of financial freedom, what does it really mean to you?
A general desire for it is
too nebulous a goal; instead, narrow it down.
Make a list of how much money you need in your bank account, the lifestyle you want to live, and when you want to attain it.
The more explicit your objectives are, the more likely they are to be met.
After that, go backwards in time to your current age and set financial milestones at regular intervals.
Put your target sheet at the start of your financial binder and write everything down carefully.
2. Establish A Financial Plan
The easiest method to ensure that all bills are paid and savings are on track is to create and keep to a monthly personal/household budget.
It's also a consistent practice that reinforces your objectives and strengthens your commitment to resist the inclination to overspend.
3. Make Savings Automatic
First, take care of yourself. Enroll in your company's retirement plan and take advantage of any match contributions.
Setting up automatic withdrawals for an emergency fund and automatic donations to a brokerage account or something similar is also a smart idea.
The money should ideally be taken out the same day you receive your paycheck, so it never comes into contact with your hands and you are free of temptation.
However, keep in mind that the amount of money to save is a disputed issue.
In a variety of situations, the fund's viability may be an issue.
4. Start Investing In The Stock Market Right Now.
People may be skeptical because of recent stock market dips, but investing has never been beaten as a better way to grow your money.
Compound interest will help it grow exponentially over time, but meaningful growth will take a long time.
Don't fool yourself into thinking that trying to be a stock picker will make you the next Warren Buffett. There can only be one.
Instead, open an online brokerage account that allows you to learn how to invest, create a manageable portfolio, and make weekly or monthly automated payments to it. We've evaluated the finest online brokers for beginners to help you get started.
5. Make A Deal
Life is all about negotiation.
Many people are scared to bargain for goods and services
because they believe it would make them appear cheap.
If you can overcome this cultural barrier, you could
save hundreds of dollars each year.
Small enterprises, in particular, are more receptive to bargaining, as buying in volume or repeat business can result in significant savings.
6. Ongoing Education
This is all about continuous financial education.
Every year, review all applicable tax law changes to ensure that all adjustments and deductions are maximized.
Keep up with financial news and stock market movements, and don't be afraid to make changes to your investing portfolio as needed.
Knowledge is also the best safeguard against those looking to make a quick buck by preying on inexperienced investors.
7. Adequate Upkeep
Taking care of your property extends the life of everything from cars and lawnmowers to shoes and clothing.
Maintenance is an investment that should not be overlooked because it is a fraction of the cost of replacement.
8. Strive To Live Frugally
It's not difficult to live a modest lifestyle if you have the mindset of living life to the fullest with less.
Before becoming wealthy, many wealthy people acquired a habit of living below their means.
This isn't a challenge to live a minimalist lifestyle or a rallying cry to throw out all you've accumulated over the years.
Making minor modifications by differentiating between what you need and what you want is a financially beneficial habit to develop.
9. Engage A Financial
Coach Or Financial Advisor
Once you've accumulated a reasonable amount of wealth—whether through liquid investments or tangible assets that aren't as easily converted to cash—hire a financial advisor to educate you and assist you in making decisions.
10. Be Health Conscious.
The principle of good upkeep extends to the body as well. Invest in your health by seeing the doctor and dentist on a regular basis, and seek medical help if you experience any problems.
Making lifestyle changes like increased physical exercise and eating a better diet can help alleviate — or perhaps prevent — a variety of ailments.
Some companies limit sick days, resulting in a severe loss of income once those days have been used up.
Obesity and diseases raise insurance expenses, and poor health may demand an earlier retirement with a lower monthly income.
Final Thoughts
These ten behaviors won't fix all of your
financial difficulties, but they will help you form healthy habits that will
put you on the road to financial freedom—whatever that means to you.
From my point of view, those are the 10 habits
which if acquired and practiced over time, would lead anyone to becoming not
just rich but wealthy.
Did I miss anyone from your own point of view?
Do let me know in the comment section
Thank you for reading
#wealthisearned
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About the Blog
Wealth Is Earned Blog is
owned by Topitup Media And Communication Nigeria whose Team Head is Dr. Jerry -
the First Oguzie: JP
At Wealth Is Earned Blog, we believe that being wealthy is a choice just as being poor irrespective of the circumstance and situation and it all streams from the mindset. Throw 2 men into the same gutter, the one with the wealth mindset will make it to the top while the one with the poverty mindset would be there and groveling with other inhabitants of the gutter - it is a mindset thing. God has given you the POWER to make wealth, it is your ABILITY to APPROPRATE what God has given you that makes the difference and it is wholly and entirely dependent on you
About Dr. Jerry - the First Oguzie: JP
Dr. Jerry - the First Oguzie is a Physician, an Author, a Writer, Thinker, Founder, Convener and Success Coaching addict. He is passionate about helping people become the best versions of themselves through coaching, mentoring, teaching, enlightening and enhancing their self worth. And the Platform he uses to reach out to people is his Ministry of Encouragement (MoE). He has deep interests in Personal Development including mindset reset and habit change, Personal Finance, Wealth Creation, Health and Fitness. He believes that financial knowledge (literacy) combined with self - discipline is the key to achieving financial freedom.
He is the author of The Practical Steps To Total Financial Freedom -
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1). To summarize this, no life is worth living without a goal. This goal propels the whole timetable which will definitely encapsulate the 10 items and more enlisted here. Time is of essence and the earlier these virtues are integrated into one's life, the earlier riches and wealth becomes one's partner before the retirement age. Working now to avoid the odd days is a message that cannot be despised.
ReplyDelete2). Five take aways;
*Make savings automatic: Even in the local setting, every one is gearing towards savings. This has been one of the biggest financial education that has always been taught in the community. I concur and it helps grow wealthy.
*Have a life coach; This is bringing me up to speed with the innovations I needed to have. All my life, this is my first shot at financial mentorship. I want to have a private one as the investments turn up for the cash.
*Live frugally; This is one area I have enjoyed most here. Not constraining one to a regimented life but opening up space to a fulfilling life.
*Be health conscious: Awesome. Before now, I used to overlook everything about health and pose to myself that, I am just fine. But within this Community, the importance has reverberated my reasons. I am fully health conscious.
*Ongoing education; consistency is the basis for the growth we all yearn for. Imagine not here by now, where exactly would I have been. I am most grateful to the convener for invoking me into this platform. I remain most grateful.
3). Health is wealth.
4). Yeah. They can. Family and personal life once one is marriage is same. You can't detach it but the family can be made to be aware of the personal savings and it's essence so that the bounds can be obeyed together.
Morgan Oscar
ReplyDelete1. Financial freedom is having enough savings to live a comfortable life, and also help your family enjoy the comfort they desire so you can retire without having to rely solely on your yearly salary or pension; unfortunately a lot of these don't happen because a lot of things like mounting debt, financial crisis, wasteful spending, and other problems prevent people from achieving their objectives but there are certain behavioral practices can help you avoid them.
*Establish Your Life Objectives; make a list of how much money you need in your bank account, the lifestyle you want to live, and when you want to attain it.
*Establish a financial plan by creating and keeping to a monthly personal or household budget.
*Never miss making savings *Investing in the Stock Market
*live frugally, educate yourself on financial matters, get a financial coach and always be health-conscious
2. *Establishing a life objective
*Establishing a financial plan
*Living frugally
*Investing
*Getting a financial coach
3. Be financial independent
4. Yes, once you decide on it, it is possible to set out certain goals to achieve a foreseeable future of financial freedom by setting budget for all spending
This post l think should be a publication even if not now, then in the near future, Life is all about choices and just as today is a present, what u do today determines and create a future for you. Is good to retire early with a very breathtaking financial independence. But to retire early as a wealthy person and live the kind of lifestyle that u want, u need to take into consideration, life objective, get a plan and a contingency one, take heed to your health as quality health is wealth, save and invest more and live away from debt.
ReplyDeleteFinally l believe this post resonate to every individual who wants to make a mark, trail a blaze and attain financial freedom.
2. The following are 5 takeaways that resonate to me very well:
Get an established Life objectives- Setting objective as a person makes me know where am going to and whether or not am on track. Objectives such as how much u want to save, monthly expenses to be catered for and how much l will be saving and investing is key for a Billionaires mindset.
Il. Health Conscious- The need for healthy lifestyle shouldn't be despised because health is wealth and just as your wealth and network is your networth and is reviewed overtime, so must l take good care of my health status. Good healthy is all about good life, going for routine check up will be a go for me.
Ill. Get a financial advisor or a coach- Each and every individual who has been a billionaire and currently billionaire have gone through the hands of a mentor who coached them, trained them and moulded them to become what they are today. Getting a financial advisor is a plus for me which l think when l team up with the person, l will reach very fast on my way to achieving my financial independence. Just as we say, if u want to go fast, go alone,but if u want to go far, go with a team, is a necessity to get a coach or financial advisor.
IV. Living a frugal life-
Life well lived is when purpose is fully achieved.
Living below my means is a core mandate which can help me to grow financially. I don't compete with anyone and yes l buy things l can only afford as at now to cut incessant spending and to save. I don't live by the opinions of the society hence l don't buy on impulse which l think am now in control of my finance.
V. Making savings automatic- Savings is a seed to a financial breakthrough and a start to a financial independence. Savings is a priority for me cos without savings l can't really invest much into securities whether stocks or minerals.
3. The gateway to financial independence.
4. Is a yes. We can do it together. Myself and my wife can make it happen by living on let's say a zero based budget.
To summarize this post, I would say,there are habits one need to imbibe in life for her or him to live a glorious life. Life is not to be lived anyhow or carelessly rather there should be life goals/ ambitious because when you define where you are going, you then plan on how to reach there.The then listed points are the habits that can be of great value. Establish your objectives, establish a financial plan, make savings automatic, start investing in the stock market without delay,make a deal,ongoing education, adequate upkeep, strive to live frugally, engage a financial advisor or a coach and finally be health conscious.
ReplyDelete2.Five take away from this post that resonate with me are as outlined:
i.Establish life objectives
ii.Strive to life frugally
iii.Make savings automatic
iv.Ongoing education
v.Be health conscious.
3.Other financial phrase that can replace the phrase " First take care of yourself "
3.Be health conscious. Because health is wealth
4.For married couple I think it can co-exist. Since is for the betterment of the family. It will even make financial goals to be achievable without much stress as it takes two to tingle.
*I desire financial freedom*
ReplyDeleteNo1.
The need to having enough savings, investments, and cash on hand to afford the lifestyle one chooses for oneself and family. As well as a growing nest egg that will allow one to retire or follow the vocation of ones choice without being constrained by yearly salary are what financial freedom entails #Dr. Jerry the first Oguzie JP.
Financial freedom requires step by step instructions and proper planning to attain.
From this article, are well arranged ten(10) steps if followed with dedication and discipline one can achieve financial freedom in no time; Life objective establishment, financial plan, Automatic savings behavior, investing in stock market, good bargains for goods and services, continuous financial education, regular maintenance of personal properties, trying to live below ones means, hiring of financial advisor, investing in ones health always. All these are very key to achieving financial freedom.
No2.
The five take away that resonates with me are;
- The need to having financial objective and plan.
-Living below my means and also property maintenance to cuts spending more.
- The need to invest more.
-Having emergency fund.
- Health is wealthy; for a healthy man is a wealthy man.
No3
Self love is very key to healthy lifestyle.
No4.
I think it can co-exits. However, for it to work together, the two must be defined with my partner. Priorities set as the basis on how to deal with both. Good communication with my partner on every of our finances is very key to to make it work.
#COWEC
#Nestor Amuche Ike.
Believe that you deserve it and then go to work to get it
DeleteThe post is a reminder on what we need to go to acquire financial freedom. It listed out some practical plans one can engage in to sustain financial independence and understanding. Having an aim and objectives is going to guide you in planning your life. Life itself may not be as easy as professed, but having a vision and a plan will guide you in achieving anything you want out of life. A financial plan is guide on ways to achieve financial independence. The other points listed out include making your savings automatic, investing in stocks, sticking a deal no matter how little it is, we can never learn it all, continous education on how to get better with our finance, taking records is also very important, trying to manage your expenses as your income increases, sourcing for a financial advisor to guide you in planning your expectations, learn to take care of your health.
ReplyDelete2a. Be health conscious : They said health is wealth, but the truth is that, most people take it for granted. When you are healthy and sound, you can do everything, you can even think well and plan well.
b. Strive to live frugally: This easily said but becomes very difficult when in practice. When your income invr3, learn how to limit your expenses no matter the pressure around.
c. Adequate upkeep.: Most people do not keep records of their financial expenses and cash flow in. I have come to realise that we spend unnecessarily when we don't keep records.
d. Ongoing Education: As the system changes, more knowledge are being discovered about better ways of doing something. When you invest and learn, you are ahead of others and thus will be able to do better financially.
e. Establish a financial plan is easily quoted, but it's is difficult to achieve because we usually get carried away by the resources close to us.
3. Take care of yourself today because tomorrow is uncertain.
4. I believe its a matter of agreement and understanding between couples. It is something they should agree on and decide how it is going to run and for how long it is.
Financial freedom is non negotiable
Delete