Thursday, February 22, 2018

Money Tips Daily If You Want To Be Wealthy Model Wealthy People

Welcome to Money Tips Daily. This is Money Kelly bringing you money tips to help save and make you more money!

The late Jim Rohn used to say that your income will be around the average of your close friends and where you will be in five years, will be determined by the books you read and the people you hang out with.

Brian Tracy expressed the same point more directly when he said “you can’t fly with Eagles when you’re scratching around with Turkeys”!

In other words, whether you like it or not, the people you spend the most time with have a profound effect on your behaviour, attitude and future success. Sooner or later, you will take on the characteristics of those around you. If you’re going to absorb the character and habits of anyone, you might as well make it someone successful.

Model Wealthy People

If you want to be wealthy, model wealthy people. If you want to be successful, model successful people and if you want to be a failure...fill in the blank.

How do you model the behaviour and habits of the rich and successful?

In my forthcoming book, Yes, Money Can Buy You Happiness, I talk about the “Millionaire Next Door” and the research carried out on the average wealthy people of America. In the groundbreaking book, The Millionaire Next Door: The surprising Secrets of America’s Wealthy, authors William D. Darko and Thomas J. Stanley, carried out extensive research to discover the real habits and traits of the typical American millionaire.

The results might surprise you. The average millionaire is not a sports star, celebrity or movie star.

A typical millionaire has worked hard to build up a business or career, is married to their childhood sweetheart, drives a modest car, is frugal with money, has saved between 10-20% of their income over a 20-30 year period and amassed a fortune in excess of $1 million.

They do not lead rock star lifestyles spending hundreds of dollars on fine wines and exclusive brands to impress their friends, or splash out on fancy new foreign cars every year and eat out in expensive restaurants every night.

They do, however, take the time to manage their money and investments, work hard on their business, spend time with their family and friends, go to church, synagogue or temple, and enjoy simple pleasures such as walking. Some would describe themselves as a “cheap date”!

An extreme example of this is seen in the lifestyle of the billionaire Warren Buffett who drives a simple American car, lives in the same house in his home town of Omaha he bought 40 years ago and eats in modest restaurants or grabs a Big Mac on the way to work. Unlike, most of his fellow billionaires he does not lead the flamboyant lifestyle enjoyed by the super rich and keeps his feet firmly on the ground.  

Contrary to popular belief, the average millionaire and multi-millionaire leads a fairly ordinary lifestyle. You probably wouldn’t even guess they were wealthy.

You can start modelling the habits of the ‘millionaire next door’ right now by following the 7 S Steps to Success:

1.      Stop spending indiscriminately and stick to a budget buying the things you need and can afford without going into debt.
2.      Spend wisely on quality, not luxury, things that last.
3.      Save 10-20% of your income or start on a smaller percentage.
4.      Save and Invest wisely and spend time looking after your investments.
5.      Start investing in yourself through education and development in your career or in your own business.
6.      Start leading a simple and stable home life 
7.      Spend time with the people that matter to you.

Action.  Follow this powerful technique used by successful people and athletes.

Look at where you are today and think about your habits and your actions that got you there. Now close your eyes and go forward in time. Visualise where you want to be in 1, 2 or 5 years time. What is your life like? Where do you live and who are you with? What are you doing in your life? Now look back from that point. What habits and actions got you to your ideal lifestyle? Follow this path and write down your goals and plans. Use a vision board and repeat the process every day.

Listen to this blog on my podcast:

See also: 

How to Make Money Online Without a Website or Inventing Your Own Product

2 Tips to Save and Make You Money

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