10 Things – Financially Successful Do Differently
Financially successful people are disciplined savers, limit their debt, take responsibility for their money and have a long-term plan. They don’t waste time or money.
Do you fit these characteristics?
Financially successful people do things a little differently than the others
They are usually more positive-minded, take personal responsibility for their money and business success, and are willing to sacrifice short-term profits for long-term gains.
They are lifelong learners and surround themselves with positive people who also believe in the benefits of education and a good work ethic. They reach out to all walks of life and are financially successful, but they share a similar set of attributes that set them apart from the rest of us.
Here are 10 key points that set these people apart from the rest.
(1) They don’t waste time watching TV
Rich people watch very little TV a day and don’t watch any so-called reality shows. They spend their time wisely working on their business and not wasting it on the couch.
(2) They make sacrifices
They live frugally at first to invest their limited income and resources in something that will make them more money. Some rich people, like Warren Buffet, live this way all their lives.
Check out: Warren Buffet – Best Investment Quotes
They have modest-sized homes, drive second-hand cars, and don’t spend money on flashy status symbols like boats or expensive sports cars.
(3) They learn from mistakes
People who see themselves as victims spend a lot of time complaining and blaming their failures on others.
Instead, successful people make their misfortunes, or bad decisions, and analyze what happened and how they might change the outcome in the future. They learn from their mistakes instead of complaining about them.
(4) They save and limit their debt
Successful people pay off their debts quickly to save money from interest accruing over time. Therefore, if you pay back the loan faster, then the interest on that loan will be less over time.
These people also make saving money a priority. Even if it’s only a small amount a month, they save money and develop the habit of being able to meet expenses later when an emergency arises. So they can save money instead of paying off an emergency loan later that will cost much more in the long run.
The best way to save effectively is to automate it. Establish a regular transfer of your income to your savings. Before you know it, you’ll have plenty of money to invest. Resist the temptation to spend it on a new car, a TV or expensive clothes.
(5) Don’t blame others for their situation
Successful people take responsibility for their actions and their fortunes. Instead of wasting time and energy blaming someone or something, making them only marginally responsible, they accept that their destiny is their own, and that if they want to succeed, then they have to do something about it themselves.
(6) They plan for the long term
Successful people are in the habit of long-term financial planning, rather than spending their money as fast as they can.
(7) Do things or provide services of value
They are not just consumers of other people’s ideas and products. They produce things. They make things. Things that other people are willing to pay for.
(8) They believe that education is important
Rich and successful people believe in education and lifelong learning. They read books of educational value or that are job-related. When they travel, they listen to audio books or news programs.
(9) They do more than the minimum
Successful people do more than just show up for work, do their jobs and go home. They get up early and stay up late at work. They go above and beyond to achieve their goals.
(10) They are driven by what they do
People with financial success get excited about doing something new, making a customer happy or fulfilling their orders. They care more about the creation process they are involved in than the money they are making.
People with financial success are disciplined savers who start saving early and often. They live frugally most of their lives. They love their work and do as much as they can, as best they can.
And, ultimately, they limit their debt, take responsibility for their money, and have a long-term plan. They don’t waste any time. They don’t waste money. They use every opportunity to improve themselves and their skills.
This article has been written by Chandra Mehta.
Chandra is a seasoned banker with 35+ years of experience in banking and financial services industry. He’s a retired banker and has served as Chief Manager and Assistant Vice President in State Bank of India/or its subsidiaries. He has authored many articles on this site (allonmoney.com).