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The wealthy and the not-so-wealthy obviously have different habits. People come into their wealth different ways, but their habits are similar.
You may already have some of these habits. You could already be using some of them.
It’s also important to note that these are habits you should develop, which indicates that you may already have them, you just need to continue to develop them even more.
So, here are 3 of the habits that you need to take control of your finances…
1. Fail Forward
Failing happens. In every area of life. The good news is that you have 2 choices when you fail. You can give up like the majority or you can keep trying like the successful people. You know the old saying: get back on the horse, yada, yada…it’s cliche for a reason, because it’s true!
It’s not a mistake if you learn from it.
It may have started as a mistake, but once you take the good from the situation, it turns into a lesson that can lead to your success.
You can take some sort of good from anything, seriously…anything. It’s always there and it’s about your mindset.
Let’s break it down:
- Learn from the mistake.
- Become better because of the mistake.
- Don’t make the exact same mistake again.
Don’t complain or get angry, just learn and become a better person because of it.
2. Be a Life Learner
Don’t stop learning when you finish school. Many of the most important things in life are not taught in school anyway. This is especially true with finances. Most school systems don’t have financial education in place, so we are forced to learn on our own.
So…where do the wealthy people get their information?
Books. They are readers. All of them.
There is a reason why almost every house that’s worth more than $300,000 has a library. Dedicate yourself to be a life learner. Keep educating yourself through books, audio books and teaching. There are great resources out there to find cheap books and even free books, so there is no excuse for not taking advantage of them.
3. Don’t Forget These 3 Words
Discipline. Patience. Humility.
Discipline is the backbone of success. Without discipline, nothing else matters, because it’s most likely that nothing will ever happen. Learn to be a disciplined investor and money manager, which requires patience.
There are many different investment vehicles, but all of the most rewarding ones require patience on your part. Learn to be patient. Don’t forget the initial purpose for long term investing.
Lastly, there is humility. There are probably thousands of reasons to practice humility, but let’s keep it simple…
Nothing good with ever come of bragging or talking too much about your personal finances. Think about it. Do you really want everyone to know exactly what’s going on with your money? The good and the bad? When you are on the path to becoming wealthy, learn to practice humility. Your wealth should not determine what people think of you, so help them out by not making that information so easily available.
These are only 3 habits that can drastically improve your finances, but there are so many other important habits. Keep learning and stay focused!