Best Wealthy Habit...

Wealthy Habit...

Have you ever wondered what it is that financially successful people do differently that help them to sustain success, or even to become financially successful in the first place? In writing for The Motley Fool in 2014, J.D. Roth outlines some of the factors that might drive this. Roth says of this:

“I generally don’t like to make recommendations…but… people I know who have managed to build wealth? They share some similarities”.

J.D. Roth knows what he’s talking about. He’s the author of GetRichSlowly.org, a blog on personal finance that is highly respected in the industry. In fact his website has won accolades in this regard, named as the “Most Inspiring Money Blog” by Money magazine, and was considered to be one of Time.com’s Best Blogs of 2011. J.D. Roth cautions that not everyone is the same and that what works for some may not work for others. However, he was able to identify some definite commonalities between the majority of financially successful people that he knows. In total he developed ten of these, and they are:

1. Being around positive people – those that are financially successful tend towards surrounding themselves with positive folks and avoid those that are negative and may drag them down. As Roth puts it, they look for people who have a “can do” attitude and who are willing to work towards a goal in a positive manner.

 2. They do not consider failure to be the end – financially successful people see mistakes as a learning opportunity rather than as a disaster that means it is time to give up with an endeavour. They understand that failure is a necessary and inevitable part of working towards success. They learn from their mistakes so that they are able to grow and develop. They do not fear failure.

3. They are great time managers – people that are financially successful are also good at managing their time. Those that are successful spend their time wisely according to Roth. That means less TV and video games, and more time pursuing their passions. They understand that TV time might be better put to use exercising or learning, for example.  They value every minute of their time and understand that they will not get that time back.

4. They ignore the opinions of others – financially successful people do what they think they need to do and are not tied into a certain mind-set just because that is a societal norm. They do not follow the pack. They may invest their money differently. They are often not ostentatious about their wealth and they may drive older cars and dress modestly, says Roth.

5. They know where they are headed – successful folks have a direction and know what they are aiming for. They have a goal that they are pursuing as they are working hard and taking care of their money. They have a clear life vision of where they are going and what they are doing. Whether it is buying a house in a certain area or saving for their child’s college fund, they have a clear goal.

6. They place their energy into the “big wins” – Roth explains that these people do sweat the small stuff but they also understand that it is the bigger things that they need to concern themselves with. They won’t compromise in certain areas that are important to them. That said, they do not waste their pennies either.

7. They don’t take the easy way out – financially successful people are not “get rich quick” types. They work hard, long and smart and they do make hard decisions. They know that if they focus on the future and don’t get sucked into the minor gratification that might be possible today then they will be successful in the longer run.

8. They don’t wait around for good luck – Roth explains that successful people make their own luck. They do not expect things to be handed to them on a plate and they reach out for them and grab opportunities whenever they can.

9. They know that only they are accountable – financially successful people know that they are responsible for what happens to them in life. It might not necessarily be their fault, but they have a choice as to how they handle a given situation, turning it around as best as possible so that it works in their favour.

10. They do not fear change – successful people are not afraid of change. They adapt to new circumstances and take on new ideas, and they become shaped by them and grow.