What if I told you that there were habits that you currently lock that are
keeping you from becoming rich would you want to know what they are in this video
I will share with you seven habits all rich people have that you can implement
him to your own life to realize financial success and if you're new to
the channel then hit the subscribe button below for more life-changing
content from an early age I have always been curious as to what separated the
rich and the poor when I would see a rich person driving around in a fancy
car I would wonder how they were able to afford such an expensive vehicle well my
parents could barely make the payments on the modest vehicle they had it made
me wonder how to people living in the same city with the same 24 hours in the
day could be living such different financial lives and so I took it upon
myself to learn what the rich were doing that was driving their success this led
me to reading numerous books on the success of the world's richest
individuals and through my studies I began to notice a trend book after book
person after person I started to notice that each of the individuals I studied
had habits that they employed in their lives that directly contributed to their
success then about 10 years ago I stumbled across a book that confirmed
everything I had been studying for years the book rich habits the daily success
habits of wealthy individuals but Tom Corley was a byproduct of a 5-year study
where they alter observed the habits of two hundred and thirty three rich
individuals and 128 poor people who are living in poverty to see how their daily
lives contributed to their financial position do you alter notice significant
differences between the two groups as it pertained to their day-to-day activities
and through this observational study was able to pinpoint the 7 habits that made
these 233 individual successful which are the following number one they're
persistent while we generally think of persistence as more of a personality
trait it's certainly a habit that can be learned and practiced over time when
faced with adversity wealthy individuals keep pushing through knowing that
success will come in due time the value persistence is well explained in the
book the dip written by marketing master Seth Godin Godin illustrates the dip as
a long curve between starting out and making it to the top it's where you find
their resistance that can wear you and make you want quit but the rich
understand that all good things take time and they are willing to ride out
the dip to realize the success that lies in the other side in fact becoming a
millionaire takes longer than you would probably expect well it's true that from
time to time we will see young people like Mark Zuckerberg and Kevin Systrom
becoming billionaires in their earlier years it takes the average person 32
years to become a millionaire moreover only 4% of people are able to eclipse a
seven-figure net worth in a still lengthy 27 year period
meaning that if you want to become rich being persistent and very patient is a
must number two they set specific and
attainable goals whether we realize it or not we're constantly setting goals
for ourselves anytime we look to the future and think
about what we'd like to have or do we're essentially setting a goal for ourselves
the problem with many of these goals of course is that they earn specific and
they aren't necessarily realistic for instance your goal may be too vague you
may say that your goal is to become rich but what does rich even look like or
your goal may be unrealistic for instance if you're working for minimum
wage and want to amass enough money to retire next year then that goal will be
nearly impossible to obtain the average person's financial goals are a large
factor in why they aren't rich if you ask them what their goals consist of
they would say something like my goal is to retire at 65 or my goal is to make
six figures one day in short their lackluster money goals resemble their
mediocre financial lives the rich on the other hand make a habit of setting solid
financial goals in fact about 80% of the wealthy are obsessed with pursuing goals
which includes the creation and review of short medium and long term goals
corely found that wealthy individuals consistently set specific attainable
goals these goals are realistic and had to have a specific set of actions that
would need to be carried out in order to be met for instance instead of saying I
would like to earn a million dollars this year a more realistic and specific
wall might be I will bring in an additional twenty five thousand dollars
this year by increasing my production capacity assuming it's actually possible
to increase production this is a goal that can realistically be
tane through careful planning and hard work one very effective method for
creating specific and attainable goals is by using this smart goal framework
this method requires your goal to be specific measurable achievable realistic
and timely for instance using the SMART goal framework your financial goal could
be save $12,000 in my high interest savings account in 12 months by setting
up $1,000 monthly deductions with my employer having a robust goal that
satisfies all the elements of the SMART goal framework is much more likely to
have you succeed then creating vague goals like save money or become rich
number three they have mentors Plato @ Socrates and Aristotle had Plato and for
92% of wealthy individuals having a mentor is a key driver in long-term
success while finding a mentor can be challenging the payoff can be huge
this is why almost all major companies employ mentorship programs in their
organizations as assuring of knowledge is critical to the business's success in
fact 71% of Fortune 500 companies have mentorship programs claiming that
building these relationships improve employee performance productivity and
innovation moreover employees we´d mentors are
promoted five times more often than those who don't
but beyond increasing your output and moving into higher salary ranges one of
the main benefits of mentorship is saving time working with a mentor can
allow you to leverage their years of experience which you can then use to
carve your own path to success these mentors can also help you avoid
unpleasant mistakes in fact in a 2016 Harvard Business Review study 84% of
CEOs said that their mentors help them avoid costly mistakes which is just one
of the many benefits that having a mentor can have on your own success
number four they are positive according to Crowley's observations so wealthy
individuals he observed generally had a positive outlook on life
we're upbeat and happy and were grateful for what they had and if you think that
positivity doesn't impact financial success then consider this many of the
richest people in the world made their wealth by starting businesses however
20% of businesses fail in their first year
30% of businesses fail in their second year and 50% of
this is fail after five years in business finally 70% of small business
owners fail in their tenth year business in short starting a business comes with
its trials and tribulations and in order to ride the waves of uncertainty and
hardship you must maintain a positive outlook but what if you don't run your
own business composite ivities still bring you
financial success the simple answer is yes a 2008 study revealed that positive
people are happier at work and perform better in their tasks which equated the
better chances at advancement and overall compensation therefore if you
want to start living like the rich you need to maintain a positive outlook on
life number five they educate themselves based on a vast amount of research we
can confirm that the saying the more you learn the more you earn is entirely
accurate studies find that 88% of wealthy individuals spent at least 30
minutes each day reading in order to expand their knowledge in addition 85
percent read two or more books per month on an ongoing basis and no one better
exemplifies this statistic than Warren Buffett the investing mogul spends on
average five hours a day reading newspapers and corporate reports and
admits that his commitment to reading has helped to make some of his best
financial decisions but the rich don't limit their education to just books take
the example of Canadian entrepreneur and multi-millionaire Dan Locke who invest
more than five hundred thousand dollars a year into his education in the form of
courses coaching and many other learning opportunities now there are definitely
people who aren't rich that read and invests in their education but one of
the main findings from corley study pertaining to education was that wealthy
individuals were able to translate what they learned into actionable information
that they could apply in their lives whereas the poor couldn't in essence the
rich made a habit of prioritizing self education and used what they learned to
reach their goals and improve their lives
number six they avoid lifestyle creep lifestyle creep is defined as the act of
increasing your standard of living in order to match your increased income and
the rich know that avoiding this phenomenon is critical to building
wealth you see for the average person when they begin to make more money their
level spending Rises accordingly for instance you may be fine driving around
in your $20,000 sedan when struggling to pay your bills but once
you get a big promotion or your business takes off you may find yourself wanting
to splurge on a fancy $100,000 sports car and this is one of the big
differentiators between the rich and the poor when the rich make more money they
forego the desire to spend the money today and instead sock it away into
savings and investments that grow in value and provide financial resources
that can be used in the future to maintain their current standard of
living in financial terms delaying gratification is known as delay
discounting and it takes place when someone decides to discount the value of
future rewards to immediately gratify themselves even though accepting a
lesser reward isn't exactly rational the rich know that future payoffs will be
greater than present rewards and studies strongly support how this restraint from
present gratification can lead to larger income realizations in the future in a
study of over 2,500 people participants were asked whether they would
hypothetically accept a smaller sum of money $500 USD or a larger sum $1,000
USD after a delay which could be one day one week one month six months or one
year when the researchers used machine learning algorithms to model the
relationship between individuals tendency for delay discounting and the
other self-reported variables they found that delay discounting was more
predictive of income than age ethnicity race and height therefore if you truly
want to become rich you must remain diligent in your conservative spending
ways number seven they surround themselves with success oriented people
as the saying goes you are the average of the five people you spend the most
time with and wealthy individuals seem to intuitively understand the importance
of being around other goal and success you are into people whereas the average
person will spend time with whoever's around the rich are intentional and
nurturing positive relationships to ensure that they grow over time the rich
often spend time with other wealthy individuals because being around other
successful people can act as a motivational tool that will spark their
own enthusiasm and drive moreover being surrounded by others who are making
things happen allow them to model their best practices after one another which
only further progresses the growth of their wealth author Tom Corley suggests
dedicating 30 minutes each and every day to nurturing such
relationship this could mean being a sounding board giving advice or just
generally being a helpful companion as you build and nurture this relationship
that person is likely to reciprocate and become a trusted and valuable supporter
thanks for watching if you want to go from the life you have to the life you
deserve then hit the subscribe button now
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