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Lessons Learned From Wealthy Investors

30 Aug

saving-money-how-to-get-richLearning and developing the characteristics of wealthy people is a great way to start fostering your own financial independence and success. Most people who amass an abundance of cash and resources, do so because they have the right personality traits and lifestyle habits. Their ability to remain steadfast in their pursuit of goals and to save what they possess, allows them to enjoy richer, fuller and more stable lives. Following are 3 characteristics of wealthy investors that anyone can pursue.

Investors  Are Optimists

Of the different characteristics that wealthy people possess, contentment is likely the most important. Although many people believe that money brings happiness, in reality, the opposite is actually true. If you can maintain an upbeat state of mind, you will start becoming more aggressive and proactive in your wealth-building endeavors. Those who are perpetually depressed and downtrodden are often too beaten down to even try.

Able To Avoid Impulse Buys

The typical consumerism mentality does not apply to those who are rich. This is because they do not have as many emotional associations with spending. Buying new products is not directly associated with their happiness and thus, they can commit to purchases from a very realistic and balanced mindset.

Conversely, people who are constantly searching for happiness in things are more prone to buying items that they really don’t need or won’t use. For this and other reasons, in order to start generating real wealth and hanging onto it, you will first have to learn how to define the source of your happiness differently. If you can achieve a positive mindset and feelings of contentment without spending, it will be much easier to invest and save.

Perseverance

Wealthy people get where they are because they are willing and able to persevere. In spite of the unfortunate and all too common belief that rich people have it easier, negative developments and events are inevitable for every living being. The ability to rise above these things and to make changes wherever possible, is how people are able to take their proverbial lemons and turn them into lemonade.

Getting Out of Financial Rat Race

Sometimes it seems like you are racing on a treadmill when it comes to paying your debts, you are always trying to pay up your debts with a lot of difficulties but you never get them over you. Getting out of the race may not be as easy as many would think, it requires one to have some skills to be able to pay up the debts easily and live a stress free life.

Here are several  tips from wise investors:

1. You may hide your credit card so as to avoid adding new debts every now and then. You may be in need for your credit card in case of emergency but let it not be as near as being in your wallet. This prompts you to use it in matters that don’t really matter. It will be safer if you leave it in a desk at home or even keep it in a huge block of ice so as to avoid accessing it easily. The point here is that you should avoid having it close to you as this may tempt you to use it.

2. Learn to pay your bills in order of their interest rates. This is recommendable as it reduces the burden that you will have in time to come hence making life easier for you.

3. Ensure that you even pay the smallest balance on every bill and more towards the one with the highest interest rate. This aids in avoiding late fees.

4. Follow up your spending habits within a week and get to know where you use more money on. Each and every one of us buys food but you don’t have to eat each and every day anyway! On tracing your spending habits you will be surprised how it’s possible to cut down on some expenses that are not very necessary.

5. Get rid of the unnecessary expenses and use the saved cash to pay up your bills. Instead of hanging out for a movie, get a free one from the library and so forth. You will be surprised how things will start getting easy on you.

6. You may now pay the next debt after you are through with one with the highest rate. Eliminate your debts one by one and within some short while you will be out of the rat race!

Michael Hastings is passionate about saving, investment and business. He is also a savvy investor who works for Nick Scali, a furniture company.

 

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