Wed, 2013-05-01 00:00
Most
people wouldn’t complain if they suddenly became rich. In fact,
millions of people play the lottery every week with just this hope —
even though, statistically, their chances of winning are next to
nothing.
Obviously,
very few of the wealthy people we’re jealous of have gotten rich this
way. As we know, “get rich quick” schemes are usually a gimmick or a
con, so it follows that most wealthy people have invested time and
effort into getting where they are today.
If
we’re honest, we can admit that if we spent less time complaining about
our circumstances and more time studying and following the lifestyle
habits and principles that have made people rich, we’d be a lot closer
to our financial goals.
The
ideology and practices that build wealth can be summed up as hard work,
conservatism, ingenuity, and an opportunistic mindset.
Let’s break those factors down.
Hard work
There
really isn’t a magical formula for building wealth effortlessly. Sure,
there are smarter ways to build wealth, and principles that work better
than others. But what it really boils down to is just plain, hard work.
At
some point in their life, rich people have been the ones who studied
for hours, worked late into the night, never watched television, went on
vacation, or had social lives, and gave up countless small luxuries for
the sake of their goal. A large amount of effort is required for a
large financial gain. Most people aren’t willing to put that much effort
into it.
Conservatism
The
simplest reason why rich people have money is that they haven’t spent
it. Think about it. As the old adage says, you can’t eat your cake and
have it, too. In the consumerism culture we live in, it’s easy to fall
into the habit of spending everything we make.
Wealthy people have mastered the discipline of saving money and making it work for them instead of always working for money.
If
you study the lifestyles of the wealthiest people in the world, you
won’t find them buying the newest, most popular vehicle every year.
Instead you’ll probably find them driving a vehicle that’s paid off and
has high mileage. You won’t find them maxing out credit cards for every
known retailer; you’ll find them to be conservative and wise about their
spending. A well-known financial adviser, Dave Ramsay, has said, “You
have to live like no one else in order to live like no one else.”
Ingenuity
By
ingenuity, I’m not saying wealthy people are any smarter or even more
educated than ordinary folk. But they’ve realized their own unique
abilities and mixed them with some creativity to say, do, or create
something no one else has — something that works, and something that
everybody wants. Ingenuity lies in everyone, but wealthy people have
utilized it to their financial advantage.
An opportunistic mindset
Wealthy
people work hard and are wise and careful planners. On the other hand,
they’re also willing to take the risks often necessary for great
success. People who are tentative when an opportunity arises often miss
out on some of the greatest advantages.
While
being unafraid of opportunity is a good trait to have, it sometimes
carries consequences. Not every uncertain or risky opportunity succeeds
(otherwise, there would be no need for courage). Rich people have often
faced discouraging failures, but remain undeterred by them. They know
that, in spite of failures, they’ll eventually succeed, and because
they’re willing to take great risks, their success will be equal to it.
The
path to riches is paved with hard work, conservatism, ingenuity, and an
opportunistic mindset. Without these traits, it’s difficult to live a
lifestyle that will result in lasting wealth.
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