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 are jealous of became 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 realised 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 utilised 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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