AS Coco Chanel once said, ‘There are people who have money, and there are people who are rich.’ While the concept of being rich doesn’t guarantee happiness, life can be far more pleasant – and easier – if you don’t have to worry about money.
But how do you get to that point?
Doing the grind from payday to payday won’t necessarily get you there. You need to do something different: your behavior is what will determine whether you remain trapped in mediocrity or flourish in financial abundance.
Getting on track is easy if you know-how – and there are some super-wealthy people who do. There are many valuable lessons we can learn from them…
1.USE YOUR MONEY TO MAKE MONEY
A crucial aspect is actually having money to invest, and this is what separates the rich from the poor. Thomas C Corley, author of Rich Habits: The Daily Success Habits of Wealthy Individuals, spent five years studying the habits of more than 200 self-made millionaires. He found that the wealthy find money to invest by forcing themselves to survive off 80–90% of their net income, thereby setting aside 10–20% of their income for investing.
You could scoff and think that’s easy when they’re earning seven figures, but this is a habit that they cultivated from the get-go when they had little money. It’s how they got to be wealthy.
2.PAY YOURSELF FIRST
This habit is within reach of all individuals, according to MagdaWierzycka, CEO at Sygnia and one of the wealthiest women in South Africa. ‘As soon as you start earning a regular income, deduct 20% of it and invest via an employer-sponsored retirement fund or a retirement annuity,’ she says. ‘Invest in highest-growth products and forget about it. Think about your salary as being 80% of what it actually is. It is a mindset, but that one decision will make a massive difference between wealth accumulation and a future struggle.’
So pay yourself first every month – it’s what the super-rich do.
3.OWN YOUR BUDGET
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