A few months ago I wrote an article about building wealth that a few websites have picked up. Because life is always changing, I've made some modifications to reflect what has gone on since then and what else I have learned about. I hope you enjoy!
There are keys to wealth and success that those who have attained
them understand. If you wish to build wealth and achieve success then
it’s crucial to implement the keys discussed below.
Here, then, are six things that the successful understand and
implement. As you read them, please understand that you can take action to put
them to use in your life too!
SIX THINGS SUCCESSFUL PEOPLE KNOW AND DO!
1. They believe in themselves!
Successful people believe nothing can stop them from reaching
their goals – financial and otherwise. They do what is necessary to
reach those goals. That means they even do things they dislike or take
on tasks that seem impossible.
You can sense their self-belief and can almost see it when they
enter a room. Successful people exhibit a high level of
self-confidence that is contagious. Most are optimistic and maintain a
positive outlook even when life is tough. Their confidence is not
easily shaken by external factors. They see opportunities in problems!
2. They learn from people who have achieved more than they have!
Successful people know that in order to grow they need to learn
from those who have already realized greater success. They know that
when you stop growing you stop living!
They ask questions, study and learn from others. One man that I
interviewed said to me, “No one has asked me questions like this
before!” I wasn’t surprised to hear him say that as I have heard it
before.
Who can you ask about their success? What might you learn?
3. They recognize the tremendous value of time!
Successful people understand time is their most important
asset. They know it is a very scarce resource. They don’t spend much
time watching television soap operas, for example. One of the best
investments we made recently was to spend $9.99 a month to get the
digital video recording service our local cable provider offers. While
we already watch limited programming, now we record the few shows we
normally watch so we can zip through the commercials! (Sorry,
advertisers!)
Wealthy people know the power of the use of leverage to achieve
maximum gains with minimum efforts. When you can leverage time, you
can achieve tremendous results!
4. They understand the importance of investing in themselves!
Successful people understand that many expenses are investments.
They know that by spending money to acquire an asset or skill
(learning) they will realize a future return. In many cases that
return will be a large multiple of their original expenditure. (A good
accountant will help them to see this, too!)
Many successful people spend good amounts of money on
educational and motivational resources – CD’s, seminars, books,
membership websites and more. They know that it is an investment that
can never diminish in value because it is an investment in themselves.
5. They implement strategic monetary decisions!
Wealthy people place a significant portion of their wealth in
some type of investment that gives them a better return than a savings
account.
These investments might be real estate, gas and oil, stocks,
bonds, or their business. Recently we learned about an investment
opportunity that over the last year (February 2006 – January 2007)
returned over 70% compounded. We learned about it because we are
actively looking for things that have the possibility of doing much
better than the local bank.
Successful people also know that not putting all your eggs in
one basket is critical. There are far too many stories of people
losing everything because everything was riding on one horse that
couldn’t make it to the finish line.
Recently I was introduced to a powerful software program that provides tremendous guidance in building wealth and making sound financial decisions. Notice that I said "provides guidance." You still have to take the action. Not everyone will do that; but, in not doing it they will only delay or imperil wealth-building in their own lives.
6. They understand the power of being generous!
Many wealthy people are also great givers. They have come to
see the importance of giving to something beyond themselves. They know
that as they give to their community, college, church and other
organizations they are helping others and that, too, is a great
investment!
To be sure there are tax benefits involved, in some cases
tremendous tax benefits (i.e., charitable remainder unitrusts), but for
most successful people it is a benefit of giving and not the primary
motivating factor.
Conclusion
Wealth and success are not measured simply by money in the bank
and are rarely attained quickly. Practice the disciplines above and
you too will develop a wealthier life in many ways!