Discipline - Deepstash

Discipline

Self-made millionaires choose moderation over extremes. They often buy used cars, don't live in the most expensive houses and don't try to time the investment market.

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MORE IDEAS FROM 4 Simple Habits to Build Wealth Faster

Frugality

Frugality means resisting the temptation to spend more than you earn.

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A defining characteristic of many millionaires are their willingness to work hard and stick it out in high-paying careers until they are financially independent.

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Self-made millionaires create a personal vision, set goals and actively pursue those goals. They allocate their time, energy and resources effectively.

Even if they hire an outside financial adviser, they still monitor the budget to ensure the investment portfolio matches the level of risk taken.

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RELATED IDEA

Money is about value, not time

You are paid in proportion to the perceived value of your work. Not based on how hard you work: A handyman may work hard, but his work is easily replaceable so he will make less money than a lazy accountant.

The most valuable employees are the ones working on the biggest problems. The richest people are those who solve a problem for billions. 

If you want money, stop chasing money. Look for big problems and come up with solutions. The market will reward you generously. 

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The wealthy

Most rich people do not flaunt their wealth: They don't live in high-class neighborhoods or drive expensive cars. They look like you and me.

The rich have a net worth of above $1 million. Most rich people got wealthy through a simple combination of earning an income, saving for retirement, and spending wisely.

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To accumulate wealth...
  • You need to make it. You need a long-term source of income that's enough to cover your basics.
  • You need to save it. You need to develop a proactive savings plan.
  • You need to invest it prudently.

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