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4 Simple Habits to Build Wealth Faster

Hard Work

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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4 Simple Habits to Build Wealth Faster

4 Simple Habits to Build Wealth Faster

https://www.kiplinger.com/article/saving/T047-C032-S014-4-simple-habits-to-build-wealth-faster.html

kiplinger.com

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Key Ideas

Frugality

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

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.

Hard Work

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.

Time Management

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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Defining "Success"

“Success” isn’t just having lots of money. 

Success is continuously improving who you are, how you live, how you serve, and how you relate.

Lose an hour in the morning, and you will be all day hunting for it.

Lose an hour in the morning, and you will be all day hunting for it.
Putting "first things" first

Start the day with your #1 priority.

Getting up early isn’t enough. You need to put first things first. When you put your top priorities first, then you ensure they make it into the bucket of your day. After your main priorities have been completed, the rest will fill the gaps.

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The wealthy
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 millio...

The pseudo-affluent

They buy things that convey success. They want you to know just how much stuff they have by showing off their success.

The pseudo-affluent feel insecure about how they compare with the Joneses and the Smiths. They hold on to the belief that all economically successful people display their success through prestige products.

Characteristics of the pseudo-affluent

The pseudo-affluent generally:

  • They earn a high-income, but spend the majority of what they make.
  • Wear expensive suits or carry expensive purses.
  • Drive high-end luxury or sports cars.
  • Really believe that rich people act rich.

It does not mean that every person that drives a BMW pretends to be rich, but those who do spend the majority of high incomes spend it in a way to display their wealth.

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The Slow And The Fast Way To Build Wealth
  • The long-term approach to wealth building: If you’re younger and your income limits allow, open up a Roth IRA. Invest in mutual funds and ETFs while making sure you have enoug...
Todd Tresidder
Todd Tresidder

“Great wealth builders focus on both saving money and earning more.”

9 Ways To Building Wealth Fast
  1. Save on vehicles. Before buying a car, investigate vehicle reliability, pricing and financing.
  2. Rent. Most rentals offer more flexibility in case you need to move. Also, not having the mortgage payment allows you to start saving earlier.
  3. Don’t be a consumerist, buy only the things you really need.
  4. Save a percentage of your income so you have more money to invest.
  5. Work hard on your current work regardless of your feelings for it. It’s easier than finding a new great opportunity and may lead you into a promotion.
  6. Educate yourself even if it doesn’t bring any immediate benefit, being educated opens new opportunities on the long run.
  7. Invest in yourself and your marketing to open up new opportunities.
  8. Being an entrepreneur is the best way to maximize your earnings, short of being an investor. Try it, even if it fails the learning from it will be invaluable in your next attempt.
  9. Real estate won’t make you rich overnight, but it’s a solid strategy to increasing your network.