Welcome to my blog. Statistics say: one percent of people own half of the world's wealth. The remaining 99% are sure that getting rich requires only a little luck. But scientific research proves that there are habits of rich people that are formed in childhood and certainly lead their owners to success. So today we’ll talk about the habits of millionaires.
Thomas Corley spent five years studying the lifestyles of people whose annual income was $160,000 or more (and they made it themselves) and who owned assets worth $3.2 million or more. He came to the conclusion that wealthy people are similar in many ways. As a result, he wrote a book about how the habits of billionaires differ from the lifestyle of average workers.
Why do people who accidentally get rich inevitably go broke?
The lucky ones who suddenly inherited a fortune or won a lottery jackpot, in most cases, spent all the money within a few years.
For example, Vivian Nicholson from the USA won $3 million in 1961. In comments to reporters, she said she would “spend, spend, spend.” It took her only five years - nothing was left of her rich life. She was widowed, remarried (five more times), became a drunk, tried to commit suicide several times and ended up in a mental hospital. Having spent all her funds, she remained single and lived the rest of her life on a pension of $300.
They say that money can change your life: unfortunately, both for good and for bad.
What habits of rich, strong and successful people helped them achieve and maintain prosperity?
Make contacts with people
Money can only be earned with the help of other people. Successful people develop the habit of spending a lot of time networking and communicating with others. For a successful person, a friend, a new acquaintance or an old friend is a potential:
- investor;
- ideological inspirer;
- partner;
- source of useful information;
- just friend.
The author of the book “The Golden Rules of Successful People,” Jena Pincott, believes that one of the main habits of successful people is to be able to communicate and build contacts.
Connect with people: Pexels
Psychological research and questionnaires from Thomas Corley
The psychology of wealth and the habits of the rich is a topic of interest to many. Thus, American experts from Brown University conducted a large-scale study in this area. It took 5 years.
They observed the daily habits of 50 thousand families consisting of almost 150 thousand people. Analyzing the way people handle money, the pronounced biases of poor people have been revealed. The rich did not have these habits at all or tried to get rid of them. Heirs were not included in the study. The scientists included in the sample only those who achieved financial success on their own thanks to many years of habits.
The aforementioned Thomas Corley interviewed 233 rich and 128 poor people for his book “The Key to Success: The Daily Habits of Every Rich People.” It turned out that, indeed, the former have their own habits, which relate not to actions, but to attitude towards life.
Educate yourself
The habit of learning and the ability to master new knowledge, programs, areas of activity are a very valuable resource. Most people who have earned millions through their labor have it.
Constant intellectual activity:
- prevents aging of the brain and the body as a whole;
- allows you to expand your horizons;
- helps to adapt to new life realities.
When a person engages in self-education and learns new information, additional neural connections are created in the brain, which has a beneficial effect on the entire body.
Self-education is a habit of rich people: Pexels
Habits of wealthy people
So, after compiling several studies, I have compiled a list of the most important habits of “wealth” - the lifestyle of millionaires and billionaires.
They read a lot
The interests of rich people are not limited to just their career. They spend a lot of time on self-development, improving skills, so-called skills.
The richest people on the planet call the habit of reading one of their most important daily activities. This can be either scientific, professional, or fiction.
Playing sports
Sports is another important point that distinguishes the habits of the poor and the rich.
You will say that the poor simply do not have enough time for this. But, according to scientists, the habit of leading a healthy lifestyle and regular exercise can increase not only the amount of energy, but also stimulate mental activity.
Dedicate 15-30 minutes to reflection every day
Rich people know that to make good decisions, it is important to stop and think. You can also plan your day over a cup of coffee in 15 minutes.
Get up early and go to bed early
It is not for nothing that it is said that whoever gets up early, God gives to him. The lives of billionaires prove this truth. So, early risers plan their time better and earn more.
But that doesn't mean you can't change your daily routine. Getting up and going to bed early is a habit you can accustom your body to.
Plan for the day, week, month, years
Planning is the key to success not only in business, but also in your personal life.
Rich people often draw up a personal financial plan for decades in advance, and also set goals for the coming day, week, month. Often, a personal accountant is hired for this, who draws up a detailed document breaking down income, expenses, and investments.
It is also customary abroad to draw up pension funds in order to know exactly what savings you will have in 10, 20, 30 years.
Focus only on what is truly important
Useful articles
Who is the richest person in the world today according to Forbes magazine?
Why do some people make a million by the age of 30, while others are doomed to poverty?
The main step on the path to wealth: long-term investments
Let's take an example: how do rich people save?
What is important is up to you to determine.
But setting priorities is not a luxury: anyone (not just the rich) can do it if they want. For example, most rich people, in addition to making money, are interested in sports, healthy eating, traveling and taking part in social activities. The poor, according to scientists, on the contrary, have a habit of not being interested in other areas besides everyday life.
Act quickly without delay
Don't put off until tomorrow what you can do today. This is a habit that contributes to financial success.
Being organized and understanding that your destiny and future rich life depends only on you will help you make quick decisions.
They pursue only their own goals and work only for themselves
I don’t mean pure selfishness, as you might think. It is important that rich people know how to focus on their desires and clearly set goals for their realization. Many people strive to work for themselves, but only a few gain courage.
Set global goals
I'm not talking about taking over the planet (rich cartoon characters often have such habits). Poor people usually think about how to quickly escape from work and relax, what to do on the weekend, what purchases to make. The rich set global goals, for example, where they want to be in 10 years, what to do, what kind of people to surround themselves with. This is an obvious difference in mindset.
Doing what they love
If you enjoy assembling a car engine in your garage, make it your business. History knows a lot of examples of billionaires who turned a hobby into their life’s work, became famous and earned a fortune, becoming rich people.
Looking for mentors
It's never too late to learn. Even if you are a professional, there will always be someone who knows and can do more. Seek guidance and don't be afraid of rejection. 93% of rich people have a personal mentor to whom they owe their success.
They know their worth
“I don’t sell, I buy,” is one of the important principles of a rich person. He will never work for next to nothing, much less for free. Each work has its own market value - and you must know it exactly.
Have a positive outlook on life
Of course, wealth itself leads to positive thinking. But, turning to the stories of millionaires, one can trace a trend - even in moments of failure, they did not give up and continued to believe in their success and a rich life.
Don't follow the majority and think outside the box
Thomas Corley in his book says that rich people are not afraid to stand out from the crowd, although herd behavior is genetically embedded in us. Most rich people believe that creativity, not intelligence, is critical to achieving financial success, while just 11% of poor people agree.
Learn new things and improve themselves
Taking care of yourself doesn’t just mean going to beauty salons and the gym. Rich people regularly attend trainings, seminars and events that allow them to develop.
They value their time
And again the truism: “Time is money.” People who spend both wisely become successful. Make it a habit to appreciate every minute.
Take responsibility
Millionaires are not afraid to jump over their heads: for example, take a higher position or take out a loan to start their own business. Although this will bring not only new responsibilities, but also responsibility for people or other people's money.
Help others become successful too
The rich are grateful for their position and are often ready to help people like them reach new heights. They do not have the habit of gloating over other people's failures; they will always lend a helping hand to less wealthy colleagues or friends.
They seek feedback and make new contacts
68% of rich people and only 11% of poor people say they love new acquaintances. This habit, research shows, correlates with respondents' belief that relationships are critical to business success.
In addition, rich study participants said the habit of liking new people was important. Although this must be learned if you do not have natural talent.
Spend time with other successful people
Yes, yes, the Masonic lodge is a reality for the rich and successful. They unite in closed groups and clubs based on interests. This allows you to establish new connections, which are so important for business. In addition, it has become a habit for many rich people to attend specialized events, various charity evenings, film festivals, and theater premieres.
See opportunities
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One of the greatest investors of our time, Warren Buffett, who started out selling trash bags and delivering newspapers, once said: “The best investment opportunities arise when thriving companies suddenly find themselves in difficult situations.” It was the habit of seeing such opportunities and the courage to make innovative decisions that made Buffett a billionaire.
Invest
How do rich people behave to protect their capital from inflation? Rich people have a good habit of investing in risk-free or low-risk instruments:
- shares of reliable companies that regularly pay dividends;
- bonds;
- deposits;
- gold;
- gems;
- real estate;
- pension funds.
Always looking for additional sources of income (passive)
Even successful businessmen, owners of large businesses, have the habit of renting out their villas, apartments, offices, yachts and other property. And they are not shy about it. Financial instruments can also become a good source of passive income in a new, rich life.
Always spend less than you earn
Billionaires believe that it is important to spend less than you earn, that is, to save and accumulate capital. The poor are sure that they just need to earn more - and this has nothing to do with them.
Get into the habit of putting 1,000 rubles a month into a bank account and investing this money, for example, in mutual funds. In 10 years, pay for your children’s education or open your own business—it’s up to you.
Don't give up
If you haven't heard of Traf-O-Data, I'm not surprised. This is Bill Gates' first company. He invented a device that he could never sell to anyone. The venture was not successful, but it marked the beginning of the development of the first Microsoft product. Today, Gates' fortune is estimated at $92 billion. He learned a valuable lesson from his first experience and did not give up. This habit will not be superfluous for anyone.
Take care of your health
Another habit of rich people is taking care of their health. Most of them are guided by the rule “We are what we eat” and adhere to proper nutrition. There is no fast food in their diet (burgers, chips, French fries) - it’s cheap, but useless. Such food contains practically no vitamins, beneficial microelements or valuable fiber for the body.
To maintain health and be full of strength for achievements:
- eat right;
- play sports;
- visit your doctor regularly;
- Allow enough time for sleep;
- stay calm in stressful situations.
Habits that keep the poor from getting rich
And now about the sad thing... what habits prevent 99% of the world's population from achieving success? How to become rich?
Self pity
Feeling sorry for yourself is a feeling that often occurs even among the rich, but it can be overcome. Psychologists believe that this destructive emotion leads to negative thinking, self-doubt, anxiety and fear.
At first, pity may be mild in nature, associated with stress and external circumstances. But after some time, it no longer needs any excuses to grow. It will be fueled by negative feelings. Complaining will become a habit.
First of all, realize that only you are responsible for your life. Identify the reasons for self-pity and think about what to do to overcome unfavorable circumstances, resentment or injustice.
Doing things that don't bring you satisfaction
Sociologists say that a quarter of Russians are not satisfied with their jobs. Just over a third (37%) are satisfied with their salary. At the same time, 9% of respondents have 2 jobs, another 2% have three. Why do you need the habit of living without pleasure?
Think about what you dreamed of as a child. If you wanted, for example, to be a veterinarian - go volunteer at a dog shelter, fate itself will give you the opportunity to learn, earn money and get rich doing what you really like.
Whining and communicating with whiners
More than once I have watched office workers over a mug of coffee tell each other what a bad boss, job, and salary they have. Just think, this time can be spent usefully - discussing plans, attending a seminar or training, and ultimately looking for a new job.
Greed and stinginess
Uncle Scrooge, although he is the standard of a rich stingy man, does not reflect the truth of life.
Often it is poor people who spare money, and on the most important things, for example, education. To start self-development, you don’t have to spend money. There are now plenty of free online courses from leading universities in the world. Make it a habit to constantly study.
Beliefs that wealth is bad
And again the popular wisdom: “It is not money that spoils a person, but its absence.” The idea that being rich is bad is a remnant of the USSR. Nevertheless, officials could afford what an ordinary, not so rich citizen could not, and did not feel like villains. Now the system gives you the opportunity to earn as much as you want.
Short term thinking (here and now)
Living for today in the modern world is an unaffordable luxury. Poor people are united by this very harmful habit - running around in a vicious circle of “home/work” and not even thinking about the near future.
A simple exercise - take a piece of paper and write down how much you want to earn in a month, a year, 5 years. Next to it, indicate what needs to be done for this. Stick it on the wall and get into the habit of looking at the recording every day.
Love of borrowed money
Credit, if it is not used to make money, is absolutely useless and sometimes even dangerous. Don't spend more than you earn.
Living beyond your means
Another problem of our time is that the market offers a huge selection of absolutely unnecessary goods, and advertising forces people to buy them. Moreover, a person does this out of habit, and not out of necessity.
Stop and think about whether you really need this gadget, car, suit or watch.
Obsession with money
Don't think about money. Think about what would make you happy and how to achieve it. And the money will definitely come a little later.
Comparing yourself to others
Comparison is not always a bad thing; for example, during sports competitions, it determines the winner. But in life, the habit of comparing oneself with others most likely leads to envy, irritation and negativity, and this prevents one from achieving results.
It’s better to think about what experience to learn from a rich colleague or friend in order to get what you want.
Wasting time on entertainment
Business before pleasure. However, there are entertainments that, in addition to relaxation, can bring real benefits - sports, reading, attending various events, communicating with successful people. These are useful habits for a future rich life.
Fear of change
This is one of the most powerful psychological factors. The fear of change is as natural for people as the fear of death. Why do we habitually fear new things?
The unusual order of things increases stress levels and creates a feeling of unpredictability and uncertainty. We can and should fight this. Psychologists advise identifying the factors that you influence, focusing on the result and going towards it.
Thank you for reading our article. I sincerely wish you all success and prosperity! Be rich! Subscribe to my blog and pages on social media, share with friends.
Take a break for yourself
Don't overwhelm yourself by trying to achieve everything at once. Learn to take breaks from your activities when tiredness sets in. Rest is necessary for everyone. Take a weekend and completely disconnect from thoughts about work, have fun, meditate, spend time with loved ones. This will give a powerful boost of energy, avoid emotional burnout and prevent you from losing interest in what you love.
A person makes many decisions under the influence of habits. To become a rich and successful person, take advantage of the proven habits of those who managed to climb to the top of fame and start changing your life right now.
Original article: https://www.nur.kz/family/self-realization/1716592-10-privycek-bogatyh-ludej-kotorye-stoit-perenat-i-nam/
Advice from billionaires who occupy the top 10 places in the Forbes ranking
Almost everyone in Forbes' top ten saw their fortunes increase in 2018, but Amazon founder Jeff Bezos' fortunes were unstoppable.
For the first time in history, he became the richest person on the planet and reached $112 billion. Microsoft founder Bill Gates and investor Warren Buffett traditionally also made it into the top three. Who else is among the people with the largest fortune, what assets provide their income and what advice from billionaires you can pay attention to - in our article.
Bill Gates - $90 billion
The advice of billionaires will definitely not be complete without this person. Bill Gates is one of the most famous entrepreneurs in the world, whose name is familiar even to those who are far from high technology. Created more than 40 years ago, the corporation continues to grow, but now his share in it is a modest 3%. And this is only 13% of his fortune. The rest consists of assets in large companies from the USA and Canada, as well as the Breakthrough Energy investment fund.
“I don’t like conferences in all sorts of exotic places. It seems that the nicer the venue, the less real work there is at the event.”
Charity occupies a large place in the modern life of a billionaire. In addition to the Giving Pledge, he works with his own Bill and Melinda Gates Foundation. The organization's key areas of activity are combating the food crisis in poor countries and improving global health care.
“I'm afraid to lose. Every day, when I come to the office, I ask myself: Are we doing a good job? Was anyone ahead of us? Is this or that product really good? Is there anything else that can be done to improve it?”
Make decision making easier
Mark Zuckerberg, founder of Facebook, tries to live a simple life. This is reflected in his clothing preferences - for example, he always wears the same blue jeans, gray T-shirt and hoodie.
In 2014, during a public Q&A session on Facebook, Zuckerberg was asked by Here's The Real Reason Mark Zuckerberg Wears The Same T‑Shirt Every Day about this approach to his own wardrobe. And this is what he replied:
I want to clear my life of unnecessary things so that I have to make as few extraneous decisions as possible that are not related to work. I feel like I can put the saved energy to better use.
This is how Mark copes with decision fatigue. And he is not alone. Steve Jobs always wore the same black turtleneck, blue jeans and New Balance sneakers. Tucker Hughes, managing director of Hughes Marino, plans what he will wear and what he will eat for the week ahead.
Former US President Barack Obama once told Vanity Fair's Obama's Way that he only wears gray or blue matching suits because he wants to pare down his options and focus on other, more important decisions.
Make yourself a wardrobe, menu, exercise list, daily plan, schedule, and then just follow the regime. This will save you time and effort.
Investments
There are many types of investments to become rich. They are selected taking into account the individual characteristics of a person: temperament, age, character (propensity to take risks). But the investment mechanism is identical in all cases. For clarity, let's break it down into several stages:
- Drawing up a financial goal. The concept of “wealth” is different for each person. For some it is money, for others it is property. But for everyone, without exception, there is a financial goal, with different costs and deadlines for achievement. At the first stage, a list of tasks is compiled. For each, the price and sales period are determined. For example, pension savings - 30 years and 20 million rubles, country house - 5 years and 5 million rubles.
- Determination of the amount and profitability of investments. A person wants to receive 50,000 rubles a month in 30 years, after retirement. The capital that gives such an amount per month is calculated using the formula 50,000 x 12 = 600,000/0.06 = 10 million rubles. But during this period, inflation will reduce the purchasing power of money, so the required amount is multiplied by a factor of 2.66 (average inflation rate). Total: 26.6 million rubles. The estimated return on investment is 12% per year. This means you will need to save at least 20,000 rubles per month.
- Choosing an investment strategy – active or passive. In the first case, investments are subject to constant, frequent analysis. In the second - “buy and hold”.
- Investment portfolio distribution. You can invest in shares, securities, bank deposits, real estate. The ratio depends on the goals, investment period and propensity for risky financial transactions.
- Selection of investment instruments. For passive investors, these are mutual funds and ETFs. Any stock exchanges are suitable for active ones, where you can buy/sell securities almost every day.
- Regular updating of the investment portfolio. Even for passive investors, this step is mandatory, because the economy is very dynamic, and the value of the portfolio should remain at least at the original level.
The topic of investment requires detailed study and careful preparation. Don't neglect financial education.
You cannot become rich without basic economic concepts.
Tips for success in all areas of life
The foundation of the answer to the question of how to get rich quickly is good habits. To do this, you will need to perform a full analysis of your life and everyday life. Understand what has a positive effect on your financial situation and what has a negative impact.
Thanks to competent planning, smart distribution of time, identification of tasks and goals is possible. This must be done in advance. Based on the assigned tasks, a strategy is developed. It is easy to achieve success if you are clearly aware of your desires and strive to develop opportunities.
You can solve a problem, including how to become richer, through competent analysis. Decide what money is in life, what desires it fulfills, and how it is possible to achieve your goals. Postponing things until tomorrow is highly discouraged if there are clearly defined goals. No excuses: fear, laziness, lack of mood, mythical “circumstances”. Remember that there is a dream ahead.
Carlos Slim Helu - $67.1 billion
The key source of income for Mexico's richest man is telecommunications giant America Movil. It is the largest mobile operator in Latin America, with shares up 37% in 2021. In addition, he has a 17% stake in The New York Times, as well as holdings in mining and real estate businesses.
“Avoid excess even at the best of times. This is a guarantee of stability in the most difficult periods of life."
In an interview, Elu repeatedly repeats that developing a business just for the sake of profit leads to a dead end. Poverty and problems, in his opinion, create a promising environment for growth. Money becomes a reward for those who have a burning desire to improve their own and others’ lives.
“Many people want to make a difference in the world for their children. I'm trying to change my children so they can make the world a better place."
Thus, many billionaire councils promote that, above all, a business should generate value for others.
Bernard Arnault - $72 billion
Arnault heads the LVMH group, which produces luxury goods known throughout the world: Louis Vuitton, Givenchy, Guerlain, Chaumet, Moët & Chandon, Hennessy. In 2021, the holding showed a record level of sales and increased profits by 29%. In addition, a high-profile deal worth $13 billion thundered - Christian Dior was added to the collection of brands.
“The main thing in organizing a company is balance. Neither the commercial nor the creative side should outweigh"
Despite his specific niche, Bernard Arnault is aware that for a long-term game it is important to be flexible, dynamic, and responsive to trends. The market is changing, demand in some countries is falling, but the businessman remains true to himself and does what he loves - fashion, luxury and art.
“Anyone who wants to develop their business should focus on China. In this country, the population is growing at a tremendous pace, and with it the demand for luxury. Even troubles in Western countries are not destroying the luxury market, because it is quickly being occupied by China, India and Russia.”
What is wealth
The definition of "wealth" differs depending on the scientific discipline or area of a person's life. In its most general sense, this concept means an abundance of intangible and material values. So wealth is not just about having a lot of money.
Thus, sociologists distinguish four types of capital:
- Intellectual. A person's body of knowledge and skills that can be useful in life.
- Economic. Directly the amount of money a person owns.
- Social. A set of human connections that can be used in some way. But this is not only the selfish side of life. So, if a person has many friends, he is happier and does not need a lot of money to have fun.
- Symbolic. This is how much power a person has.
Real wealth is the ownership of all types of capital. They are all interconnected and can be converted among themselves. For example, social increases the likelihood of finding a good job with a low level of qualifications. There is one person who did not even graduate from high school, but was able to meet a wealthy banker and become a personal driver. As a result, he was significantly richer than many of his more educated peers.
Intellectual capital also allows you to earn more in the future. If a person has exceptional skills that no one else has, then he will be paid a lot of money for his skill.
Economic capital can be invested on the stock exchange, in real estate, invested in a business or created your own, and become even richer.
And finally, symbolic capital is the ability to influence other people and do what you want. This is a prerequisite for effective leadership roles. In turn, such positions are always highly paid.
Jeff Bezos - $112 billion
The richest person in the world and the only one with a net worth of more than $100 billion is Jeff Bezos, founder and CEO of Amazon.com. The shares and capitalization of this company are growing at an insane pace - in five years the price of one security has risen 5 times. And it all started with a simple, but relevant idea for 1994 - to sell books on the Internet.
“When you work for the long term, you ensure that the interests of shareholders and customers coincide.”
Bezos puts the client at the forefront of his business and believes that in any situation it is necessary to first start from the interests of the consumer. In addition, in his company, everyone, even senior managers and himself, is required to spend two full working days in the help desk every two years.
“If you focus on competitors, you won’t take a step without them. If you focus on the customer, you can become a pioneer in your business."
Bezos is also no stranger to charity. In January, he donated $33 million to scholarships for undocumented immigrant students. In September - $1 billion each for the Day One Fund and a fund that helps organize preschool education in poor areas.
In addition, the businessman continues to pursue his own dreams - since 2000, he has been investing in space research through the private company Blue Origin.
Read: Think like Galitsky: 10 tips from a Russian billionaire and philanthropist
Larry Ellison - $58.5 billion
Ellison's income comes from Oracle, a software company he founded in 1977. In 2015, he announced that the corporation was heading towards cloud technologies, and this decision was strategically correct. Over the past year, ORCL shares have increased in price by 18%.
“My primary goal in founding Oracle was to create an environment in which I could work and have fun. Of course I wanted to earn a living. But I didn’t expect to get rich.”
Larry Ellison believes that the key to a successful career and life is the desire to enjoy what he does and remain independent in decisions.
“Don’t assume they are right because they are an authority or an expert. Think for yourself"
Having everything possible for a comfortable old age, the businessman donates a lot of money to charity. Two and a half years ago, he gave $200 million to the University of Southern California to create a new cancer research center. He also joined Buffett and Gates' "Giving Pledge" campaign, in which participants give at least 50% of their net worth to charitable causes.
Advice from Charles Koch: use the trial method, appreciate mistakes
Status: Co-owner of Koch Industries.
Capital: $60 billion.
Any mistake, according to Charles Koch, even one that harms the business, is another step towards success. Anyone who avoids failure and is afraid of making mistakes is doomed to business degradation. Try something new, and this path will be beneficial, even if all projects fail.
Experiment. Don't pretend that you are experimenting, but actually act.
Mark Zuckerberg - $71 billion
Zuckerberg has come under intense pressure in recent years over privacy scandals and political campaigns, but his business continues to grow. In 2021, it added 32% and brought the owner about $11 billion. Zuckerberg is the most authoritative young billionaire, whose advice is listened to by people from all over the world.
“If a person has brains, he does not have the moral right to work not for himself and give his time and the results of his achievements to the employer”
Mark has always been a person for whom ideas are more important than money. In high school, he and Adam DiAngelo developed an MP3 player that created playlists based on user preferences. The students refused to sell the program for $950,000, and then patented the technology, spending $12,000 on it.
