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    Tuesday, November 28, 2017

    Important habits that can make you rich faster

    Becoming rich is more of a product of habit than of the amount of money in the bank. Obviously, to be considered rich one must have a substantial amount of money in the bank but being wealthy is more of one's ability to keep the money. 

    We all get money from our various sources of income and yet not many of us are rich. Why? Is it because our income is low? That's the obvious surface reason most people provide for not being rich. They think they are not rich because of their low income, But fail to realize that the amount you earn does not and should not determine your general financial worth.

    Becoming rich is more of a product of your habit than of the amount of income you earned. This is why we often hear about lotto winners who suddenly win large amounts of money and yet become poor almost immediately. This is because they do not have the right habits. 

    To become wealthy you need to acquire the right habits. Having studied a lot of millionaires we have discovered some glaring similarity between them. In this post, we provide you with the top 6 habits that can put you on the right track to wealth. 

    Habit 1: they save. Most people are satisfied with what they earn and deliberately spend their salary every month without saving a dime but not they rich! The rich ensure that they save a certain percentage of their monthly salary. The writer of "the richest man in Babylon" advises that the first step of becoming rich is by saving 10% of your monthly income.

    Habit 2: They create multiple sources of income by investing their savings in a business

    Habit 3: they read. Not 50 shades of grey but self-help and how-to books to improve their lifestyle and intellects.

    Habit 4: Focus. The rich focus on a particular goal and channel all their energy in that direction to achieve it. One way to focus is to ask yourself "where would I want to be in the next 5 years?". Take your time to make a definite plan and focus on it.

    Habit 5: they plan. Having a focus is not enough, you have to consciously make plans to achieve your goals. So you want to earn 1million USD before the year runs out? Your plan should be focused on how to earn 100,000 USD per month.

    Habit 6: they listen to experts! One of the most popular quotes by Bill Gates (the world's richest man) is "“The key for us, number one, has always been hiring very smart people, If we weren’t still hiring great people and pushing ahead at full speed, it would be easy to fall behind and become some mediocre company.” The rich know that knowledge is power and so they seek the advice of people who know more than them in their business.

    These are the top 6 habits of the rich we found in our various research. And lest we forget to add, the last habit of the rich is the application of knowledge! They don't just read or listen to good advice without applying them. So you've read this but would you apply them?

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