September 15, 2020
By Rahul Iyer
Getting rich seems like a pipe dream. The people that achieved riches were born with a silver spoon in their mouths or at least a rich family, right?
What if we told you that wasn’t the case? Many people achieve riches all on their own, but you’d never guess how.
Check out the top 8 things rich people do that the rest don’t.
They don’t use credit cards.
If the wealthy do use credit cards, they pay them off right away. Carrying a balance is like wasting money. Don’t do it. If you can’t pay for it in cash, don’t buy it. You’ll save money.
They have multiple income flows.
Don’t rely on one income stream. There’s no guarantee it will last. The rich have at least 7 streams of income. Some are active (they have to work them) and others are passive (earning money while they sleep).
They aren’t insurance poor.
You need insurance, it’s a fact of life. Without it, you couldn’t withstand any type of emergency, let alone achieve riches. But that doesn’t mean you should overpay for insurance. The wealthy find insurance that’s affordable and provides what they need but doesn’t go overboard.
They are constantly educating themselves.
The rich are always reading or taking courses. Call it self-improvement, self-help, or continuing education, but they are always doing it. They learn new ways to make more money, improve their overall lives, and get in a better money mindset.
Whether it’s a few dollars or a few thousand dollars, the rich invest. Everyone starts somewhere. Fractional shares, spare change, or hundreds of dollars – whatever you have available, invest it. Once you start, you’ll grow your earnings and be capable of investing more.
They make positive choices.
The wealthy are always in control of their choices. They are aware of the consequences and are always looking for ways to implement more positivity in their life. Whether this means eating right, exercising, reading, or finding new income streams – they are always up to something.
They don’t buy too much home.
Just because you can afford it, doesn’t mean you should get in over your head in mortgage debt. Think about the opportunity cost. If you bought a less expensive home, you could invest the money you saved, compounding your earnings and growing greater financial freedom.
They think of the future.
The wealthy are always thinking two steps ahead. Yes, you need to take care of your financial life now, but the future matters too. Ignore it and you won’t have financial freedom during the time it counts the most – retirement.
Anyone can implement these tips and achieve financial freedom too. Pick a few steps and start slow. As you build momentum and see progress, you’ll quickly find ways to become one of the wealthy people too. It all starts with the decision to do it.