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The rich keep getting richer deliberately because they have mastered the fundamentals. Getting rich and staying rich requires peculiar habits, below are five of such an indispensable routine of the rich.
- They do not depend on Salary
Someone has said that a Job is just a means of staying over-broke (JOB = Just Over Broke) earning a salary is not usually the end of the story. The rich know that in order to grow wealth, it’s important to make your money work hard for you.
- They Earn Compound Interest but do not Pay Compound Interest
A wise man once said that compound interest is the eighth wonder of the world! Those who understand it earn it; those who do not understand it pay it! Certainly the rich understand the basic concepts of compound interest and continually earn from it, you should too, it’s worth the effort.
- They Take advantage of Time, not Timing
Very related to compound interest is the time of money “Time is more important to investment success than timing,” explained Peter Lazaroff, a certified financial planner.” “Most of the population believes that timing the market’s moves is the key to growing rich through the stock market. The wealthy, however, understand that time and compound returns are the most important factor in growing wealth.”
- They understand value over Cost
Even with associated costs, the wealthy still use the lawyers and accountants to their advantage when figuring out how to maximize their wealth, especially over multiple generations, and they are not afraid to spend money upfront for counsel to get these answers.
5. They Put Things Down in Writing.
The rich don’t just wish things to happen, rather, they plan out things that will happen.
When Thomas Corley, (author of Rich Habits: The Daily Success Habits of Wealthy Individuals) did a survey, he noted that 67 percent of the wealthy people he surveyed wrote down their goals, while 81 percent kept a to-do list.
If your vision is to become a multimillionaire, write it down with a clear-cut an action plan of how you intend to make it happen. Those who (not having the future they desire) dare to create one, most times end up having the future they created.
