Needless to ask, we all know that becoming wealthy is the dream of everyone.
Who wouldn't love to check their purse and see how much money they've got in there? We love to look back and see how far we've gone financially.
Truth is, we all want to be far away from financial struggles.
All those are beautiful dreams and plans. You have dreamt enough and beautifully. But in reality, dreams are not just enough. You need to dream less and act more.
Your dreams can become a reality if you will be able to form some basic wealthy habits. Remember, wealth starts from your mind.
For you to achieve anything, you need to see it in your mind first. Materialistic things get substantiated through mind building.
Wealth building does not happen in just a day, it starts from somewhere. That is to say, it is a journey, and not just a journey, a habitual one. It has been rightly said that you "become what you habitually think and do".
But before we start making details of the habits you need for the accumulation of wealth, you need to get rid of something. That thing is, a get rich quick syndrome. This is because such syndrome is in reality nearly impossible. Wealth takes the form of a building process.
Build daily and regularly.
The sincere truth is that wealth building starts with little things that you do daily. I usually refer to them as wealth habits.
If you have a lot of big dreams like owning cars, houses, and properties, if being financially free is your dream, you can achieve it all.
You just have to develop the right habits for it.
I'm going to be listing out the habits you need on your journey to wealth building and a wealthy lifestyle.
1. Be goal-oriented
Any wealthy man be it an entrepreneur, financial advisor, and sorts, all have this one thing on their list for you– Be goal-oriented.
Setting goals is necessary because it does not only help you to pursue them, it helps you to know what you want out of life. If you do not know where you are going to, everywhere begins to look like it.
Set out your goals and consciously write them down– Every successful person did it.
Map out what to do to attend to your goals. If there are things you need to adjust like; lesser playtime, money on groceries, and what to spend money on, go ahead and do them.
2. Don't let your budget overwhelm you
Each time I talk about this, I do not fail to tell people to try as much as possible to live below their means. This does not in any way encourage you to live a low life.
What it does is that it helps you to lessen financial stress. You don't want to live your life paying bills, buying unnecessary groceries, and living a very luxurious lifestyle at the expense of your own future.
Be very prudent in your spending. One of the worst habits you can possess is the habit of debts. Debt won't let you rise financially because every little effort you make to raise financially will go to your debt. Break free from debts, and breakthrough in reality.
3. Prudent Spending
One of the reasons a lot of people are still struggling with their finances is because they are not prudent in their spending.
Some people don't even know what they need and how to spend it in reality.
Not everything you see in the stores is for you. You've got to know how to scale your wants and needs. You should go for what you need than what you want. Wants can be optional.
When you mention prudent Spending, some people think it means buying cheap articles and stuff Just to save more. Infact prudent Spending means buying quality stuff at a good price. Something that will be durable, so that you won't have to buy them over and over again. Buying something of good quality helps you to save a lot of money.
4. Know your financial worth
As simple as this sounds, it is very important.
Your financial worth is what you would like to refer to as net worth. Know who you are financially. Net worth is simply your assets minus your liabilities.
It is important to carefully calculate your daily, weekly, monthly, and yearly income. This helps you to know how to spend and invest your money.
This is an integral part of growing a good wealth capacity. Investment is like planting seeds. You don't have to spend everything you get.
Plant some as a seed so that it will grow to produce branches and fruits. Learn where and how to invest what you get.
Personally from experience, it is ideal that you invest at least 20% of your income. All you need to do is to search for good investment opportunities that have good returns on investment (ROI).
Savings is actually what a lot of people don't know how to do. When you are not composed financially, you will end up buying anything and everything you see.
It takes some level of discipline to develop a saving habit. Your savings can come to your rescue when it seems like every other thing fails.
Yes, your investments might crash, businesses might fold. But, what gives you a safe landing is your savings.
I fully agree with the criteria we must take into account to obtain wealth. Patience and having a projection of how to achieve it is vital.