Ever wondered what Elon Musk, Warren Buffett, and Bill Gates have in common? How much more do they have to add to their already impressive fortunes? One of the things that set these financial giants apart from the others is their day-to-day lifestyle and money habits.
Everyone’s desire is to become wealthy and successful. It’s not simply about making more money that makes you wealthy. To achieve financial freedom, you must take into account all of these aspects of your daily routine, as well as the ways in which you manage your time, your work-life balance, your finances, and more. If you want control over your money, don’t give it to someone else!
To keep your interest, we’ve compiled a list of suggestions you can put into practice. The next billionaire in your family may just be you, flaunting your favourite Dupont lighter out there!
1. Before Making Hasty Purchases, Use the 30-Day Rule.
Have you ever made a hasty purchase that you subsequently regretted? We’re sure many of us have been there. In this situation, you may rely on the 30-day rule for help! Delaying a purchase for 30 days is a simple way to avoid buying anything on impulse altogether. If you’re buying online, put it on your wish list or simply leave it in your basket; if you don’t need it right now, tell yourself you’ll return to the store in 30 days if you still want it. It eliminates most of the unreasonable purchases, and most of the purchases you still make after 30 days are likely to be items you genuinely wanted!
2. Prioritise Saving Over Spending.
Investing in items you don’t need will eventually lead to selling things that you do. That is precisely the reason why the majority of wealthy individuals save first and then splurge. Get rid of your excuses like not having enough money or the strict no-compromise stance on achieving the YOLO (You only live once) philosophy, and quit whining about your incapacity to save. Saving money is all about developing the habit of putting it away first and then spending it. Set away a portion of your monthly salary for savings. Any starting percentage is OK, whether it’s 20 percent, 30 percent, or 50 percent. Maintaining discipline and adhering to your routine is all that is required. Remember that as your income increases, you should raise the percentage of saves instead of increasing your spending!
3. Every Day, Write Down Your Ideas in a Journal.
Remember the old-fashioned practice of writing down every detail of your day in a notebook using pen and paper before the digital world invaded? That is, in fact, one of the most typical behaviours of wealthy and successful individuals. Reflecting on your ideas, slowing down, and training the mind to think rationally are all benefits of writing every day. A daily journaling practice allows you to reflect on how your day went and what may have been done better. You can also learn from the minor or major things that happened that day. A blog or diary online is just as good as writing it down; the important thing is to give yourself permission to reflect on your ideas and deeds in peace.
4. Always Be a Student.
It’s impossible to predict what will happen next. Change is the one thing we can count on in this world, whether it’s in our way of life, our technology, our fields of study, or anything else. What you already know and are good at may become obsolete in the not-too-distant future. As a result, the only way to keep growing is to keep learning. It is important to be mindful of this. Warren Buffett and Indra Nooyi, two of the world’s most well-known and successful business people, have both said that the key to lifelong learning is to constantly be a student. Every day, life teaches us something new in ways we can’t even imagine. To continue developing and learning, all you need is a committed pupil.
5. The Apparent Must Be Resisted.
The more you do the same thing as everyone else, the more you’ll end up like everyone else. If you want to be like the world’s most successful and wealthy individuals, you need to stop doing and thinking the obvious. Think outside the box and question long-held standards in every circumstance you meet, no matter how large or little. Allowing yourself the opportunity to explore and experiment can help you acquire the habit of separating yourself from the throng. Soon, this will be the way you think and act on a daily basis. Give yourself enough time to practice, in the end it will be worth it.
The Bottom Line
The sooner you start investing, the better your financial future will be in the long run.