Who doesn’t want to get rich? Less than 1% of the world’s population is rich, 0.7% to be exact. That is about 35 million people worldwide. What are the qualities that make some people rich? It is obvious that some regular habits are a must if one wants to be prosperous. Getting wealthy does not depend on destiny. It is free will, but this free will has to be harnessed by following certain rules.
Even if you don’t want to get obnoxiously rich and only wish to lead a decent, middle class existence with no botheration of the future, the following rules will help you achieve your desires.
Light is made up of various wavelengths. It gives visibility but cannot bore a hole through anything. However, if we can have light of only one wavelength, it is known as laser. A laser of proper wavelength is capable of boring a hole even through a metal sheet.
Similarly, the mind has to be focused on the goal in order to achieve it. In order to focus the mind, it has to be constantly reminded of the goal, as the mind is eminently capable of wandering through myriad bylanes. So write your goal and view it as many times a day as possible.
Affirmations is another excellent way to remain focused on your goals.
Remember the rule of focus and growth: Whatever you focus on, grows.
Goals without action are only wishes and wishes hardly ever come true. Work on your goal on a daily basis.
Charles Schwab, the great American millionaire at the beginning of the 20th century, used to dispense advice to the rich and successful people of his time. During those days he used to charge $25,000 for this small piece of advice. The advice?
“Every day when you get out of bed, first write down a list of tasks to be accomplished that day. Then try to accomplish as many tasks as possible that day.”
$25,000 for this advice! But it has now been found that all successful and rich people do this. In fact, now people make this ‘to do list’ on the previous night before going to sleep.
It may not always be possible to achieve all the tasks in the list. But that is not important. What is important is making the list and taking some action daily.
No one can get rich by spending all he/she earns. Howmuchsoever small the amount, save regularly. Remember the adage ‘Little drops of water make a mighty ocean’.
All rich people practice delayed gratification. Delayed gratification means not spending your hard earned money immediately on fun and enjoyment. Instant gratification leads to empty pockets and insecure future.
Practice ‘First save, then spend’, not ‘First spend and then if possible, save’.
Be thrifty. Spend only on what is necessary. Once you have reached your goal, you can spend on luxuries and enjoyment.
Warren Buffet says, ‘Invest your money and then reinvest your profits if you want to get rich’. This again is delayed gratification.
The magic of compound interest is well known. When you reinvest your profits, you gain by compound interest (profit on profit, profit on profit on profit and so on). If you keep on doing it, in a few years time the small initial investment grows into a large sum. Hence, save, invest and reinvest.