becoming wealthy

Success is measured differently by different people. No matter how different a person’s definition of the word, building wealth seems to be a common factor among the various denotations of success. What makes reaching this level of success hard is that people don’t become wealthy by accident. It takes a lot of hard work, saving and determination (for most people) to become wealthy.

The best people to take notes from are the people doing what you aspire to do. For instance, if you want to become wealthy, you should look towards people who are already wealthy for advice and take note of their habits. Here are a few habits of wealthy people:

Great Minds…

To become wealthy and find success, you must surround yourself with like-minded people. Steve Siebold, author of How Rich People Think, said that rich people surround themselves with like-minded people. If you hang around successful and hard-working people, you are more likely to be successful as well. On the same note, you should stay away from people who belittle your ambitions.

Setting Goals

People who set goals succeed in life. Mary Kay Ash, founder of Mary Kay Cosmetics, was a huge believer in setting goals. Setting goals for her own life and urging her representatives to also set goals led to her own success as well as the success of many other people.

Get Rid of Debt

Another great habit of wealthy people is getting rid of debt and staying out of debt. When members of the Forbes 400, the wealthiest 400 people in North America, were interviewed 75 percent of them said that they made sure to pay off debt and stay out of debt. This is a key to becoming (and staying) wealthy.

Track Yourself

Wealthy people track their own net worth. You should too! You can easily track your net worth using the Mint app or other finance-related apps and keep up-to-date on your income-to-debt ratio. Your net worth should increase every year if you aim to reach wealth at some point.

Drive a Modest Car

One of the biggest mistakes you can make when you meet wealth is buy things that are overly extravagant or things that you don’t need. You may think that wealthy people are out buying the newest and the best of everything. What you probably didn’t know is that 37 percent of millionaires buy used cars, not new. The average value of a millionaire’s car is $22,500. Wealthy people drive modest cars so, if you aim to be wealthy, you should drive a modest vehicle as well.

Read More

One of the most wealthy people in the world, Warren Buffett, reads in his spare time. People who are successful also enjoy reading. Renowned economist Barry Asmus has said that leaders are readers so, if you are looking to be successful and wealthy, pick up a book.

Finding the Best Deal

Even millionaires are still looking for the best deal. There are quite a few wealthy people that are still bargain hunters. Just because you have money doesn’t mean that you should spend it without thinking about it. The best and most common way to save a little when you shop is to clip coupons. Believe it or not, even Hilary Swank clips coupons!

Follow Your Passion

Steve Jobs, one of the most successful people in the world at one time, said that your work will fill a huge part of your life, so you should enjoy what you do. One of the most important factors when you’re looking to secure wealth is your own happiness. If you aren’t happy with what you are doing, you probably won’t be successful. Aside from making sure you’re on top of your finances and adopting good habits, happiness is the true key to success.

Finally if you are interested in learning more about how to implement rich habits in your life, consider picking up a copy of Tom Corley’s Rich Habits – The Daily Success Habits of Wealthy Individuals. It is a comprehensive study of 177 millionaires and the daily habits that drove their wealth. Definitely pick up copy and give it a thorough read.

Photo: Flickr: Thomas’s Pics