Planning to Be Wealthy? Develop Wealth Habits Today!

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I speak to a lot of people everyday about their financial situations, life goals and motivation/purpose of their lives. When I ask people to tell me about their life goals nine out of ten people tell me their number one goal is financial independence. They often tell me that being financially free would help them achieve all of their other goals like spending time with family, going on vacations, buying a fancy car and so on. When I ask them what financial independence means to them; they don’t know off the top of their head; they really have to dig deep and think about it. If you want to be financially free, you need to decide today what that means to you and what you are willing to sacrifice to get there.

The truth is, of all of your goals, becoming wealthy is the easiest goal there is. Don’t believe me? You will later. The hardest of all the goals for most people, is establishing a healthy balance between financial obligations, personal and social life, health and entertainment. Isn’t that wealth? If you focus solely on wealth creation, your life will be miserable. You will wake up one day and your kids will be getting married before you know it. You will be ready to retire and not know what else to do with your time but work. You can get caught in the trap and never be satisfied with the wealth you truly have; you’ll never have enough.

True wealth means you have a healthy balance in every aspect of your life.

Can you have it all? Absolutely! Here are some simple steps that will help you on your well to a healthy, happy and prosperous life you can start enjoying today.

Establish wealth, social, personal and health related goals. Ensure you write them down. Go ahead. Do it! After at least ten minutes of writing, ask yourself why those goals are so important to you? What is your number one goal? Why?

Isn’t it interesting? If you took this exercise seriously, you will realize that if you are successful in one aspect of your life, it will help you in another. For example, if your goal is to lose weight and another is to save money; you have it made. Lose weight; don’t eat out as much! Save money; don’t eat out as much!

If financial independence is your absolute first goal, great! Don’t feel bad, there is nothing wrong with that unless it consumes your life.

Here are a few Healthy Habits of common Wealth Creators

1) Establish a solid work ethic – If you read The Millionaire Next Door or The Millionaire Mind by Thomas J. Stanley; you will find that most millionaires work fifty-nine hours a week. The average Joe works 40 or less.

2) Find Your Passion and Become an Expert at it

3) Establish Multiple Streams of Income – This is the best advice I can give anyone. Keep your day job if you want to. If you enjoy it why not? But, get involved in Real Estate Investing or start a side business.

4) Live Below Your Means – Spend less than you earn. Only use credit if you can be smart and leverage it in a smart business venture.

5) Pay Yourself First – Pay yourself before you pay the government by investing in a tax deferred program like a 401 K or IRA. Save 10-15% of your income and have that automatically withdrawn from your paychecks so you never miss the money.

6) Donate to a good Cause- Take 10% of your income and pay tithing to your church, organization or community. This will help you enrich the lives of others and helps you manage your money.

7) Study the Success of Others – This is perhaps the biggest one. Learn from the mistakes and successes of others.

8) Get a Mentor – If you want to become a successful investor in Real Estate, you don’t have to do it alone. Find someone that truly is successful, take them out to lunch. You pay! Ask them questions, despite what people may think, wealthy people will share their secrets. Why? Sadly enough, most people don’t follow through on their goals anyway. And, Even if you’re Bill Gates you can only buy so much Real Estate.

There are many ways to create abundance in your life in “all areas”. Decide what is most important to you and go after it!