Common Qualities of the Rich & Powerful
Tips, Tricks, and Habits That Will Help You Get to the Top!
It’s pretty safe to say that people in San Diego, as well as every other part of the world, that have gained financial success share many of the same qualities. While there is no perfectly paved road to becoming the next Trump or Rockefeller, there are a few traits you can pick up to help you build your wealth.
Financially successful people tend to be…
Putting money into a variety of investments is a great (and smart) way to make money. Not only do you have multiple options to grow your wealth, you keep yourself much safer than putting all of your eggs into one basket. Stocks, start-ups, and real estate are just a few options for smart investing. Share the love and you’ll reap the rewards!
Instead of showing off your money, it’s better to live as if you don’t have that much of it. Living below your means is a great way to save and build stability for yourself (and your family if you have/want one). Don’t compare or allow yourself to get sucked into the habits of others, and resist the urges to spend when you don’t really need to. Building modest spending habits are crucial regardless of your financial position. In the long run, it is much easier to learn how to spend more when you can, than to scale back when you have to.
What do you really want? What are the ultimate goals you are trying to reach with more money? Make it tangible. Create a bulletin board, put pictures, quotes, journal entries, etc. that inspire you and keep you focused. Look at it every day, and create a specific savings account just for whatever it is you want- a new house, a new car, a dream vacation, a college savings, anything! The main point here is to keep your eye on the prize; I think we can all agree that most financially successful people are focused, and you should be too.
One of the biggest obstacles most people face when trying to achieve wealth is high credit card balances. Credit card debt can really hold you back and keep you from building a strong savings account. Interest rates are incredibly high, and in the long run, you end up paying far more in interest when you could be saving. Do your best to pay off your balances in full at the beginning of each month so you don’t get in over your head.
If you find that you are pretty reliant on your credit card, there are cards out there (see our recent Credit Card post) with points programs and rewards to help you get the most for your money! Spend wisely.
Keep yourself exposed to financial information as much as you can. Subscribe to financial planning magazines, follow advisors and experts on Twitter, and learn, learn, learn! The best way to become a financial success story is to take tips from the pros. You’ll never regret putting in the work to gain new and valuable information.
Resist the urge spend (ahem, splurge) when you have some extra cash. Setting up a retirement plan, automatic transfers to your savings account and maximizing your contributions are all part of the most important factor of building financial stability: planning ahead. You never know what curve balls life may throw at you, and with a secure (and full) savings account, you can be ready for anything.
As the saying goes, you have to spend money to make money. Here is one way to spend your money correctly: invest in a financial advisor. At Paragon Accountants we work with an experienced and talented team of financial experts that can help you grow your wealth- business or personal.