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Highly Effective Habits of Very Rich People

By: Anandrahi JS , Posted On: Monday, December 04, 2006

Most of the people think that they can amass a lot of wealth if they are lucky, or a wise professional tells them which career to choose. Although you may find a path to a good career with a sound advice but it is not the way to great riches. You cant even become very rich by dreaming about sudden inheritance from somewhere. According to researches 80% of the millionaires or billionaires are self-made.

These billionaires didnt inherit their wealth from parents or any uncle. They are first generation success stories. Amazingly none of them won any lottery ever. Lotteries are actually dangerous because they make the people lazy and ruin their life and career. Moreover most of the immensely rich people are not even highly qualified. You will get more acquainted with the idea if you read the short biographies of the highly rich people at the website of Forbes.

So how do most of the entrepreneurs become rich? They too have many weaknesses like all other people. You see them on TV; you read about them in the newspapers; you are amazed at their life style and accumulations. And you envy at their luck or achievement. If you have an opportunity of talking to them you will find them simple human beings like most of other people. Still they are very rich and successful because they have different way of thinking and habits.

1. BECOME PROACTIVE

Highly successful people are very confident and real go-getters. In spite of adverse circumstances or tough oppositions they always maintain a strong hope and continue working hard. They are ready to work 16 hours or more in a day to hit their target. Nothing can stop or daunt their efforts. Their thinking is always positive. Defeat is also a sign of future victory for them. So, hurdles and failures make them even more enthusiastic and determined.

2. THEORY OF SHORT JUMPS

They never wait for long jumps. Their objective is to move with determination in the direction of their aim. Mostly they believe in the theory of short jumps although they jump more often then you or me. And whenever there is right opportunity they go for long jumps too. But they know the wisdom that always going or trying for long jumps may actually disorganise your business ventures.

3. TRY DIFFERENTLY

While most of the people want to walk on the beaten path the highly successful people take risk and try a different way. But their new technique or way is always a calculative or well-thought move. Read the success stories of Bill Gates (Microsoft), Larry Ellison (Oracle), Richard Branson (Virgin), Murdoch (News Corporation) or Laxmi Mittal (Mittal Steel). They succeeded by inventing new products or new ways or doing business.

4. DONT PAY INTEREST WITH YOUR EARNINGS

Instead of earning a lot most of the people are dying poor. The simple reason - they are becoming habitual of using credit cards, getting most of their things financed, applying for more and more loans. As a consequence they end up in paying almost half of their earrings in paying interest. Wily financial institutes and banks are coming with newer and clever schemes to suck your money out of you. They invest your money to earn more. Why cant you do the same? And till you do you will continue to live a hand to mouth existence.

So concentrate towards debt reduction seriously and gradually eliminate all the debts (one by one). Save money in bank, and invest a portion in gold so that you are able to manage without debt. Get new attitude of a winner now Save First, Buy Later.

5. CONTROL YOUR EXPESES

Do maintain a diary of personal income and expenses. Watch your outgoing and incoming financial flow carefully. Cut down fat from your expenses to make your financial management healthy and sound. Many millionaires are extremely miser and save as much money and as they can. But entertainment and a few luxury items are also necessary to enjoy life. You are expected to curtail unnecessary expenses, and try to do your best with minimum amount.

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