Habits of wealthy people
Investor · Massillon, OH · Member since 2015 · 266 posts · 156 votes
I was looking at Grant cordone' s Twitter. He said that something like 68% of wealthy people do cardio 4x a week 26% of poor people do. 90% of wealthy people read 30 minutes a day. 2% of poor people do.
What other habits can you think of? Maybe there is a template of almost assured success
I recommend 'The Millionaire Next Door'. It is based on research data on the wealthy and is probably my favorite financially-related book.
I'm looking for actionable steps. Staying off Facebook would be actionable. Being obsessed, not so much
A few months ago, I would have agreed with you, then I read Grant Cardone's book. Facebook is a free social media platform that you can use to grow and expand your business.
Volunteer or Mentor which are both Networking opportunities as well.
Hello all, I'm a new user here and I'm excited to meet new professionals in my area. To respond to the post from my experience and readings, it seems that a positive yet realistic outlook on everything you do is essential. This coupled with determinations and a plan (a ship without a said goes nowhere), is habitual in the lives of wealthy. Above all the belief in the attainment of wealth through persistence and faith. Some good reads on the subject are Napoleon Hills and Clement Stones book "Success through a positive mental attitude" and "Think and grow rich" by Napoleon Hill as well. there are many books and individuals who will tell you the same things as far as attaining success. Im a firm believer of these traits among many others like exercise, positive affirmations and utilizing the power of our minds.
I by no stretch of the imagination am a wealthy person. However, in researching and paying attention to what wealthy folks do you can start to see patterns and correlations that some say correspond to becoming wealthy. One of the common correlations is that they spend time with people that they deem are successful. They take notes from people that are doing what they themselves are wanting to do and accomplish themselves. In other words they surround themselves with people that are successful in the areas that they want to be successful in as well. So I suppose that one that is looking to emulate this should do the same. Find a mentor (someone that is where you want to be) and shadow that person and soak up everything you can so you to can learn from their successes and failures alike. Thanks for allowing me to share. Here is to wishing you a successful 2017 in your REI ventures!
@Anthony Gayden. What I'm looking for is objective vs subjective. A powerlifter vs a bodybuilder. I can make an argument that I'm obsessed and then go watch tv and drink beer. But I cannot say I exercised 30 minutes today, read for 45 minutes today, ate no processed foods today unless I did those things. Does that make sense?
Like when I was a punk know it all teenager. My parents would say I had an attitude. I would disagree. But when they said I didn't take out the trash, i couldn't disagree, i still did disagree, but that's another story
What I'm looking for are true yes I did, no I didn't habits. I.e. not watching tv, exercising, reading, etc
I'm looking for actionable steps. Staying off Facebook would be actionable. Being obsessed, not so much
I have colleagues who look at me funny when I tell them I don't have a Facebook account. These same jokers can't put together 3K to pay their tax bill at the end of the year and gross less than I pay in taxes annually. I got a 7.5K check this year despite having 200K in income and a 400K overall in earnings. Sometimes I want to tell them that I may not have a Facebook, but that's probably why I am a millionaire and they are living in their moms basement living check to check. Too much time on Facebook, Instagram, etc. But these people are literally so dumb they still wouldn't understand.
Well @Jeffery Waicak, I'd recommend learning from the best out there. Biographies, autobiographies and memoirs can be so insightful. You also learn how human people are who made it big even though they're enormous. I'd consult a list of the richest people like The Bloomberg Billionaire's Index. They have short blurbs about each person and how they made their money.
I think it's absolutely fascinating to watch these people become who they were meant to be. Moreover, it's hard to imagine some of the biggest names in America starting at the bottom - but they did. The more of them you learn about, the more you realize that they're more in a common club because of how they think instead of where they ended up in life.
As a starter, I'll recommend one of my personal favorites, it's called "The Snowball: Warren Buffet and the Business of Life," it's by Alice Schroeder. If you guys have any memoirs, bios or autobios of successful businesspeople you'd like to recommend, please tag me. I'm always eager for the next good book. :)
The one theme I tend to see...
Never stop learning. I spend a lot of time reading and researching about the things I want to do. That's why I'm here tonight. I have a brain that gets bored easy. I always feel the need to do something productive.
Don't get me wrong though. Sometimes I get burned out and I don't want to stare at a computer screen anymore. I still have down time. I definitely spend time binge watching Netflix. Even when I'm doing that, I'll constantly be on my phone searching random questions that pop into my mind. The quest for knowledge should never stop.
I can't remember where I read/heard this saying but it goes something like this:
When you think you know it all, you're at the greatest risk of failure.
Long story short: Stay humble, stay focused, and always keep learning.
Its kind of ironic that you are asking what steps it takes to be wealthy and people are telling you, yet you keep saying, "No, I want actionable steps". They are telling you!!! When people give you advice, YOU have to filter through it, take that nugget and capitalize on it. In the posts above you got lots of nuggets!!! Be open minded and able to see how you can make those things work for you in your situation.
Start a business, work at it, learn all you can about it, live below your means, put the extra money into real estate. Progress is slow with wealth. It takes 15 or 30 years to pay off a house. But when it is paid off, it is usually worth 2x or 3x more than when you bought it and still gives you money every month. That is a wealth builder.
You really want 1 actionable step?? Talk to as many people as you can who are behind on their mortgage or taxes and try to HELP them with their situation. Of the 100 people that you talk to, a few of them will not want the house anymore. Buy those houses at a good price.
Be happy and content with your family and your life. Only then will you be able to create wealth. Harboring Negativity, frustration, anger and hate do not allow you to accept the good things that others are offering you freely.
@Rick Pozos I appreciate it. I agree with many points that are being made. I'm not saying they are incorrect. I'm not communicating clearly enough. Your actionable, measurable step is great. The only thing is it's not measurable. In the case of yours, it could be easily made measurable. Talk to 10 people per week that are behind on mortgage payments and or taxes. Rick, if I talk to 10 people per week would that help lead to wealth? If I, not you don't make it measurable, then i can say to myself yes I talked to everyone I could that was behind on payments, even if I talked to no one.
I agree that i need an attitude of gratitude. I'm trying to build a checklist of sorts. So it needs to be measurable. Im sorry if I'm coming across as negative. But if I ask you if its raining in Florida, and i get a reply that it's dry in Georgia, well it's great to know, but not what I'm looking for. With that being said, i appreciate the input. I think I can put together a checklist.
....you seem to be wanting to justify that "healthy eating and devotion to exercise" is a key.
I'm overweight and out of shape.....I procrastinate those two areas, but I work hard at my primary and my 2nd job (REI) to meet my financial goals.
I've spent my adult life believing one of the keys is "delayed gratification". I don't need the expensive car today for status/bragging. I drive older cars. Save and invest, instead of consume it. Live below my means (except housing).
I'm more aware everyday that there's a younger generation that wants "quality of life" from the day they get out of college. They seek a job that is only 30 hrs a week. Claim to dislike materialism. Don't know if they are going to be happier in the long run.
I believe habits of the poor are a "victim mentality"....and words like "I can't get a break", "everyone else gets all the luck", "can't wait until Friday".
I think this thread went in a different direction than it was intended. I love this subject and would like to put in my opinion.
I agree with @Levi T. @Account Closed posts.
What changed my life?
Books. After reading books, it occurred to me that I could be wealthy. My daily focus changed to obsessing over designing my own life. If I could list a couple things:
-obsess over it, think of it every moment, if you don't maybe it's not really that important to you to be wealthy
-read books
-befriend like minded people (keeps up motivation, you learn, continue thinking big picture)
-don't listen to people who tell you it's not possible or you can't do it. Even if it's parents/friends.
-continuous learning (fail!, take the jump, listen to podcasts everyday, read books everyday)
-WRITTEN GOALS it's creepy how effective written goals can be!
-Continuously ask how can I be better and how can I do better and take one action a day. Get business cards, make phone calls, take a mentor to lunch, analyze deals, read a blog. There is just so you could be doing! It's easy if it's all you think about! lol.
Good luck everyone!!!
Jeffery
Rich people may make 30-40 times more money than you. But I can guarantee you that they are not 30-40 times smarter than you.
They just figured out how "to do it". Real estate education is the key. Pick a kind of real estate you think might work for you, find the expert in that kind of real estate (check them thoroughly....for example, How many Google pages do they have?.........2 or 20).
Learn from that person. Stay focused. As an old time pitchman, Zig Ziglar, used to say: "If you don't specialize in something, you will become a "wandering generality".
I did that 50+ years ago. I did all kinds of real estate, but focused, at the beginning, on buying groups of older house on a single parcel. These almost 250 houses in Northern Calif provided the best cash flow and almost 85% of the time had seller financing.
Good luck.
Fixer Jay DeCima