Rich people hate to procrastinate. Time is money, every second you
waste; you are not going to get it back.
They take massive action on a daily basis. Do something every day
that is going to bring you closer to your goals.
Habits
Steve Jobs was always thinking of the next big idea. He was so
absorbed in his work that he didn't take care of his wellbeing.
He became ill and found out was having cancer. He was such a
great man that even when he was sick in the hospital, he couldn't
keep still.
He had to do something so he started to sketch on notepad. He
began to draw the medical equipment and machines around him.
He was trying to come up with his own design and how he can
improve it.
An innovative man who revolutionized the way people think about
computers. During the early days of computers, it was only a
normal looking white pc, keyboard and mouse.
He came up with an idea to come up with computers with a range
of colors instead of the usual white.
Apple came up with green, blue, orange computers. No knew
whether it was going to work but he thought of it.
It just exploded in the market. People were getting it because they
looked cute and stylish. He differentiated himself from his
competitors.
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Even with such visions he did go through some rough patches in
his life. He was removed from Apple Inc by its board of directors
because they thought he was wasting their money doing research
and development.
What he did next was an amazing feat by itself. He went and
formed Pixar, the animation company which made the Toy Story.
It was a huge success and Steve Jobs was in the spotlight again.
Finally Apple wanted him back because they realized he was a
huge asset to the company.
He's a great example of a hardworking and innovative man who
was changing the world in his own unique way.
Good Money Managing Habits
How often have you heard of a high earning professional going
into debt or bankruptcy? They drive big cars, live in mansions but
did you know behind of it all, it was all just a show.
They bought all sorts of flashy things but in reality, they were going
into debt, day by day.
How did that happen? Was it because it was the need to show
others how "well" to do they were. The more money they earned,
the more expensive their lifestyle became. At the end of the day,
there was nothing left to save or invest.
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Even if they were getting $30,000 per month but spending the
same amount of money, it's pointless.
What about a person, who was earning much less, let’s say $5000
per month. But what if he saved $1000 each month and invested
his money.
Who do you think would be a wealthier person at the end of the
day?
This is what it means to have a rich mindset. It doesn't matter how
much you are earning but as long you pay yourself first for
investments, you will be much better off.
Sometimes a simple looking man on the street might be a
multimillionaire. They are prudent with their money instead of
spending it on material things they don't need.
Rich people have a good habit of planning their budget. They
prefer to buy assets than to buy liabilities which makes them lose
money.
If you want to think like the rich, take a guess at this next question.
See what you would do if you were in this situation.
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Let’s say you had some money, about $50,000 and you wanted to
get a new car badly even though you don't really need it
You are given two choices. The first option, you have a chance to
invest in a property that is going to bring you positive cash flow of
$500 each month.
Second option is to just buy the car you have always wanted. What
do you think you will do?
If you chose to get the property, it’s a wise choice. You prefer to
stay safe and prudent with your finance. But if you decided to get
the car, you need to be more careful with your spending habits.
What do you think a person with a rich mindset would have done?
A person with a rich mindset would have got both the property and
the car at the same time. How is that possible?
Well, since the property gives a positive cash flow of $500 a
month, it's a great investment. Next he would use the $500 he's
getting from his investment property to pay for the car.
So what happened here? Instead of buying the car directly, which
is a liability; he bought an asset to build his net worth. Only then
he bought something he wanted from the cash flow his investment
was giving every month.
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Rich people ask powerful questions. They don't say "It's too
expensive, how will I afford it" but they will ask themselves “how
can I afford it". It makes you think instead of being distressed
about money.
Have a proper strategy to invest and save your money
It's not just about making lots of money but learning how to keep
your hard earned money.
Put aside at least 10% of your earnings in investments or a
business you would like to start one day. But what if you want to
start your business now, and don't have the capital.
One of the ways is to get a loan from a bank or get an investment
capital from an angel investor. Angel investors are people who look
for good business ideas to invest in.
Most startups, they have great ideas but don't have the money to
kick start it. They look for angel investors who believe in their idea.
Some people prefer not take loans and are in debt. The way rich
people think is, as long it's a good debt, then its fine. A good debt is
when you are using the money to get positive returns or getting an
asset.
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If you have a solid plan that's going to give a good return on
investment, then you should just go ahead and implement your
idea.
Have you heard of this story, during the gold rush in America?
Many people went to the mines digging for gold. They brought
their shovels and started digging for riches.
The question is, who do you think made the most money?
The people who were digging for gold or they guy who sold them
the shovels?
It's a simple yet a thoughtful idea that tells you, that sometimes
you got to stop looking for the gold when you can just sell them the
shovels.
Instead of going after the next hot thing in investments or ways to
make money, if you can just come up with a simple business idea
or something that people need, you will make a lot more money
much faster.
