Rich people are very scrupulous when planning a budget. They show extraordinary restraint in any purchases, and also refuse all unnecessary expenses. However, this is far from all that is characteristic of millionaires. Scientists conducted a study lasting 4 years, and brought out some common habits that the vast majority of representatives of the wealthy stratum of society have. Let's find out what character traits are needed to earn a fortune.
Thrift
According to Sarah Fallot, rich people are very economical. She interviewed more than 600 millionaires, and this quality is present in absolutely everyone. Despite their freedom and financial independence, they will not scatter money. They prefer to invest all available funds, which allows them not only to save, but also to increase capital. And spending more of your real income is the lot of the poor.
They wisely spend money on real estate
Many millionaires prefer to buy housing not in the elite, but in ordinary areas of the city. Moreover, the cost of a house or apartment, as a rule, does not exceed more than 3 times their annual income. Studies have shown that real estate of wealthy people is estimated at around $ 850,000, while the initial purchase price was only $ 465,000. This is one of the best examples of frugality and the ability to competently manage finances.
They set aside most of their income.
Buying cheap real estate and eliminating unnecessary expenses allows millionaires to save as efficiently as possible. ESI Money blog creator John retired at age 52. By this time, he managed to amass a fortune of three million dollars. At the same time, he talked with more than a hundred successful businessmen who made huge fortunes, and found out that each of them monthly saves up to 65% of his total income. Thanks to this approach, the financial situation of millionaires improves from year to year.
They diversify risks
Any type of activity never brings a stable profit. Therefore, millionaires prefer to diversify their incomes, thereby reducing the associated risks. They invest all free assets in other projects, for example, buy shares of other companies or invest in gold. Creating additional opportunities for receiving money, rich people increase their capital. For them, this is not just a job, but a real hobby.
They invest in real estate.
Living space is one of the few tools for investing money that will never depreciate. As practice shows, square meters are becoming more expensive every year, therefore, capital is not only protected from inflation, but will bring good profit in 10-20 years. Also, when buying real estate, they receive tax incentives and leverage from the state, which makes it possible to more rationally manage finances and reduce associated costs. Along the way, many rich people also benefit from renting housing.
They invest in low-cost index funds
Many people have never even heard of them. But millionaires have learned to make good money on this investment tool. It has many advantages: low investment, high profitability and relatively small risks. According to experts, index funds are much more profitable than stocks, bonds and commodity futures. What can I say, even if Warren Buffett holds part of his assets in mutual funds. And he, as you know, understands the stock market and investing better than others. Statistics confirm this.For several decades, he has been leading the Forbes magazine ranking of the world's richest people.
They read a lot and go in for sports.
Every millionaire knows that it is impossible to remain successful without constant self-education and good physical fitness. Therefore, they devote all their free time not to computer games and watching TV, as the vast majority of people do, but to reading and sports training. As the survey showed, all millionaires spend at least 5 hours a week in the gym. In addition, they are very knowledgeable in all matters, as they constantly follow the news and read specialized literature, learning new skills and improving their skills. It takes them at least 30 minutes a day to read.
They work more and sleep less.
Time is the most valuable human resource. Millionaires understand this better than others, so they try to spend it most rationally. According to statistics, in a week they sleep 8 hours less, and 6 work more. Each of them wakes up 3 hours before the start of work to make various little things that can distract from basic duties. Thus, they gain full control over their lives and increase productivity.
They are okay with criticism.
People are not perfect, so each of us makes mistakes. To become better and prevent them in the future, you must be a self-critical person. Millionaires not only listen to the opinions of others, but they themselves ask that their work be criticized.
All these qualities distinguish rich people from the total mass. If you work them out for yourself, you can radically change your life and make a fortune. Therefore, start right now and tomorrow you will get a positive result. Do not live your life in vain. Always set goals and achieve them. Most importantly, never stop in front of difficulties. A successful person must overcome them lightly.