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10 Surprising Things Financially Successful People Do Differently

10 Surprising Things Financially Successful People Do Differently

The financially successful often get a bad rap in our society, especially from the poor. We see footage of Donald Trump on TV, or watch movies like “The Wolf of Wall Street” and think being financially successful means living a gluttonous life of excess at the expense of the impoverished. This may be true for a few, but for many financially successful people, their success is only part of the story.

What we don’t see is the passion, hard work, mistakes, thrift and plain old smarts that went into creating the lifestyles of the rich. The media didn’t follow them around with cameras when they were living in cars, working in diners, or recovering from debilitating addictions, before they achieved their financial success.

The good news is babies aren’t born with millions of dollars in their bank accounts, and everyone has the ability to become financially successful. As Wallace D. Wattles put it,

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“Talented people get rich, and blockheads get rich; intellectually brilliant people get rich, and very stupid people get rich; physically strong people get rich, and weak and sickly people get rich.”

Here are 10 surprising things financially successful people do differently:

1. They surround themselves with positive people and do not waste time on negativity.

It is interesting to note that 67% of wealthy people watch one hour or less of TV every day, and only 6% watch reality shows.

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2. They make sacrifices at first.

The financially successful will accept a reduction in income, drive a cheap used car, and downsize their house when they’re first starting out. They then take the money they save and invest it or re-invest it in something that will make them more money down the road. Sometimes, wealthy people choose to live frugally their whole lives. Warren Buffett is known for driving his car until it looks so disreputable that his employees pressure him into buying a new one.

3. They don’t waste time complaining.

If something bad happens, they change course, learn from it, or look for a way to use it to their advantage.

4. They make paying off debt and saving money a priority.

They know that “When one is bound by debt, he has no choice but to stay in a miserable job, location or house against his own will.”

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5. They don’t blame the government or economy for their situation.

Instead, they take full responsibility for themselves and their actions, and believe they are in charge of their own futures. As Jim Rohn pointed out, in the six years it took him to make his first million dollars, the fact that a Republican President was replaced by a Democrat didn’t make one bit of difference.

6. They focus on long-term financial goals.

Instead of just making money and spending it, they take the time to create financial plans which enable them to reach long-term goals, and then they stick to those plans.

7. They don’t assume they already know everything.

86% of wealthy people love to read and believe in lifelong education. 88% of them read educational or work-related material for 30 minutes or more each day. 63% listen to audio books as they commute to and from work.

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8. They offer services or create things of value.

They don’t just consume what other people have produced.

9. They do more than show up at the office, do their jobs, and go home.

They seek out ways to go above and beyond the call of duty, even if they are wage earners in a 9-5 job. 44% of financially successful people wake up three hours before work starts.

10. They are more excited about the process of creation than the money they make.

It’s not that they don’t care about making money, but money isn’t their top priority. The financially successful get satisfaction from making their clients and customers happy.They don’t necessarily need all of the latest gadgets and toys.

A Final Thought: While none of us have control over the government, our negative friends and relatives, or the economy, we can control how we think. If we can adopt a financially successful mindset, sooner or later we will become financially successful in reality, and in the meantime, we will FEEL financially successful, even if we’re strapped for cash. So we have nothing to lose by changing our thinking. Happy success!

Featured photo credit: International Currency Money/epSos.de via flickr.com

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Published on July 4, 2018

Top 10 Recommendations on Money Management Apps

Top 10 Recommendations on Money Management Apps

Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

The solution is simple, save more and spend less. But, we all know it’s easier said than done.

One problem is finding quality apps that save you time and money, and aren’t just hype.

Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

1. Personal Capital

    When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

    Here are some of its main features:

    • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
    • Discover hidden fees and how much they’re affecting your retirement plan
    • Wealth management for investors requiring a long-term strategy

    With Personal you’re free to track your expenses and net worth.

    Available for: iOS and Android

    2. Mint

      If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

      Here are some of its main features:

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      • Effortlessly track all your bills and balances in one dashboard
      • Categorized expenses to understand where you spend your money
      • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

      Feel at ease with managing your money by a reputable company that isn’t going anywhere.

      Available for: iOS and Android

      3. YNAB

        Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

        Here are some of its main features:

        • Easily sync all bank accounts in one place
        • Visually see your debt paying progress with eye-catching charts and notifications
        • Customized categories setting saving goals

        The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

        Available for: iOS and Android

        4. Wealthfront

          Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

          Here are some of its main features:

          • Variety of investment account options including IRA, Roth IRA, and more
          • Your portfolio composed of 7 different asset classes
          • Automatically rebalanced portfolio
          • Daily tax loss harvesting

          Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

          Available for: iOS and Android

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          5. Clarity Money

            If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

            Here are some of its main features:

            • Easily cancel subscriptions with one click
            • Synchronize bank accounts fast
            • Transfer money effortlessly between different accounts

            Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

            Available for: iOS and Android

            6. Acorns

              What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

              Here are some of its main features:

              • Automatic contribution option
              • Customized portfolio tailored to your needs
              • Low management fees ranging from $1-$2 per month

              Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

              Available for: iOS and Android

              7. Albert

                Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                Here are some of its main features:

                • Receive notifications for overpayments, hidden fees, and low balances
                • An Automatic budget that’s built around your spending and income
                • Easily track debt and set new financial goals

                While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                Available for: iOS

                8. Prism

                  Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                  Here are some of its main features:

                  • View all your account balances in one glance
                  • Bill due dates are automatically pulled and tracked
                  • Receive early reminders for upcoming bills

                  If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                  Available for: iOS, Android, Windows, Amazon

                  9. Mvelopes

                    Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                    Here are some of its main features:

                    • Connect unlimited bank accounts
                    • Real-time budgeting with auto transaction syncing
                    • Low monthly $4 fee or $40 annual

                    Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                    Available for: iOS and Android

                    10. Wallaby

                      Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                      Here are some of its main features:

                      • Automatic recommendations for the best credit card to use for each transaction
                      • A friendly user interface, displaying credit cards with their corresponding images
                      • Free to use

                      If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                      Available for: iOS and Android

                      Take control of your finances and experience financial freedom

                      Picture yourself staying on budget and saving more money than you’d ever imagined.

                      It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                      You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                      Featured photo credit: Pexels via pexels.com

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