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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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Last Updated on March 29, 2021

Life Insurance: A Secure Way To Protect Your Future.

Life Insurance: A Secure Way To Protect Your Future.

Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

Importance of getting a life insurance

No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

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On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

Choosing the right insurance plan

If you’re about to select an insurance plan, you should consider some important factors:

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  • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
  • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
  • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

Differences between life insurance plans

Here’s a short brief of some plan categories you can choose according to your needs:

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  • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
  • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
  • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
  • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
  • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

So what are you waiting for? Plan for your future and live a happier and carefree life today.

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Featured photo credit: aryehsampson.com via aryehsampson.com

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