What It Takes to Be Wealthy

Habits That Help You Get Wealthy

Most people believe that having a six figure income and/or being in the top 1% of income earners is what it will take to be wealthy. However, in my experience over the last 29 years of helping people become wealthy and stay wealthy, having a high income is only one part of the plan. While a high income does help, there are a few habits that wealthy people exhibit that have allowed them to sustain their wealth. Below is an article from MSN Money on this very subject. I have highlighted a few key points that to some degree are common sense, but not quite as easy to follow as they may seem:

1. Pay Yourself First

Most people get their paycheck, pay their bills and if there is anything left at the end of the month, they save it. That thinking needs to be reversed. You should pay yourself first through a company sponsored 401K or by having money sent to a savings account directly from your paycheck. If neither of those are options, you can have it directly drafted from your bank account into a savings or investment account. Invest in your future before you pay your bills.

2. Live Like You Are Wealthy Today

Even if you are not wealthy today, the habits of the wealthy can be put in place. Many people associate the wealthy as those who have mansions and drive shiny new Bentleys. In reality, however, wealthy people live on significantly less money than they make. Dr. Thomas J. Stanley, co-author of “The Millionaire Next Door”, researched and found that successful people live significantly UNDER their means. Just because you can afford something doesn’t mean you should spend your money on it.

 You can find the rest of this article from MSN Money here.

Jon Houk, CFP®