You either need a lot of luck or a lot of hard work to join the richest 1%. But there’s more to it than that. The super-rich adopt strategies and mindsets that set them apart from the rest of us, and if you can think and act in the same way then you will significantly increase your chances of becoming just as rich and successful.
10. Read More
Rich and successful people love to read. 9 out of 10 of them read on a daily basis, and a large number can trace their fortunes back to this hobby, either because they were inspired by a book or learned their trade from it.
Not only can books inspire and teach, but the simple act of reading may make you more intelligent. It’s a great hobby to adopt, and one that will do much more for you than watching a film or a TV series ever could.
Read what you enjoy, whether it’s Harry Potter, Stephen King or Stephen Hawking, but make sure you also read books that wouldn’t usually appeal to you. There could be a new hobby, a new trade, or even a new piece of trivia waiting to be explored.
9. Start Saving Now
The sooner you start saving, the sooner you will make your first million. The reason so many lottery winners blow their fortunes in a few years is because they don’t know what it feels like to have that sort of money. When you’re used to having nothing in the bank and treating an extra $100 like a godsend, a 6 or 7 figure sum can seem endless.
But it’s not, and if you want to hold onto your riches when they finally arrive you need to adopt a frugal mentality. It will also help you to build for a better future. You’re not going to save a million dollars by hoarding pennies, but you might save enough money to start a business, or even to buy a suit that helps you in an important job interview.
8. Take Risks, But Don’t Gamble
Rich people take risks and you should too, but there is a fine line between risk taking and gambling. A risk would be to uproot yourself and/or family and move to a new state in order to accept a new and exciting job; a gamble would be to sell up and use your money to move to Los Angeles to pursue an acting career, knowing that you’ll be broke and destitute if it doesn’t happen quickly.
Hard work and sensible choices also need to follow every risk that you take. It’s a risk to start a new business, but if you do your due diligence beforehand, invest wisely and put every ounce of effort into it, it might be a success. If, however, you throw every penny you have at a half-assed idea and then use it as an excuse to slack off, it probably won’t be a success.
Rich people take risks and gamblers like to use this knowledge as an excuse to be reckless. But they are calculated risks, not wild gambles, and that’s why they are successful as opposed to penniless and homeless.
Don’t be one of those people who only listens when they are waiting for their time to talk. Listening can take you far in life. It can help you to form closer bonds, to network better and to learn about other people, experiences and professions. It will also make you a better, more patient and more understanding person.
Plus, you’ll be much less annoying at parties.
6. Eat Right, Live Right
The vast majority of young successful people follow a strict diet and lifestyle plan. The stereotype of the super-stressed businessman who smokes cigars, spends all day behind a desk and has a heart attack in his fifties is a thing of the past. These days it’s all about having a healthy mind and a healthy body, because more often than not it leads to a healthy bank balance.
When you eat poorly and get little to no exercise, you’re sluggish, lethargic, and unproductive. You’re also more prone to emotional outbursts and to impulsivity, and while risks can be a good thing, the impulsive moves you make when you’re feeling low, frustrated and tired are never a good thing.
5. Don’t Spend Like There is no Tomorrow
Rich people are frugal. It’s almost a stereotype, and it draws a lot of negative attention from others. “With all her money, you think she’d drive a better car,” and “he’s rich, why’s he using coupons?”. But they are rich because they have that frugal mentality.
Saving a few bucks at McDonalds is not going to make you rich directly, and you’re certainly not going to make your millions by shopping at Overstock or Walmart. But the money you save from living frugally can be put to better use elsewhere, and the lessons you learn living this way will come in handy when you eventually start making money.
4. Make Good Friends
Friends can be great for your health and your bank balance. Lonely people live shorter lives and enjoy less of those lives, because no matter how much you convince yourself that you don’t need others, you can’t escape the fact that humans thrive on social interaction.
Friends will also help you out if you’re stuck in a rut and need money. But it’s important to make the right friends, as it can go the other way.
We can use lottery winners as an example again, as they understand what it’s like to go from having nothing to having everything. If you read stories of lottery winners who lost it all you notice a trend for friends coming out of the woodwork, begging for money, and then disappearing after all of that money has dwindled.
They are leeches, not friends, but they also emphasize just how important it is to keep real friends around you.
It is important to have a plan, and by that we don’t mean a vague utterance of “in five years I’m going to be rich”. We mean an actual plan, one that includes step-by-step instructions of what you want and how you’re going to get it.
Set goals that are realistic as well as goals that are not. Write down every step of your plan and make sure you follow each step. If things change, don’t scrap the plan and call it a day, simply rewrite it, adapt it, and continue following it.
These plans should form a major part of your life, from a plan based around your career (including promotions, earnings) to one based around your health (weight-loss targets, strength targets). They should also be detailed and done on a daily or weekly basis, covering everything you need to do and ticking them off as you go.
Meditation itself is a great way to calm the mind and the body. It’s healthy and it’ll help you to de-stress. But when we talk about meditation we don’t just mean sitting cross-legged and humming, we mean taking the time to stop, slow down, and think.
Life moves very quickly and we are constantly distracted throughout. Even if you’re unemployed and living a fairly sedate existence, there’s a good chance that your mind is constantly bombarded by Facebook, the television, the phone and video games.
How many times have you taken a short shower and suddenly had a great idea? How many times have you managed to work through an issue that has been bothering you when you were in the bath? It’s not because the water is magic (not in our house, anyway) it’s because those are some of the few times we actually remove all distracting media and take time to think.
You need more time like that in your life, because that half hour where you sit and do nothing but think could be the half hour that changes your life.
1. Do Not Procrastinate
A lot can be achieved by working hard and utilizing every minute of every day. This is a lesson most of us ignore when we’re young, and one that doesn’t really begin to make sense until we’re in our thirties. We waste our youth, forever using youth and “we’re only young once” as an excuse and then paying for it later in life.
Only when you come to this realization can you hope to be successful and the sooner you realize it the sooner you will make your millions. There are people who spend their entire lives procrastinating and making excuses for themselves; there are some who grow out of the habit soon enough to do something about it; and there are those who learn very early on and make their millions when everyone else is still being wild and stupid.
The good news is that it’s never too late to learn this lesson and do something about it. So, stop wasting time, make every minute productive, even if you’re exercising, cooking a healthy meal, reading a book or meditating, and you’ll reap the rewards.