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Six Habits Of Financially Successful Individuals

While you are busy managing your own wealth, consider how you can develop these 6 habits of financially successful people.

#1: FASCINATION OVER BOOKS

According to Mr. Tom Corley, the author of “Rich Habits: The Daily Success Habits of Wealthy Individuals”, self-made millionaires have a shared passion for reading. His study found that about 85% of the participants indulged on two or more books in a month. These said books involve topics of improvement such as career, health, and leadership.

I cannot deny that life is an endless journey of discoveries. There will always be new theories to motivate employees and new strategies to invest your wealth. This is why you must read beyond what is expected of you. Set yourself apart from the competition!

#2: GONE IS THE BLAMING GAME

No matter how relatively robust Singapore’s economy is (i.e., compared to other countries across the globe), it cannot please everyone. Others have a habit of blaming the economy for their ill financial situation. Successful individuals and eventual millionaires refrain from behaving as such.

Reality check! It is time to take the full responsibility for your finances. Doing so will make you more accountable for your future spending.

#3: SACRIFICE COMES FIRST

The key to success is knowing that there is no easy way up! As you are only starting your career, you must employ sacrifices such as downsizing your flat or selling your car. Successful individuals transform every cent they can save into productive matters such as investing on quality education.

Accept that your way of life is something that you have to sacrifice first. For instance, the notable Warren Buffett drives his car until it completely wears out.

#4: THINKING OF THE LONG-HAUL

Overnight success rarely happens. You will probably agree that financial success requires strategic planning and careful outlook toward the future. Many successful individuals show concern about what their finances will be like in the next 5 to 10 years. They take conscious steps to reach their long-term goals.

Having this habit of setting long-term goals encourages the exploration of options to increase one’s wealth. It highlights the importance of having substantial savings.

#5: GOOD THINGS BLOOMING YOUR WAY

Have you heard of the quote: “Good things come to those who wait”? Well, financially successful individuals have their own twist! They essentially believe that good things will come as long as they hustle. They do not just sit around to wait for incredible blessings! They play an active role in their accomplishments.

Continue to expand your financial literacy. And at the same time, seek for new ways to boost your income. This will help you to efficiently tackle your financial goals.

Image Credits: pixabay.com

Ohhhh! You came here to read 6 habits. Sorry about that! Sometimes, you must give yourself the privilege to commit mistakes. It is possible to be right all the time (successful people know this).

Sources: 1, 2, & 3

How To Get Lucky With Money And Life

Have you ever wondered why some people are lucky in love, money, and life while some are not?

Well…Mr. Bob Miglani and Dr. Richard Wiseman argues that there are several reasons and factors why people achieve success. In an article for the HUFFINGTONPOST, Bob Miglani – the author of “Embrace the Chaos”, shares some reasons why some people get so lucky in money and in life. Here are some of them:

1. PERVASIVE POSITIVITY

Start the day right by planting positive seeds as soon as you wake up. Make the conscious effort to choose good words (e.g., “Have a wonderful day!”) and positive actions (e.g., beginning with a prayer of gratitude) to overcome the limitations set by your mind. Let this positivism translate towards other parts of life by surrounding yourself with people who boost you up. Worry not about the negative people that slow you down.

2. CLEAR PURPOSE

People who are lucky set clear objectives and do their best to achieve them. Whether you want to provide well for your kids or you want to open a successful business, attract those goals to you by writing them down. Jump out of the bed each morning with a purpose as you truly have something valuable to give to the world!

3. FAILURES AND SUCCESS

Lucky people have a different perspective of setbacks and success. Although failures can be experienced by anyone, they keep on going because they know that they have the power to overcome it. This belief helps them to persevere through the failures.

Success, on the other hand, is not achieved through a straight path. Lucky people flow thru the uncharted waters and handle all the curves along the way to success.

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Aside from these reasons, Dr. Richard Wiseman – a Psychiatrist and an author of “The Luck Factor: The Four Essential Principles”, reveals that people are not born with good luck or bad luck. In fact, good luck results from a person’s good attitude. Here are ways to achieve that:

1. WINNING EXPECTATION

Expecting to win not only helps you to handle money but it also helps you to handle life. For instance: If you are going to a job interview, visualize that you have gotten the job already. As the interview commences, you will find yourself more relaxed and confident. This may lead you to performing better in the conversation and eventually landing the job.

2. NEW THINGS

Every new activity or products you try gives you the opportunity to become luckier. If you are trying to win the lottery, try entering the various types of sweepstakes to widen your range and luck. If you are trying to get a new job, try going to different places and even consider relocating overseas. Embrace new experiences and see how much you like them.

Image Credits: pixabay.com (CC0 Public Domain)

4 Incredible Rags To Riches Stories

These people came from merely nothing but now they have a whole lot of wealth than the average person. Taking the leap of faith and believing in themselves led them to profit through adversity.

Without further adieu, here are four inspirational rags to riches stories:

1. HOWARD SCHULTZ

Raised in a housing project in Brooklyn, Starbucks’ Howard Schultz was a son of a struggling truck driver. Despite their poverty, he excelled at football. Fortunately, this earned him a scholarship to the University of Northern Michigan.

After finishing tertiary education with a degree in Communications, he worked for Xerox Company before discovering a small coffee shop called Starbucks. Filled with his love for coffee, he soon left Xerox and focused on becoming the chief executive of Starbucks.

Image Credits: pixabay.com (License: CC0 Public Domain)

As of today, his net worth amounts to US$3.2 billion (S$4.5 billion).

2. JOHN PAUL DEJORIA

As a first generation America, John Paul DeJoria and his immigrant parents had it tough from the start. His parents divorced when he was just 2 years old. By age 9, he and his brother began selling newspapers and greeting cards in order to support their family. Life did not come easy soon after as he lived in a foster home and become a part of a street gang.

Thankfully, he graduated secondary school and spent two years in the United States Navy. After which, he held numerous jobs ranging from a janitor to an insurance salesman. In 1980, things changed. He teamed up with Paul Mitchell and turned a US$700 loan into a hair-care company called John Paul Mitchell Systems. Now, it is known worldwide as the Paul Mitchell hair products with estimated annual revenue of US$1 billion (S$1.4 billion).

He is also the co-founder of the famed tequila company called “The Patron Spirits Company”. Currently, his net worth amounts to US$3.1 billion (S$4.4 billion).

3. ANDREW CARNEGIE

Who would have thought that a Scottish American with barely a dollar to his name would soon be the richest man in the world?

Andrew Carnegie migrated to the United States with his low-income parents in 1848. He then started to work as a telegrapher. 10 years later, he had investments in railroads, bridges, railroad sleeping cars, and oil derricks. Then, his wealth increased further as he worked as a bond salesman.

He became the world’s richest man in 1901. Aside from having a high profile, he was also a philanthropist. This is the reason why he gave away about 90% of his fortune (US$350 million in 1919 = US$4.7 billion in 2015) US to charities by the time of his death.

4. OPRAH WINFREY

One of the most recognizable faces in the world definitely did not grow up in a pool of luxury. American media maven, host, producer, publisher, actress, and philanthropist Oprah Winfrey was born in the Mississippi with her teenage single mother. She experienced hardships during her childhood such as being raped at age 9 and becoming pregnant at age 14. Unfortunately, her son died in infancy.

But these struggles only strengthen the young Oprah as she entered the halls of media in her first job as a newsreader in a local radio station. Later on, she got a daytime talk show in Chicago. The rest was history.

Persevering through life and diversity earned her a net worth of US$3.2 billion (S$4.5 billion)!

Sources: 1, 2, 3, 4, & 5

Aside From Warren Buffett, Here Are 4 Broadly Successful Investors You Need To Know

When you think of “successful investors”, one name comes to mind of most and that is Warren Buffett. With his amazing record, who would not be impressed? But, as time passes there are a few names that stand out in the shadows. Here are four of them:

1. HOWARD MARKS

Number 318 in the Forbes’ 2015 list of United States billionaire, Howard Marks has an estimated net worth of US$2 billion (or S$2.8 billion). Majority of his wealth came from the “Oaktree Capital Management” which he founded. Oaktree Capital Management, an investment firm trading in New York Stock Exchange, focuses on private equity, distressed debt, and high-yield bonds. Furthermore, his book entitled: “The Most Important Thing: Uncommon Sense for the Thoughtful Investor”, was praised by no other than Warren Buffett.

2. WILL DANOFF

Majority of investors have heard of the Fidelity Investments. Fidelity Investments is the family company managed by Edward Johnson III and his daughter. Without him, the world may not have the discount brokerage market that it has today. As Fidelity Investments became one of the biggest discount brokerage firms, they launched Fidelity Contrafund in 1990. Fidelity Contrafund is so huge that US$1 of every US$8 invested in Fidelity’s stock funds goes there.

Image Credits: pixabay.com (License: CC0 Public Domain)

And, the single manager behind Contrafund is Will Danoff. Under his reign, the Contrafund achieved an average annual return of 12.50% despite all odds in its lifetime. Dannoff is truly a very impressive investor.

3. SULEIMAN KERIMOV

From someone who made US$250 (S$355) a month to a multi billionaire, that is the inspirational financial story of Suleiman Kerimov. He started to work as an accountant for an electrical plant. To illustrate his previous uncomfortable situation, he and his wife used to live in the workers’ hostel attached to the plant. He made a transition into banking and found his initial investment grow rapidly. With this, he added even more investments. And, the rest was history.

4. JOE ROSENFIELD

An investor whose returns were better than Warrant Buffet’s deserve a spot on the list. And that is no other than Warren Buffett’s friend named Joe Rosenfield. If you are a fan of the Silicon Valley, he is also a good friend of Robert Noyce. Joe Rosenfield is an American businessman who is best known for transforming his US$11 billion (S$15.64 billion) into US$1 billion (S$1.42 billion) for the endowment fund of Grinnell College.

He has an undeniable talent for determining top investment opportunities such as the Sequoia Fund back in 1977. But, his heart still resides in Grinnell College wherein he created a Rosenfield Scholarship that helped students pay for their Grinnell education. Now, that is a great way to give back!

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1 & 2

Procrastination Costs You Money! Here’s How You Can Stop It.

You probably know how procrastination impacts some areas of your life such as being late for a reunion or getting scolded by your boss because you missed the deadline – again. However, you might not realize that constantly avoiding responsibilities can cost you not only with opportunities but also with money.

There are various reasons why people procrastinate with money and one of them is fear – fear of getting stuck or lost in the path. Then, the “avoider” in you will just make excuses in order to delay the tasks for a while or for a lifetime.

To illustrate how procrastination cause money loss, here are some examples:

1. WHEN PENALTIES PILE UP

Late payment fees, late return fees, reconnection fees, and other penalty charges may seem small at the moment but these things add up. For instance, if you borrowed a book in your school’s library and you failed to return it 1 month after the deadline then, the price you paid for late fees might be more costly than the book in the first place.

Also, being late in paying your credit card can cost you each day. Add that to the interest!

2. NOT TAKING PREVENTIVE ACTIONS

Preventive actions such as regularly going for health screening especially when you are in your 40s, can help detect or treat serious diseases. Waiting will do nothing but cost you for medical bills later. Some expensive repairs that can also be prevented by check-ups are: air conditioner’s filter maintenance and car’s tires maintenance.

3. LAST MINUTE SHOPPING

People are often to be less conscious of the price tag if they are shopping under pressure. Waiting the last-minute to purchase for anniversary gifts or weekend travel tickets can make you opt for the high-priced ones just to get it over and done with!

These examples are just some of the reasons why it is important to beat procrastination with all strength! Do it by following these tips:

1. AWARENESS

Constantly remind yourself that there are tasks to be accomplished and determine what phase you are on. It is easier to track your tasks by making a simple “to-do list” that even includes the tasks you are avoiding to pursue. Then, write the deadlines together with every task.

2. REMOVE THE DISTRACTIONS

The quickest way to stop procrastinating is by eliminating the possible distractions. Learning to reduce, ignore, and remove the unnecessary choices can be beneficial as you are able to make better choices.

For example: if you want others to read your blog, stop distracting them with buttons and ads. Also, if you want stronger arms, stop wasting your energy on Single-Leg Glute Bridge or other exercises that are not in lined with your goals.

3. REWARDS AND PUNISHMENTS

Create a reward and punishment system. Rewards (e.g., eating your favorite dessert) should only be given if you finished a task while consequences (e.g., no access to ice cream for a week) should be given whenever you avoid your task.

4. GET SERIOUS

Ask a your friend or your partner to help you complete the task. They should guide you and warn you when you deter form the task at hand. Focus on the success and happiness you will achieve after you finished your “to-do list”.

Image Credits: pixabay.com (CC0 Public Domain)

Sources:1 & 2

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