Most of us don’t want to be filthy rich, we’d just like enough to live in relative comfort for the rest of our days. That said, I wouldn’t say no if someone offered my a billion dollar inheritance. So what are the traits of the filthy rich?
Patience is a trait that underpins most people who have made fortunes. It’s the patience to wait until a product has come down in price, or holding onto an item until it breaks- as opposed to being updated. Having the patience to research a good deal and make rational decisions is a huge part of good personal finances.
Consumer behaviour will often come from feelings of dissatisfaction- you would like a better house, or new clothes, or a more expensive car. Being satisfied with what you have, and appreciating that new purchases only bring with them brief feelings of enjoyment, will keep you out of debt and make saving easier.
You pay your bills on time, so never pay late fees. You know when money is going to be debited out of your account, so don’t overdraw. You organise so you get more done in less time, leaving you more productive and able to spend time on things outside of work and finances that you love.
So incredibly important when it comes to finances. Remembering your long-terms goals, and saving for them, while denying yourself some immediate luxuries requires a lot of discipline.
An ability to reflect on your financial decisions and grow from them is incredibly helpful if you want to achieve long-term financial stability. Recognizing your strengths and weakness is a key aspect in improving your financial awareness and decision-making.
Finances are not just about numbers and columns. They’re about how you react when things don’t go to plan, and how you approach problems. Thinking creatively is often the difficult path- working out ways to pay in cash instead of just pulling out the plastic for example- but it’ll help you in the long (financial) run.
Curiosity And Risk Taking
A desire to learn more and an ability to push boundaries with that knowledge is a huge asset when it comes to finances. Think of all major financial icons- they are all still involved, still interested in the world and in new ways to make business or investment. On top of that, they understand that risk is part of the human condition and must be at least acknowledged when it comes to finances.
Ask any big financial achievers where they will be in 5 years, and they can tell you. An ability to know what matters to you and how you’re going to achieve it is imperative to succeed with finance. Without that, all the present pain and money pinching can seem unjustified. Having a road map of how to achieve those goals will also keep you motivated, as you slowly but surely achieve them.
Hard and Smart Working
Nothing good comes easy. Without a willingness to work hard and make some sacrifices, it’ll be hard to get yourself to a place of complete financial security. That said, working hard but ineffectively is not much help in the long run. Work smart, take time to plan, and revise continually. We might not have all these traits, we may never make millions. But if we use them as inspiration, we can ensure our financial situation is sustainable and secure.