- Personal Finance
Getting Rich...Slowly, Part 2: Proper Habits of a Rich Person
Good Habits Bring Great Money
In our first lesson, we learned that the first step towards building wealth is thinking about gaining riches in a serious, pragmatic fashion. The next step is putting such thoughts into action. After all, thoughts without action are essentially nothing, nothing, nothing. Period (“Full Stop” for our British readers). This is in the vein of the axiom “the road to hell is paved with good intentions,” which shows the futility of mere desires.
So, to initiate the thought-to-action process, let’s look at our money. Pull out your money from your pocket. Is it crumpled, disheveled, and with the denominations out of order? If so, rectify this situation immediately. The condition that we leave our money in is more than just a metaphor for our financial situation; it is an actuality, a reflection of our thoughts (and actions), upon what we think of money, our –your money. Do this for a week, a month, the rest of your life, for as silly as it might seem, keeping our money from being unkept is one of those small token habits that can lead to fiscal greatness.
Our next actions must again give way to thoughts, first. Consider the following: something people tend to speak about regarding the rich is that they are stingy, parsimonious, and downright tight with their money. They’re right. The rich are not as apt to part with their money –even tiny amounts of their hard-earned dinero, butnot because they are rich, however. Rather, the opposite is true: because they were not quick to blow every penny on every passing whim, the rich, who often begin quite poor, as was true for the newspaper tycoon Joseph Pulitzer, learn to save.
It is the ability to save one’s money that allows for the building of essential capital, money put towards making more money (such an important concept is capital that even the world’s leading communist, Karl Marx, wrote not so much about communism as about capitalism –with the title of his magnum opus being, of course, “Capital.” (Interestingly enough, while Marx wanted to extinguish capitalism, he also admired many aspects of it –but that is another story)). So, save your money, whether in an old Mason jar in your back yard, a bank or a credit union (the latter is probably your best bet), and just sit on your money and enjoy its accrual.
In continuing our trip towards wealth, we must next listen to the experts. This can begin with wealth-building experts, all of whom can be found in the printed word, most on tape or CD, and many can be found bouncing around America or the globe giving lectures. At this point you might be saying to yourself “Well, if they’re so rich, why are these so-called wealth building experts bothering to share their advice?” There are two answers to this. First, these symposiums themselves are good source of revenue for these folks. Secondly, many times the wealthy simply want to give back to the community or “pay it forward,” as some call it. They may do this for religious or spiritual reasons, or see it as a calling, feel the need to forward the benefits of capitalism, or maybe they just simply love making money by meeting and helping people.
Of course, there are also scammers out there and for this reason it is best to invest your time and possibly your money, in wealth coaches that have come recommended by friends or family. Some people that I’ve found inspiring and educational are Anthony (Tony) Robbins, Earl Nightingale, Napoleon Hill, Dale Carnegie, and Robert Kiyosaki. Also notable particularly for his knowledge of negotiation is Donald Trump.
From here, the next step is to begin to meet rich people. Yet how does one go about this? If you’re a drinker, consider going to a bar where stockbrokers or other influential and affluent people go. Consider becoming a patron of your town’s opera house. Many rich people like opera. Join a philanthropy organization in your city, for there you will meet many rich (and generous!) people. Of course, this is by no means an exhaustive list and is limited simply by the capacity of your imagination.
As a bit of homework, pick up a book by a wealth coach or even a book on CD, which I personally find more pleasurable. Also, scout out a place that you can frequent that is also haunted by rich folks, and begin going there. Meet some rich people. Chat them up and ask only for their knowledge –people love to tell you about how they’ve made it to the top. To really get the time of such a person, take them out to coffee or lunch, and you treat. In fact, insist upon it –tell your newfound friend that it is worth it to spend time learning from someone who’s already made it. This is both easily recognized truth, and is also quite flattering.
If you’re so inclined, you can also pick up a book on economics, though this is really too general for wealth building. If you choose to go this route, though, a great, clear economic writer is John Kenneth Galbraith. Although a socialist at heart (which isn’t bad, just not as capitalistic as some might desire), Galbraith is renown for his ability to make the dull and mundane world of economics sparkle and breathe.
Next Lesson: Building a business.