Financial Success Leaves Clues
Daniel Mangena is an entrepreneur who appeared on my podcast recently and he made this very important observation about the role of money:
“Money is just a tool that gives us more choice. And it's not even really the money that we should be obsessed with. It's having the ability to create a reality that we want to live in, knowing that most of the time, money is probably going to be the easiest way to do that because there are collective agreements around the idea of money being an easy medium of exchange.
So I don't think about the money anymore. I think about the quality of life that I want to live and, invariably, the money to do that shows up, all the opportunities to do that show up.”
Wealth Building Attributes
Over the past 30 years, I've met a lot of multi-millionaires. Some were fortunate to inherit money or experience some remarkable good luck, but the majority didn't. Here are some of their common attributes:
They believe they are the master of their own destiny and take total responsibility for their situation and changing their circumstances.
They work consistently hard and have routines and habits which support their objectives.
They focus on acquiring assets, not thinking they are rich because they have a high income.
They have an optimistic outlook and a can-do attitude.
They bounce back from mistakes and setbacks and don't fall into the trap of labeling themselves as a failure.
They tend to live quite frugal lifestyles, are mindful of what they spend their money on, and usually avoid ostentatious displays of wealth.
Despite all its faults, they have faith in the future of capitalism and its ability to solve the world's problems and create wealth.
They realise that inflation is an ever-present danger, so they save and invest a lot of what they earn in property, shares and business activities.
They have an open mind and are always looking to learn and expand their knowledge and understanding.
They know when and what to spend their money on to improve their quality of life, whether to save time, avoid drudgery or have life experiences.
They are generous and give money, time, or both, to causes that help people who are less fortunate than them.
They take professional advice when necessary and see the fees as an investment, not a cost.
So, think carefully about the quality of life that you want to live and also what you are no longer prepared to tolerate in your life. Then look carefully at the list of attributes of financially successful people and compare them to your current thoughts, actions and activities.
That will give you a good idea of what small first step you need to take to make that life a reality.