Making and saving money isn’t about your college degree or how many bargains you can score. It’s about your attitude towards money. Every millionaire has at least one thing in common, its how they look at money and control it.
Understanding how personal traits can influence your finances is an essential ingredient for building wealth.
10 Characteristics of Millionaires
Patience is one of the most valuable traits when it comes to saving and building wealth. It is often the difference between creating savings and being in debt.
When you are satisfied, you have no reason to spend money on nonessential products or services.
Millionaires can buy some of the most luxurious things in the world, but they are satisfied with their basic needs, everything else is just another delicious topping on the sundae.
Commercials are made to create a demand within you that was never there in the first place, so don’t worry it’s natural for us to try replicate the excitement on TV by purchasing the products it’s trying to sell.
Being organized will make you more productive and ensure that all the issues concerning your finances are addressed in a timely manner. This primarily means staying on top of your deadlines and your schedule.
Personal finance won’t make you rich quick, but it is the disciplined execution of your lifetime goals and plans. Do you think Steve Jobs was able to turn Apple into the large tech company it is today without consistant discipline? Of course not, he followed a rigorous schedule including zen meditation and a fruitarian diet, no wonder Apple is the company the rest of the tech industry is competing against.
It is crucial to be able to look back at your financial decisions and reflect on their results. You are going to make mistakes, its inevitable, the key is learning from those mistake, being able to recognize them before they happen and fixing the problem that causes it.
Creativity allows us to make something last longer, do something faster and with less effort. It means juggling money to stay out of debt and finding a cheaper alternative when funds are tight. Think outside the box, sometimes unconventional solutions will work for your advantage.
Having curiosity will keep you eager to learn and improve yourself. Your thirst for knowledge and wisdom will give you the opportunity to thrive where others won’t.
8. Risk Taking
In order to build wealth, you must be willing to take risks and make sacrifices. This does not mean blindly walking into a loan or investment, it means weighing all the options and making the decision with the best risk to profit ratio.
9. Goal Oriented
Those who lack goals don’t have a road map to take them where they want to go financially. It helps your personal finances if you have money goals for it puts extra incentive on yourself to strive for more.
10. Hard and Smart Working
The true path to financial freedom is to work hard enough to earn money while at the same time educating yourself to increase your value and in turn increase your income.
You may not have all the above traits, don’t worry, now that you know them you can play upon your strengths and nourish your weaknesses until you are a well rounded financial savvy individual.