5 Important Money Habits of Rich and Successful
Have you ever wondered that how Rich is always getting richer and whatever they touch it turns into gold? Do they really have any Midas Touch?
These are the 5 Habits that the Rich and Successful have in common and these approaches towards money and techniques that helped them multiply their money and place them on the top.
- They don’t react Impulsively
When the markets are having a free fall in March 2020, Most of the investors are felt nervous and few have sold their equity allocation with panic and today they are feeling bad as the market rallied 90% from the lowest point.
- They avoid bad Debts
There are good loans and bad loans.
Good loan helps you to multiply your money by leveraging your borrowing ( Eg – Borrowing for Business as business gives you back 20% yield and you are borrowing @ 10% or lesser )
Bad loans are buying life style gadgets and making credit card spending for depreciative asset.
- They cover their Assets and Risks
They have insurance cover for all their future incomes, assets and protects them. They protect their stocks, goods, home and other assets.
They also have Term Insurance and Health Insurance for adequate cover.
- They Diversify their Investments
They will never put all eggs in one basket. They shun ill liquid investments and keep the investments in their control always. Diversification is the foundation of wealth creation.
- Taking Action on their Decision
They never put off or delay their decision. When they are convinced about a proposal, they go ahead and execute it.
Knowledge will never bring you results, but taking action will do. Delayed action can take you to monetary losses.
Mastering money is always comes with smart habits. Of course bad habits are the causes for your Mediocrity, Poor Relationships, Bad Health. Change these money habits to bring more money to your life.
Money is not everything, but lack of money is a result of bad money practices.
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Equity Fund Manager | Financial Consultant | Author
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