habits to be rich and powerful ?

Question

suggest me habits to be rich and powerful ?

Answer 1

Far too often we are lured by the thought that there may be a shortcut to wealth. We all dream about winning the lottery, or investing in the next great investment, or starting a wonder business that becomes a license to print money. Our society is filled with schemes to go from rags to riches in less time than you think. If it is really so easy, why is 80% of the wealth in the hands of 20% of the people?

Save regularly. Wealth is not built by accident and contrary to popular belief wealth is not inherited. 80% of the wealthy are first generation and they built their wealth one step at a time. One of the key habits wealthy people possess is a systematic disciplined savings plan. The best way for anyone to develop this habit is to start an automatic monthly savings plan where money comes off your paycheck or out of your bank account before any other expenses or deductions.

Live below means. According to the book the Millionaire Next Door by Thomas Stanley and William Danko, you may be surprised at what a wealthy person looks like. According to their research the typical wealthy person might not be the one that drives the nice new Mercedes, living in the biggest house, wearing the top designer clothes. Rather, the millionaire next door is the person living in the same bungalow they have lived in for the past 20 years, they may drive a nice car but it is an older well taken care of car with lower mileage. They know where their money is going. Most wealthy people not only live below their means but they also are very conscious of where they spend their money. Wealthy people know exactly where they are spending their money. If you want to become wealthy you should develop a habit of tracking where you are spending your money on a monthly basis. Budgeting can be a very intimidating word but the fact remains it is an essential habit for wealth accumulation.

Avoid debt. Wealthy people make a very conscious effort to avoid, minimize and pay off debts. It is so easy in our society to access debt. Every week, I get mail offering lines of credit, credit cards and access to other forms of debt. “No Money down”, “Don’t pay till 2020”, “interest free” are all common ploys to get you to spend money you don’t have. It is so enticing but one of the habits you’ll need to build wealth is to avoid spending money you don’t have.

Maximize income. There is a correlation between wealth and income. The more money people make the more likely they are to build wealth faster. While this makes intuitive sense it may not always be easy to just go out and increase your income. That being said it's an important habit to building wealth. Take time to train your mind to think outside the box about ways you might be able to increase your earning power. This might mean getting more education or starting a business or getting a part time job, etc. No one said building wealth did not take some effort.

Own appreciating assets. The majority of wealthy people own their own home. Owning your personal residence develops some productive wealth mindsets. Ownership gives you a better appreciation for the value of goods. In addition, most wealthy people have equity in other appreciating assets like business, stocks and real estate. The next time you put your money into something ask yourself if it is an appreciating asset or a depreciating asset.

Get professional advice. Wealthy people typically have a team of professionals to help them accumulate, manage and protect their wealth. This might include accountants, lawyers and financial advisors. Although they use professional advisors, they ultimately make the final decisions themselves. If you want to become wealthy you must seek help but ultimately retain control over key decisions.

Answer 2

1. Live within your means.
2.Save at least ten percent of whatever you earn.
3. Think rich and dream rich, all the while willing to work hard for becoming rich.
4. From your savings, spend forty percent on mutual funds or Treasury Bonds, which will grow your money slowly, but surely and keep it in good safety.Invest twenty percent in land or building. Land is one commodity that is going to be in short supply and high demand,
5.Invest forty percent through a licenced Investment Agency or preferably through your own Banker in medium and High yielding corporate bonds or shares. There is some risk , but your money will grow.
6. After you have made enough money to meet your initial targets, set higher targets. This time , invest only the new growth wealth in higher risk high return shares, Commodity exchange etc. NEVER EVER invest all your wealth in any risky income schemes.
7. Learn the Basics of Real Estate Investment, and begin bulding up a sizeable inventory of assets.
8. Create a large number of different streams of income ; spread your investments across a wide spectrum of unrelated businesses, all the while driving well the ones which are giving the best returns at the time. This precaution will prevent the melt down of your assetes in the event of any collapse in some of the sectors of the Economy.
8. Share a part of your earnings, say one or two percent, however small it may be, in charity or National welfare activities. Don't cut back when the money involved becomes big or when income gets reduced. Stick to the percentage and you wont have a difficulty to keep going!
9. Take care of your workers. Train them to save like you and to build up their children's future. If some of the businesses you run face rough weather, redeploy the staff to the ones that are doing well. Do Not Follow the western style management of HIRE AND FIRE. The curses of the suffering families will finish the extra income created by you in this manner. On the cntrary, the goodwill of the families rehabilitated during the tough days will protect you empire from negative vibrations from elsewhere.
10..THANK GOD FOR ALL THE GOOD FORTUNE AND BLAME NO ONE FOR YOUR BAD DAYS.
11. Cultivate the friendship of the wise and the Noble. That will give you ample power to influence the high and the mighty.

GOOD LUCK!

Answer 3

Great to see the initiative you have taken.
As with many things in life there are multiple ways to achieve your goals. With money - you have to be in control not the money. By this I mean you have to know what you are earning, what are you speaning and on what, how much do you want to save & very important WHY ? Then you work out a savings plan - not from what you have left at the end of the month but right at the start.
To help me, I have been using a Personal Finance Software package by Australian business Parcus Group - Personal Finance Associate.
The product is very good & simple to use. For AU$29 it costs, you get budgeting, financial planning templates as well as advanced features that typically cost lots more as separate software packages such as investment real estate calculations (mainly based on rental cash-flow analysis) and some value based shares valuations (based on Warren Buffet's stock valuation methodology)
Their website is http://www.parcusgroup.com
For anyone interested in their own wealth creation this product is definitely worth looking at.

Best of luck !

Answer 4

Read "The Millionaire Next Door" and "Rich Dad, Poor Dad." They have good advice. I also like, "Think and Grow Rich."

Answer 5

Don't smoke.
Don't gamble.
Don't have sex with prostitutes.
Don't drink.
Don't use drugs.
Don't go to the Movie Theater.
Don't go to Blockbuster.
Don't go to Concerts.
Don't buy $59.99 Sony Playstation 3 or Microsoft Xbox 360 or Nintendo Wii videogames.

Boring. Is it not?

Answer 6

Obama is amazingly effective. He has consolidated the flexibility of the finished united states of america of united states of america of america government into his very own individual. very equivalent to Stalin in CCCP, Hitler in Germany, Mussolini in Italy, or Chavez in Venezuela. the USA of united states of america of america Congress has exchange into no longer something relatively yet a "rubber stamp" legislature for Obama. the USA of united states of america of america splendid courtroom has exchange into no longer something greater effective than a gadget for Obama and his liberal activism. it is the reason he's staffing it with leftist judges whilst some moderates "very certainly" retire from it. particular - he's probable the main effective President in view that your President F. D. Roosevelt.

Answer 7

try to read 7habbits of highly effective ppl

Answer 8

Don't be a procrastinator!

Answer 9

you can contact [e-mail].