Have you ever wondered how people accumulate vast sums of money and thought to yourself, “I should just do what they did and I’ll be wealthy too.” That’s a common human reaction to witnessing the success of others, but there’s a lesson to be learned from having the right attitude. You certainly have a higher probability of financial success if you copy at least some of the standard behaviors of those who have reached the top. But what, exactly, are the requirements?
Do the nation’s top entrepreneurs, investors, business owners, sports figures, and creative geniuses have anything in common? The short answer is yes, they do. The longer response explains how each one of those factors can work for you and, with a little luck, bring the same results. Keep in mind that there is no magic formula that guarantees a positive outcome. However, it is highly instructive to examine some of the key factors shared by a huge majority of financially prosperous people. Here are five the crop up in the resumes of nearly every billionaire.
They Invest in Real Estate
Whether it’s in the form of raw land, apartment buildings, co-ops, multiple-family dwellings, commercial space, or fixer-upper houses, people who rise to the top of the earnings ladder tend to use real estate as one of their main investment vehicles. This has been true for centuries and will likely continue to be a fixture of every successful person’s portfolio.
They Earn College Degrees
Don’t mess around and procrastinate. Get your college degree as soon as you can. If you don’t have enough in savings to cover the cost, take out a private student loan. There are many reasons for taking this route. For starters, you’ll have access to flexible repayment terms and competitive interest rates. What’s more, borrowing limits are higher than with other types of loans. When you head to college knowing that the bills are paid in advance, you’ll be able to focus on earning good grades.
They Learn to be Patient
Patience is closely related to perseverance, both of which are building blocks of monetary abundance. Being patient with your resources means knowing how to stick to a budget, how to curb unnecessary spending, how to save on a regular basis, and how to build assets slowly. The concept of getting rich quickly is a formula for failure. Avoid it. Instead, cultivate an attitude of patience and you’ll never regret it.
The Network Like Crazy
Moguls of all stripes are excellent at networking. They never miss a chance to hand out a business card, resume, contact sheet, or thumb drive to potential friends, clients, partners, politicians, thought leaders, and social influencers.
They follow the 10 Percent Rule
Saving 10 percent of every penny you earn, especially in the early years of a career, is one of the smartest things you can do. Some of the world’s best-known moguls began this way and used the 10 percent rule to set funds aside for hard times, the proverbial rainy day. There’s nothing magical or mathematically complex about this technique, but it does work wonders at getting your through those inevitable low-profit months during the first few years of a career.