Wealth Building Habits to Secure Your Financial Future
As Robert Kiyosaki, founder of the Rich Dad Company, explains, “It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.”
1. Pay Yourself First
Paying yourself first doesn’t just apply to people who own businesses. It applies to everyone. Frequently, people get paid, spend money on bills, treat themselves to a few nonessentials and then plan to save whatever is left.
2. Develop High Income Skills in a Niche
It’s important to develop both in-demand soft skills and hard skills. Soft skills include interpersonal skills, personality traits, attitudes and social and emotional intelligence.
3. Invest Your Money as Early As Possible
When you don’t start investing until later in life, you’re usually advised to be more cautious with your investments.
4. Live Within Your Means
Be aware of “lifestyle inflation,” where people start to increase expenses as soon as their pay increases. Consider sticking to debit cards to limit how much available money you have to spend.
5. Plan and Create Goals
Prioritize your goals in terms of what is critical, what you eventually need, and what you want. For example, you might have a surgery coming up that your insurance won’t fully cover and it’s critical to your health.
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