Wednesday, December 30, 2015

10 Financial Mistakes Rich People Never Make

I hear people giving financial advice all the time. Most of them aren't rich. Those who are rich would disagree with what many preach. The other day, I came across an article proclaiming, "Skip your lunch, don't buy expensive coffee, cut your hair less often." This is a horrendous way to live your life and it promotes poverty. It's smart to be thrifty, but you don't want to be cheap. You should never do anything that will deprive you from your joy. I promote prosperity--and taking away these simple pleasures will not make you rich. It will drive you to be more frustrated from these unrealistic disciplines. Most of those who profess these antics haven't even made it financially. They just sit at a keyboard in a delusional manner, waiting for a payday that often never happens. Financial advice is freely given by most people, but most of it is horrible. Conversely, the words you are currently reading are written by someone who is a self-made millionaire. Therefore, watch whom you learn from, for it is in your best interest (pun intended). If you're naturally a hard worker with a great career and have been diligent in your affairs, you can have prosperity now. However, you might be asking, "Why haven't I made it yet?" The answer to this question is in the way you think, feel, and act toward your money. Making better money choices can turn your life around. There are certain financial mistakes that rich people never make. The journey to becoming rich will require you to make a few mental changes in your behaviors. Once you make these mental adjustments, you will begin to see the progress as you create more positive results in your life. Acquiring wealth is a great goal, but who you become in the process is even more worthwhile. Here are 10 financial mistakes rich people never make: 1. Not Investing in Yourself - America's first millionaire, Benjamin Franklin, was known for saying, "An investment in yourself pays the best interest." Often, people depend on their employers to buy them books, send them to seminars, or provide them with coaching. However, you must take your education into your own hands if you want to prosper. Invest in yourself. 2. Over-Entertainment - Yesterday, I popped into a local Dave and Buster's to see the grand opening. It was crowded with hundreds of young adults (ages 21-35) who were wasting precious time and money. Most people spend 30-50 percent of their paychecks on entertainment, while they temporarily escape the realities of life. Instead, rich people use that time and money to fund their dreams. 3. Buying on Credit - Many people purchase objects they can't afford with money they don't have to impress people they don't like. This tragedy decimates many people, leaving them with a hopeless feeling when they repay their high-interest loans. If a person hopes to become rich, they will use their credit cards for growing and promoting their business, not funding personal expenditures. 4. Hiding From Your Spouse - Millions of married couples don't talk about money. It makes them uncomfortable, which sometimes leads to arguments. However, you cannot get rich unless you disclose your financial precepts with your spouse. Money is only multiplied when love is in the mix and both members of the household have a clear understanding about their finances. 5. Mortgaging a Home - Some "rich" people mortgage their homes, but they aren't really rich. Mortgaging your home leads to an endless battle of re-financing, bill-paying, and inflation. When you mortgage a home, you're likely to pay twice as much as the original price! 6. Traditional Retirements - Our retirement system is a joke that must be evaded by those who want to become rich. If you're depending on mutual funds, 401(k), and certain life-insurance policies, you'll do better boarding the Titanic. Plus, if you're saving money to enjoy it for your sixties, that's like saving up sex for retirement! Instead, build your fortune while you are young. 7. Buying Inferior Goods - Price shoppers and coupon clippers will hate this, but when you buy shoddy goods, you get shoddy results. If you live by the price, you die by the price. Instead of buying what is "cheap," buy the best goods that are available. Rich people know that buying a $40 shirt which will last for four years is better than buying a $10 shirt that must be replaced every year. 8. Lack of Enjoyment - Consumerism is funny. During 50 weeks at work, people think about vacations and when they finally get their two weeks, they only think about work. The truth about becoming rich is that you must enjoy the money that you already have, whether it's $10 or $100. Your money will only expand if you appreciate it and think about how you can enjoy it more. You'll always get more of what you enjoy. 9. Not Saving - Most people blow their money on miscellaneous goods. When they see 'X' amount in their bank account, they automatically think of what they "need" and purchase it immediately. However, this impulsive behavior must be eliminated. Rich people save at least 10 percent of what they earn and rarely take out personal loans for themselves, even if they think they need it. 10. Working For Money - The majority of people in this world work for money, but rich people let money work for them. They know that their money will be a byproduct of the service that they render to the marketplace. Rich people also acknowledge the fact that their material wealth is the sum total of their entire contribution to society. That's why they never work for money. Making these mental shifts can dramatically alter your life. When you start changing your financial habits and avoiding these mistakes, you will be on your path to be rich. Remember, it's not what you acquire that makes you rich, but who you become in the journey. Start your new journey in 2016. Source: entrepreneur.com, 12/29/15.

Thursday, December 17, 2015

The 7 Habits of Highly Unhappy People

If you want to make steps towards being happy, the good news is that you can. Identified here are the actions, choices and habits all contributing to your level of happiness. Below are the 7 habits of highly unhappy people. **Of course, if you are suffering with depression that is completely different from being unhappy and you should seek professional help to get through. 1. They Take the Easy Way Out If there are two roads to choose from, many people will choose the easy way. Sometimes that is okay, but over time, the problem is that the easy way often comes with less reward including self-satisfaction of rising through challenges. As humans, we don’t want any suffering or hardship. We want to feel good. However it is through our struggles that we can appreciate the results. Likewise, we can appreciate our self for the effort put forth. Happy people make it through with effort and are willing to do what it takes to live a happy life. Happy people treat failures as stepping stones to success. Unhappy people can’t handle failing and so they avoid it altogether by quitting. At first, they may be excited to start an endeavor but often lose interest fairly quickly. Follow through is an issue with unhappy people, especially when they encounter setbacks. Unhappy people typically bounce from interest to interest and not really fulfilling their dreams. 2. They Blame and Criticize Others Unhappy people express their unhappiness with themselves in the form of blaming and criticizing others. In blaming and criticizing people, unhappy people feel a few seconds of pain relief and this is the motivation for doing so. The thing is, it doesn’t last more than a few moments. The blaming and criticizing doesn’t really help them to feel better and it is a definite habit of an unhappy person. 3. They Think, Do and Say Negative Things Unhappy people see problems but never the solutions. When things go wrong, they complain. When things go right, they complain. They blame the wind for ruining their hair rather than thanking the sun for a beautiful day. Unhappy people complain, a lot. Unhappy people also think that people are against them. They are quick to blame and exaggerate. They view mistakes as catastrophes. Unhappy people become discouraged easily instead of learning from their mistakes. 4. They Act Before They Think Unhappy people act based on impulse. If something feels good, they go for it. If something feels uncomfortable, they avoid it at all costs. Happy people think through their actions and consider the consequences of their choices. It’s not that they don’t follow their intuition. In fact, they do. But the difference is that they think first. They take a pause when making decisions. Likewise, what happy people know is that discomfort is a part of life. They know that in order to move past it, they need to be with it for a time. So they don’t avoid things simply because some discomfort will be involved. 5. They Try to Bring Others Down To Their Level Unhappy people envy the happiness and success of others. Instead of working hard to achieve their goals, unhappy people gossip and find fault with others in an attempt to bring them down and make themselves feel better. 6. They Talk Much More Than They Listen Unhappy people lack the capacity to truly listen to others. They are too caught up in their own inner unhappy world to hold an empathic space for another person. You will find them talking much more than they listen. 7. They Don’t Play Immersing oneself in activities that are truly enjoyable is a key to happiness. But sometimes just doing nothing is OK too. Happy people do the things they love and know that time doing nothing is not always wasted time. Source: The Power of Happy, 12/17/15.