7 facts that only rich people know
Lots of billionaires in the world are living modest lives. One of these rich people is Warren Buffet, famously known as the ‘Oracle of Omaha.’ According to Forbes, his net worth is $91.9 billion. I was surprised to find out that he lives in a calm neighborhood in Omaha in a home that’s worth $850,000 now. He bought this home in 1958 for $31,500. Buffet could buy any property in the world but he chose to live a modest life in a small home and a small town. Well, he is not the only one living a modest life. Thomas Stanley in his book, the Millionaire Next Door says that more than 80 percent of the millionaires in the United States are ordinary people who accumulated their wealth in one generation. Most of them live their lives like normal people in the middle-class neighborhood driving modest cars.
These rich people know some facts about wealth and life which have made them successful. I am going to reveal some of them:
1. They invest in themselves – because it adds value
It is a great idea to invest your money in bonds, stocks or anything that brings you a decent return but nothing is more valuable than investing in yourself. Why not learn a new skill? When you invest yourself you are increasing your own worth. Harry Truman, the 33rd President of the United States said ‘Not all readers are leaders but all leaders are readers.’ Millionaires are millionaires because they have a constant desire to learn.
2. They know money isn’t everything
Rich people know that money is not everything. Some of the humblest people of all are also the richest of all. Why? Because their goal wasn’t to get rich, it was to offer something good to the world or improve their community. They know it’s their responsibility to give back to society with all the money they have. However, not all rich people are generous. Some are greedy too.
3. For them, goals matter
The rich people are more focused on achieving a specific goal as compared to an average person. They are firm in perusing their goals whether they are personal, professional or financial. Let’s be honest, without goals, you are just wondering aimlessly. If you have no vision, you have little motivation.
4. They stay away from debt
You will never find a rich person overspending. If they have their eyes on something they cannot afford, they simply save money to buy it. They hardy owe anything to the bank and that’s why they are rich. They know if they want to build wealth, they must avoid debt.
5. Keep track of cash flows
Rich people know that they cannot become rich without a plan. Wealth is built on budgeting your basics and then, you just keep following that budget. It is not just us average income earners who make a budget, the rich people do too. They always keep track of cash flows in their bank account. Every millionaire knows budgeting is the key to win more money.
6. They believe in giving
Sure some rich people are stingy but not all of them are like that. In fact, there are lots of millionaires out there who love to give charity. They have a caring spirting. Some of the rich actually continue building their wealth just to help others. They are well aware of the fact that they can’t take their money with them when they die so they spend it on a good cause too.
7. They know they can’t succeed on their own
Rich people build teams and not just any teams, extremely motivated teams. They search for individuals who are devoted and who share the same vision as them. They also make sure their team players get financial benefits from their success. They know that without the cooperation of their team, they can’t succeed. They know they can’t do everything on their own.
For those of you who have goals of becoming rich and famous, why not hold on to these facts and follow the path of intelligent and successful people?
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