According to the global wealth report, 43.4% of the world’s wealth is controlled by millionaires that’s approximately $173 Trillion dollars. 84% of the world’s wealth is owned by the top ten richest people, in contrast, the bottom half of the wealth pyramid manages only 1.4% of the global wealth showing the insurmountable discrepancies in the global distribution of wealth.
Since you’re reading this content, we assume you’re definitely among those aspiring to be in the top ten percent.
Wealth is freedom. Chasing money seems like a dishonorable goal to pursue, but let’s be honest, chasing money is what we all do. Most people spend their lives just to have a roof over their heads, food on the table and, enjoy all the pleasure life has to offer, but that all depend on how much money you’re going to earn.
Think of money as a resource and not as a piece of paper that you’re chasing but rather as a resource that can enable you to do anything from delegating your routing work and spending more time with your family to helping others put food on the table.
Here comes the question, How do you know that you’re on your to becoming financially independent? how do you know that you’re going to make it financially?. Fortunately, there are some clear signs to find out if you’re on the right track or not.
These signs are not hidden, they’re on display each day in the lives of the super successful, these signs are what makes them different. We’re not talking about theories here, we’re talking about practical signs. So let’s see how many of them you got.
1. Knowing How and When to Say NO
This might sound a little bit confusing, but it’s one of the main reasons that some people succeed in life and others don’t. We don’t want to be rude but kind and gentle when people ask us for something especially our friends and relatives we often just say YES because you can’t just simply reject them since they’re your friends and family. What normally ends up happening is that by always sharing your time and resources with others, you’ll never have enough time and resources to work on the projects that will make you financially successful.
The key to success is not to do everything but rather focus on one thing. It doesn’t matter what you do or how good of a person you are, you’re not going to have more than 24 hours a day, you’re left with a choice to either spend that 24 hours on things that will make you wealthier or on other peoples needs and wants.
We’re not trying to say you should be stingy and never help anyone, but you have to make yourself a priority. On your way to being financially successful, you need every time and resource you could get in order to achieve it, you need to invest your time and resources into the projects that will make you a success. You don’t eat or share the seed you want to plant, if you do, you get no harvest tomorrow. At the beginning of your financial journey, it’s best for you to focus more on yourself and your project.
Even if you have other important responsibilities like children, dependent ‘aged’ parents or whatever it is that can’t be ignored by you, make your financial project as important also. You can’t just spend all you have on their needs, otherwise, you end up working harder all your life and never achieving financial success because they will always have needs it’s part of humans.
Here’s something that can help you achieve financial success whether you have pressing responsibilities or not.
2. Living Frugally or Below Your Means While seeking to Increase your Income
If you ever want to be financially successful this is a trait that you must possess. You must know how to live below your means, that is spending much less than you earn. This is easier said than done, living within certain limitations requires a lot of discipline. That means that you have a clear understanding of what your needs and wants are, you know how to differentiate between the two, and which one you must prioritize.
You don’t believe in flaunting money and wasting money on things that don’t bring value into your life, you’re well aware of the fact that these things are superficial and you aren’t a ‘people pleaser’. You live to set and achieve your own goals without having to indulge in every little luxury that you can or cannot afford, rather you save the money you earn and use it wisely by either investing it or putting it away towards an emergency fund.
If this is something you’re already doing then you’re surely on your way to financial success.
3. Great Habits and Incredibly Driven
Unsuccessful people have lousy habits like smoking, drinking, watching TV for long hours a day, and doing drugs. successful people are where they are today because of their habits, habits determine 95% of a person’s behavior. Everything that you are today and everything that you’ll accomplish in the future is determined by the quality of the habits that you form.
The very best people have the very best habits, successful people are simply those with successful habits like getting up early in the morning, meditating, reading, exercising regularly. How many of these habits do you have?
How driven are you? We’re not talking about you being a nightmare to work with or you bullying others but, you pushing yourself to get results. It’s your personal drive that turns your ideas into actions and into results, it’s your personal drive that keeps you going when things get tough, it’s your personal drive that enables you to bounce back from disappointments and setbacks. How driven are you? are you lazy? do you procrastinate? do you put things off?
we did a research on successful people, and we find out that they hardly take a day off, most of them for ten years, working 10, 12, 14 hours every single day because they were driven. They were driven to provide for their families, to prove doubters wrong, to achieve their goals at all cost, to help the community, to make it, etc. they were all driven by their mission which becomes a habit.
4. Always Learning
Here’s what most people do, they go to high school, graduate, join college or university, graduate from college or university, find a job and that’s the end of learning. Literally, some people don’t read a single book once they’re out of college which is why most people don’t become successful.
The key to building wealth is to take advantage out of opportunity, the only way to do that is to have a deep understanding of something or a wide understanding of the world. For example, ten years ago, cryptocurrency was not a thing, but today it’s worth trillions of dollars. The people who are going to take advantage out of this revolution are the people who put their efforts and time into understanding this industry.
If you’re curious enough to read and learn, you probably would have known more about crypto 5 or 10 years ago and your curiosity would have pushed you to understand the technology and see its potential. That doesn’t mean it’s over, there are going to be more of such technology that would revolutionize the world, just like Thomas Edison and many entrepreneurs took advantage of the light bulb, others joined the oil revolution. In the 1990s up to 2010, early users of the internet created companies that are worth 100s of billions of dollars and in some cases trillions.
The rich know the meaning of constantly improving their worth, they are very conscious of time, and therefore whatever they do in their day is extremely intentional and meaningful. If you enjoy learning new things and expanding your horizons, then you’re well on your way. You understand that you cannot know everything, you, therefore, try to better yourself by reading learning asking, researching, etc.
You are well aware of your skills and knowledge, you also know the limitations that you have and what you’re not good at, this self-awareness causes you to find ways to better yourself and even seek out the help of a mentor and value their opinion and advice given by professionals. You’re not someone who complains about issues but rather you believe in finding solutions for those problems. This is the place where creativity and innovations come from.
You are self-motivated and do not need external motivation to keep you bettering yourself. You’re not afraid to admit that you do know something and are humble enough to ask for guidance when it is needed.
Successful people are always finding ways to be better as individuals and become better in the market, they strive to be marketable and make use of all the resources that are available to them. They do not waste their time partying and getting drunk with their friends but they know how to balance out their time for learning those extra skills or even an extra language.
So, if you’re a constant learner, it’s a matter of time before you spot an opportunity that would turn you into a millionaire.
5. Building Connections
Alone you’ll never go far. Humans are social creatures, and the fastest way to build wealth is to have valuable connections. You have a business idea and you know someone that’s ready to invest in it, congrats! you’ve turned an opportunity into a real physical asset. Go to networking events, meet people who are also passionate and talented.
Most people have two or three that they spend their entire time with and imagine the rest of the world to be the same, but it’s not, the world is filled with nice and talented people who can add great value to your life. The more connections you build, the more you increase your chances of success since you can learn and share ideas with them.
6. Focused on Making Money Than Saving
Saving money and investing is the key to financial freedom, it doesn’t matter how much money you make if you spend it all you won’t be able to invest and build wealth, but some people are so focused on saving money that they forget to maximize their income. They spend hours in the markets to find milk that’s ten-cent cheaper instead of spending their time educating themselves and learning to spot a million-dollar opportunity.
There’s a limit to how much you can save because at the end of the day, you need shelter over your head, food on the table, gas to drive your car, and some form of entertainment for yourself.
Save as much as you want but focus more on building different streams of income. If you’ve reached the peak in one area, focus on another business and on and on. This trait is common among almost all successful individuals in today’s world, so if you possess it then you’re on your way to becoming one.
7. Focused on Net Worth More than on Income
This is a very important yet wildly overlooked concept. When asked about the income of Elon Musk or Jeff Bezos, Bill Gates, or Jack Dorsey, you’ll not be able to give an accurate answer, this is because more than likely there is one.
If you’ve studied the lives of these moguls you’ll find out that no one actually talks about their income or what they are, what is more, important and of more value is their net worth. For example, we take the Amazon CEO Jeff Bezos his net worth is estimated to be around $200 billion dollars, yet in the year 2020 according to yahoo finance, his annual income was stipulated to be at around $81,840 only and he doesn’t take any bonuses or stock options.
The star concept between net worth and income tells us that there’s more to the net worth than meets the eye.
Oftentimes, people focus so much on their earnings that they forget that net worth is what it all actually comes down to. If you’re someone that values net worth over income, then you’re among the rank of the rich people mentioned here. It may come as a surprise but even the Forbes of the richest people that are published every year is based on a person’s net worth and not on how much money they earn or have laying in their bank accounts.
Do you have any of the above qualities? what do you think it’ll take to be successful?
If you possess any or most of these skills, you could be encouraged that you’re on the right path to be successful. Keep working hard.