It takes better money habits to become rich and build long lasting wealth.
Financial freedom is a must if any man must live happily in this money busy world.
It takes good financial education to understand how money works and how to deal with it.
Hence, it’s not about how much you make but how much you keep.
Therefore, let us talk about some 15 better money habits I found from expects and successful entrepreneurs who have been able to prove themselves in spite of the world’s economic recessions.
Table of Contents
1. To Make Money, Get Ready To Pay The Price:
No one succeeds without paying the price of success.
I once listened to an interview granted by Amazon CEO Jeff Bezos when he talked about the growing stages of Amazon.
Jeff Bezos had to take 60 meetings to raise $1 million in less than 1 hour for Amazon.
So many of them turned him down and some others tuned in.
“I had to take 60 meetings to raise $1 million, and I raised it from 22 people at approximately $50,000 a person” – Jeff Bezos.
According to Jeff, he had to give away 20 percent of the company for a million dollars in 1995, and the first question every investor asked him was: ‘What’s the Internet?’
Am sure he must have given them the best answer to ever get investors into Amazon in her early stage.
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2. It’s A Bad Money Habit To Expect Money When You Do Nothing:
Money only goes in the direction of value, so until you have value to give out, don’t expect money to come to you.
One of the greatest mistakes people make is expecting manners to fall on them from Heaven.
Oh yeah, manners could have fallen in the old days, but that was manner right, not money.
Well, even if money falls from the sky now, how many would you pick before the crowd bounces on it.
Well, you might get lucky it falls a few times, however that cannot sustain your livelihood to financial freedom.
Hence, you need to put in the work to make your money.
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3. Quitters Never Win And Winners Never Quit:
Imagine if Elon Musk had quitted on his vision to build electric cars at the start of Tesla in 2003.
Today there would be no Tesla.
Even if there is, another person would have been the founder and CEO of Tesla and not Elon Musk.
Hence, when you don’t give up on the challenges you encounter as you grow, in as much as you’re on the right track, you’ll win.
Quitters would never win because they lack the winning spirit of entrepreneurs.
Similarly, winners will never quit because they understand and speak just one language; I can do it.
4. Good Money Habits In Business Helps People Face and Overcome Challenges:
One good habits of entrepreneurs and successful business owners is to face challenges and knock them down.
There might be times when you will face inconveniences, however successful people know that every problem have a solution.
Success is not always convenient, hence you must keep working at it in harsh and good times.
All challenges must always bow to those who fight to win over them.
Their is a saying that you don’t need to do anything to succeed, just do nothing.
5. Poverty Is Costly, Wealth Is Costly, Choose Your Own Cost:
Growing rich and getting poor is costly, It depends on what you choose.
The cost of living without being able to afford the luxuries of life or the cost of putting in what it takes to get successful.
It is costly to live a poor life, it’s also costly to live a rich life, the choice is your.
Choose your own cost and stick to it.
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6. Time is Money, People With Bad Money Habits Don’t Value Time:
Rich people understand that money is timely, hence they will never let go of an opportunity.
If you must attain financial freedom, then you must learn to be an opportunist.
This implies that you must pick instant opportunities immediately they present themselves.
Time is money, most poor people will waste time to keep money and this is a separate ball game for the rich.
The rich value time over money.
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7. Those With Better Money Habit Don’t Bend the Rule, They Play It To Their Favor:
Entrepreneurs know the rules of money.
They understand the rule of the game.
Hence, they will always play the game to their favor.
To experience money gains, you must learn to understand those rules and live by them.
It’s a better money habit you must develop today.
Many young entrepreneurs are not ready to follow the guiding rules of money.
8. What Are The Habits Of Money? Study Them, But Find What Works For You:
In the world of money, those who know how money works will always be in control of money.
I personally like the famous book known as “Rich dad Poor dad” authored by Robert Kiyosaki.
It teaches a lot about how money works in the real world.
Most business startups go broke and bankrupt in business because they will not sit down and study how their new startup business works.
9. Be Ready To Take Responsibility:
No one ever grows to become wealthy without taking responsibility for their life, finance and the decisions they take.
Taking responsibility is vital if we must grow to scale new heights in our finance.
There is no way to make money without taking responsibility.
Similarly, if you intend to make money online you must ready to put in the work it takes to succeed.
10. Invest A Percentage Of Every Money You Earn:
Never underestimate the place of investing in wealth creation.
Success can never be too much.
No explanation is acceptable for you to spend all your income.
This clarifies why I respect Warren Buffett. He understands the powers of investing.
Warren Buffett is known to be one of the world’s most successful investor.
It’s unfortunate that poor people think the rich are greedy because they keep aspiring for more in-spite of their riches.
The understanding that success is not a destination but a one by one stage of life helps the issue here.
This is one major gap between the rich and the poor.
11. When You Build Better Money Habits, Your Financial Freedom Is Secured:
The reason why most people struggle financially is because of their habits to money.
They buy what they can’t afford and throw expensive parties that adds nothing to their asset column.
Another set of people allow peer pressure to take a toll on them thereby destroying their financial future.
12. Wealth Begins From The Mind:
The universe operates by a universal law of attraction.
You get what you think and get what you believe.
The same thing applies to money. If you think you will make money then you will make money, If you think otherwise, you’ll also get the same.
Its our mindset that determines the outcomes of our life.
You can imagine how crazy it would look like when the Wright Brothers brought the idea to fly the first airplane in 1903.
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If you think you will be successful, you will be. If you think you can’t do it then you can’t.
Everything starts from the mind
Your own body respond to the thoughts of your mind.
As a man thinks in his heart, so he is.
13. Money Barely Comes By Chance, You Work Deliberately For It:
You have to be intentional about developing some better money habits to change your financial status by force.
No one will do it for you, so wake up to this reality on time and start making things happen.
Don’t believe that what will happen will happen, just be determined to make money and do that by all legitimate means.
14. Educate Yourself, Ignorance Is Costly:
One great man once said if you think education is costly, try ignorance.
Educate yourself, learn new skills, acquire knowledge, build values and morals in your process of making money.
This is one of the 6 most painful ways people lose money without knowing.
15. Patience Is A Key To Building Good Money Habits That Leads to Wealth:
Patience is a key to success in life. Either as an entrepreneur, employee or a small business owner.
It takes the capacity to accept or tolerate delay, problems, or suffering without becoming annoyed or anxious to make money in our world today.
You must be ready to stay strong, never lose your temper and take the pain of building a successful business venture.
It takes patience and discipline to succeed.
Conclusion:
I believe the better money habits discussed in this article cover a lot of what you need to know.
There are laws that controls the laws of money. Money will always obey those laws as far as the universe is concerned.
Do you have any more insight to share with us, why not drop your comments with me at the comment section.
