4 Money Habits That Separate Building Wealth From Just Making a Living
Wealth is created not just by getting a well-paying job, but also by developing some small, healthy money habits. Using these habits can help you achieve financial success and independence, and set you apart from those who are struggling financially. Here’s a breakdown of some important money habits that people should to develop to help you not just make a living, but build wealth.
- Create multiple streams of income, which can include passive income from rental properties, stock dividends or interest from a high-yield bank account, so you’ll always have something to fall back on during lean times.
- Live on less than you make, and use a formula like the 70/30 rule as a blueprint for how much to spend, save, invest and donate.
- Grow wealth not just in your bank accounts, but in your whole community. Truly wealthy people, the ones who impact society and change our world views, understand that the more you give, the more those good feelings and vibes come back to you.
“The wealthy invest in themselves. They know the key to making their money work for them consistently over the long haul is creating an investment plan to create wealth. The plan should include regular payments into a mutual fund, a trading account and retirement accounts.”
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