What does it mean to be financially successful? To some it may mean having zero debt, while to others it means having a large fortune in the bank. But whatever it means to you, the most successful people in the world often have many habits in common.
If you are trying to become financially free and independent, consider these 7 habits of financially successful people and how you can incorporate them into your own life:
1. They create and stick to budgets.
Just the word budget can make someone uncomfortable. But financially successful people don’t shy away from setting realistic budgets for themselves. They create actual plans for their money; living within their means and allocating it accordingly. The difference that sets financially abundant people apart from the crowd is that they don’t consider a budget to be a restriction. They instead view it as a blueprint for how, where, and when to spend their money. Creating and sticking to a budget is an imperative step to becoming financially successful.
2. They aren’t impulsive buyers.
We all know that feeling of buying something on a whim – it’s exhilarating and leaves us wanting more. Our culture of mass consumption has left many of us falling victim to temptation by impulsively making unplanned purchases. This behavior can be very dangerous for our bank accounts. Financially stable people tend to plan their purchases and weigh pros and cons of all of their purchasing decisions. Sure we sometimes buy things we know we don’t need, but learning to control these impulses is key to becoming financially stable.
3. They set realistic goals.
To be financially successful, you have to know where you’re going and how you will get there. It’s important to set goals and make plans to transform your dreams into reality; you can’t just sit back and hope money will fall from the sky (although wouldn’t that be nice)! Take time to plan for your future by setting small, achievable goals and celebrating little wins over time. This behavior will help remind you that you are on a path towards success and that you are capable of becoming financially successful. It just takes time ;-)
4. They make saving a priority.
Even putting away the smallest amount of money each month into your savings account can do wonders for your financially secure future. Some of the most successful people in the world share this one habit of continuously investing in their savings to build wealth over time. Invest in your future now and you’ll be thankful you did later.
5. They don’t compare themselves to others.
One flaw of financially unsuccessful people is that they are constantly comparing themselves to others. There will always be someone with a bigger house or nicer car, but trying to ‘keep up with the Joneses’ can be detrimental to building and maintaining a healthy bank account. If you want to become more financially abundant, you must first focus on yourself instead of wasting time and money to be like someone else.
6. They set aside limiting beliefs.
‘I’ll never be rich.’ ‘Rich people have good luck and I don’t.’ ‘I’m not smart enough to be rich.’ – If you’re hurting financially, you have likely said a negative comment or two like these ones to yourself in the past. However, have you considered that these self-limiting beliefs are sabotaging you financially? Negative beliefs like these have the power to alter your behavior in a negative way, making you less likely to reach for your goals. Financially abundant people don’t tell themselves they can’t. And while they don’t focus on ‘luck’, they do focus on goals and having their dreams come to fruition. If you are being held back by self-limiting beliefs, try and use positive affirmations by reading lessons from some of my favorite personal development experts like Dale Carnegie or Napoleon Hill. Practice these affirmations and finally let go of anything holding you back from success.
7. They learn from their mistakes.
Bill Gates once famously said, “It’s fine to celebrate success, but it is more important to heed the lessons of failure.” Simply put, we can’t dwell on past monetary mistakes if we want to be financially successful. The important thing is that we learn from these mistakes, and we don’t make them again.
Do you know of any other financially successful habits that people can implement? Add to our list in the comments section below!
Oh! And to add to your inspiration after reading these strategies, don’t forget to take my fun 30-second quiz that reveals where you may be stuck and what’s blocking you from financial freedom.
This quiz shows you exactly what’s holding you back from creating the wealthy and prosperous life you’ve envisioned for yourself and the people you care about.
Natalie Ledwell is a best selling author, speaker and successful entrepreneur. She's passionate about helping others to achieve their greatest dreams and ambitions through her personal development programs and her online TV show, The Inspiration Show.