Successful entrepreneurs are different from average people. Here are some time-tested concepts that they share:
The Key to Becoming Rich Is to Truly Want to Be Rich.
For the Rich, Financial Success Is An Overriding Priority. The First Obstacle They Must Overcome Is Often Their Own: Fear, Greed, Cynicism, Guilt, Laziness, Lack of Discipline, Bad Financial Habits, Ego, Ignorance and Arrogance.
The Rich Take Time to Plan Their Financial Objectives First.
They Are Willing to Sacrifice Time and Effort to Succeed.
They Gamble on Themselves, and Invest in Others.
They Are Patient; Willing to Wait for the Right Opportunity.
The Rich View Problems as Challenges to Learn From.
They Work for Others Only In Order to Learn – Not for Money.
The Rich Made Their Fortunes in Their Own Businesses.
The Rich Have Learned How to Use Credit and Leverage.
The Rich Don’t Work for Money, It Works for Them.
The Rich Have Learned Ways to Create Their Own Currency.
The Rich Find Ways to Protect and Conserve Growing Wealth.
The Rich Use Multiple Strategies and Entities to Reduce Tax.
But, They Focus Energy on Increasing Assets Instead of Tax Avoidance.
They Learn Ways to Compound Assets Using Tax-Free Trusts.
They Find Ways to Avoid Estate Taxes to Compound Wealth.
Wealthy entrepreneurs often live in middle class neighborhoods, drive older cars, are family centered and set examples of thrift and prudence for their kids. As an example, multi-billionaire Warren Buffet, drives a 4-year old car, and has lived in a home walking distance from his office that he bought for $34,000 in 1958. He rents his office space and has a staff of only 16 people to run an empire that employs 57,000 people.
A study of successful entrepreneurs revealed that they share similar traits. They feel they are in control of their destiny. It is their conviction that being an entrepreneur is far less risky than being trapped in a dead-end job, totally financially dependent on the continued good will of a ruthless employer. They ardently believe that the only way to become boss while they are young is in their own company. They are supremely confident, believing that they can solve any problem, given enough money and time. They don’t shy away from adversity. They feel that facing and overcoming daily problems simply makes them stronger and wiser. And they are certain that there is no satisfaction greater than creating something of value for which they are amply rewarded.
THOSE WHO DON’T MAKE IT ALSO SHARE SIMILAR TRAITS
Unsuccessful people tend to follow rules for failure that set them apart from others who are more successful. Avoiding the following attitudes and values is a major step in the process of becoming rich.
They tend to consume their earnings rather than to save or invest.
They equate wealth with conspicuous consumption. Spending money, whether from earnings or borrowing, gives them an ego boost.
Their financial planning seems to deal with other people’s money, not their own.
They can’t seem to distinguish between their parents’ wealth and their own.
They don’t form family financial goals to enable them to accrue capital.
They don’t plan ahead, thus are surprised with unexpected financial calamities.
They make excuses for not taking responsibility for their own financial future.
They are significantly more dependent upon credit for personal lifestyles.
They speculate – gambling on a big win – rather than investing for the long term.
They refuse to modify their behavior even when losing continuously.
They don’t learn tax strategy; failing to comprehend that taxes rob capital growth.
Majority of their effort is expended on hobbies, or pursuing bargains, instead of creating wealth.
They feel that negotiation is beneath them, so usually overpay.
They jump in and out of investments on a whim, without any long term objectives.
They define themselves by what they wear, eat, drive, and where they live.
It’s your choice! Are you ready to make some changes in your life for the next couple of years so you can enjoy financial freedom forever?
From Jack Miller’s book Fortune Building Concepts