Becoming wealthy isn’t an accident. Yes, you could create the next Facebook or win the lottery but the real secret is that wealthy people get there and stay there by staying in control—of themselves, of their time and of their money. What this means is that there are certain behaviours and daily habits that wealthy people share. Here are five to get you started:
They establish Most Important Tasks (MITs)
Wealthy people are goal-setters. When they wake up or even before they go to bed they set out the three or four MITs—Most Important Tasks—they need to achieve in the coming day. These are the first things to get done in the morning, so if nothing else is achieved due to urgent things that pop up, it’s still a productive day.
They maintain focus on one thing at a time
Wealthy people understand that getting what they want means focusing their efforts. Instead of being distracted by multiple notifications and people who make no difference in their lives, they focus intensely on the few things that really matter.
They don’t whine about their problems or blame others for their mistakes
Wealthy people understand that the only way to grow is to take responsibility for their actions. They look at all situations as opportunities for improvement and quickly take control when things go wrong.
They make time to read (but not just anything)
Wealthy people understand the importance of continual self-improvement. They don’t watch TV or read much fiction. Instead, they make time every day to read non-fiction on topics that can give them an edge over the competition.
They spend less and spend smart
Wealthy people understand the necessity of spending less than they earn and spending on the right things. They don’t buy things they don’t need, they don’t feel the need to flaunt what they have and they save more so they can invest more.
Matthew Castel and Peter Mantas are founders of a closely-held investment fund called Logos LP, which earned 24% in 2014. They aim to empower people to build world-class portfolios by providing skills, support and ideas in their online journal. Follow them on twitter @Logos_LP.