SIMCEL ONLINE

There are many habits that separate the rich from the poor. In my eyes these are some of the most important:

Frugality – Poorer people, just have no control over their finances. They don’t set budget goals, in fact, most that I know don’t have budgets at all. They just spend what’s available. They have a feast or famine mindset. They will blow a months wages in 3 weeks and have a whole week without being even able to take a trip to Starbucks. Their problem is, they don’t live to their means. Rich people (in general) are less wasteful with their money. It’s calculated and they look at value vs price. Is a handbag worth £2,000? Does it give them £2,000 of value? I’d say not. But what about hiring a marketing guy and paying him £1,500 per month. What is the value of that? Very high.

Discipline – Financially and emotionally. Because you had a bad day at work doesn’t mean you need to spend £200 on clothes to cheer yourself up. Rich people tend to save with more precision and meet their goals on a much more consistent basis. Poor people have no financial discipline. I have friends who have been attempting to save for years and every month they have a different excuse of why they couldn’t save. Rich people make it a priority and they stick to the plan. I wrote a really good article based on a conversation I had with a friend to help him save. His problem was he just couldn’t envisage why to save, so he became wasteful. His why, just wasn’t strong enough. I showed him how he could turn £500pm saved into £100,000 in 6 years. He has been saving ever since because he now has a why.

Impact of time –Rich people are needle movers. When they spend time doing something it has a big impact. If you’re running a business, for example, you can’t be doing the accounts, the admin, the stationary orders, answering the phones. Rich people focus on things that ‘make the boat go faster’. Winning the big contract, developing new products, networking with high influencers. Poor people are busy, but busy is not making an impact. Busy keeps you busy, not successful.

Goal setting – A big one on the list. Rich people figure out what they want. They make a structured plan to get what they want and then they go to work to achieve it. Furthermore, they will break it down into long term and short term goals. For some reason, poor people either don’t set goals at all or they set and forget. Setting goals is a big deal and you need to make it a habit.

Excuse mentality – You need to realize that everything is on you. I have had cancer, I have lost hundreds of thousands of pounds due to external factors out of my control, I was raised in a family with no money. But it just doesn’t matter. It’s done and it has no impact on future goal setting or your ability to achieve success in the next five years. The reason I don’t have £10million is that I just haven’t done enough yet. But I can make sure that I can do everything to get it in the next 5 years. I don’t have abs anymore, I have a newborn, we have traveled a lot, etc but none of those are excuses for gaining a few pounds around the waist. The simple reason is, I haven’t prioritized it, it’s not as important to me as other things right now. Get honest with yourself and drop the excuses.

Resistance and perseverance – Arguably these are not habits as in something you do every day but they are hugely important. Rich people don’t give up. Most self-made millionaires didn’t make their millions the first time they set up a business. Some of them made it on their 6th go, their 9th go, heck I’ve ever read about someone who came to a millionaire on his 12th business. Poor people take a loss and struggle to move on. They’re no good, they’re not lucky or whatever it may be that they tell themselves. But if you keep going, and you take what life hits you with, you will win overall. It’s a bit like your driving test. Some people pass the first time, some people pass on their 6th time. But does it matter? They both have a license and can now drive anywhere they want now. The old saying is true…’ If at first, you don’t succeed, try and try again’

Belief system – A lot of rich people make a lot of money. Because nothing is out of reach for their minds, their imagination, their belief of what is possible. Einstein famously said, “Imagination is more important than knowledge. For knowledge is limited, whereas imagination embraces the entire world, stimulating progress, giving birth to evolution” £100,000 per month is very possible. You don’t need to be a genius to achieve this. The problem is, poor people, suffer from limitations of the mind. I was told at work once by a physio, ‘people like me and you will never own cars like that’. It was only an Audi R8, £70,000. Why the hell not? Why could we not have that? I could buy 10 now if I wanted and that conversation is not even 2.5 years old. Of course, I wouldn’t, I still drive an Audi A6 worth about £8,000. See habit number 1

Credit: Kane Georgiou