Best habits to increase wealth forever

Discussion in 'Frugal Tips For The Home' started by Frugal Master, Apr 29, 2014.

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  1. Frugal Master

    Frugal Master Newbie

    I'm a big believer that small changes over a period of time lead to big results. This can be applicable to anything in life including wealth creation. Some of the interviewed millionaires and billionaires always say that there are a number of habits that help people to accumulate lots of wealth. I was thinking about starting a thread where other contributors could share all their wealth building tips so other people can learn from one another.

    Look forward to the responses! (If any!)
    james oduor likes this.
  2. Shobir

    Shobir Administrator Staff Member

    Admin Post
    Great idea @Frugal Master

    One wealth building tip my parents taught me was to get married only once and never get divorced. This might sound like a silly habit but working on your marriage and keeping your partner happy means you share your expenses and avoid getting divorced in the future. Divorces alone can wipe out wealth accumulated over years of diligent savings!

    Look forward to more habits!
    james oduor likes this.
  3. Sadia

    Sadia Administrator

    I would say getting a college education is important if you really want to build wealth. Not everyone has an entrepreneurial streak so educating yourself and landing a good job and then progressing is the one of the keys to building wealth.
    james oduor likes this.
  4. Miles

    Miles Newbie

    I agree with @Sadia - However there's nothing stopping you from starting a side business and generating extra income. I have several side businesses and in addition to my salary I earn up to $500 per month on line. All this money is being stashed in a savings account which is building my wealth. I have no doubt that my side business will grow significantly. I use my salary to support my lifestyle and my side business to accumulate wealth.
    james oduor likes this.
  5. Ammo_Ram

    Ammo_Ram Newbie

    Nice thread!

    One habit that has really helped me is doing more that what is expected in my job profile and person specification. I try and do a great job every day and go above and beyond in my role at every opportunity. Consequently I have been promoted several times over the past 24 months which has increased my salary significantly.
    james oduor likes this.
  6. james oduor

    james oduor Newbie

    Learning from your mistakes or learning from other peoples mistakes are important. Frequently I would lose money investing in the latest penny stock from tips that I received in a bar. When I learnt from my mistake I stopped losing money and started to build wealth! Seriously - learn from your mistakes and your money will grow
  7. MoneyFlux

    MoneyFlux Newbie

    @Ammo_Ram started a thread on this topic over here: http://findsomemoney.com/threads/best-financial-advice.189/. The advice in this thread so far seems pretty obvious. Do well at work. Umm OK. Not getting divorced? That's not good financial advice or life advice, if you ask me. If someone needs a divorce then staying married just to save the money is probably a fast track to a life of misery. Sorry, but the information here seems to lack some substance. I'll check these threads later to see if anyone has contributed something tangible.
    james oduor likes this.
  8. hamza

    hamza Newbie

    @MoneyFlux I think most marriages fail because no one really puts any effort in. When someone is motivated to work on their marriage to keep it fun and exciting then are you really confining yourself to a life of misery? Working hard at work might also seem obvious but there are so many people who just coast, if these people were to take charge their financial situation would improve considerably. I think the advice here has some value.

    One habit that has helped me to build wealth has been to set up an automatic transfer to a savings account. After my salary is paid $200 goes straight into a savings account where it is earning profits and compounding. If I have more money to spare at the end of the month I try to transfer that amount over to. Great thread by the way.
    james oduor and LaughDontCry like this.
  9. LaughDontCry

    LaughDontCry Newbie

    I agree. Putting effort in your marriage definitely saves you money in the long run. If you're scrimping all the time denying yourself and your partner of enjoyment they will eventually look for a way out which could cost even more in divorce. By working on your marriage you do save money on in the long run.

    The habit which has helped me to save money is working on my credit score. Because I invested time and effort building my credit by religiously paying off balances on time and in full I was able to sure a mortgage at a comparably lower rate. I was paying up to 50% less than my peers because I was diligent with my credit score. This has also allowed me to borrow money to buy additional 1 bedroom properties using a mortgage. The rent payments is enough to cover both mortgages!

    Work on your credit! You will benefit in the long run.

    james oduor likes this.
  10. james oduor

    james oduor Newbie

    Eating and drinking out infrequently have helped to accumulate wealth, I also avoid going on extravagant holidays which I cannot afford. These three habits have helped me to get ahead of my friends most of whom are struggling with debt and are struggling to make ends meet. As a family we only eat out lavishly during occasions and avoid using debt to go on holidays. We cap our spending when we do go to restaurants and holidays which helps us to keep our budget intact. Thanks to the other people for sharing their tips.
  11. Sadia

    Sadia Administrator

    Walking or cycling to work has helped me to save money. I spend over $200 a month on transport. I finally switched to cycling and now I'm much fitter and saving $200 per month which is going straight to a savings account earning profits. If you are interested in making the switch buy a quality bike and build up your tolerance. Cycle every day increasing your distance until your reach your target distance. Work out the optimum route to work and then practice on weekends to get it right (the last thing you want is to be late for work). Once you've mastered the route make the switch. I have so much more energy now that I'm cycling. I feel more productive and the best thing is I've lost weight too!

    Here are some tips for cycle commute! Good luck.

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