How do i get ahead in life financially - 5 habits for the rich & wealthy

If you’re net worth is stagnating or even worse declining you must think about taking some sort of action. If you want to get ahead in life financially you have to change your habits and follow the way rich wealthy people think.

If you’re really fed up with the rat race and want to increase your net worth as a way of escaping the wage slave label you need to start thinking clearly about money. When I say you need to think clearly about money what I’m saying is that you should think like rich people and not follow the masses like sheep.

The reason for writing this article other than to make money is to share some of the habits that I’ve picked that has helped me increase my net worth by over 200% in 2013, I know this is not going to last forever however practicing these habits should put you in a position where your net worth rises 5 to 10%.

There are 5 habits that you should consider carefully and practice daily, these might seem obvious and mundane but over the long term they can make a significant difference to your life.

Habit 1: Find the Cheapest Place Possible to Live In​

Rent and mortgage are the expenses which prevent people from getting rich. If you want to live in style then you’ll have no real savings and can forget retiring early unless you’re exceptionally lucky. I know people who pay 70% of income on rent or mortgage and complain that they are not getting ahead in life, most of the rooms in their homes are empty and filled with garbage which they bought on credit.

If you want to get ahead financially you must ditch the big expense and start living significantly below your means and then save every cent you can so that you can live significantly above your means later in life! What you are essentially doing is securing a better future by making small insignificant sacrifices now. Do you want to continue working until you die so you can have some extra bedrooms full of things you regret buying?

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Habit 2: Always Be Banking with a Long Term Goal​

Most people are programmed to think about spending, rich people program themselves so that they only thing about banking. Whenever you get a pay check or salary paid into your bank account your need to reward yourself by saving the money.

You should not spend the money to relieve the stress of working, if you don’t like your job you should find something you enjoy and not use money to appease yourself as you’ll always be stuck in square one. Whenever you get a bonus you need to bank it, whenever you get a windfall you should invest it, whenever you get overtime it needs to go straight into your deposit account.

Most people think of money as their friend who’s always there to have a good time, the trouble is when you can no longer work your cheerful friends will leave you and you’ll be miserable alone. Instead think of money as freedom fighters fighting to buy you a better future, fighting to buy you freedom do to whatever you want to do.

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Habit 3: Cut Costs Relentlessly Without Remorse​

Do you have a lot of expenses? Does your money leave before you can even see it physically? If you’ve answered yes then you’re stuck in a vicious circle of middle class poverty where you money is claimed by others before you can even see it. You must think of expenses as vertical steel prison bars designed to limit your freedom to roam this earth. The more expenses you can remove the more freedom you’ll buy.

Try to limit your expenses to 20% of your salary and use the remainder to buy freedom in the future. If you’re worried about going without luxuries then think about the future, are you prepared to sacrifice luxury and instant gratification now for an amazing future in 5 or 10 years time where you’ll be free to choose whether you want to work or not! Your savings and investment will allow you to live lavishly without having to worry about getting up and going to work. Be smart, cut costs, buy freedom.

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Habit 4: Look for Opportunities​

Always look for opportunities to make money, always look at adversities as opportunities in disguise, that way whatever happens you’ll always progress. You should use your time wisely and hone your eyes and mind to look for opportunities. You’re time is split between sleep, work and free time.

You should use your free time to look for opportunities to make money. The money that you make using your free time should be invested to buy you more freedom and time, eventually you’ll come to a point where you’ve made enough money with your free time that you don’t have to work again – it’s at that point you become financially independent. If you spend your free time using the money you’ve earned in your work time your financial position will not improve quickly.

Habit 5: Do What You Do Best​

After a year of putting all these habits into practice you’ll embark on many things to improve your financial circumstances. Some will lose you money, some will make you money, and some things will make you rich. You need to reflect and find the things which give you the greatest return on your time. If you can find all the actions that made you the most money and then practice them more often you’ll become rich quicker, always look for the fastest and greatest return to your money.

To get ahead in life financially you need to start thinking like a rich person and stop thinking like a normal person. Normal thinking will get you normal results, rich thinking will make you rich. The quicker and deeper you can practice these habits the greater your net worth will become.

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I have come across these people too and the best way to deal with them is to explain your long term goals. If they refuse to understand just agree to disagree and get on with your life and focus on your long term goal. Eventually people see the value in what you are trying to do and they back off and sometimes even follow.

If your parents allow it moving back in could be a great financial move because of all the money you can save on food and rent. Sometimes your parents might go as far as helping your with a deposit for a home or even helping you clear your loans. Spend time with your parents and they will help you financially.

The way I overcame my spending was by focusing on making money and then banking the money. I guess when you're not making money you spend money so this shift in the way I see things really helped. Find ways to make more money and you're savings are bound to rise.