Wondering what habits,the riches like Jeff Bezos or Warren Buffet use to save more money
and how you can integrate this into your life ? If yes, then you are at the right place.
We have learned about good and bad habits in school! Well, now is the time for you to
become aware of some amazing and positive habits of the rich and wealthy people! Here, you will
get to know about some amazing secret habits to saving more money from wealthy people and follow
these habits for your financial wellbeing. Be sure to watch to the end to really learn all
the habits of the rich and not to miss anything! “Hey everybody, it’s Finance Nerds here.” “We are
helping hardworking people like you to get more out of your hard-earned money by showing you how
to use your money in the most effective way” today, we are going to discuss 7 exclusive
habits from the rich[secrets]. “So now let’s get into the video”
1. Stick to a Budget All the wealthy and rich
people have attained top spots because they knew that living on a budget is the best way
to keep a check on their expenses and spend only in necessary stuff.
Earn more, spend less is the ultimate mantra for getting wealthy. Strictly follow a budget
and make yourself is determined to make expenses accordingly. To help you out,
I am sharing with you a JAR budget so that you get a rough idea on how to manage your budget:
✓55% – Basic Necessities (rent, food, electricity, bills).
✓10% – Long-term savings for spending (big purchases like home, vehicle etc.,
vacations and tours) ✓10% – Play (leisurely
expenses- eating out, movies, dates) ✓10% – Education (coaching, books,
courses, subscriptions of study videos) ✓10% – Financial Freedom
(stocks, mutual funds, investments) ✓5% – Give
(charitable donations, helping needy people, donations at NGOs, old age homes, orphanages)
2. No to Debt Getting out of debt is really important for
you to a good financial future. But also, getting out of one debt should not lead to another debt.
Debt destroys the things which you have achieved. Imagine, after earning a lot of money,
instead of going on a vacation, you are still at your home and paying off the home loan you took.
Instead of spending money as per your wish, you are forced to pay off your debts.
Hence, get out of this cycle as soon as possible without getting into a new one.
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3. Prioritizing between needs, and wants The rich people know that what is their need
and therefore pay attention to them. They prioritize their needs and understand that
needs are much important than wants. They know that they need a medium-sized house for
their living and not an extravagant house; this might be their want but not the need.
Similarly, they might need a car for traveling but that doesn't have to be expensive and lavish!
A normal car with all the necessary features will do good. Spending too much on your wants can be
derogatory. Therefore, learn to understand the difference between needs and wants and
spend accordingly. Needs will save your money while wants will lead to redundant expenses.
4. Guidance of a mentor Do you know that 93% of self-made millionaires
have mentors? Yes, you heard it right! They have mentors who guided them to the right path and
pointed out their mistakes from time to time. Well, a mentor doesn't always need to be a
person. It can be a book also. When books can be your best friends, then why can't be your
mentors. Apart from career professionals, your mentors can be your parents and teachers also. A
mentor is someone who takes you on the right path and is a source of knowledge, support, motivation
and guidance. Having a mentor is not directly linked to earning money
but is indirectly a great way to excel in life.
5. Reading is their Habit We all know that reading is a good habit
and that everyone should inculcate this habit in themselves. And also, a research shows that around
85% of self-made billionaires read at least two books each month. And their interest is mostly in
those books which teach them on how to be better at a job that they are doing or a job which they
want to do! And being good at your work will eventually pave way for you to make more money!
It’s time for you also to devote at least 1 hour to reading books that are good for your overall
personality growth. Some books which you should give a try are 'The 7 Habits of Highly Effective
People', 'Think and Grow Rich', 'Big Magic', 'Attitude is Everything', 'As You Think',
'The Success Principles', 'Meditation and its Methods' and the list continues!
6. Go Towards Your Interests A very common thing that we
hear about billionaires is that they followed their passion and interests. They did things
that they were passionate about! They left behind their fear and doubts and followed their heart.
This is one of the habits of rich and wealthy people you see around yourself.
Instead of following the crowd, they did something which had their heart. And when something has
your heart, you ought to go to extreme levels to make your dream come true. They went on to start
their business and ventures, went on to fulfilling their dream of dancing or acting and whatever they
did was done with utmost dedication and honesty! They committed themselves towards their interests
and passion and emerged out successful with their hard work, determination and perseverance.
7. Giving value to time Benjamin Franklin once quoted,
"Time Is Money" and "Lost time is never found again". Understanding these quotes are
so important for us! Time is money; money can be earned again and lost time cannot be found again.
Self-made millionaires have this beautiful habit of not wasting their time.
They take care that every single minute of the day is not wasted in needless activities.
According to a recent research, researchers found that 67% of self-made millionaires
watch television for less than 1 hour. And they even spend less time on social media.
They utilize their valuable time in doing productive activities, activities that will
benefit them! They utilize their time in making more money as well as saving money and therefore,
time holds the top spot in their life. These habits seem to be quite normal
but these are the habits which makes them rich and wealthy. These are the foundation
stones of their life and this makes them different and special from rest of the crowd.
Did you enjoy this video ? If so, make sure to subscribe to
our channel because we will talk about how to save more money more often in the future.
And if you like to learn more about saving money, check out our description. You will
find our recommendations to “Watch Next” to get all the information to save more money.
Now we’d like to know, which habits you like to integrate into your life ? Stick
to a budget or give value to time ? Let us know by leaving a comment.