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Accumulating great wealth through working and investments are only a small piece of the puzzle when it comes to analyzing the mindset of many financially successful people. Yes, having a high paying job and making smart choices with your financial portfolio are all key attributes of those who have done well in life. But, these individuals live life differently. They focus on the points mentioned below.
- Care more about value than price
Many financially successful people place a higher priority on value than price. When utilizing the services of attorneys, contractors and other professional individuals, financially successful people look for quick access to information, expertise and knowledgeable providers. They look to hire the expert or the best person to take care of the job – one that will provide timely help and will accommodate specific needs rather than the cheapest estimate received.
- Don’t react to what is on the news
Many financially successful people watch the news for information and understand the news isn’t meant to be short-term reactionary. These individuals are more even keel and have a tendency not to panic. Their lives consist of more long-term planning. They investigate, evaluate and then plan for their future.
- Take full responsibility for their circumstance
Individuals who have done well in life have a tendency NOT to blame outside factors or circumstances. If things don’t go right for them, it isn’t the fault of politicians or higher taxes or whatever else, they take personal responsibility for what is going on in their lives. And, often they keep opinions as such to themselves.
- Have a mindset of abundance not security
Financially successful people realize there is plenty of earnings and business to go around. They don’t fear that if someone else has earned something that it translates to less for them. Smart decisions pay off in the long run.
- Value their time over their money. They use their money to buy time.
A big difference between many financially successful individuals is that they value their time much more than their wallet. Often, they will hire a professional to perform a service that they might be able to accomplish themselves. By hiring someone, they free up precious time to get involved in an enjoyable hobby, sport or activity. Not everyone can write a check and pay to have something around the house (for example) fixed or replaced. Yet, some individuals who do have the financial means, are always concerned with price and saving a nickel and therefore tackle home improvement or other projects themselves. Although this does save money, it gives away one of life’s biggest luxuries. Our biggest asset is time and not money.
Many financially successful people have various attributes that have contributed to their wealth. I am not suggesting that these are the only factors to attain a financially sound portfolio but after close to three decades in the financial service industry, the themes mentioned above have been echoed over and over again by our successful clients.
