5 Principles Wealthy People Believe

Almost everyone in the world has the goal of being rich. However, certain types of people always end up accomplishing their goals while the mass majority fail to do so.

Why is this the case? Is it the work ethic, mindset, or opportunities available? Well, it’s a mix of all these things but wealthy people believe 5 key principles that separate them from the rest.

Here are the 5 principles the wealthy believe:

1. Cautious Satisfaction

Should you be satisfied at some point in your life? Yes, once you achieve your goals and accomplish what you set out to do, you should truly be satisfied.

The general population sets goals, but fails to reach them because they are satisfied too quickly. If your goal is to acquire $1 Million of wealth, you should not be satisfied until you have reached that goal.

It’s okay to celebrate the small wins, but you shouldn’t let that be a stopping point. Just because you make $100,000 and are 10% closer to your goal, does not mean you should be satisfied there.

You set a goal for $1 Million, you should keep going with the same hunger and motivation you began with until you reach that goal. Wealthy people are wealthy because they celebrated the small wins, but never lost sight of the big picture.

2. You Have To Work Hard More Than Just Once

If you hear people talk about successful individuals such as entrepreneurs, athletes, musicians, or anyone else, they only see the event. Events for entrepreneurs are selling their company for millions or for athletes making the jump to pros, but they forget all about the process.

The process is the hard work or effort entrepreneur, athletes, musicians, and others go through to achieve the great event. While most people want to attribute their success to luck, they only say that because they don’t know what goes on behind the scenes.

Every success story that isn’t just an inheritance or lottery requires some sort of hard work to achieve. Wealthy people are committed to their success and are willing to work hard every day, not just once.

3. Live Within Your Means

Whether you earn $4,000 a month or $100,000 a month, you have to live within your means unless you plan to go bankrupt rapidly. Living in your means simply means that your lifestyle fits your bank account.

If you’re goal is to make $1 Million, you still can’t live like you have already earned it. Your bank account represents what you have and the wealthy never jump the gun. Once you make the $1 Million, you can live within your means at the time.

The wealthy are wealthy because they didn’t go into debt and spend money they didn’t have that. Imagine going into debt $500,000 and finally reaching your goal of a million. You end up losing more than half your money to debt because you didn’t live within your means.

4. Take Calculated Risks

No matter what your plans to acquire wealth are, you are going to have to take risks along the way. However, you shouldn’t just take risks for the sake of taking them. You should weigh the positives and negatives of the risks you’re taking and see which one fits you best.

As an entrepreneur attending college at the same time, I only decided this year to take a semester off. Many people told me right when I started to stop going to school and focus on my businesses, but I said no.

Why? Because, it was a calculated risk that was bound to fail. I had no proven product and no business. All I had was an idea that I was thinking about executing. Once the businesses were live and thriving, I decided to make the decision.

The decision now was the best because the industries my products lie in are booming and the level of risk is as low as it ever will be. Regardless of the circumstances, the wealthy are never scared to take risks. You have to get lucky and take some risks to be successful.

5. Take Control

The wealthy are in control of what they do. I’m a firm believer that the get rich quick individuals of the world are able to achieve what they have because they are in full control.

You get a job and you now give up control to your employer or boss. You sell products that belong to another company and you give up control to your supplier or wholesaler. If you have big dreams and aspirations, control your future.

Wealthy are always in control of whatever they do. Business owners have full control on the products they create. Musicians have full control on the songs or albums they choose to release. Investors have full control on the money they choose to invest.

If you’re not in control, someone else is. Whoever else is in control is going to become wealthy far before you do. Find opportunities and ways to control your own future and wealth if you really want to be rich.
 

Conclusion. These 5 principles are highly important to remember and master if you wish to acquire wealth rapidly. Being wealthy isn’t easy or straightforward, but these principles will help greatly.

About The Author:

Jeet Banerjee is a young entrepreneur, digital marketing consultant, author, TEDx speaker, and startup advisor. He found his passion for entrepreneurship at the age of 17 while still in high school. He would go on to grow this business to 15+ employees before selling this business two years later. From there, Jeet launched a handful of other businesses through which he has been able to impact hundreds of thousands of people. In addition to that, he has helped entrepreneurs, startups and businesses all over the world find massive success through his consulting work. Jeet has been featured on television, New York Times, Yahoo, Young Entrepreneur, TEDx, and numerous other publications for his successes. He has been able to achieve all this before his 21st birthday. Check out his blog at www.jeetbanerjee.com

Culled from http://chattingwithchampions.com