If you ask any wealthy person, they can tell you what the long term plan is for their business, their investments, and their finances. Wealthy people focus on the big picture, and not just what they want/need right now.
You can’t get wealthy if you’re in debt. Wealthy people go into debt when necessary (modest home, education, etc.) but get out as soon as possible. They put all their extra income into erasing any outstanding debts in their name.
Once they’ve gotten out of debt, wealthy people invest in things. They don’t just let their money sit, but they put it to good use. They also invest in things they know well and trust. You won’t ever see a wealthy person invest in some shady “get rich quick” scheme, even if it is their uncle who’s doing it.
Wealthy people know how to save, and lots suggest that it should be at least 10% every month. By saving, you not only build up your money, but you can prepare for emergencies and other unforeseen incidents.
Even if they’re given a raise, wealthy people live within their means. Don’t purchase items that are too expensive and put a strain on your finances. This prevents debts from building up and money getting spent too fast.
Most wealthy people will look at their short term and long term financial goals every day, maybe even multiple times. By looking at goals, seeing if you’re on track, and keeping them in mind, it gets easier to achieve them.
A recent study showed that wealthy people actually watch less TV than the poor; they only watch about one hour of TV a day. This doesn’t mean watching TV is inherently bad or will make you poor, it’s just that wealthy people engage in more productive activities.
Along those same lines, wealthy people know how to spend their time well. With everything they do, they ask themselves, “how will this help me achieve my goals?” With this level of focus, they are able to make and keep money.
Wealthy people also know the value of patience. By waiting for good deals or until the price of something they want drops, wealthy people are able to get more bang for their buck, saving them money.
Wealthy people understand the importance of education. They usually have a high level of education and, if they don’t, they go out and get one. Wealthy people are proactive in learning as much as they can so they can make the smartest financial decisions possible.