Rich people simply do things differently.
It may seem unfair, but the fact is the "income gap" is increasing and most financial experts see this trend continuing without there being an end in sight.
In anticipation of this article, I sat down with someone who knows people much richer than I will probably ever meet: Jeff Rose. Rose is a very financial planner, author and blogger on GoodFinancialCents.com, as well as a millionaire himself, who spends much of his time helping people become and stay rich.
I asked Rose why he thought the income gap was more and more important. He mentioned five main things that rich people do simply differently from the rest of the world. Here are the five, in no particular order.
They take risks.
Rose explains that the richest people with whom he works regularly "they throw the spaghetti on the wall to see what wheat they are made of. In other words, they try many different things, knowing that many of them will fail.
They take these risks because they know that failure is simply part of the process of discovering what really works to build more wealth. Moreover, as Rose explains, the rejection of these ideas tones the rich to find what works, a stark contrast to most of the population for whom failure simply looks like a roadblock.
They invest in themselves.
According to Rose, "Rich people do not look at the money spent on personal growth as an expense, but as an investment. "
While many individuals keep every penny as well, the rich understand that strategic investments in themselves will produce a much better return than any stock, investment or real estate activity.
Whether it's buying a book, hiring a trainer, joining a brain group or another source of self-improvement, the rich see this as an investment. Do you?
They associate with those they want to imitate.
When the human body gets too hot, it produces sweat in an attempt to cool down. When it becomes too cold, it shivers and will produce heat. In other words, the human body adapts permanently to maintain its temperature of comfort. This automatic upgrade is a biological process known as homeostasis and is found in many aspects of life.
From human biology to the speed control of a car to your home's thermostat, homeostasis is a fact of life that governs almost every aspect of your life. And, as the rich have discovered, homeostasis can also be a powerful way to create wealth.
As Rose said unambiguously, "If you want to be rich, tie up with rich people. "
Or as financial television personality Dave Ramsey often says, "If there are four broken people in a room, you will be the fifth. "
Rich people have discovered that they can increase their wealth simply by partnering with those who are even richer. Humans tend to take the habits and strategies of those in their immediate environment, and the rich have learned to use this homeostasis to their advantage.
They have a dedicated morning ritual.
While most of the world will hit the snooze button 14 times in a row each morning, the rich have already started by increasing their equity.
"Most multimillionaires I know have a dedicated routine, a ritual, that they do every morning," says Rose.
This morning ritual could include exercise, affirmations, goal citation, breakfast or any other help to start their day. They start strong, completing more before noon than more people to complete in a week.
For those struggling to start every morning on the right foot, Rose recommends two books:
The Miracle Morning, by Hal Elrod
The Planner, 10 Daily Rules, by Grant Cardone
In my own life, I found this truth incredibly powerful. Since instituting a morning routine, I quadrupled my income, wrote and published a successful real estate investment book, lost 10 pounds, bought my dream home and deepened my relationship with my wife. Not bad for a few minutes dedicated each morning to a routine.
They review their goals consistently
Finally, according to Rose, the rich have clearly defined goals and are constantly reviewing their progress, making changes and developing strategies to achieve these goals. This process of immediate feedback allows the rich to make quick changes to their plans to stay the course in a rapidly changing world.
While most of the human population gives little or no stunt to their future, the rich often do so. As if a family were traveling across the country in a van, the rich have their track record spread out on the dashboard so they can navigate faster, more easily to their destination.
Rose admits that the wealth gap is much more complicated than a simple "five-point blog". However, he has been continually witnessing these five guiding traits of the lives of those who become richer and used them in his own life to create several businesses and build some wealth himself.
These five actions create a positive feedback loop that will continue to enrich the rich, and there is no sign of this cessation. The good news is, however, these five actions are all things that the average American can put into practice today. Will you also do it?
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