5 Money Habits to Create Financial Abundance

It is disappointing that our education systems do not teach us basic money management and the tools needed to equip us for handling finances.

However, as responsible individuals we all need to educate and equip ourselves with the right tools which we will need to create financial abundance.

Read, Learn, take Action

Some of the world’s richest men share one important common habit: they read and they learn. Bill Gates reads 50 books a year and Warren Buffet spends 80% of his office time reading.

Let’s start with 1 book a month and really dig into it and flesh out all the valuable tips mentioned in it and begin actively learning. Books on cultivating a positive money mindset, investments, real estate, etc. are good to read.

Let me share some of my favourites you could consider to add to your reading list:

The Richest Man in Babylon by George S. Clason

Think and Grow Rich by Napoleon Hill

You are a badass at making money Jen Sincero

I Will Teach You To Be Rich by Ramit Sethi

The Automatic Millionaire by David Bach

Secrets of the Millionaire Mind by T. Harv Eker

Setting realistic goals

The benefits and wisdom you gain from the books you read will help you on your path to set goals.  Work backwards from what would your long term goals look like 2 or 5 or 10 years and translate that into actionable steps.

Don’t discount yourself by wondering whether your goals are realistic or not. Be bold, be audacious. Dare to imagine wealth for yourself in order to actually create it. 

Be a conscious spender

Instant gratification can be a killer when it comes to keeping on track with our goals.

The rich appear to be spending money on a lot of classy things, but in reality, they are highly discerning. They don’t spend cash just for the sake and the momentary thrill of it. They have their wealth goals constantly in mind and each purchase is aligned with hitting that goal as early as possible.

When you are about to make the next purchase, ask yourself if it’s truly essential. Pick a financial role model and ask yourself: would XYZ do this if s/he was in my shoes? If not, then you can also pass up on the opportunity.

Time of a lifestyle check

Have you experienced this – your incomes increases and your lifestyle changes? This is a very delicate trap when we are not being conscious with our spending. An additional income can really be a blessing when used in the right way to help reach those financial goals quicker.

Who are you surrounding yourself with?

 ‘You are the average of the five people you spend the most time with.’  Jim Rohn

We are influenced by the people we surround ourselves with through their thought patterns, perspective of the world and their mindset. People who are committed to following healthy financial habits, can be good accountability partners to lift us and get us back on track when we find ourselves slipping or backsliding on our goals.

Call to Action

With right habits we can be wise custodians of wealth.

So, lets get started today, be consistent, take action, and watch the money magic happening right before your very eyes!

Margaret Mekaat

Margaret Mekaat

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