Sometimes life seems to be unfair and partial especially when you see people who are unable to make a living despite working hard. While some categories of people are getting rich day by day... So, why the differences?
Do you wish to know the reasons why the rich gets richer and the poor poorer?
What are the things rich people do that makes them richer?
What are the things poor people do that makes them poorer?
In this article, I will be unleashing some secrets i discovered after taking my time to study some set of rich people. I'm talking about the secret most people don't even know about.
Here are 10 untold reasons the rich keeps getting richer.
10 Reasons Why the Rich Keeps Getting Richer
Secret #1- The Rich Have Positive Mental Attitude
“Getting rich begins with the right mindset, the right words and the right plan.” – Rich Dad
“What a man thinketh so shall he become” – The Holy book
For you to become rich and keep increasing it, you must develop a positive mental attitude I.e you must believe in yourself, it is very rare to see a rich man who doesn't believe in himself. Positive mental attitude is the key to success and wealth.
“To be successful, you must act big, think big and talk big.” – Aristotle Onassis
Secret #2. The Rich Imbibe Effective Saving Culture
Most rich people save a portion of the returns they get from any business deals into their account. Some will even save upto 50% and place a standing order which restricts them from withdrawing the money until it reaches the set target.
Savings culture is one of the things that differentiate the poor from the rich, while the rich are busy saving, the poor are busy spending on irrelevances.
If the seed of saving is not in you, your chances of getting rich is very slim...
Secret #3 Rich People Are Risk Takers
“Uncertainty is the friend of the buyer of long term values.” – Warren Buffett
Another thing that makes the rich people richer is risk taking; the rich invest their money on opportunities that an average investor would never stake in. Most of the times, higher risks come with higher returns and this is where most rich people put their funds.
“You must take risks, both with your own money or with borrowed money. Risk taking is essential to business growth.” – J. Paul Getty
Secret #4. The Rich Spend Less
“The philosophy of the rich and the poor is this: the rich invest their money and spend what is left. The poor spend their money and invest what is left.” – Rich Dad
The Rich are usually seen as stingy people because they are not spending lavishly...The truth is that they are not stingy at all. The rich spend less so as to save for future Investment opportunities. In the philosophy of the rich, savings comes before spending but reverse is the case with the poor; the poor are always eager to impress others by spending lavishly and at the end of the day they have nothing more to save.
Secret #5. The Rich Build Their Circle Wisely
“It is better to hang out with people better than you. Pick out associates whose behavior is better than yours and you will drift in that direction.”
There's a popular saying "show me your friend and I'll tell you where you are going". The rich don't just surround themselves with irrelevant people, they associate themselves with people who share the same dreams and vision with them; people who will facilitate their goals; people who will challenge them to do more...
Secret #6 The Rich Spend Wisely
The rich don't just buy anything they come across, they only buy things they need. Unlike the poor people who are quick to spend on irrelevances.
Secret #7. The Rich Develop Multiple Streams of Income
Hardly will you find a rich man who rely solely on a single source of income, they are always creating new ways of making money, in case this source is not yielding the others will.
Secret #8. The Rich Read A lot
In a bid to expand their investment portfolios and financial scope, the rich spend heavily on books and magazines. An average rich man is an active reader.
Secret #9. The Rich Exercise Self Control and Discipline
Lack of self control and discipline is one of the reasons why most people fail to become rich in life, the rich always delay gratification for a better future. The rich also do the
The rich are always disciplined with time and money, they don't spend anyhow nor procrastinate; they always do the right thing at the right time, not at their own convenient time.
Secret #10. The Rich Operates Effective Budgeting System
The rich becomes richer because they operate an effective budget system ( an estimate of the money they want to spend in a particular year)
The rich sets annual budgets, which is later broken into monthly, weekly, and daily budget. They don't only set the budget; they ensure they strictly observe it as written down. Nothing goes beyond their budget.
I hope you were able to discover some of the reasons why the rich keeps getting richer and the poor getting poorer?
What can you learn from it?
Let me know via the comment box...