4 Simple Habits to Build Wealth Faster

Today's blog post is based on an article in Kiplinger.

The article starts by talking about Mindset, Vision & Values, and discusses the abundance mindset from "The Seven Habits of Highly Effective People". If you don't have an abundance mindset, you'll have a hard time building wealth.

Once you have an abundance mindset, begin to craft a personal vision. This vision encompasses your ideal future life — the one you may not be living yet but hope to live within a few years. The vision should be congruent with your values. Next, turn your attention to bite-sized goals.

I've talked about vision and goals before.

Now, let's talk about the 4 habits:

Dr. Thomas J. Stanley thoroughly researched wealth-building behaviors and revealed the results in The Millionaire Next Door. In his 1990s survey of over 14,000 affluent American households, Stanley concluded that households can become wealthy without six- or seven-figure salaries.

Dr. Stanley passed away in a car accident in 2015, and his daughter Dr. Sarah Stanley Fallaw recently published The Next Millionaire Next Door. Dr. Fallaw confirms that many of the behaviors identified in Stanley’s research continue to play a significant role in wealth accumulation now, and behavior change is possible.

She finds that frugality, diligence, hard work and time management are more important than salary alone. Choice of spouse, career and location are also influential.

It may be possible to change your location, but for many of us it's too late to change careers or spouses!

Habit No. 1: Frugality
Habit No. 2: Discipline
Habit No. 3: Hard Work
Habit No. 4: Time Management

Check out what the article has to say about each of these habits. The article is pretty short, so it should only take you a few minutes to get through it.

Interesting days

Today - World Nutella Day, Weatherman’s Day, Safer Internet Day, Chocolate Fondue Day and Western Monarch Day

Tomorrow - Frozen Yogurt Day and Lame Duck Day

Next Tuesday - Darwin Day, Extraterrestrial Culture Day, Plum Pudding Day and Lost Penny Day

March 5 - Unique Names Day, Cheese Doodle Day, Absinthe Day, Multiple Personality Day, Procrastination Week, Pet Sitters Week, World Orphan Week, Consumer Protection Week, Dental Assistants Recognition Week, Schools Social Work Week, Read an E-Book Week, Return Borrowed Books Week, School Breakfast Week, Women in Construction Week, No More Week, Universal Human Beings Week, Write a Letter Appreciation Week, Will Eisner Week, Cheerleading Week, Endometriosis Awareness Week and Jewish Book Week