The popular saying, ‘the rich keep getting richer, while the poor keep getting poorer’ is a statement of fact. This statement will continue to hold true as long as the global financial system remains and the rich and poor continue with their kind of life styles.
First of all, being rich does not only consist in having so much money and other material things. Money and material things are just part of the evidence of being rich. Being rich is a state of mind. For instance, a rich man with only $1,000.00 in his account now will have more money than a poor man with $20,000.00 after a few years. The rich inherently have ways of ‘naturally’ multiplying wealth and this ways can be learned and imbibed by anyone that desires to be rich. It will only take understanding the life styles of the rich, discipline and practicing the life styles of the rich.
Below are the inherent life styles of the rich that keep them getting richer.
1. They are not lack-conscious: The rich are not stingy with their spending. They spend only on their necessaries no matter what they are, without thinking about their money finishing even when the cash available will not be enough to go round those necessaries.
2. They are grateful people: The rich are always grateful to people that extended help to them no matter how small the help may seem. They are quick to say ‘thank you’ to those that assisted them one way or the other.
3. They don’t pretend to be rich: They just live their lives: The rich don’t buy things to impress people or let them think they are rich like the poor do. One of my friends’ dads some time ago bought five pairs of white suites from the same designer because he likes dressing in white. But, one of his daughters was not happy with that idea, basing her argument that her friends will think her father has only one pair of white suit. Her father immediately advised her to quit thinking like a poor person and to stop living her life based on other people’s opinion.
4. They don’t work for money: The rich don’t work for money. They employ money and people to work for them. They invest their money to make more money – that’s money working for them. And they own businesses and have people take care of them. Even when they start as employees, which most at times is the case; they know they’re not working to earn but to learn how to manage businesses.
5. They are givers: The rich are givers. Whether to the charity, the needy, the poor the nations and any good course, they are good at giving their money, time or energy in support. They always think of what to give than what they are to receive. That’s why you see the rich helping people as well as the economies of nations they operate in.
6. They believe in the power of network: They know that no tree can make a forest no matter how big the tree is. That’s why they create good relationships on daily basis and maintain their old relationships. They socialize properly, having at the back of their minds that is good to treat people they meet while going up nicely since they may still meet them on their way coming down.
7. They are good time managers: The rich know how to manage their time proper to achieve greater results. They have specified time for all their activities. This is why their days are filled with ‘booked appointments’.
8. They employ professionals to help them solve specialized problems: They don’t disturb themselves in the areas they are not well familiar with. They employ the best professionals around to help them solve specialized problems they may encounter each day.
9. They know how to delay gratification: Contrary to the popular notion that the rich are extravagant. They are not. But, they plan their spending as they understand that money spent today is gone forever but if invested properly will continue to bring more money to spend as long as the investment remains. So, they normally invest first and later spend the proceeds from their investments.
10. They buy assets to help them buy liabilities: The rich understand the real meaning of assets and liabilities. And, they always buy assets first and use the money made by the assets to buy their liabilities. Assets are things that bring money to you without your laboring for the money. While liabilities are things that take money away from you. For example, your taxi cab that brings income to you on daily basis is an asset. While your private car is a liability.
11. They use debts to make money: This is simple. The rich use credit of kind to buy assets, while the poor use the same sort of credit to buy liabilities. And, that’s the big difference between the two.
12. They go for quality things: The rich go for quality things no matter the cost to be expended on them. Quality things in the short run may seem expensive, but in the long run the expenses on quality things will be justified.
13. They know how to relax and enjoy their money: They take periodic vacations to unwind and refresh so as to draw strength to move on.