When you are financially free, you can cruise through life at a luxurious speed filled with things that make you happy....books, art, travel. But beneath the surface, becoming wealthy and staying wealthy involves diligent work, an appetite for risk and a certain mindset that’s not always obvious. Here are some of the habits of financially free people.
1. No Logic Required “Making money has little to do with logic,” says real estate mogul, author and television star Barbara Corcoran, who sold her firm for $66 million in 2001. “It has more to do with trusting your gut, using your imagination.” Reflecting on her D's in the classroom. “Often I think a prerequisite of making a ton of money is not being smart in school."
In Thomas Stanley’s book The Millionaire Mind, when asked how their high school teachers would have evaluated them, only 11 percent of millionaires said “most intellectually gifted” and just 10 percent said “highest grade point average.”
2. Take Advantage of Every Opportunity Ryan D’Agostino who wrote Rich Like Them, knocked on nearly 500 doors to the biggest houses in America’s richest neighbourhoods, asking: what’s your secret?
Answer: the millionaire mind never stops stirring. "Always keep your eye open for that million dollar idea". Of course, it’s not enough to simply have an idea, D’Agostino continues. “The difference is, the rich take action.”
3. 50/50 Rule While saving is a key characteristic of some wealthy Americans as they build and grow their riches, many millionaires have a 50/50 rule when it came to managing windfalls of money. A successful part time investor said that whenever he came into any money he didn’t expect, he would put half away and spend the rest on something fun like a vacation for his kids or something nice for his wife. “He’d say, ‘what’s the point of obsessing over money all the time and saving and scrimping if you don't get to enjoy it and spend it?’
4. We Are Ageing While paying for their kids education is considered important for many wealthy people, it’s not their top financial priority. Instead, it’s having enough for retirement. Person after person said, "retirement and education are equally important
5. Believe In Yourself For Corcoran, despite starting out as a woman in a man’s world and feeling intimidated at times, she attributes her success to the core belief that she’s worth it. “The big enemy out there is not the crowd you compete with or what they’re telling you, but your own self-talk. I had to learn to defeat my own self-talk inside,” and the money followed.