Financial Lessons From The Top 1%

lot of us have no inclination to be numbered among the very wealthy. I’m not saying I wouldn’t like a bit of extra money to throw into an expensive pair of heels, or not have to eat in for six months in order to go overseas.That must be enjoyable. Yet I can’t imagine ever wanting to deal with debtexposure that can run into the millions, or running a company of thousands ofpeople.
Yet, even if we don’t want to be numbered among the fabulously rich, I think most of us want to be secure in our finances, confident in our financial ability to live a comfortable retirement and able to provide for those closest to us. And in order to do that, there are some lessons we could pick up from the ultra-wealthy. Inspired by an article on Sydney Morning Herald.

Thrift Is In

Do you know any really wealthy people? I only know a couple, but I have worked in customer service long enough to know this. People who are truly wealthy know the value of every dollar. They’re never the ones giving massive tips or spending impulsively; they become wealthy because they know the value of money, and ensure they keep tight control of it.
Frugality isn’t something they adopt, it’s a cornerstone element of their personality. The article on the Herald suggests the wealthy always ask for discounts and try avoid paying retail. It’s one hundred percent true. The amount of times I’ve been asked for cheaper prices by the wealthy outnumbers any other demographic about 100 to one. Another characteristic is a strong belief in property. It might look like traders make a motza but long-term wealth often seems to be based in owning the roof over your head and using the equityto increase your wealth.

They Work Hard

How many people do you know who inherited massive amounts of wealth andnever did anything with it, just spent it and lived a life of luxury. We’ve all heard of them, but I’ve never met one. The wealthy people I know get up early,work ten and twelve hour days, and then spend nights networking and gladhanding. A successful person has an intrinsic work ethic, a capacity to push themselves and a detailed plan to achieve goals. Interestingly, experts suggest the super wealthy are also very aware of actual cost-of-living expenses.
They’re not people to swipe a card every time they pick up milk at the supermarket and never know the price- they’ll be able to tell you down to the last cent.

Use The Best Of What’s Around

Opportunities, people, money- the rich are incredibly adept at capitalising on everything around them. You might think that’s only about who you know-and yes, networking is an essential skill- but it’s also about using a loan to invest in your own business if it makes sound financial sense, or asking and accepting help from a mentor when you’re just starting up.
Being able to turn any situation to your advantage is imperative, even the negative ones. Learning from previous mistakes, drawing value from a wrong decision, persevering despite the naysayers because you believe in it enough- they are all attributes shared by the super rich and the super successful.