5 financial habits that will make you wealthy

We all know that times have been challenging for many people who are in one form of the economic recession or another

but, that does not mean that building wealth is impossible.  In fact, building wealth is fun when you are doing it right. And, today's five financial habits will help you to begin to build wealth the right way; if you have not started already.

Meanwhile, there are available opportunities for everybody in all walks of life, sectors and industries alike. Irrespective of your profession, there are unexpected opportunities for you if you only know the rules of wealth building. Maximizing valuable opportunities have made millions for many people and internet crawlers and marketers. But, how do you know a money opportunity? How do individuals recognize any business opportunity? Simple: you must understand and practice the five financial habits we are discussing today.

5 financial habits for wealth building

Building wealth is not a stroll in the park and cannot happen overnight. It takes time, planning and process. Even those that do win the lotto, it took them a while before they won. Building wealth and financial habits require discipline and dedication. Discipline is those simple actions you take consistently over a period. Practicing these financial habits will give you a firm hold of any financial goal you set. Dedication makes all of the things we read, watch, think and worked upon to work. 

1. Maximize opportunities

An excellent way to balance your finance and begin to build wealth is by effectively taking advantage of little opportunities that come your way every day. These opportunities will not be revealed to you if you are not pro-active, more than averagely informed, financially and be open to changes and opportunities. Another exceptional opportunity is your time and productivity. Be smart in your ways and work hard in all you do. Many times, there will be limitations to your expectations but, keep at it and build in bits.

Also, make sure that you are making valuable use of your time to bring about continuous productivity. Using your time productively and consistently getting good results is the bane of building wealth. Work hard each year to ensure that you achieve your financial goals, meeting targets and demands of your job and profession.

2. Invest in yourself

Investing in yourself is among the best investments you can make. It is a rudiment for financial success and wealth building. Start with talking to financially successful people around you begin to model after them. Read biographies and stories of other money giants that have impacted the world. Learn how they started and what motivated them and kept them going.

Research and read about financial success. Get on the internet and read articles, read books and listen to messages. Read the famous book: The Richest Man in Babylon and learn some age-long economic principles wealthy people practice. Keep on, find out more and stay motivated to practice the principles you are learning.

3. Let your expenses be lower than your income

This principle is one major key to success and wealth building. You must practice spending well below your earnings if you must begin to build wealth. Wealth is created based on what was saved and not what you spend. You must practice to live well within your means and strive to increase your means. Aiming to increase your means is to enable you save more and not to allow you spend more. Come up with a savings pattern that will ease you. 

Depending on the nature of your profession, get your account officer to program your account to take out a given amount or percentage monthly and saved in a different account with your bank. It can even be weekly, depending on the rate of your income.

However, I do advise that you stretch yourself. Do not try to be comfortable by giving the instruction of taking out a minute portion that will do you no good. Be daring and forceful, even as you save money and start to build wealth. Dare to keep more and see what it will do to you. It will open your mind to want to earn more and over time, you will adjust your bills and still be okay.

4. Double your money

Get to invest your money. It is not enough to save up money in the bank for lenders to profit by it. Get your savings to begin to work for you. Move them to start to move and make more money for you while you save more of your weekly or monthly income. Embrace any growth-oriented mutual funds and invest your money. Mutual Funds present an excellent platform for your savings (investments) to get high returns with records of small risk at the other end.

Many successful people that are financially free started with one goal when they were at the point where you are now: let the greater part of your income comes from your investments eventually. Let your investments begin to make money for you while you watch the news and follow trends. That is a step in the wealth building journey.

5. Increase your earning ability 

Your earning ability is the standard and value you bring to the marketplace. These comprise of your level of information, your networks, your talent and skills, your experience, your education, as well as your recognition and reaction to opportunities. They are all important for you increase your earning ability.

Grow and go into management. Learn leadership and marketing. You do not have to perfect all at once, but you need to know them. Learn bargaining and negotiation. You will need them before you realize it. For every deal you enter, every MOU you intend to sign, every partnership or franchise; you need bargaining and negotiation to have good deals and outcomes. 

In all, keep this list of habits handy and close to your chest. Practice them with consistency, and you will find your finance growing by the day. Over time, building wealth will be fun for you as you master these habits. You are set to be wealthy because you are not reading this article by accident: you are reading this particular sentence now because of your desire to start building wealth for yourself.

For a reminder, these are the habits that set the foundation for every financial prosperity and wealth we have seen or heard about:

1.    Maximize opportunities 

2.    Invest in yourself

3.    Let your expenses be lower than your income

4.    Double your money

5.    Increase your earning ability

Remember, there is a big difference between a wealthy individual and a rich person. I learned this reality, many years ago from Robert Kiyosaki in one of his classics: Rich Dad Poor Dad. He explained that one cannot be wealthy easily by depending solely on the job but, one can set a goal and a path to wealth on any job. I started my journey to wealth building from my encounter with his books and today; my life is showing for it. It took me to research and practice.