We all have a philosophy and a set of beliefs around money that dictate how we relate to finances and that, of course, dictates our financial situation overall.
There are different ways that wealthy people think and act in relation to finances and there are different ways that poor people think and act in relation to finances. Here are the five indicators of the wealthy philosophy.
Wealthy people take full responsibility for their financial situations
Wealthy people feel good about money and every time a bill is due.
Wealthy people pay themselves first, a 20% of their income goes into their financial freedom fund that they never touch. They let the power of compounding take over.
Wealthy people are excellent money managers. They budget everything and they stick to it. For instance, they allocate 10% of their recourse for education and personal development. Another 10% of their income goes on a separate account for long-term savings. Also, 5% possibly goes for charitable causes.
Wealthy people know that they don’t trade their time for money. They rather getting paid the equivalent amount of the value they add to the marketplace within a certain period of time. They always thinking about new ways to invest and add value to the marketplace.
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