Traits of Wealth Builders
People who succeed in building wealth share certain traits. I believe this mindset is more important than flashy investment techniques.
1. Think Long-Term
Think in terms of “10 years” or “30 years,” not “next month” or “next year.”
Don’t get emotional about short-term price movements. When crashes happen, see them as opportunities to buy cheap. This mindset is crucial.
2. Focus on Spending, Not Income
Even with a $100K salary, if you spend it all, your wealth won’t grow. Even with a $50K salary, if you save $20K/year, that’s $200K in 10 years.
What matters is the gap between income and expenses. Focus on maximizing this gap.
3. Don’t Compare
Don’t compare yourself to millionaires on social media. Other people’s success doesn’t add a single dollar to your wealth.
Move at your own pace toward your own goals. This is the key to staying consistent long-term.
Summary
- Think long-term
- Control your spending
- Don’t compare yourself to others
Just keeping these three principles in mind greatly increases your chances of building wealth.