Seven Traits Wealthy People Use To Make Money

I have worked with wealthy people for the past 23 years as their estate planning attorney. Over that time, I have taught my clients a great deal about preserving their wealth, and passing it on to their heirs. As much as I have taught them, they have also taught me a great deal, as these are people who have been able to accumulate amazing amounts of money. My clients are in the top .5% of Americans as far as their net worth. In addition to listening and learning from these "wealth accumulation stars", I've been taking notes. And, with their permission, I've started a blog to teach others what I've learned. The purpose of this article is to begin to share with you what I've learned.

We are all bombarded with books, articles, tapes, seminars, infomercials and websites promising to make you wealthy. If information was the key to becoming wealthy, there would be more millionaires per square mile than insects. So what, then are the keys to becoming wealthy? Here they are, in no particular order:

1.Begin to think like a millionaire. The rich shun negative self-talk in order to completely believe that they can be rich, which is a different way of thinking than most of us have. The wealthy use the law of attraction to open opportunities by, in part, having a belief that they are worthy to be rich. The old proverb that "you are what your think" should actually be, "you are what you think about"; or better yet, what you think about is what you attract to yourself.

2.Live within your means. Wealthy people start on the road to wealth by spending less than they make. This is where wealth accumulation starts.

3.Save money, every month. Even if you have to start with $50 per month,they money that is left after living expenses must be saved. "Pay yourself first" and "A penny saved is a penny earned" aren't just clichés ... they are principles that when applied, produce results.

4.Use debt strategically. Rich people only use debt as a tool to gain more wealth. Borrowing in order to have stuff before you can afford it is absolutely abhorrent to millionaires. Yet millionaires arent' averse to borrowing, if it allows them to leverage their money.

5.Create multiple streams of income. Millionaires realize that hitting it big with one thing rarely happens. Seeking out multiple streams of income is the single most common way that wealthy people have become rich.

6.Get the best return on your investments. Millionaires learn how to invest in a way that produces the best income with the least risk. In contrast to common thought, the vast majority of millionaires are not be risk-takers. They understand, however, that there are ways to get a better than average return on your money, without taking huge risks. They will tell you that it's not about making a killing in the market. It's all about producing a better than average return on investments while at the same time completely avoiding down markets.

7.It is critical to have the right philosophy of what it means to be rich. Money doesn't make you happy. It is merely a means of exchange. Happiness doesn't' come from your net worth, it comes from inside you. On the other hand, understand that wealth gives you the opportunity for security and comfort, which are good things.


Copyright (c) 2010 Slim Albertson