What the big secret why the rich are rich?
Many have studied this topic and written about it.
Napoleon Hill wrote about the “16 laws of success” after studying wealthy people for 20 years in his classic book published in 1937, “Think and Grow Rich,”
Tom Corley studied the rich and the poor for 5 years and wrote his first book Rich Habits.
Then together we wrote Rich Habits Poor Habits.
We found that many things separate the rich from the poor.
Contrary to what the poor want to believe, it’s not only luck or fate.
Tom Corley found that the poor prefer to believe the rich have some advantages they do not.
This type of thinking enables the poor to remain in their situations without taking any responsibility.
Sure luck always plays its part in life, but lucky people do many proactive things to put themselves in positions to take advantage of luck when it strikes.
But here’s the big difference…
The poor and in fact the average Australian focuses on survival and instant gratification.
They do not think beyond the moment.
However, the very rich think and plan very far into the future—five, ten, or twenty years.
This picture may help you understand what I’m getting at.
The poor think about the moment— they about the pay cheque at the end of the week.
The middle class are hoping to make it through the month.
The rich are planning a year to several into the future, and the multi-millionaires are thinking a decade or two future.
If you want more money and freedom in life you’re going to have to learn about delayed gratification
Successful people have the ability to work hard to accomplish a goal which isn’t achieved for a long time.
They possess higher patience and an aptitude to postpone the enjoyment of their work.
That’s because they understand that long-term success takes a lot of skills that unsuccessful people lack or haven’t experienced.
These attributes comprise proper planning for the upcoming challenges, association, self-confidence, and tolerance.
Unsuccessful people, however, by and large can’t see the forest through the trees.
Learning to delay gratification rather than seeking immediate satisfaction is essential for success, particularly when it comes to property investing.
It takes time to allow the power of leverage and compounding to grow a large asset base of residential properties.
While it takes time to change ingrained habits and the approaches to life that you’ve been taught since childhood, the good news is it’s entirely do-able.
Start with small alterations to your thought patterns by acknowledging habits intended to provide immediate gratification.
Remember, if it comes too quickly, chances are you will lose it again just as readily. All good things take time.
As Warren Buffet wisely said: “Wealth is the transfer of money from the impatient to the patient.”
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.