Habits That Preserve and Grow Wealth

November 30, 2017 by 1 Comment

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Being wealthy requires two things:

  1. Accumulating Wealth and
  2. Keeping It.

It’s one thing to become wealthy. It’s another thing to keep and grow the wealth you’ve accumulated. Here are some of the most important Rich Habits that help you keep and grow your wealth:

  • Automate Saving – Making a habit of automating how much you save every month.
  • Invest Your Savings – Putting your savings to work requires that you invest your savings. This requires doing your homework for every investment and only investing in what you know.
  • Monitor Your Investments – This also requires doing your homework. You must monitor your investments regularly and make changes if your investments are not producing adequate returns.
  • Frugal Spending – Being frugal is about seeking high quality products or services first and then finding the lowest cost in acquiring those high quality products or services.
  • Avoid Want Spending – Want spending is spending your wealth on wants rather than needs. It is the habit of giving in to immediate gratification to satisfy some immediate impulse. Want Spenders create their own poverty. They are undisciplined with their money. They have been brainwashed by advertisers and a consumerist society into buying things they do not need.
  • Avoid Lifestyle Creep – Lifestyle Creep is increasing your spending to meet your increased income. No matter what financial good fortune visits you in life, do not change your standard of living. Don’t supersize your life by buying things you really do not need. Live a modest life, always.
  • Use Professionals – Use professionals to reduce your taxes. Use professionals to protect your wealth. Use professionals to help guide your investment and financial decisions.
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Filed Under: Daily Success Tips
Thomas C. Corley About Thomas C. Corley

Tom Corley is a bestselling author, speaker, and media contributor for Business Insider, CNBC and a few other national media outlets.

His Rich Habits research has been read, viewed or heard by over 50 million people in 25 countries around the world.

Besides being an author, Tom is also a CPA, CFP, holds a master’s degree in taxation and is President of Cerefice and Company, a CPA firm in New Jersey.
 
Phone Number: 732-382-3800 Ext. 103.
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Comments

  1. Lisa Schreiber says:
    November 30, 2017 at 11:54 AM

    Hi Tom,
    I’ve truly been appreciating and benefiting from your daily posts….and I’ve changed several habits for the better since I first talked with you a couple of years ago! My health and my finances reflect these positive changes in habit.
    I am very interested in developing a long-term financial plan. Since my husband and I have five streams of income, I am certain that we need more professional guidance at this point than our current accountant is able to provide. Would you be able to meet with me, at your office is fine, to give me some professional guidance? I know you were concerned that I live too far away from your office, but that doesn’t bother me.
    Sometime in mid-December or in January would be good.
    Thanks Tom,

    Lisa Schreiber

    Reply

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