Wednesday, August 26, 2015

7 Habits Wealthy People Live By (And You Should, Too!)

Wealth is more than just the number in your bank account - it's a whole mindset

Wealthy people did not achieve monetary success on accident. Their fortunes are the result of hard work, careful planning, and constant dedication. In other words, they owe their success to the habits they incorporated into their daily lives. In an attempt to help you on your journey towards financial success, the team at First Bank of the Lake is here to help you identify some of these habits and how you can make them a part of your life.

1. Networking
"It's not what you know, it's who you know." Wealthy people understand the incredible value of networking and expanding their circles of contacts, and they take every opportunity to attend networking events in their area.

2. Exercising
Wealthy people realize that their physical health is often directly correlated to their financial success. You have to be in good physical health in order to fully commit yourself to your career. Exercising on a daily basis keeps you healthy, improves sleep and overall quality of life, and keeps you ready to succeed in your career.

3. Reading
Constantly pursuing personal growth is a huge part of the wealthy mindset. Wealthy individuals make it a point to read as much as they can. Books directly related to time management, leadership, business, and communication are great places to start.

4. Getting Up Early
Night owls hate to hear this one, but almost all of the wealthiest individuals in the world are morning people. Getting up early lets you get a head start on your day so you can take time for personal development and growth before beginning work.

5. Not Buying Things You Don't Need
Useless spending is the quickest way to hurt your financial success. Wealthy people treat money as a prized commodity just like material possessions; rather than spending money on impulse purchases, they save their funds and only spend money when necessary. (This could even mean foregoing cable at their home!)

6. Avoiding Unnecessary Debt
Some debt (mortgage loans, car loans, etc) is good, because it allows you to build up your credit score. Unnecessary debt (such as credit card debt or unpaid bills), however, can hurt you financially. These delinquent payments can lower your credit rating and charge you large sums of interest. Wealthy people avoid unnecessary debt at all costs.

7. Managing Time Effectively
No matter what your income level is, your greatest financial asset is your time. We all have the same number of hours in the day, but wealthy individuals make it a point to maximize every single hour. Whether they are working, exercising, reading, or sleeping, all hours of the day are dedicated to something that contributes to their success.

By Adopting These Habits Into Your Life, You Will Be Well On Your Way To Financial Success!
As we mentioned in the beginning, wealth is more of a mindset than anything else. Once you understand that everything you do can in some way impact your financial success, you can begin to make intentional decisions regarding how you want to allocate your time.

Don't forget that another important part of the wealthy lifestyle is understanding how and where to invest your surplus funds. From free checking and savings accounts to incredible rates on CDs and money markets, our bank at the Lake of the Ozarks offers plenty of safe, smart options for people who need help managing or investing their money. Give us a call or check out our website for more information!

First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.

Located at the entrance to the Osage Beach Premium Outlets!
4558 Osage Beach Parkway, Suite 100
Osage Beach, MO 65065
(573) 348-2265

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