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Money Management

Essential Traits of Successful Wealth-Builders

Having a Wealth-Building Mindset

Putting money aside may sound simple in theory–just refrain from spending it. How difficult can it be to avoid doing something? However, life often throws unexpected expenses our way, both big and small. It could be as trivial as joining colleagues for a coffee break at work and deciding to buy one too, to more serious scenarios like the sudden need to repair or replace a crucial appliance or furniture at home. When you add up these unplanned expenses, your hard-earned money seems to vanish quickly. The key is to cultivate a mindset focused on wealth-building. While it may sound cliché, certain behaviors have been observed in people who excel at saving and investing.

Live within your means

Impulse buying can be thrilling, there’s no denying that. It’s fine to treat yourself occasionally, but those moments should be few and far between. Most of the time, if something isn’t a necessity, resist the urge to purchase it. If a buy goes beyond your usual budget and isn’t urgent, it’s best to postpone it.

Avoid unnecessary debt

Debt has become almost inevitable in today’s world, whether it’s for education or homeownership. However, the goal is to avoid taking on debts that won’t offer a fruitful return in the future. For instance, getting a college degree is a wise investment as it can lead to better career prospects. On the other hand, splurging on a brand-new car instead of a used one or a lease might not be financially prudent. If you have to borrow money, ensure it’s for something that will pay off in the long term.

Cultivate a saving habit

While it may be convenient to keep all your money in one account, opening a savings account is advisable. By setting aside extra funds in a separate account, you’ll be less tempted to spend them impulsively. When unexpected financial challenges arise, having savings to fall back on will provide a sense of security rather than depleting your regular funds.

Make informed financial decisions

Browsing online shopping platforms late at night can be enticing, but it often leads to impulsive purchases. Money should be seen as a tool to be utilized when necessary. Occasional impulse buys are fine, but for the most part, refrain from spending money recklessly out of boredom. Similarly, when managing investments, avoid making hasty decisions based on impulse. Conduct thorough research and stay informed about market trends to make sound investment choices that are likely to yield returns.

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