Traits of the Wealthy

Saving money isn't just about whether or not you know how to score screaming bargains. Although pinching costs is part of any money saving plan.  Getting a bargain is never a dirty word. Wasting money however, is for fools and you know it. 

You see it is really about your attitude toward money. Did you know some of he riches people on earth, are also the most frugal  For example Warren Buffett.

Here is part one of two articles about the 10 Essential Traits of the Wealthy (other than the trust fund kids), who actually earn their wealth.

1. Patience is THE Virtue

Patience and planning is one of the most important virtue when it comes to cutting costs and  cost saving money.

This means you might have to waiting until the first wave of product hype has passed.  Never buy a computer, car, or electronic right when it comes out. Other than saving money, you may avoid a lemon. Buying a car slightly used, after the big commissions and devaluations are knocked off is a real fun way to buy a car, and own it much sooner. Then keep a car for an extra few years before getting another one can save a small fortune at today’s prices. Waiting until something you want actually fits into your budget instead of putting it on credit, will truly empower you when you do it.

Patience is often the difference between creating a fortune savings and investments, and being in debt for life and having to repeat these words over and over in a late in life job vs. retirement “Welcome to Wally-World”, or “would you like that mega sized”. Think about it.

2. Satisfaction and Thankfulness

When you're satisfied with what you have, there is no reason to spend money emotionally on junk nonessentials. The sole purpose of television and other commercials is to make you believe that buying a product or service will make you “happier, wealthier, better looking or improve whatever isn't bringing you satisfaction”.  Stop being a sucker to every media message out there.  Take your own patch.

People spend because they want to capture the emotional excitement shown in advertisements. When you stop trying to “keep up with the Jones”, and simply appreciate what you have, you will stop such ridiculous consumer spending like a sheet being led to the slaughter. 

3. Organization (even if you hate it) Will Make You Feel Like a Million Bucks

Being organized can really get you on track.  Even if you are someone who tell s yourself, “I am not an organized person”, you can get better.  That is just a decision to stop being lazy.  I now those are harsh words, but if you want the truth, there it is. Make you more highest priority to get better organized when it some to your finances. You can if yo choose to. 

If you can start be stopping paying late fee, or not buying two of everything (wow have I done this one), or knowing deadlines that can affect your finances.  You can make a huge difference long term.   Another tips is to try and get more done in less time. Just spending your time more efficiently can help you get more organized.

4. Discipline (Yikes…there is one that hurts…or does it?)

Unfortunately it takes discipline to save money for specific things.  Delayed gratification is one of the most rewarding sensations.  Try to thrive on that emotion, vs letting emotions make you poor., long-term goals every month.

Personal finance success, isn't a way to get rich quick, but is a disciplined execution of your lifetime goals.  What are you clearly written goals.

5. Reflect and Be Thankful Again...and Review

In addition to just looking at your finances, you must continually review them and update your progress. That which you can measure, you can improve upon.  It's important to look at your financial decisions and reflect on their results frequently.  Even if you get off track or make mistakes, that is ok..   At least by reviewing, you can adjust course.  Even and aircraft gets off course now and then, but a regular check up gets it back on course.

Portions contributed by www.wsj.com  and T.J. Marrs  of the Most Powerful Mortgage Accelerator System on the planet at http://livingfreeandclear.com