Habits wealthy people abandon after leaving poverty

Steve Burns in his blog identified 10 such behaviors that financial strugglers turned wealthy people abandon in their road to success. These are:

1. 
   Curbing overspending or financial recklessness– Living beyond one’s means is a surefire way to remain trapped in poverty, which people who accumulate wealth discard but they adopt disciplined spending, often following the 80/20 rule (living on 80 percent of income and saving/investing 20 percent). This is done by creating a detailed budget of all expenses and prioritizing spending only on essentials and items that add true value to one’s life.
2. Ditching the lottery habit or the gambling mentality– Statistics show that 77 percent of financial strugglers play the lottery weekly while the wealthy avoid this habit. Relying on luck is not a viable strategy to create wealth. Consider instead redirecting those funds into more productive channels or starting an emergency fund, or investing in low-cost index fund or education or skills development.
3. Reducing excessive TV and internet use (time wasters)-- Wealthy people tend to minimize excessive TV watching and recreational internet use, which contribute liottle to personal growth or financial success. Instead read books on personal finance or your industry, take online courses to enhance your skills or networking with like-minded individuals. Successful people view time as their most valuable asset and reduce media usage for activities for personal or financial growth.
4. Mastering self-control or emotional reactivity– Studies done by Thomas Corley show that 94 percent of wealthy people filter their emotions esp. in professional settings compared to only 31 percent of those struggling financially. Controlling emotions, esp. in high-stress situations, lead to better decision-making and positive outcomes. Emotional intelligence starts with self-awareness. Practice techniques like deep breathing or meditation to help manage stress and maintain composure in challenging situations. Mastering your emotions better equips you to navigate the ups and downs of financial life.
5. Embracing productivity and action (shunning procrastination which hinder financial success. Wealthy individuals understand the value of taking prompt action and avoiding delays in essential tasks as putting off responsibilities leads to missed opportunities and increased stress. Use to-do lists or time-blocking techniques to structure your day and prioritize essential activities. Set clear deadlines and hold yourself accountable.
6. Expand networks for success (limited social circles)-- Wealthy individuals consciously expand their social circles to include other successful people. Again Thomas C. Corley, who studied the daily habits of wealthy individuals said 86 percent of rich people associate with other successful individuals, recognizing the power of positive influence and networking. Seek out opportunities to meet people who inspire you or have achieved the kind of success you aspire for by attending industry events, joining professional associations, or participating in volunteer activities. Reach out to potential mentors or successful individuals in your field. A diverse network can provide new perspectives, opportunities, and invaluable support on your journey to financial success.
7. Cultivate persistence in adversity (or the defeatist attitude)-- Wealthy individuals often distinguish themselves by their persistence in the face of challenges. Those who achieve financial success tend to view setbacks as opportunities for growth and learning. Instead of looking at setbacks and challenges as insurmountable barriers, identify the lessons and opportunities they present. Successful people have faced numerous failures before achieving their goals.
8. Adopt a growth mindset (self-limiting beliefs)-- One of the most significant shifts when moving from poverty to wealth is abandoning self-limiting beliefs. Wealthy individuals learn to challenge and overcome these beliefs, adopting instead a growth mindset. But first identify your self-limiting beliefs about money and success. Replace negative self-talk with positive affirmations and focus on your potential for growth and learning. Your beliefs shape your reality.
9. Taking Personal Responsibility– Wealthy people abandon the tendency to blame external circumstances or others for their situation. They embrace personal responsibility, understanding that while they may not control all circumstances, they do control their responses and actions. They acknowledge their role in both successes and failures. When faced with setbacks, they ask themselves what they can learn from the situation and how to improve moving forward.By taking ownership of their choices and consequences, they position themselves to make better decisions and create their desired financial future.
10. Aligning Career with Passion– Wealthy individuals abandon working solely for a paycheck but seek ways to align their career with their passions and purpose. They strive to find meaning and fulfillment in their professional lives. Start by identifying core values and the activities that truly engage you and incorporate these elements into your current job or consider how you might transition to a career that better aligns with your passions.

When you’re passionate about your work, you’re more likely to excel and find opportunities for growth and advancement. This alignment of purpose and career can be a powerful driver of personal satisfaction and financial success.

In conclusion, the journey from poverty to wealth often involves more than just financial strategies; it requires a fundamental shift in habits and mindsets. By abandoning these ten habits and embracing their opposites, you set yourself on a path to financial success. Start slowly, one step at a time.

The power to change your financial future lies within you – take the first step today.

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