Have you ever wondered what the secret to a wealthy life is? So have I. But now that I’m in on that secret, I am going to share it with you…
But first, let me tell you that it’s not hard to become wealthy. Sure, it takes some time and practice, but once you’ve done it for a little while, it just becomes part of your lifestyle.
Wealthy vs. Rich
This is sometimes still a big question mark for people. What’s the difference between being wealthy and being rich?
I get the question. When you ask the internet what wealth means, it tells you that wealth is measured by the value of your assets. And although correct, wealth also means that there’s a balance in your money, health, and happiness.
You don’t have to be rich to be wealthy. Heck, I earn $1500 a month from my full-time job, and even I consider myself wealthy.
So, I’m trying to clarify that being wealthy has less to do with money and more to do with you. And here’s how…
The Biggest Secret to Being Wealthy
The biggest secret to being wealthy is your mindset.
For example, you may earn a good $3000 monthly but think it’s insufficient. You spend, and you spend until there’s nothing left, and you consider yourself to be one of the poor.
But there’s this other family of 4 who lives on only one paycheck of $2000 a month. They keep track of where the money is going, don’t compare what they own to others, and never say they have too little. This family even has some savings in the bank. They are happy because they have everything they need.
Can you see how mindset can make all the difference?
If you always tell yourself and others that you’re broke, you will end up broke. If you tell everyone that you have good control over your money, you are going to get even better.
And that’s why I consider myself to be wealthy. I only earn a bit over $1500 a month and can live off it and save money. I have found my soulmate; we have bright future plans, I have a job I love, I have the best friends, and I have found the thing I really want to do in life. I’m happy.
And that’s what wealth means.
For the record, for me, a lot of things have not gone according to plan and I have known the darkest of hours. I had to fight to get where I am now. Just want you to know that I’m not trying to brag or anything and that I’m far from perfect. I’m a human, just like you.
Benefits of Being Wealthy
Why should you try to be wealthy? What is the point? There are many benefits to being wealthy.
Financial Freedom
Financial freedom is one of the benefits you can achieve by being wealthy. Again, you don’t have to be rich to achieve financial freedom. Anyone can do this.
Better Options and Opportunities
Being wealthy can mean that you get better options and opportunities on both personal and professional levels. You can use your money for better education and/or become an entrepreneur.
But you can also start up a side hustle. With the right mindset, I told you about, you can achieve anything you’d like. Some options don’t even require any startup money.
Better Health
Since living a healthier lifestyle is nowadays more expensive than eating unhealthily, many people can’t afford it. But the thing is, living healthy can be more affordable than you think. It just requires a little more work, like cooking and exercising.
Just know that even if you don’t feel like you can afford a healthy lifestyle, there are ways to live healthy on the same budget.
Habits of Wealthy Women
Now that we’ve covered what wealth is and how you can benefit from it let’s move on to the habits of wealthy women, which you can practice yourself.
Pay Yourself First
This basically means that you first put some money into your savings or investments before going over the rest of your expenses. I usually first figure out my wages, and then I pay myself.
Paying yourself first can help you save, invest, or even pay off debt.
Live Below Your Means
Have you ever heard of this term? Chances are you have. But what exactly does it mean?
Living below your means means that, simply put, you mustn’t spend more than you earn.
By living within your means, it’s more like ‘’we’ll see what’s left at the end of the month’’. That’s also good because you are not going to overspend.
But living below your means is an even better step. This means you are going to save money.
Don’t Spend What You Don’t Have
This is the cherry on top of the previous one. Most credit cards allow you to spend money you don’t have. And pay for it after the next paycheck. This is probably the worst money habit you can have.
For some people, this habit has become more of a lifestyle, and they keep doing it every month over and over again. They spend, pay for it afterward, and then they spend again. If you are like this, you must try to get out of this habit. It’s too unhealthy.
Having this habit could even get you into a lot of debt. So be careful when spending what you don’t have; it could get you into extreme situations you’d rather avoid.
By stopping to spend what you don’t have, you learn to live within your means and eventually below.
Create a Budget and Track Your Expenses
This one might just be the most effective habit to learn. By learning where your money goes, you can decide where to spend less and stick to it.
When I first created a budget, it kind of hurt. I took all my expenses from the month before and wrote them all down. I realized that I spent over $300 on food, that month. Nope, nothing wrong with that amount, except I still live with my parents, so I shouldn’t be buying this much food…
Now, I only spend under $100 on food each month. That saves me $200 dollars!
I used to ask my boyfriend where all his money went because after a week or 2 after his paycheck, his bank account was empty already. I asked where it went and he said: ‘’I don’t know, wages and stuff’’.
And that’s the problem with most people. They don’t know where their money goes. The first step to budgeting is figuring out all your expenses and maybe trying to cut some.
Making a budget will save you so much money; I even find budgeting highly motivational. I love seeing how I spend less than I planned to on something.
After a while of budgeting, you will feel full control over your money, and it may even help you become financially free in the long run.
Stop Buying Things Impulsively
Everybody sometimes buys something without thinking it through. I found that this was the second thing I spent way too much on. I went into a store and came out full-handed. And most items I bought, I didn’t even use.
Nowadays, whenever I see something I want, I leave it in the store. If I forget about wanting it, I probably didn’t want/need it after all. But if it keeps sticking in my mind for a few days, I’ll go back to buy it.
This could be a good and easy rule for you to stick to. Leave it, but if you keep thinking about it, go back and buy it. If you entirely forget about it, good! Saves you money and gives you more discipline.
Create Passive Income Streams
They say the average millionaire has about 7 income streams. Yep, that’s a lot. I’m not telling you to go make yourself 7 income streams right now, I’m telling you to do some research and go focus on 1 new income stream.
Examples of passive income streams are:
- Starting a side hustle
- Investing in property
- Investing in other things, like stocks, crypto, precious metals, or anything else. (I invest in whisky)
- Start your own (online) business
- Create a product
- Create royalties income
- Investing in yourself. No one can take away your knowledge.
Of course, none of these passive income streams are easy. Creating a passive income stream takes hard work, energy, and a lot of patience.
Before moving on, I want to tell you one thing. Whatever it is you are going to do, make sure you understand enough about it to start. Otherwise, you’ll risk losing your money. Focus on one thing at a time and put all your energy in, and eventually, it’ll pay off.
Don’t Compare Yourself to Others
This one is so important. You should never, ever compare yourself to others. Self-worth is quite easily measured by what you own. If someone owns more than you, he/she is worth more. Which is not true at all. This is just the way society works, to make you buy more things.
By not comparing yourself to others, you won’t buy things to make you ‘count.’ You know your self-worth, and it’s not defined by what you own. It’s defined by who you are.
It doesn’t matter that you don’t own that new iPhone or a new Mercedes. Hell, I own a (lovely purple) Suzuki Swift from ’98. Partly because I don’t like new cars. I could buy one. I have enough money for it. But it won’t do anything except tell other people that I have money. But they don’t need to know that. My car works fine and I can use my money to invest in other things.
Keep the Big Picture in Mind
Keeping the big picture in mind helps you stay motivated. Setting smaller goals and bigger goals helps you stay motivated. Your goal could be something like: I want to have a million dollars when I’m 35, or, I want to have a second income stream by 25.
These goals may seem far away, but you will get there by making smaller goals to make them happen. And whenever it gets hard, just keep the big picture in mind. But don’t ever quit.
I learned to take breaks from my side hustle whenever I am down. By working anyway, I’m more likely to quit. By taking breaks and not feeling bad about it, it gets much easier. I’ll get back to it when I feel better.
This is a great tip for most other things: Take breaks and get back to it when you feel better. It’s not a bad thing to give yourself a break.
Have a Healthy Mindset
Last but definitely not least, learn to have a healthy mindset. Most people set their goals too high, want to achieve too much, and beat themselves up when it doesn’t work. But this is the last thing you should do.
You should set goals you know you can reach. Only then you should go all in. Commit yourself to achieving your goals. But don’t ever beat yourself up over it. If you didn’t achieve your goal in a set time, it’s not bad. It’s life.
Your life will never go as well as you want it to. You’ll always have problems, so you better get used to them.
As unmotivational as it sounds, it is the mindset you should have. Because you will fail sooner or later. It may be a big fail or a small one. The good thing about this is that you’ll learn from it and start over. You can always start over. Get a second chance. Especially if you have the knowledge.
You can try, and you can fail. They may take away your money or your business. But they can never take away your knowledge. Leverage the fact that your knowledge is yours, and blow everyone’s minds.
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