Take a wealth check

Townsville Bulletin - - NEWS -

wealthy peo­ple recog­nise that fail­ure is the ul­ti­mate learn­ing op­por­tu­nity and have the self­be­lief to back them­selves to suc­ceed next time. Money can be a highly emo­tional sub­ject – es­pe­cially as the pain of los­ing it can be twice as strong as the joy of gain­ing it.

But the rich un­der­stand the im­por­tance of be­ing ra­tio­nal about money, and not be­ing blinded by neg­a­tive emo­tions such as greed, envy or re­gret.

A ra­tio­nal ap­proach to build­ing wealth will serve you much bet­ter than let­ting emo­tions guide your fi­nan­cial de­ci­sions – and pro­vide a much bet­ter chance of suc­cess. Wealthy peo­ple un­der­stand that it’s al­ways pos­si­ble to achieve more, whether that’s a pro­ject, a ne­go­ti­a­tion or a part­ner­ship.

They ap­pre­ci­ate the im­por­tance of net­work­ing, al­ways find­ing new an­gles on a busi­ness deal and are com­fort­able us­ing as­sets to gen­er­ate new in­come streams.

Good enough is fine if you’re happy stay­ing in the mid­dle of the road but for the rich, it’s never enough. Ap­ply­ing a pos­i­tive at­ti­tude com­pounds the re­turns they achieve both in their ca­reer and their wealth.

It goes with­out say­ing that most wealthy peo­ple have worked hard for what they have. But they also re­alise that there are only 24 hours in a day, and you can’t mag­i­cally cre­ate more time in which to work hard and earn money.

In or­der to break away from the daily grind of the mort­gage belt and be­come wealthy, at some stage you have to di­vorce your­self from the idea that the time you spend work­ing is di­rectly equiv­a­lent to the money you earn.

For ex­am­ple, a suc­cess­ful busi­ness can gen­er­ate a re­turn for its owner that’s dis­pro­por­tion­ate to the amount of ef­fort they’ve put in, as can a canny in­vest­ment. Other things con­trib­ute to this, too, such as be­ing recog­nised as an ex­pert in your field which can lead to op­por­tu­ni­ties.

Take a minute to see money through the eyes of the rich and use some of this think­ing in your life. You might steer away from the mid­dle of the road.

FI­NAN­CIAL CHECK- UP:

Pic­ture: JUSTIN LLOYD

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