Rich Habits #2

Success Habits of the Rich

From:

https://www.success.com/16-rich-habits/

Yesterday, I started a series on the Habits of the Rich.  The first concept was: Live within your Means

Let’s go further today:

-2 Don’t Gamble

The reality is that those that can generally NOT afford it - are the ones buying the lottery and PowerBall tickets!!  Sure, if they win, they may be set for life.  

I checked yesterday and the current minimum PowerBall total is $40 million dollars!!!  And, yes, if you let your brain start meditating on that - 40 million is a big amount.  (Of course, the government will tax that!!!)  But, even after tax, it will be a big chunk of money.

But, what would that really do to you and your lifestyle?  A lot of people who have hit it big on the lottery come out worse off.  Every relative, charity, acquaintance wants you to give them some.  Have a big house built?  Sure - but then you’ll need a fence to keep looters out.  You’d have to have servants at your big house - do you know how to do that?  Cars?  Chauffeurs? Caviar? (Have you ever had caviar?  Do you even like it?).  Would it make your life better?  Maybe or maybe not!!

And, the odds are ONE in 292,201,338 - or about 1 in 300 million!!!  1 person out of 300 million?  Your chance of having an oil well in your backyard is probably higher than that!!!   

But, IF - you want to - you can gamble - FOR FUN - set aside a small amount out of your entertainment budget.  Let’s say you put $50 in your monthly entertainment budget - maybe $10 for lottery tickets, $20 for movies, and $20 for eating out.  So, hey if you lose the $10 - so what.  The problem comes in when that entertainment money might be needed for milk and bread.  And, too many people can’t stop.  They get in a hole when gambling - and the best way out of the hole is to buy more lottery tickets and go to more casinos!!!  

The odds are truly stacked against you!!!

BUT many wealthy people DO GAMBLE!!  But with forethought.  Many are entrepreneurs - and have started businesses - that is a gamble.  I’m sure they have done their due diligence about the markets and the timing - but they put their time and money on the line to try new ventures.  Some will “play” with the stock market - but with analysis and smart decisions!!!

-3 Read every day

This is from the Habits of Rich People - and they READ!!

A survey showed these results:

• 63 percent listen to audiobooks during their commute.

• 79 percent read educational career-related material.

• 55 percent read for personal development.

• 58 percent read biographies of successful people.

• 94 percent read current events.

• 51 percent read about history.

• 11 percent—only 11 percent—read purely for entertainment purposes.

I listen to audiobooks when I walk.  Sometimes they are non-fiction (like Brene Brown - “Daring Greatly” and “Braving the Wilderness” or Simon Sinek’s “Finding your Why”. And, sometimes it is for entertainment.  Back at my apartment, I read lots of things as I write this blog and do other writing!!!  

Do you read?

-4 Forget television and surfing the internet.

The article nails this:

“How much of your valuable time do you lose parked in front of a screen? Two-thirds of wealthy people watch less than an hour of TV a day and almost that many—63  percent—spend less than an hour a day on the internet unless it is job-related.”

“Instead, these successful people use their free time engaged in personal development, networking, volunteering, working side jobs or side businesses, or pursuing some goal that will lead to rewards down the road. 

“But 77 percent of those struggling financially spend an hour or more a day watching TV, and 74 percent spend an hour or more a day using the internet recreationally.”

(Gee - that makes me happy that I don’t have a television!!! Although, I do spend too much time on Internet recreation !!!)

Well -  there are 16 points in this article - and I’ve looked at four of them.  So, it seems we will be back at this article for a few more days!!!

But - the information is good.  You get to choose who you are - and how much time you put into leisure and how much time is spent in sharpening the sword.  Balance, balance, balance!!!

Hugs!!

Karen