Money mistakes: 10 habits of highly rich people

By The NewsDay | Dec. 31, 2016 | 5 Min read

We are closing 2016 and saying hello to 2017! How have been your financial affairs in 2016? Did you make a lot of it or you lost so much of it? Money is a daily sought-after tool, but scarcely learnt about. One thing very obvious is that most of us made a lot of money mistakes in 2016, and it’s the wise person that will come up with lessons from their mistakes.

SUCCESS LIFE: JONAH NYONI

You got money

Most of us made money. It might have been a dollar or a million dollars, but the underlining factor is that we earned money somehow. Learn to make money by giving value to people and having multiple stream of income (MSI). One mistake some people made is that they ran away from the real source of money. Where was this money? It was in people. Look around, there are people everywhere and they are ready to give you money as long as you are ready to give them value. Learn the most important skill called the people skills.

Lesson from the rich: Anthony Robbins in his book Awaken The Giant Within says: Create, maintain, increase, protect and enjoy your wealth

You spent money

The money you got might have been spent unwisely. Most people are broke because when they get money what they think of and do is spending, spending and spending. We tend to buy things we don’t need because of materialistic mindset that we have adopted.

Lesson from the rich: Robert Kiyosaki of the book Rich Dad Poor Dad always say that, the poor spend first and they try to save what’s left, whereas the rich invest first from their earnings and then spend what left.

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Saving money

You might not have not saved any money in 2016 and you have nothing to show for it. 2017 is a clean slate and you can start anew. Save for your education, children and for your old age which is inevitable.

Lesson from the rich: “10% of all your income must be saved. Put aside 10% for a rainy day. This will help you since unforeseen eventualities are inevitable. Even if you earn $10 dollars today your future is bright” (Jonah Nyoni in the book Success Within Rich, pg 2)

Taking a risk with your money

Pyramid schemes have taken advantage of people’s hard-earned cash. They know that people usually want quick fix schemes and as result they gamble their money. However, there are risks you should take in life as an investor, entrepreneur or business person.

Lesson from the rich: T. Harve Eker in his book, Secrets of the Millionaire Mindset says: “Rich people play the money game to win. Poor people play the money game to not lose”

Let go the past

In our lives we all make mistakes. We should learn from our mistakes and never stay boggled down by them. We should not spend our lives crying on the grave of our financial mistakes. Yes, you lost it, but never let it cost you the future.

Lesson from the rich: You can’t progress into the future if you are staring on the rearview mirror. Harbouring negative past thoughts in life is like the effect of a virus to computer files. It might not have an immediate effect, but eventually it will affect your whole financial system.

Investing your money

You might not have invested your money, but you can start now. Rich people put their money where it grows. Learn the difference between assets and liabilities. A liability is something that takes money from you, whereas an asset is that which puts more money in your pocket.

Lesson from the rich: “Building wealth requires having the right information, planning and making good choices” (Building Wealth — A Beginner’s Guide to Securing Your Financial Future, 2002)

Your money is an idea

We are just an idea away from our wealth. Most people think money is in working hard. Some think money is in a job. Some people think that wealth is something that will come someday. These are all lies about money. Your idea determines how wealthy you are.Every inventions around is an idea. Learn to have a bigger idea. The harder to replace your idea, the more the money you might have. What idea do you have? How hard are you willing to sacrifice your time and energy to your idea?

Lesson from the rich: “Wealth is the product of man’s capacity to think.” — Ayn Rand

Giving money

The mistake that we make is to be stingy. We think that by being stingy we will have so much money to keep. Money is called a “currency”. Currency means to flow. You must position yourself to be in the flow of. The first means is to give money or make it flow from you to others. Give it to charity and through tithes. The Bible says, it is more blessed to give than to receive.

Lesson from the Rich: John Harricharan says: “By giving and sharing the little we have, we open up the storehouse of the universe and permit rivers of good to come our way … You have to give and give a lot, to be in the flow of life to receive.”

There are things you can’t change

There are things we can’t change in life. Your money can be wiped away by unforeseen forces that are beyond our power. Stay positive in face of such situations. When facing forces you can change, change the way you see them. Attitude is everything in times of hardships. Have a positive outlook in face of rough situations.

Lessons from the rich: “The most important and decisive factor in life is not what happens to us, but the attitude we take towards what happens to us.” —Zig Ziglar in the book Steps To The Top, pg 12

Stay hungry

For you to be successful in any facet of your life, you have to stay hungry. Seek for opportunities. Learn every day. Learn from people that are winning in you field of interest. Stay away from cheap people. Get in the game and have fun.

Parting Lesson: In my book (2015: 13) Inspirations for Success, I said: “Successful people do day by day what average people do once in a while. Success is not about public recital, but private rehearsal. Your daily ritual eventually becomes your outer reality. Be self-disciplined. If you do not become hard on yourself, life will be hard for you. Pain brings a prize, but if you do not master that you might have to face a painful life”.

Jonah Nyoni is an author, success coach and leadership trainer. He is the author of Inspiration for Success and Success Within Reach.

Email: [email protected]. Twitter @jonahnyoni