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Wealth has little to do with your age. Instead, maturity is the key factor in living successfully and accumulating wealth. I’ve seen 40-somethings and 50-somethings behave like school children, and 20-somethings with nothing in their pockets but with an attitude that would put accomplished men to shame.
The latter are the superstars of tomorrow. But what is the defining difference between these 2 groups of people?
The answer lies in their life principles, and here are 3 essential life principles that are adopted by all the world’s richest and most successful people.
Table of Contents
FIRSTLY, IT’S NOT WHAT YOU HAVE IN YOUR POCKET, BUT WHAT ATTITUDE YOU HAVE IN YOUR HEAD.
Attitude makes the difference. I have met employers, bosses, CEOs over the years and one thing I’ve noticed is that many of them do not mind hiring fresh graduates, as long as they want to learn. Many people come straight out of school expecting a $4,000 salary and posh benefits, but the truth is, these jobs no longer exist. Instead, the business world is a harsh hustle and the reality may shock comfort-seekers and fun-loving teenagers.
Money is not the solution to your financial difficulties. It’s your mentality towards wealth and life in general.
Of course, in capitalism, money speaks. But when you have nothing to your name, it’s your willingness to change and your enthusiasm that attracts the money eventually.
Entrepreneurs are people who create money out of thin air. They see a problem, and find a way to
If someone is hiring a trader, I want to see at least 5 years of dedicated self-study to the subject, outside of the classroom. I want him to be proficient in all asset classes, conversant with financial jargon, and at least know who Yellen and Largade is.
When an aspiring trader tells me that the FOMC rate caused a bull spike and reversal on the yen yesterday despite the announcement being ambiguous, I’m sold.
Rich people have raw passion, and I believe every successful entrepreneur would say the same.
What kind of attitude do you have?
SECONDLY, LEARN TO SERVE INSTEAD OF BEING SERVED.
Many people, young or old, squirm at the idea of having to serve someone more experienced than them. After all, they would say to themselves “I could jolly-well do what my boss is doing. Why is he paid 3 x of my salary?”
“That’s because he’s the boss, silly you.”
This is the truth: your boss did something, and had something that got him there. He paid his dues and did what it takes to get to where he deserves.
And learning to serve is a great way to buy into the shoes of high-rolling elites. Many wealthy people are humble, hardworking, honest, eager to learn, and much much more. When they see the same qualities they once had, you’re in.
Serve your boss. Look out for what the company you are in wants. Help others around meet performance goals. Learn to work for a vision greater than yourself, and don’t beat yourself up for having low pay initially.
When you serve, you grow as a person, you grow in maturity, you expose yourself to different experiences, and you’ll instantly stand out from the crowd.
LASTLY, BE FAITHFUL WITH LITTLE, AND YOU’LL BE GIVEN MORE.
I’m surprised by how many people I meet, fresh out of university, who have studied Economics, Finance, Corporate Accounting, Complex Derivatives, and many other subjects, but fail to manage their own income and expenses.
A person who manages his expenses at the age of 18 is impressive. People don’t look only for great results; the person’s habits will show.
I’ve seen youngsters who can pull out spreadsheets detailing their monthly income and expenses for the past 5 years, filed into category, along with savings plans, % completion on their financial goals, and many other cool details. These are the ones that will get ahead.
If you can’t manage $1,000 a month, don’t think that things will get better when you have $4,000 a month. If you are faithful with little, you will be faithful with much.
Have you ever heard of lottery winners striking it rich, and then lose it all because they were bad financial managers?
Budget faithfully, keep to your current level of income, and stick to it. But always seek to grow your level of earning power.
TRUTH BE TOLD, MANY PEOPLE DON’T LIKE TO DO THE ABOVE 3 POINTS.
Sadly, I’ve also met adults in their 40s-50s who have lost hope. When the family comes, the kids come, and the crushing mortgage comes, the cracks will show in their financial discipline. These habits are formed over many years, and the lack of discipline and a humble attitude is to blame.
Keep at your inner-game and you’ll be much closer to your financial goals than you imagine.
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Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.