11 HABITS YOU NEED TO LEARN FROM THE RICH.

 You become rich not because you are special but because of certain habits, you cultivate which attracts financial growth. These habits are well understood by the rich and obviously give them an edge over the poor. It is interesting to know that all of these peculiar habits of the rich come under a unique factor called leverage.

What do we mean by leverage?

Leverage in this context means the use of collective resources to achieve meaningful results rather than relying on one’s individual efforts alone. “I would rather earn 1 percent of 100 people’s effort than earn 100 percent of my own effort” – John D. Rockefeller.

Let us consider 11 habits of the rich.

1. The rich leverage on  OPT
2. The rich leverage on  OPM
3. The rich leverage on  OPI
4. The rich leverage on  SOI
5. The rich leverage on  COV
6. The rich leverage on  OIA
7. The rich leverage on  FAIL
8. The rich leverage on  COF
9. The rich leverage on  SOD
10. The rich leverage on  UOO
11. The rich leverage on  FOA

The rich are rich because, they have mastered the art of LEVERAGE

OPT: OTHER PEOPLE’S TIME

The simple definition of multiplication is repeated addition

.e.g. 2+2+2+2+2=10

This simple addition can also be expressed as 2 in 5 places which is

2x 5=10

Now let’s interpret the 2 equations above

Let 2 represents a man

Let 5 represents days of work

Let 10 represents 10hours of work

Therefore, from the illustration above, it will take a man 5 days to work for 10 hours. Whereas 5men will work for 10 hours in a day.

The rich will rather have 5 men work for him in a day than only him working for 5days. This simply means that the rich are leveraging other people’s time to achieve results.

OPM: OTHER PEOPLE’S MONEY

The rich has a clear understanding of the financial pool. One major way of accomplishing this is by approaching the banks or other financial institutions, to borrow money as loans saved by other people. While most people will rather keep money in the bank in form of savings and wait to get little interest on the amount saved, the rich because of their ideas and appetite to take risks will prefer to use other people’s money to invest. 

OPI:  OTHER PEOPLE’S IDEA

When a business owner employs a chief executive officer (CEO) to manage his company for him, what that means is that the CEO is being employed to generate ideas for the business owner. Such ideas must be capable of moving the business forward; else the CEO is fired for non-performance.

The CEO enjoys the paraphernalia of office and maximum comfort, not because the business owner likes him, but because, he wants him to deliver on duty.

SOI: STREAMS OF INCOME

Taking a clue from our equation above, let 2 represents an income. Generating income in 5 places in a day is incomparable with generating one income a day for 5 days. You are rich when you have different sources of income.

COV: CREATION OF VALUE

The rich create value either as a service or a product to offer. What this simply means is that the rich are constantly looking for a problem to solve. It is by solving a problem either through a service or a product, that value is created and money generated.

OIA: OPPORTUNITIES IN ADVERSITY

The rich see adversity as a stepping stone to the next opportunity. This is because of their mindset which enables them to always think out of the box. For instance, in spite of COVID-19 pandemic which has taken its toll on most businesses through financial loss, retrenchment of workers among other unpleasant occurrences, some business owners were still able to records massive profits in this peculiar time because of their forward-thinking approach.

FAIL: FIRST ATTEMPT IN LEARNING

When the rich venture into a new business and fail they simply term it as:

First

Attempt

In

Learning

This habit gives the rich courage for persistence. The business world has its ups and downs but most people tend to quit too fast. The saying: tough times don’t last but tough people do is the mantra of most successful people who have become rich. For instance, beaming a searchlight into the life of Jack Ma (otherwise known as Alibaba) is an example of the power of persistence. He was rejected from Harvard University 10 times. At the age of 35 years, he was earning $20 per month, and it took him 15 years to build his business. His e-commerce company Alibaba as of 2019 was worth $480billion.

COF: CIRCLE OF FRIENDS

There is a saying which goes thus: “Your network determines your net worth” The rich leverage on the choice of friends they keep. The circle of friends of the rich is a potent factor that shapes their sphere of influence. They belong to high-profile clubs where decisions that will shape their business interest are often taken to their advantage.

SOD: SENSE OF DIRECTION

The rich set achievable goals they accomplish from time to time. Once a goal is accomplished, they celebrate it and set another to be accomplished in record time. This gives them a sense of direction. Because of their continuous drive for new achievements they are not in the habit of dwelling on past glories.

UOO: UTILIZATION OF OPPORTUNITY

The rich are quick to identify opportunity and utilize it. They are risk takers. When there is a new business idea, they are quick to give it a shot. If it sails true, more riches, and if it goes bad, it’s considered as first attempt in learning. They see opportunity in a disguised form when others are entertaining fear. This trait enables them to build capacity.

FOA: FLEXIBILITY OF ACTION

The rich are quick to take decisions. They use diversification as a strategy in business survival and avoid procrastination which is a thief of time.

If you can cultivate these habits, you will soon join the league of THE RICH

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