7 SIMPLE APPROACHES THAT HAVE HELPED THE RICH STAY RICHER.


It is no news that the rich keeps getting richer while the poor mostly always stay poor. This can be linked to the type of lifestyle and mindset these different categories of people have come to get adapted to over the years. Till you can change the way you reason and break the bounds of your lifestyle that limits you totally, it might be close to impossible to upgrade to the wealthy category. The ability to make the right financial decision is a major pathway to staying wealthy. Here are some simple approaches common among the rich but which are mostly missing in the poor.
IMPULSIVE DECISIONS: wealthy people hardly ever make financial decisions on impulse. Its easier for poor people to make impulsive decisions involving finances even when they don’t need the things they try to acquire with the money they cannot afford. Millionaires take the time to figure out what is really important and what they need before investing in them financially.

DIFFERENCES BETWEEN WANTS AND NEEDS: wealthy people know the difference between wants and needs. They know the importance of reinvesting and making some money even much more money. 
LONG TERM FOCUS: Rich and wealthy people have stayed wealthy because they are able to have long term goals and they know the importance of investing for a long period of time before they start to see manifestation. Most poor people are short sighted and can only have short term ideas which are likely to give short time income.

MUTIPLE INCOME SOURCE: most wealthy people have multiple income sources. They know the importance of continuous income generation and the benefits attached to them. Poor people get comfortable with a main source of income that can fold up anytime.

AUTOMATE INVESTMENT: wealthy people understand the benefits of automate investments. Wealthy people are acquainted with how to invest regularly and continuously. They know how and when to take advantage of opportunities and they are well equipped with the right investment strategies.
BUDGETTING: wealthy people know how to stay wealthy by following a budget and having restrictions in their spending. They know how to make a scale of preference even when they can afford everything they want.

PROPER UNDERSTANDING OF WHERE THEY INVEST:  billionaires are risk takers and they have the insight to see opportunities where ordinary people would not and it is unlikely for them to invest in a field or business or line of trade they are not familiar with. They have a proper understanding of where to invest and how lucrative it can become in the long run.
LIVE BELOW THEIR STATUS: most wealthy people live humble lives and far below their means. They mostly invest in necessity and not luxury items. They don’t show off how much they earn with their status. They rather reinvest and get richer and make people wonder how they earn their wealth.