13. They Build a Business
Extremely wealthy people are business people. Whether, they develop real estate, invest in the stock market, or work in a factory, they view themselves as being in business. Look at some of the richest people in the world. Most all wealthy people own companies.
To create wealth, you must involve yourself in a business or in investing of some type. This is where the money is. Start your own business and grow your wealth. Even if you are a private investor, it’s a business. Run it like a business. Most people trade their hours for dollars and, since there are only 24 hours in a day, their income has a cap. But when you see yourself in business for yourself, you learn to make dollars your employees through good investments. Your employees work while you are asleep or awake, and bring you more employees to increase your wealth.
Proverbs 20:8-9 MSG
Leaders who know their business and care keep a sharp eye out for the shoddy and cheap, For who among us can be trusted to be always diligent and honest?
Be kindly affectioned one to another with brotherly love; in honour preferring one another; Not slothful in business; fervent in spirit; serving the Lord;Rejoicing in hope; patient in tribulation; continuing instant in prayer
Zechariah 4:10 NLT
Do not despise these small beginnings, for the Lord rejoices to see the work begin
14. They Do What They Love
If you are not doing what you love, forget about getting rich. Wealthy people get wealthy because they do what they love to do. They love what they do so much that they barely realize they are actually working. Find something you love and create a business around it.
Colossians 3:23 ESV
Whatever you do, work heartily, as for the Lord…
15. They Create Rather than Compete
Extremely wealthy people became wealthy and stay wealthy, by being innovative. Being innovative ensures that you always have a supply of new ideas to create wealth. Look around you for some opportunities that can make you rich. Be observant. Don’t miss your harvest. It’s impossible to be creative and competitive at the same time. Let others compete with you, but keep your focus on innovation for your own success.
2 Corinthians 10:12
For we dare not make ourselves of the number, or compare ourselves with some that commend themselves: but they measuring themselves by themselves, and comparing themselves among themselves, are not wise.
Mark 9:38-40 NLT
John said to Jesus, “Teacher, we saw someone using your name to cast out demons, but we told him to stop because he wasn’t in our group.” “Don’t stop him!” Jesus said. “No one who performs a miracle in my name will soon be able to speak evil of me. Anyone who is not against us is for us.
16.They are Happy to Help Others
Read Luke 10:30-37.
17. They are Incredibly Persistent
That ye be not slothful, but followers of them who through faith and patience inherit the promises.
On your way to achieving wealth, you will face obstacles. Wealthy people overcome the obstacles and move on. They do not give up. Wealth is achieved only by moving a series of mountains along your way to riches.
Jesus answered and said unto them, Verily I say unto you, If ye have faith, and doubt not, ye shall not only do this which is done to the fig tree, but also if ye shall say unto this mountain, Be thou removed, and be thou cast into the sea; it shall be done.
18. They Protect Their Assets
This is how they maintain their gains. Wealthy people have adequate—and sometimes surplus insurance. They use pre-paid legal services or have a great relationship with a great attorney. They engage in estate planning, etc.
A good man leaveth an inheritance to his children’s children…
19. They are Action-Oriented
“If you go to work on your goals, your goals will go to work on you. If you go to work on your plan, your plan will go to work on you. Whatever good things we build end up building us.”
~ Jim Rohn
20. They Understand Tax Laws or Hire Someone Who Does
Remember that the tax savings on your deductions will soften the blow.
And he said unto them, Render therefore unto Caesar the things which be Caesar’s, and unto God the things which be God’s.
Romans 13:7 NLT
Give to everyone what you owe them: Pay your taxes and government fees to those who collect them, and give respect and honor to those who are in authority.
21. They Track their Net worth regularly
Income is not synonymous with wealth. I have met people who have incomes of over $300,000 a year, yet are broke all the time. They have income but not wealth.
Your net assets measure your true wealth as it relates to money. Subtract what you owe from what you own, and that gives you the value of your net assets. When is the last time you figured your net assets? I track mine every two months. Tracking your net assets lets you know if you are moving upward.
Be thou diligent to know the state of thy flocks, and look well to thy herds.
22. They Invest a Portion of Everything They Get
The stock market is not voodoo. With a little effort, you can learn enough to make educated decisions that will increase your net worth many times over. Then identify small, measurable steps you can take to achieve these goals, and put this action plan to work.
They maximize their investments (401k, IRAs, etc.)
Matthew 25:26-30 MSG
“The master was furious. ‘That’s a terrible way to live! It’s criminal to live cautiously like that! If you knew I was after the best, why did you do less than the least? The least you could have done would have been to invest the sum with the bankers, where at least I would have gotten a little interest. “‘Take the thousand and give it to the one who risked the most. And get rid of this “play-it-safe” who won’t go out on a limb. Throw him out into utter darkness.’
23. They Hire the Right People
Extremely wealthy people do not do everything themselves. They know when to let go. They hire the right people to do it. Bill Gates doesn’t write software; he hires programmers to do it. To be very rich, you must know how to leverage. Hire people and use tools to do some of your work. If you do not leverage, there is only so much that you can do, and this puts a limit on how much money you can make.
Like an archer who wounds everyone, So is he who hires a fool or who hires those who pass by.
Proverbs 10:26 AMP
As vinegar to the teeth and as smoke to the eyes, so is the sluggard to those who employ and send him.
24. They Give Back
They donate a good portion of their income to a church or charity they believe in, and do it on a regular basis. Some extremely wealthy people have their own charitable foundations. They donate a percentage of their wealth to a cause in which they believe. The more you give, the more you receive.
Proverbs 11:24, 25 NLT
Give freely and become more wealthy; be stingy and lose everything. The generous will prosper; those who refresh others will themselves be refreshed.
Genuinely wealthy people share many of these common characteristics. Success always leaves tracks, and these are tracks you can learn and follow.
Wealthy people share these common traits. I hope you will take this list from Traits of Wealthy People: Part 1 and Part 2 and make a checklist that will help you commit to change your thinking and commit to being wealthy.