Do you remember that feeling when you were a kid and someone gave you $20? Suddenly, you felt rich!
Obviously, $20 doesn't go very far today, especially when you're dealing with utlity bills, rent, student loans and food costs. But you can get back to that feeling of wealth that you had as an 8-year-old. The key is adopting good financial habits and shaking off some bad ones.
Here are six things you need to stop doing if you want to be rich.
1. Blowing through a budget
This one might seem like a bit of a no-brainer, but people who want to increase their wealth often have trouble with their spending. To gain wealth and keep it, you need to adhere to a strict budget and spend within your means.
Many who are well off stick to a budget like this:
25%: Rent or mortgage
20%: Directly into savings
15%: Food costs (including eating out)
5%: Car costs, including gasoline and maintenance.
What about the 25% that's left over? You can spend it, save up until you can afford that new iPhone or BMW you have your eye on, or invest it.
2. Waking up too late
If you work in an office, do you ever notice who's in first? Is it the guy in the back of every meeting making jokes under his breath? More likely it's that person who is always picked for special projects and is skyrocketing up the corporate ladder.
According to Tom Corley, author of the book Rich Habits, people with large incomes generally begin work up three hours before the official start of their workday. This gives them extra time to plan and work on pet projects.
Corley also found most successful people got between seven and eight hours' sleep per night. The vast majority report going to bed between 9 and 10 pm.
3. Ignoring that book on your side table
All that time we spend staring at our phones suggests we all sort of like reading. At the same time, it's easy to binge another episode of Scandal or Game of Thrones in lieu of picking up a book.
Through a book you will be able to learn about new subjects or about new styles of leadership that can help you achieve success.
According to Corley’s research, 88% of those who are wealthy read at least 30 minutes per day. So, it might be time for you to dive into that book you got for Christmas two years ago.
4. Hating a job
Going to work should not be a torturous task. Corley found that 88% of people who are successful enjoy their jobs.
Liking what you do in the workplace not only will make you more satisfied with your job, but it also breeds success.
If you do not enjoy your line of work or the office you work in, it's about time to make a change and search for a job you are going to love.
5. Shying away from investment opportunities
Investing can sound like an old-person thing, where you have someone take care of a portfolio of stocks for you that gives you a small rise in your overall worth year over year.
However, a person of any age who's able to seize opportunities can profit greatly from investments.
From cryptocurrencies to marijuana companies, the new age of investment opportunities is technology-driven and primed to take off. Do your research, and never invest more money than you willing to lose.
6. Neglecting body and mind
When you're hustling through your busy day-to-day, you can completely forget about taking care of your body and your mind. But successful people often can be found working out in the morning and eating healthy throughout the day to ensure that their bodies stay fueled.
Meditation, yoga and simply taking breaks throughout the day to refocus have been activities popular with some of CEOs of Fortune 500 companies.
No matter how much hustling you want to do, a healthy body and mind will allow you to be successful and ensure you will be able to function when it matters most.