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10 Habits of the Prosperous

By: Steve Johnson

4/29/2008 - 34 Comments

1. Knowledge – The prosperous are constant readers, consuming financial information on a daily routine.

Donald Trump and Robert Kiyosaki both acknowledge to being active readers, in their book “Why we want you to be rich”. Reading as much as 3-books a week.  The reason is because business trends move very quickly, and staying informed provides them the edge to envision the future. Most people stop reading after college, but the prosperous make reading a lifelong habit.

2. Goals – The prosperous are goals setters.  They set both short and long-term goals.  They focus their energy on one short-term goal at a time, as they move closer and closer to achieving their long-term goals. To accomplish their goals, they create a positive cash-flow, by a reduction in spending and an increase in income from investments that their knowledge has helped them find.  As goals are achieved, they set new ones – challenging themselves with each new goal.  When they fail, they learn from the experience by discovering what went wrong – and correcting the problem.  They are always moving forward, finding new ways to improve their net worth. 

3. Overcome the Status Syndrome – The prosperous reject the status syndrome, which is to let your instinctive psychological need to feel important in the eyes of others influence your decisions more than logical information. The prosperous become influential by their unique decisions that lead to better results, rather than by trying to follow the crowd. The reason they can deviate from the crowd and find better investments is because they are more knowledgeable. They make decisions based on knowledge and confidence, rather than emotion.

4. Influence – The prosperous become influential because they have a history of success. Their history of success is based on their ability to find better investments than the majority, which is based on the goals they achieve and the knowledge they use. They use their influence to further build trusted relationships with key individuals of importance. Their network becomes an extension of their knowledge as they partner with other knowledgeable leaders in key sectors, like accounting, real-estate, insurance and legal.

5. Leverage – The prosperous use their assets as collateral and friends to partner with them to complete large projects together.  They buy products at wholesale prices from business associates or partners, which further increase the value of their assets, giving them even more collateral to leverage. 

6. Consistency – The prosperous do not diversify like the typical advice given by an average investor.  Instead, they focus their energy and resources on industries that they are so knowledgeable about they will gain no matter what happens.  They have calculated every possible risk in their favor, and therefore are able to put all their chips on one bet and reap large rewards.

7. Build Brands – The prosperous naturally build brands by being consistent. Their ability to use knowledge to focus on a system or industry that works very well for them, creates a consistency and a uniqueness that clearly defines them from everyone else – which is the fundamental characteristics of building a brand.  Brands are difficult to build and very powerful in business, and therefore become valuable assets.  Once their brand has been established, they use publicity to further their influence and build multiple streams of income under their brand.

8. Sell Information – The prosperous use their brand identity to sell hope to everyone else by writing books, knowing very few if any will be able to follow their footsteps.  They are so secure in their success that they can tell us exactly what they did – and we will still not be able to do it.  But, they make money telling us about it – because it’s entertaining and it gives us the hope that we desperately crave. 

9. Stay Out Of Politics – The prosperous realize that government is not about money, but power. The prosperous are not interest in power, although they do have friends in political positions, which they financially support in order to stay informed about government changes that affect their business. 

10. Build Businesses – The prosperous use their knowledge, influence and leverage to build businesses.  Over time, the prosperous build a business network to support their unique approach to generating prosperity.

I hope you enjoyed this list and use it to help build your prosperity. I know I will probably return to study this list for years.  Let me know if I have missed anything or need to further clarify.

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