7 Characteristics of a person accumulating wealth (Part 4 of 4)
By Stealthy at 9 August, 2007, 3:14 pm
Instead of posting a blog for each of the characteristics I am going to put the last 4 together in this blog. Lets recap the first three in case you missed the first 3 blogs.
1) “Be a Consistent Saver”
2) “Pay with cash”
3) “Shop Wisely”
The next characteristic is “Consider Previously Owned Merchandise”. Most of us know that as soon as you drive a new car off of the car lot the value drops thousands. If you didn’t know, well now you know. Now many car companies have certified used cars. Now you can feel comfortable buying a used car knowing it has been looked over by certified mechanics. Also another big ticket item you can buy previously owned is furniture. I’m not saying you have to go to a yard sale and buy a raggedy sofa or bedroom set that’s all scratched up. You can benefit from this when your family and friends are upgrading.
“Being a good steward” is also another way to accumulate wealth. Taking care of your car by having regular check-up and maintenance will allow you to save money in the long run instead of having to throw down thousands at one time just because you forgot an oil change. Also maintaining your home is important. Fixing leaks or a cracked ceiling can prevent a future “flooded” home.
All wealthy people “Know the basics of investing”. So that’s the next characteristic you need to have if you want to be wealthy. Learn what stock actually is and how the stock market works. You could put your money into a 100% safe FDIC insured savings account and make pennies each month or you can learn how the stock market works and take on a little more risk for a larger return. I have a couple of sites that you should check out to learn a little more about investing and how it works.
The final characteristic of wealthy people is “Do Your Homework”. You should know the different kinds of investments and the different companies you can invest into for the best return. Before investing in a company do research, find trends, and figure out the future of the company.
Lets recap the 7 characteristics of people who accumulate wealth!
1. “Be a Consistent Saver”
2. “Pay with cash”
3. “Shop Wisely”
4. “Consider Previously Owned Merchandise”
5. “Being a good steward”
6. “Know the basics of investing”
7. “Do Your Homework”
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