Seven Habits For You to Incorporate in Your Psychology if You Wish to Create Wealth for Your Family

1. Have a vision for your family wealth creation

The secret to creating and growing wealth for your family is to have a big enough reason why you want to do it. The desire to grow and create wealth to buy more things is not a good enough reason, although wealth does make it possible to buy more things. A bigger reason does make it more worthwhile. You can choose to create and grow wealth for your family to give them the best as well as to make the world a better place. Imagine how fulfilling it will be if you, like Bill and Melinda Gates through their foundation, focus on increasing health conditions worldwide. James Hughes, author of “Family Wealth” says “A family can successfully preserve wealth for more than one hundred years if the family governance and practices are founded on shared values that express the family’s differentness.” This can only be done if someone is creating and holding the vision for the family – a vision for a hundred years.

2. Adapt the best strategy and priorities to create and grow your family wealth

Whenever I ask a group of people “who wants to be financially independent?” most people put up their hands. The reality is that less than 1% will become financially independent. To enable you to be true to your hearts’ desire to create and grow wealth for your family, develop the right strategy, mind-set and priorities to do it. Set your attention on it, spend your energy on it, read and learn about it, talk about it, think about it and be inspired about it. Learn to create and grow wealth through great service delivery and a strategic building up of wealth. Forget about quick fixes and overnight success. Strategies build wealth.

3. Adapt the 8th wonder of the world

Einstein referred to compound interest as the 8^th wonder of the world. Imagine your money grows, even while you are sleeping. Read my article http://www.global-leader-in-wealth-creation.com/how-to-sleep-well-at-night-knowing-you-have-a-financial-cushion-under-your-head/

Develop the healthy habit of saving. Saving is another way to look at paying yourself first. The wealthiest people in the world keeps a big portion of their wealth portfolio liquid, another form of saving. The more you save, the more money flows to you, because money goes where it is appreciated. Your emotions, thoughts and feelings about your wealth will be less volatile the more you save as your savings acts as your cushion.

4. Learn to manage your emotions about money

Warren Buffet is famous for his wealth accumulation and for his saying “until you learn to manage your emotions about wealth, you will not get more money to manage”. Feelings of guilt, fear, shame, and uncertainty are not the feelings of a wealth creator for the family. Develop the skill to make swift decisions with certainty and listen to your own genius inner voice. Learn life skills to manage your emotions. If you find it difficult because you don’t know how to, find a coach who can teach you the life skills.

5. Teach your children good money habits

Start from young and make it your focus and aim to teach your children good money habits. They learn the most by watching us. Neither over spoiling them nor being a scrooge will serve your children. Read my article on how to raise financially empowered kids.

http://www.ilzealberts.co.za/its-easy-to-unlock-your-childs-financial-genius-if-you-want-to-raise-financially-clever-kids/

6. Husband and wife teamwork

“Behind every great man there’s a great woman” indicates that one’s chances of success increase if one has a great partner. One study, by Brittany C. Solomon and Joshua J. Jackson of Washington University in St. Louis, shows that having a conscientious spouse can boost your salary by $4,000 a year. The more you are aligned and you work as a team with the same goals, vision and dreams for the family, the more successful couples are in creating and growing the family wealth. The wealth creation is not the “job” of one person. It is a joint effort of supporting each other and delegating tasks and functions to each other to make the “business called your family” more streamlined.

7. Develop the habit of delayed gratification

We live in a mind-set of immediate gratification and having it immediately. Until you make peace with the habit of delayed gratification, you will rather spend your hard earned money than growing it. The wise wealth creators save their money until they have at least 3-6 months of income saved, then they study investing and start to invest. Through offering a great service or product, earning money through fair exchange, saving and investing your money, you will steadily grow and increase the wealth you are building for your family. Have a long-term vision and take the action steps towards it daily and do it with delayed gratification as your mantra. Forget about comparison with the Jones’s. Rather compare yourself to your own goals, dreams and vision. 

Author: Ilze Alberts is a life strategist and international educator on strategies to a beautiful life.