“The art is not in making money, but in keeping it.” – Proverb
Notorious B.I.G. wasn’t kidding when he said “It’s like the more money we come across, the more problems we see” in his “Mo’ money, mo’ problems” hit song. Contrary to popular belief, having more money does NOT totally eliminate our financial problems.
Even though you were born into a rich family, it is still up to you to maintain your fortune or reputation. Forbes’ top ten list of companies that have the greatest number of six-figure salary earners include: JP Morgan Chase, Google, Microsoft, HP and Amazon web services.
Aside from earning a 6 figure salary, being affluent is also a matter of intention and perseverance.
Here’s what those who earn a 6 figure salary all have in common:
1. They Have a Sense of Self Control
“Beware of small expenses; a small leak will sink a great ship.” – Benjamin Franklin
Financial dependence is a skill most of us have yet to master.
You would think that just because you have a 6 figure salary, you can splurge without having to look at price tags.
Believe or not, a Sun Trust report reveals that at least a fourth of six figure earners are still living paycheck to paycheck or are in danger of not having saved enough for retirement. Budgeting is key when it comes to savings.
In order to maintain a more stable savings account, cut down on the impulse buying. Shopping sprees may be fun, but those material things probably won’t last you long.
2. They Started Young.
“Teaching kids how to handle money is about more than dollars and cents. It’s about character and responsibility.” – Dave Ramsey
At one point in our childhood, we all wished to have an in-home McDonald’s like Richie Rich did. But this isn’t what experts mean by starting them young. Not all of us were born with a silver spoon in our mouths.
University of Cambridge researchers revealed that by age 7, kids’ money habits are already forming. Mold them into a miniature Warren Buffet by incorporating money-savvy tips into their everyday routines.
Teach them how to make choices about how and when to spend their money. By giving them their own spending money, you teach them how to control where their money goes. If they bought a toy impulsively and don’t have any left for the book they’ve been saving up for, they experience the consequences of overspending firsthand.
3. They Know How To Be Frugal
“There are people who have money, and there are people who are rich.” – Coco Chanel
Of course they set aside money for basic necessities, too. Mark Zuckerberg drives around in an Acura and Warren Buffet lives in a $30,000 property he’s owned for years. Like most of us, they pay rent, too. As drivers and responsible citizens of the country, they too invest in a back-up plan when it comes to auto and life insurances.
But when it comes to aesthetics like outfits, successful people would rather not dwell too much on their outfits and appearance. They know there are bigger decisions to be made than picking out their #OOTD. The same goes with their lifestyles. They might have almost a million or more to their names yet they choose to live humbly.
Look at Steve Jobs and Bill Gates for example. If not for their multi-million dollar companies, the next thing they’re most known for is their iconic, repetitive choice of outfits.
4. They Set Aside Time to Read
“Don’t let money run your life, let money help you run your life better.” – John Rampton
Reading is a form of consistent learning. If you’re earning a 6 figure salary, you might as well spend some of your income for books written by other experts.
It’s already a given that the most successful leaders and inventors always made time for reading. During their leisure time, the books they read revolved around business, personal growth or motivation. Successful businessmen should be open to suggestions and advice to help them grow as a leader.
To become a millionaire, you’d have to think like one, too.
5. They Give Themselves a Break
“A wise person should have money in their head, but not in their heart.” – Jonathan Swift
Or take some time off. Nap. Reset. Call it what you want, in short, they temporarily detach themselves from their work. Hard work is good, but letting yourself be consumed by money will only make you yearn for more.
Even 6 figure salary earners need a break. So no matter how much you love your job, taking a few days off shouldn’t hurt. Most millionaires are made, not born. You’d have to go through at least one job you hated to reach your best potential.
“Only buy something that you’d be perfectly happy to hold if the market shut down for ten years.” – Warren Buffett