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Saving Habits that helped certain Millionaires grow wealthy overtime

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jersteemit
@jersteemit
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Hello Everyone,

Earlier this year, I decided to build up my savings much higher and thus far it has been going pretty fine. In a bid to grow much I decided to take a cue from successful people and that have helped me stay very prudent and determined to grow my savings for the future.

One thing to note is there about four categories of millionaires, we have ghe company climbers, saver-investors, dreamers and the virtuosos. For the purpose of the post, I am most most concerned with the traits of the saver-investors, those who make saving and investing a normal practice in their daily lives.

After research here is what I found out about their savings habit

They save about 20% of their income. This is what I realized from them. They make a habit to constantly lock up this after every paycheck. It is most times done by the mean of automating. Also 10% gets locked up in a retirement account and other 10% in a saving/investing account.

The habit of Saving has also been traced to imbibing the savings culture much earlier with little amount which then tends to grow much higher over time through the process of accumulating or compounding. Time is an important factor to growing wealth overtime.

Another habit identified is that of frugality that is living the frugal lifestyle. This is done by taking conscious effort in the area of spending by cutting down on the expenses or costs drastically. When it comes to spending, quality is the center of focus when it comes to buying products and services. They are good bargainers has they beat cost to the barest minimum as opposed to spending excessively.

You want to become rich and wealthy, this habits are one to pay close attention to. Great wealth isn't stumbled upon, even if you do based on inheritance or good luck, there are certain quality and principles that will help in maintaining it.

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Thanks for Reading

Posted Using LeoFinance Beta