5 Habits of the Wealthy That Helped Them Get Rich

Why do the rich keep getting richer? Most of the time, it’s not because of luck. It’s not because of the family they were born into. It’s not because they won the lottery.

Wealthy people simply do things differently.

It may not seem fair, but the fact is the “income gap” is increasing and most financial experts only see this trend continuing with no end in sight.

In preparation for this column, I sat down with someone who knows far more wealthy people than I will likely ever meet: Jeff Rose. Rose is a certified financial planner, author and blogger at GoodFinancialCents.com, as well as a millionaire himself, who dedicates a good portion of his time to helping people become, and stay, wealthy.

I asked Rose why he thought the income gap was growing. He mentioned five primary things that wealthy people simply do differently than the rest of the world. Here are those five, in no particular order.

1. They take risks.

2. They invest in themselves.

3. They associate with those they want to emulate.

4. They have a dedicated morning ritual.

• The Miracle Morning by Hal Elrod

• The 10X Rule Daily Planner by Grant Cardone

5. They review their goals consistently.

Rose explains that the wealthiest people he works with routinely “throw spaghetti at the wall to see what sticks.” In other words, they try a lot of different things, knowing that a lot of it will fail.

They take those risks because they know that failure is just part of the process in discovering what will truly work to build more wealth. Furthermore, as Rose explains, the rejection of those ideas invigorates the wealthy into finding what will work, a stark contrast to most of the population that simply looks at failure as a road block. 

According to Rose, “wealthy people don’t look at the money spent on personal growth as an expense, but an investment.” 

While many individuals conserve every penny equally, the wealthy understand that strategically investing in themselves will produce a far greater return than any stock, real-estate investment or business venture.

Whether it’s purchasing a book, hiring a coach, joining a paid mastermind group or another source of paid self-improvement, the wealthy see this as an investment. Do you?

When the human body gets too hot, it produces sweat in an attempt to cool down. When it becomes too cold, it shivers to produce heat. In other words, the human body is constantly adapting to keep its temperature at the same comfortable spot. This automatic leveling is a biological process known as homeostasis and is found in numerous aspects of life.

From human biology to the temperature of the earth to a car’s cruise control to the thermostat in your house, homeostasis is a fact of life that governs nearly every aspect of your existence. And, as the wealthy have discovered, homeostasis can also be a powerful way to build wealth.

As Rose stated bluntly to me, “If you want to be rich, hang around rich people.”

Or as financial TV personality Dave Ramsey often says, “if there are four broke people in a room, you’ll be the fifth.”

Wealthy people have discovered that they can grow their wealth simply by associating with those who are even more wealthy. Humans pick up the habits and strategies of those in their immediate surroundings, and the wealthy have learned to use this homeostasis to their advantage.

While most of the world is hitting the snooze button 14 times in a row each morning, the wealthy have already begun increasing their net worth.

“Most of the multi-millionaires I know have a dedicated routine, a ritual, that they do each and every morning,” Rose says.

This morning ritual could include exercise, affirmations, goal reviews, breakfast or whatever else helps them start their days with a bang. They start strong, accomplishing more before noon than more people accomplish in a week.

For those struggling to get started each morning on the right foot, Rose recommends two books:

In my own life, I've found this truth incredibly powerful. Since instituing a morning routine, I've quadrupled my income, written and published a bestselling real-estate investing book, lost 10 pounds, bought my dream house and deepened my relationship with my wife. Not bad for just a few minutes each morning of dedicated routine. 

Finally, according to Rose, the rich have clearly defined goals and continually review them to track their progress, make changes and develop strategies for meeting those goals. This process of immediate feedback allows the wealthy to make quick changes to their plans to keep the course in a rapidly-changing world.

While most of the human population gives little to no thought on their futures, the wealthy are reminded daily of where they are headed. Like a family taking a cross-country trip in their minivan, the rich have their road map spread out on the dashboard so they can navigate the fastest, easiest route to their destinations.

Rose admits that the wealth gap is far more complicated than a simple “five-point blog post.” However, he continually witnesses these five traits guiding the lives of those who are getting richer and has used them in his own life to create multiple businesses and build some serious wealth himself.

These five actions create a positive-feedback loop that will continue to make the rich richer, and there's no sign of that ceasing. The good news is, however, these five actions are all things that the average American can put into practice today. Will you?.

Culled from www.entrepreneur.com

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GLOBAL INTERGOLD BRIEF

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Gold is a unique product that maintains its value, steadily, through time. There is only a few if any other commodities that can be compared to gold in terms of maintaining a steady value through time.

Gold has always embodied a sign of power and wealth. Who had gold, always had money. Nothing has changed in our days. Whoever controls the gold, will control money and power.

Civilizations vanish through time, currencies dissapear, but gold remains constantly a stable measure of goods and services. It is a unique product that never loses its long-term value.

Gold is the only commodity that can buy for you peace of mind. This is an indisputable fact!

Gold is traditionally is the most important element of the global financial system and considered one of the most reliable tools for saving investments. Currently, the World Bank gold reserves are estimated at 32 million tonnes (if all this gold is melted together, we will get a cube with the side of only 12 m).  Gold is a unique product that never depreciates!

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$850 (N187, 000) is the cost for being an official client of Emgoldex, and once you exit the table, you will receive payout of $4,250 or 3,500 EURO (N875, 000).

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UK. Bank stress tests: Co-op fails as Lloyds and RBS scrape through

Three banks – the Co-operative Bank, Lloyds Banking Group and Royal Bank of Scotland – were found to be lacking financial strength by the Bank of England after being subjected to tests designed to measure their ability to withstand economic shocks.

In order to test the resilience of the financial sector, the central bank created a hypothetical scenario involving a deep recession, an unprecedented collapse in house prices, soaring unemployment and a sharp rise in interest rates.

Threadneedle Street stressed it was not handing out a pass or fail on the eight lenders exposed to the extensive exercise, nor did it intend to order any system-wide changes to the banking industry.

Only the Co-op Bank – whose capital would be “exhausted” under the most severe stress test – was ordered to submit a revised plan to the Bank. It was the only one to fall below the 4.5% minimum core tier one capital ratio – a key measure of financial strength – set by the central bank.

Owned by the Co-operative Group until last year, the Co-op bank had already warned it might fail the test.

The results published on Tuesday showed its capital would fall into negative terrority, knocked by losses on commercial property loans under the hypothetical scenario.

Bailed-out RBS, 81% owned by the taxpayer, would have been required to submit new plans had it not already begun to raise its capital buffers at the end of 2013, which was the starting point for the tests. .

Lloyds, which is 24% owned by the taxpayer, was not required to submit new plans although it may now face questions about its ability to resume paying dividends to shareholders for the first time since the 2008 banking crisis.

The Bank of England governor, Mark Carney, said policy makers had been reassured about the banking sector after the first ever industry-wide stress tests, which are to become an annual event.

“This was a demanding test. The results show that the core of the banking system is significantly more resilient, that it has the strength to continue to serve the real economy even in a severe stress, and that the growing confidence in the system is merited,” Carney said.

Publishing its half-yearly outlook on risks to the financial system, the Bank of England also said the global economic outlook had weakened from six months ago. It added: “The recent sharp fall in the oil price should support global and UK growth but it also entails some risk to financial stability.”

The bank also said its financial policy committee had been worried in June about the risk of the housing market and debt levels in UK households, which remain high relative to income.

HSBC, Barclays, Santander UK, Standard Chartered and the Nationwide building society were the five other institutions tested and were not found to have any capital inadequacies. They were not required to submit new plans to the Bank of England’s regulation arm, the Prudential Regulation Authority.

Over the three-year test period, which ran from the end of 2013 to the end of 2016, the banks made £13bn of losses before making profits in the third year. Without the series of economic stresses, the lenders were projected to make £100bn of profits over the three years.

Impairment charges would rise by £70bn under the stress tests. Capital ratios are also severely affected, with systemwide ratios falling from 10% to 7.3%.

The Bank of England also took into account actions that banks could have taken during the three-year period, which included cutting staff costs and dividends, and changes in lending patterns. But banks were not allowed to reduce their lending to the economy.

The Bank has stepped back from including more banks in the tests next year and warned that the leverage ratio – another way of measuring financial strength – would become part of the test in the future.

The Bank of England said that while the banking system was stronger than the 2008 banking crisis there were still other concerns. “Recent misconduct and other operational failings have highlighted that rebuilding confidence in the banking system requires more than financial resilience. That, and changes to banks’ business models in response to commercial and regulatory developments, make it important for banks to continue to enhance the effectiveness of their governance arrangements,” the Bank said.

Source: The Guardian(UK.)

Investing wisely in uncertain environment

The National Bureau of Statistics in its trade statistics for the third quarter of this year stated that the country recorded N359.6bn or 5.4 per cent drop in merchandise trade from N6.65tn to N6.29tn.

The decline was attributed to a fall in the value of exports and imports in the third quarter relative to the second quarter of this year.

Similarly, the Nigerian Stock Exchange recorded 35 per cent decline in foreign investments to N153.28bn in October from N226.68bn in September.

Experts say the reduced foreign investment is as a result of the unstable business environment due to insurgency and the fears of 2015 elections.

In view of these, experts advise that business managers have to make investments decisions in line with the changing business landscape for them to record success.

According to them, the old business models that guide investment decisions may not be effective as it used to but proper understanding of the business terrain and the risks involved may help out.

A report by Accenture states that firms face a number of challenges that complicate their efforts to choose the right ways to invest capital or operating funds.

The report titled,’ Invest to Win: Placing the right bets in a shifting competitive environment,’ said traditional approaches no longer meet stakeholder expectations; blurring industry lines and make the playing field less transparent than before.

It states that the current unprecedented changes taking place across industries have compromised many traditional investment approaches that worked adequately in the past adding that most companies cannot repeat historical investment patterns and expect to receive the same returns because their industries no longer grow at their former pace.

More so, organisations grow today by expanding into existing markets or creating new markets or product segments that meet customer needs, it adds.

The report advises business leaders to challenge themselves by identifying what customers really value and are willing to buy, and seek out new ways to exploit their current assets.

In the main, it says that companies aspiring to grow start by identifying how to deploy their assets in the following areas:

Opportunities in technology

The Accenture report states that advanced technology which involves the use of advanced mobile devices, digital software and sensors to monitor and maintain patient health on a 24/7 basis is a growth opportunity.

Moreover, it says the emergence of location-based apps that are transforming everything from hailing a cab to the convenient shopping experience online provides other opportunities.

New customer-centred initiatives

Customer-centred approaches make companies to offer one-stop shopping for current customers that goes beyond their traditional offerings. It adds that the goal is to understand what else consumers might want to purchase, and use the insights to sell more offerings or provide a service that enables it to increase its share of wallet.

Extending brands and generating customer bonding

The report says these can work, if the company’s assets and brands provide a plausible rationale, adding that leaders need to determine how they can improve the customer experience and what product add-ons to offer.

Areas of concern could include the expectations of new and innovative products that offer good value, as well as a positive, expedient customer experience with purchased products and subsequent service.

As a result of increased consumer expectations, the report explains that people also want companies to engage them digitally before and after a purchase, by having an online presence.

It says, “This implies that simply expanding a company’s brick-and mortar footprint will not generate the same levels of retail growth that it once did. Many customers also expect firms to exhibit good corporate citizenship and have effective sustainability strategies.”

Disruptive new entrants make an impact

Evolving customer demands keep raising the bar on expected company performance and the arrival of disruptive new entrants is changing competitive dynamics.

In the process, they are challenging incumbent business models and investment choices and in many cases, roiling established markets.

Citing the example of businesses with strong online presence, it says Uber, which digitally connects drivers that have cars for hire with people looking for transport, Gilt Groupe, an online fashion retailer, and Pinkberry, a restaurant franchisee in upscale frozen desserts have carved a niche for themselves.

It notes that in their early stages, each of these upstarts could have been a low-priced opportunity for existing players to develop a new market but they now represent competitive threats.

Companies need a clear rationale for any investment, which means that before deciding where to invest, they need to clarify why they are spending the money, what they expect in return, and over what time frame.

Choosing where to invest

To make wise investment decisions, the report suggests that companies can develop new products, services and solutions, investing to develop innovative offerings that consumers seek.

According to it, they can invest to maintain or expand an already introduced product’s position in the market, or focus on sales and specific channels, spending to improve their go-to-market capabilities.

It says, ”Strengthening marketing performance and brand image can be a way to go. Boosting the company’s pricing capabilities also makes sense. Actions here could include investing in capabilities to improve the organisation’s understanding of target customers, revising the positioning and promotion of offerings, and optimising the company’s returns for its offerings.”

Another option it suggests is simplifying and optimising the company’s internal capabilities in areas such as manufacturing, supply chain management or at the corporate centre by introducing new processes and technologies.

Source: Punch Newspaper

MOBOFREE MARKETPLACE LAGOS OFFICE TAKES OFF

MoboFree.com, the number 1 social marketplace in Nigeria and Africa is set to launch its local presence in Lagos, Nigeria as registered members in Nigeria grow significantly on a daily basis.

With over 3 million registered users, including 2.2 million in Nigeria and a strong footprint in Zimbabwe, Uganda and Ghana, MoboFree.comis among the largest and most successful mobile social and trusted classifieds platforms in Africa. MoboFree combines a social network and board of classifieds to create a platform where buyers and sellers can meet, place their ads, negotiate and make transactions safely and totally for free. 

The MoboFree technological platform makes buying and selling online easy for any user with any device, not only for PCs and smartphones but also for old phones with small screens (so called “feature” p

hones).

Cristobal Alonso, Co-founder and Chairman of the board of MoboFree, says “We are excited to be able to provide on-ground support to our growing customer base in Nigeria and and to create locally adapted & customised opportunities that will deliver and exceed desired returns.”

A few months ago the Company reported that Nigerians are selling unused items worth USD 526 million on MoboFree.com and shared expectations that the total volume of items for sale in its marketplace will likely reach USD 1.5 billion by 2015. In view of this poitential, establishing a local presence in Lagos is a natural next step in order to ensure more effective operations and achieve our targets.

MoboFree.com(http://www.mobofree.com is a leading African social marketplace allowing people to buy, sell and swap products and services with other trusted people. MoboFree.comcombines a social network and classifieds board into one integrated online platform and makes buying and selling online more fun, personal and safe. Over 3.3 million users are registered on MoboFree and together they generate on average around 60 million page impressions monthly. More than 2 million registered users are from Nigeria.

MoboFree currently has more than 3 million registered users, with more than 2 million users in Nigeria and a leading position in several other African countries such as Uganda and Zimbabwe. MoboFree users generate on average around 60 million page impressions monthly and upload thousands of new classifieds daily. The project sees ~3000 new registered members added every day.

4 Ways to Keep Learning Beyond the Classroom

"The moment you think you know everything about your business is the moment you lose your competitive edge," says Pat Flynn, a San Diego-based writer who focuses on online entrepreneurship. "Top athletes continue to train and learn in order to improve; a smart entrepreneur does the same."

I know you know that intuitively, but it can be hard to convince yourself that adding to your education is worth the time and money. Often the hang-up is seeing how those new skills can pay off in an existing business--and that's where I believe many small-business owners miss the mark. Learning a new skill can open up completely new avenues of growth and income for you and your business.

Take Lisa Lessley Briscoe. When her kids were old enough, the Portland, Ore., freelance technical writer returned to school at a local university to learn graphic design, taking one class per term. Today her business, Tappity Communications, attracts a wider range of clients.

"Going back to school gave me flexibility," she says. "Over the past year, I've done everything from branding to logo design to writing installation guides for dental chairs."

I can look to my father, a serial entrepreneur who didn't have a college degree, for evidence of the value of continuing education. While selling health-food products in the 1970s, he took a marketing class at a community college. After he'd implemented what he learned, his sales skyrocketed. When he started a manufacturing firm in 1985, Dad taught himself computer programming. The software he wrote gave his company a competitive advantage, allowing it to carve out a niche in a crowded marketplace.

But attending classes or picking up another degree or certificate aren't the only ways to boost your knowledge base. The methods below are small learning opportunities that can pay off big.

Mentors. When Briscoe met a man who owned a small letterpress studio, she asked to become an apprentice. He agreed. She spent one day a week learning the trade, and her added skills helps her attract new clients.

Tutors. I hired a Spanish tutor I found on Craigslist. After working with her for 18 months, I was proficient enough in the language to do volunteer personal-finance counseling at a nonprofit for migrant workers.

Conferences. Each year I speak at a handful of conferences where attendees glean targeted information while expanding their network of contacts. I'm able to connect with experts who might otherwise be unapproachable, as well as speak with and learn from other entrepreneurs who wrestle with similar problems.

Books. To get myself out of debt, I read dozens of books about saving and investing. On a whim, I created a website to share what I was learning. Within five years, I'd built a booming business and published my own book, all because I used the resources of the public library to learn something new.

Source: www.entrepreneur.com

GBP Bulls Refusing To Surrender - FXTM

Never underestimate the resilience of the GBP bulls, their ability to creep out from the woodwork and put up a fight to regain control is admirable. The GBPUSD just received a 40 pip boost following the announcement that UK Services PMI rose to an 8-month high in July. This followed Monday’s 50 pip upturn, after the UK’s latest Markit Construction PMI surpassed expectations.

The news that the UK Services PMI increased to an 8-month high will be domestically looked at favorably for several reasons. Firstly, the UK services sector remains the United Kingdom’s main GDP contributor, which means this release should bode well for the UK’s Q3 GDP. Secondly, the services sector employs around 80% of the UK labour force. This is encouraging for next Wednesday’s UK Jobless Claims data release. A lower UK unemployment rate is seen as a crucial factor guiding the Bank of England’s (BoE) decision to raise interest rates. According to BoE Governor Carney, a UK unemployment rate below 6% might influence the central bank’s decision.

The GBPUSD’s recent decline, which has included 12 days of losses out of a possible 13 trading days have certainly raised a few eyebrows. However, some patience is required here. It is important to bear in mind that due to the escalation of various political tensions which dominated the headlines throughout July, investors became attracted to safe havens, such as the USD. Additionally, UK economic releases were low in volume. The UK data that had been released included UK Mortgage Approvals which rose more than forecast, alongside UK House Prices which increased by around an annualised 10%. The BoE have made it no hidden secret lately that they view the domestic housing sector as one of the largest risks to the UK economy. Therefore, it is understandable for such news to have also contributed to the GBPUSD’s recent decline. 

The majority of the UK’s other fundamentals have performed consistently impressively over the past year, as seen by the latest Construction and Services PMI. If tomorrow’s Industrial and Manufacturing Production data impresses, expect the GBP bulls to start collecting enough momentum to charge again at the BoE’s door, which will likely heap further pressure on Governor Carney to raise interest rates.

Written by Jameel Ahmad, Chief Market Analyst at FXTM.

For more information please visit: Forex Circles

NSE records N19.5b turnover in three days

A TURNOVER of 1.345 billion shares worth N19.580 billion was exchanged in 17,075 deals by investors on the floor of the Nigerian Stock Exchange lastweek, in contrast to a total of 1.778 billion shares valued at N38.103 billion that changed hands in 24,186 deals during the pre ceding week..

   The drop in turnover, may, however, be attributed to the two-day holiday declared by the Federal Government to commemorate the  Eid Ul Fitri celebrations.

   Specifically, the financial services industry (measured by volume) led the activity chart with 1.019 billion shares valued at N9.004 billion traded in 7,704 deals; thus contributing 75.78per cent and 45.98 per cent to the total equity turnover volume and value respectively. 

   The conglomerates industry followed with a turnover of 105.811 million shares worth 696.406 million in 1,262 deals. 

   The third place was occupied by the oil and gas Industry with 88.513 million shares worth N2.692 billion in 3,157 deals.

   Trading in the top three equities namely- Access Bank Plc, Wema Bank Plc and Transnational Corporation Of Nigeria Plc (measured by volume) accounted for 539.349 million shares worth N3.514 billion in 1,654 deals, contributing 40.10per cent and 17.95per cent to the total equity turnover volume and value respectively.

   Also traded during the week were a total of 27,660 units of Exchange Traded Products (ETPs) valued at N613,729.40 executed in 13 deals compared with a total of 516,299 units valued at N10.120 million transacted last week in 17 deals.

   Similarly, 77,480 units of FGN bonds valued at N90.277 million were traded this week in 8 deals compared with a total of 300 units of FGN bonds valued at N349, 812.46 transacted last week in 3 deals.

  The NSE All-Share Index and Market Capitalization depreciated by 0.83per cent to close on Friday at 41,934.40 and N13.847 trillion respectively.

Similarly, all the NSE sector indices depreciated during the week with the exception of the NSE Consumer Goods Index, NSE Oil and Gas Index and NSE Industrial Goods Index that appreciated during the week by 0.14per cent, 3.93per cent and 0.41per cent respectively. Meanwhile, NSE ASeM index closed flat.

27 equities appreciated in prices during the week higher than 26 equities of the preceding week. 

   47 equities depreciated in prices lower than 54 equities of the preceding week, while 126 equities remained unchanged higher than 120 recorded in the preceding week.

Source: Guardian Newspaper