How did you become so wealthy?

We continue to discuss one of the most popular questions people ask wealthy people, “How did you become so wealthy?

Wealthy people seem to have many attributes in common such as:-

1. They are Independent thinkers

Wealthy people think differently. They see adversity as an opportunity, not just about money, about everything. The time and energy everybody else spends attempting to conform, or complain about challenges or adversity, wealthy people spend that to create their own path in the midst of the adversity.

Truly speaking, Independent thinking does not mean doing the opposite of what the rest of the world is doing; it simply means having the courage to follow what is important to you.

2. They are quick to acquire skills and learn.

They focus on what they are good at and acquire new skills where there is a need to. Just like food nourishes our bodies, information, acquiring new skills, and continued learning nourishes our minds. If you desire to grow your wealth, you need to acquire several skills and be open to learning regularly.  The world is evolving; some schools of thought believe that human knowledge is doubling every 13 months. The knowledge we acquire back in college ten years ago is most likely 90% obsolete. So if you must grow your wealth, you need to be open to what I call “New Knowledge”. Technology has also taken us away from where we started to where we should be heading to.

3. They play to their strength.

They focus on their strength and employ others or experts to handle their areas of weakness. I hear people say things like “build your weakness”. Most people spend time building their weaknesses and lose the real essence of who they truly are. Wealthy people understand that time is money, so they never waste time trying to build their weakness; they simply employ someone whose strength is their weakness. They always tend to partner with others to supplement their weaker skills.

4. Time is money to them

The sentiment for this phrase dates from ancient times, but the exact wording is most often attributed to Benjamin Franklin in his Advice to a Young Tradesman (1748): “Remember that time is money.” Charles Dickens elaborated on it in Nicholas Nickleby (1839): “Time is money . . . The proverb ‘time is money states that time plays an essential role in earning money. ‘Time’ in the proverb actually refers to how you utilize your time. If you understand the value of time and utilize every minute of it, in the right way, then nothing can stop you from earning money and becoming financially stronger.

Doing things not relevant to your goals and spending lots of time on them is a waste of time. Now, such a person will not make progress and moreover, may also lose all his/her accumulated wealth. Therefore, a waste of time could lead to poverty.

Wealthy people are very aware that time is a valuable resource to their progress, they, therefore, do things as quickly as they can. They grab opportunities without overanalyzing them.

5. Investment is their lifeline

Wealthy people are willing to sacrifice time and money to achieve their goals. They are always willing to take a risk today, for the opportunity of achieving something greater in the future. Investing may include stocks, shares, properties, or starting a business—either way, it is a step toward achieving great financial rewards. So start investing now.

6. They are charitable.

In my conversations with some wealthy people; I was able to learn some reasons why they give to charity regularly. It gives them some sort of satisfaction, contentment, and general happiness.  Some wealthy people do it to save their community and as such save themselves from the effect of poverty in the community. Some countries give tax reductions based on charitable giving. The religious ones believe that whoever gives to the poor is lending to God and will get his reward.

7. They are afraid of shortcuts.

Becoming a wealthy person is not a goal that can be achieved overnight; except you were born into it. The popular adage says some were born with greatness, some acquired greatness, and to some greatness is bestowed upon them.

In fact, many of the world’s wealthiest people built their wealth over many years (sometimes even generations) by making smart but often bold decisions, putting their skills to the best use possible, and relentlessly pursuing their idea.

If you can learn anything about wealthy people, it’s that for many of them, their riches are not necessarily what most sets them apart from the rest of the world—it’s what they did to earn their wealth that really stands out.

8. They understand how money flows in most economies.

Sometimes money flows in a circular manner from the business sector to the household sector and from the household sector to the business sector in the economy. In simple terms, wealthy people understand that when they pay their staff, for example, their driver, he most likely has four or more dependents of which some will go to school fees, groceries purchase, etc. Most wealthy people revolve their business around the circular motion of money. We will go deeper into the economies of money soon.

Take a minute to study the attributes of wealthy people from my last week’s column, learn and adapt to continue your wealth creation journey.