Although extremely wealthy people may not do all their work online, they have to know how to get started online in order to cash in on the dot com market. They also have habits that are the foundation for helping them become and remain extremely wealthy people. Many of the habits they incorporate can be conducted via the Internet.
1. The Extremely Wealthy Eliminate Debt
This is a habit that will be the foundation for financial freedom for yourself and your family. Extremely wealthy people have extremely healthy habits when it comes to debt. That’s how they maintain their success.
Eliminate debt. If you have debt right now, use the snowball effect and phase out your debt one account at a time. Start with the one with the lowest balance or amount owed. The only exception is if you have an account that charges much higher interest than the others. Pay only the minimum on all the other accounts and pay as much as you can on the lowest balance. When you get that account paid off, start with the next one, and the next one, and the next one until all are paid off.
2. The Extremely Wealthy Save
If you don’t have savings now, you will want to begin a savings plan. If you are a beginner at saving money, then start with opening up a savings account. You can set one up from the comfort of your home via an online account. Put 10 percent of your income away in your savings account every time you get paid. When your account grows large enough, invest it into a CD, and continue saving.
3. The Extremely Wealthy Invest
Investing is critical to your long-term financial well-being. Whether you invest in stocks, bonds or mutual funds, you need to invest. You can do this online for very little money on some financial websites. Scottrade offers $7 online trades. There are no other fees.
Other websites offer similar programs. Make sure you understand all the fees before you sign up. If you’d prefer, you could work directly with a financial planner at any reputable financial institution, but it will cost much more than online trading.
4. The Extremely Wealthy Spend Wisely
Spending wisely will help you manage your wealth and resist the temptation to impulse buy. Impulse buying is one of the many reasons people stay in debt. It is difficult for many to fight against the quick and temporary gratification it brings.
Whether it’s an article of clothing as you’re growing your wealth or a private jet when you’ve attained your wealth, you want your expenditures to be budgeted and your money to be spent wisely.
You’ll also want to have access to all your expenditures online, so that you’ll always know the status of each.
5. The Extremely Wealthy Donate
Whether it’s donating your time or money or both, you need to begin donating. Extremely wealthy people don’t only donate; they often start their own non-profit organizations to provide a need for society. If you are short on cash, look around for groups that could use volunteers. Find out their schedules and what is required to see if it might be a good fit for you.
If you’ve got the bucks, check out different non-profits to see which one you might feel more strongly about donating to. There are several available online.
You might be surprised at the gamut of groups that need your help. Local theater groups are always looking for volunteers to work their entrances, concession stands and other areas. Hospitals, Salvation Army-type organizations, churches, local civic organizations, animal shelters and crisis centers are all accessible in metro areas.
Adopt the habits of the extremely wealthy. Practice these habits in everyday life. Discipline yourself to make them your own. If you do, you will be well on your way to becoming an extremely wealthy person.