Greetings dear bloggers and what a short weekend it was. Before I get into this session, let me first send a shout out to my bro the RogueKing whose blog is finally back online after a brief hiatus. So welcome back man, we missed you.
Now, we continue in our series the 9 habits of Millionaires. So far we’ve looked at the habit of giving more than expected, of being proactive and of taking 100% responsibility. As we come halfway in this series I’d be most glad to hear your personal opinions on each habit and how you may or may not challenged in implementing them. So, lets move on shall we.
Habit 4: Delayed Gratification.
Gratification, what a word! Almost conjures up images of sordid carnal pleasure. Well that’s really what it is. Most of us prefer instant gratification which is enjoying right now and to hell with waiting for future benefits. As a result, we spend so much more than we ever invest. By spending on that new car, new flat screen tv, exorbitant rental house or even chips & chicken, we get our instant gratification. But when it comes to saving, investing in land, stocks or even books & training we feel like “Oh Gosh, do we have to?”
People who want instant gratification will always look for quick and easy ways of making money rather than building a sustainable business that adds value to customers. They tend to cut corners on quality add deliver shoddy products to save money and boost short term profits. As a result, their profits rarely last and they will soon go out of business. A very typical Ugandan trait, I have observed.
Millionaires on the other hand, are in the habit of delaying their personal gratification for a future time when they can very easily afford it many times over. They prefer to invest their money in things and ventures that will make them more money in the future. If a millionaire got 1,000,000 shillings, he would find something that could in future turn that into 2million or 4million or more. Yes, even spending it on a good course or training in business, personal development or just buying books would result in multiple returns for the millionaire. If I gave it you right now, I’m sure investing it would be the last thing on your mind. You’d be paying off debts, buying rims for your car, taking a month off from work to lounge or some other form of instant gratification.(No offense:)
Millionaires invest far more than they spend. They know that with patience, their money will multiply into a fortune in the future. According to the New York Times Bestseller, The Millionaire Next Door, most millionaires are actually extremely frugal, i.e. they spend very little on personal luxuries and pleasures. They will rather buy a suit of 250,000/= and invest 750,000/= unlike most of us who would just dash for the 1M Vialli Suit and matching cufflinks! That’s not to say millionaires are cheapskates, they just don’t waste their resources.
Millionaires never take shortcuts in business. They look at always giving the best value to their customers, even if it means earning less at present. They know that by building their reputation, it will lead to huge profit streams in the future.
So my dear readers, to be a millionaire, you need to learn to put off the now and invest your resources wisely and reap the rewards in the future. I close this session with a story that best eschews what I’m talking about. I was once with a friend and we observed and elderly Indian man driving an S-Class Mercedes Benz. To be honest, I was shocked cause it’s not a sight you see very often or even expect to given the rep Indians have for being frugal. I remarked to my friend and he told me something I’ll never forget. He said that by the time you see an Indian drive such a car, just be sure that he can afford ten of them.
Moral; a true millionaire doesn’t blow money they don’t have but rather only a small portion of their net worth. So next time your going to waste money on yet another pair of shoes you’ll only wear once, why not but a good personal development book that will multiply you as a person for the rest of your life?
Next habit number 5: Do what you love
Shalom
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