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Trait #1 of Financially Successful People

Listen to Adam Funk, the Savings Coach, interviewed on Michigan Real Talk aired on June 15, 2014

Being Financially Successful is not just a function of making a lot of money because it’s not what you make, it’s what you keep that matters. Lots of people that made lots of money ended up with very little. Conversely, lots of people of modest means have ended up very well off! What’s the difference?

Trait #1 of Financially Successful People:  HABITS

Are you in the habit of saving? Not just a little here and there, but a significant amount of every dollar that passes through your hands? How about 20%? Financially Successful people understand that setting aside a good portion of what they get will pay off big in the long run.

Do you think you can live on 80% of what you make? The question isn’t can you, it’s will you. You can, but will you? The human being has an amazing ability to adapt. Try it, you’ll like it.

Try automating your savings. Go to the HR department and have 20% of your gross pay direct deposited into a savings account, and live off the rest that goes into your checking.  Leave it alone until you have a few thousand dollars and then begin funneling it into investments!

Have the habit of paying your bills on time too. Automate that as often as possible. The house note and utility bills can be paid on time straight from your checking account and your credit history will be wonderful!

There are other habits as well, but these two will take you a long way toward being financially successful!

Michigan Real Talk blog is written by Paul Curtis. Paul is the broker of Red Door Realty in Royal Oak, Michigan and host of Michigan Real Talk Radio heard Sundays at Noon on 92.7FM/1400AM WDTK. Like Michigan Real Talk Facebook page for more helpful information so you can #OwnYourDream.

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