How do we create wealthy people's habits with gold?
If you are interested to know how to create wealthy people's habits with gold, allow me to share a story of a reader of my mentor’s blog (www.mohdzulkifli.com). This reader had decided to contact him to share personal experiences. The reader got inspired by the blog and started buying gold. He is not a very wealthy person, mind you! Soon after, he got ‘addicted’ to buying gold, and by the time he realized this habit, he had converted approximately RM 38,000 worth of wealth in the form of gold. And all this took place in seven months.
How crazy was that?
How crazy was this so-called 'addiction'? This type of ‘addiction’ is indeed commendable, and in fact, it is highly recommended. This is in total opposite of addiction in spending. Spending too much by swiping your credit card might put you in a terrible situation, considering banks earn by imposing exorbitant interest rates based on your expenses.
In our wealth-building journey, one important thing to take note of is not just the high Return on Investment (ROI) but the essential habit and mindset associated with wealth. Having the highest ROI financial tool without proper habit and mindset can eventually lead to a dead-end.
Habits are the determinant factor of wealth
As you might have noticed, wealthy people like to collect assets. They get satisfied when they add another asset to their collection. Do you know that the COVID-19 pandemic contributed to the birth of more millionaires than ever? According to the news, over five millionaires were created throughout 2020. How was that possible? People were losing jobs while businesses were closing down, but more millionaires? The answer is that they were already owners of valuable assets before the pandemic and the market recovery pushed their net worth towards higher ranks. What exactly contributed to this situation? Their habits and mindset.
This type of thinking is lacking in the mass majority. They are more excited to spend money even willing to take on debt as much as possible in the process. There is even a study to show that it is our human behaviour to get excited to spend money, even if we do not need the item at that point of time.
Are they scientific proofs?
To be exact, whenever we spend our money, our brain releases a feel-good hormone, known as dopamine, thus giving us a sense of accomplishment or being rewarded. However, this effect is short-lived. This means, after making the purchase (especially those impulse purchases online), we begin to wonder about the actual need for the items.
If you find this article useful, consider sharing this with your friends and family. Let's create awareness about our money because nobody will come forward to help us.
Easy way to start gold savings can be found here: Gold Accumulation Program
Join my Facebook page for free here: FB page
Hope you find it useful.
Your buddy on gold investing,
Naresh G