It comes as no shock that millionaires have a high level of confidence. Often, confidence is gained along the road to financial success through a series of obstacles and accomplishments, giving you greater self-assurance in the decisions you make. Confidence can be seen in many aspects of the millionaire’s life, from investment and entrepreneurship, to household responsibility and spending habits.
Responsibility is a characteristic implemented into us at a young age. It teaches us to be accountable for our actions, and not to place the blame on others. As we mature, it holds more weight, it now means you are the one in charge of your life, especially in regards to your financial situation. Financially successful people know that they are the only ones in charge of their financial outcome.
Resisting luxurious temptations, such as fashion, cars, and trends that the world offers can be difficult. When you look next door and see your neighbor has the newest and coolest car, it is easy to find yourself in a game of keeping up with the Joneses. It is important that you ask yourself if this car is something you want and need, or simply an effort to keep up with others for social status.
Enduring a high level of focus prepares you for successfully achieving financial independence. To acquire this focus, you must weigh your opportunity cost of potential distractions with your wealth building activities. Financial planning can help create positive outcomes.