7 Financial Habits You Should Practice Today

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Financial Habits

Profile: Shaquille O’Neal, NBA player, actor, businessman, investor

One of the unfortunate truths about professional athletes is that they can lose their millions just as quickly as they earned them.
There are dozens of examples of athletes who have burned through money so fast that they ended up broke, but Shaquille O’Neal is not one of them.
The NBA star is estimated to be worth around $140 million.
He’s made almost $300 million throughout his career and he’s done that by endorsement deals, acting, investing in real estate and starting businesses.
He owns stake in major companies like Vitamin Water and Muscle Milk.
He also took the time and money to get his MBA from the University of Phoenix.
Good financial habits are something that every single successful person in the world can agree on.
Here are seven financial habits that entrepreneurs like Shaq and everyone else on our list practice.

Habit 27: They make a budget and stick to it

One of the traits of the successful people on this list that you would notice if you spent time with them is that they make a budget and stick to it.
Of course, the people on this list have so much money now that making a budget is wholly unnecessary.
But this was true long before they became so rich and successful.
They stuck to their budget no matter what and didn’t spend extravagantly.

financial habits

Financial Habits

Habit 28: They put away more than 10%

You have no doubt heard that you should put away 10% of your income for emergencies.
This is definitely good advice, but there are many people who simply do not make saving a priority.
However, for the world’s most successful people, 10% isn’t good enough.
They put away more than 10% and they make sure that if a financial opportunity comes along, they have the money to take advantage of it.
Plus, they have an emergency cushion if anything happens.

Habit 29: They keep their credit history pristine

You will also find that these success stories have amazing credit.
While this might seem obvious, since they are rich and never have to worry about missing payments, the truth is that they have had those pristine credit histories most of their lives.
Successful people know the value of having good credit, and they work hard to make sure that theirs stays as clean as possible, in case a financial opportunity comes along that they want to take advantage of.

Habit 30: They know the value of good help

In addition, you will find that successful people don’t mind spending money when it is going to get them something valuable in return.
They hire talented and highly skilled people and pay them what they are worth.
Successful people know that having good help is worth the extra money that they’ll spend, and many of the teams that they have put together have helped to vault them to the success that they enjoy today.

Habit 31: They automate bill pay whenever possible

If you do a poll among the world’s most successful people, you will find that they automate bill pay whenever they can.
If they don’t have to worry about paying a bill, it frees up time for them to work on their goals and making even more money.
But also, they don’t have to worry about the bills not getting paid either.
While there may not be much money left over after the bills have taken their cut, they don’t have issues like internet or cellphone getting shut off.
This is a habit that our success stories here cultivated long before they had become rich.

Habit 32: They keep records of everything

One of the things that everyone should do is keep records of all of their expenditures, purchases and anything else related to finances.
Not only does this help with taxes and loans, it also gives you something to look back on later and learn from.
Successful entrepreneurs keep records of everything relating to their finances or business.
It is an excellent habit to get into and the way to make it a lifelong one is to start when you are young.

Habit 33: They cultivate multiple income streams

Another thing that successful people do is create multiple income streams.
This is a smart idea because if you have several different income streams bringing in money, especially if those income streams are bringing in money without you having to do much work to maintain them, then not only do you have more money to spend, but you aren’t going to be up the creek without a paddle if something should happen to your primary income stream.
Whether it is writing a book or getting into real estate, consider setting up multiple streams of income in order to reach your goals even sooner and protect yourself from unforeseen circumstances.
The Solopreneur Code Series

  1. Health & Fitness Habits
  2. Professional Goals
  3. Personal Development
  4. Spirituality
  5. Financial Habits
  6. Personal Relationships
  7. Creative Outlets
  8. Creative Outlets

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