Monday, December 14, 2009

Self Control in Wealth Creation

It is an aberration to think or believe that creating wealth is just an act; it is certainly not an act by a lifestyle. A ‘self made millionaire’ could tell you that as well. It therefore means that the role of self control cannot be under emphasis. Making an act a lifestyle is like having a habit. A drug addict would tell he cannot live without drugs. The same should go for a person who wants to be wealthy and stay wealthy. Your thinking and actions must be saying the same thing and that is to be wealthy.

A wealthy man that lacks self control could in a matter of time become poor. Self control here talks about subjecting your mind and body to behaviors that conforms to that of the rich. It is about not letting your emotions overwhelm your positive thinking. Some of those behaviors are highlighted below:

Living above your means
It is almost impossible to become rich when you live above your means. Means here talks about your sources of income. If your annual earnings is $50,000 and you have the following expenses: annual house rent is $35,000, Total Utility bill is $5,000 and Car maintenance is $7,000. These few expenses is $47,000 without feeding and other sundry expenses. Now, such a person is already in deficit and would always be in debt because he may wants to maintain the standard he has already sets for himself by borrowing more money. But if he had self control, he would get an accommodation with a lower annual rent, get a car that requires lesser amount to maintain and et cetera.

Inability to save
This is a big problem for many people; they can’t save. They spend all that comes into their nets. Saving is another story for another day but saving is very important in our daily lives. Saving helps us remain liquid at all times; it brings food to our tables when we are weak to work or too old to work; we are able to invest wisely from our savings. We are able to meet unexpected circumstances from our savings. Another problem many have is saving and eating up the savings unnecessarily. This part requires a great self control. You have to be very strong to able to control yourself when your emotions tell you to take from your savings to buy the latest fashion or electronic.

There are so many behaviors we must imbibe and control if we really want to be wealthy and stay wealthy. Some of which I have highlighted above and some others you will find in my blog at