A number of years ago, there was a study done of rich and poor all around the world to find out how people born into poverty eventually become wealthy.
The study found that these people, regardless of where they live, possess three qualities:
The study found that these people thought and planned for the long term and knew that they would ultimately achieve financial success by holding to a dream or a vision. They were willing to make short term sacrifices to gain long-term success, which is the basis of delayed gratification.
Albert Einstein was amazed at how money could multiply just by the power of compounding. He considered the compounding of money to be one of the most amazing inventions.
This study took compounding beyond money and found that knowledge and learning gained from each baby step also compounded over the years. People who took no steps at all did not have the leverage of a magnified accumulation of knowledge and experience that comes from compounding.
The study also found what caused people to go from wealthy to poor. There are many rich families who lose most of their wealth after only three generations. Not surprisingly, the study found that these people possess the following three qualities:
Today I meet people who get frustrated with me because they want me to tell them how they can make more money immediately. They don’t like the idea of thinking long-term. Many are desperately seeking short-term answers because they have money problems today caused by consumer debt and lack of investments due to their uncontrolled desire for immediate gratification. They have the idea of, “Eat, drink, and be merry.” This abuses the power of compounding and leads to long-term debt instead of long-term wealth.
They want the quick answer. They want me to tell them what to do to acquire great wealth. But they need to understand who they must become first.
In other words, too many people are fixated upon the get-rich-quick philosophy of life. I wish these people luck. They’re going to need it………?
Research compounded by the Global Bestselling Author of ‘Rich Dad Poor Dad’ Mr. Robert Kiyosaki In the Classic Financial Education Book “CashFlow Quadrant: Guide to Financial Freedom.” For more Financial Education Advice, Investment Education, Business Building Education and Personal Development Education