IGrow Wealth Investments understands the value of cultivating success-oriented financial habits to ensure long-term wealth generation. By embedding the 5 daily habits in this post, you will align your actions with your financial goals and begin moving towards financial independence and financial freedom.
1. Smart Financial Habits: Use automation to set up debit orders on your savings account
A very smart financial habit is to automate your savings. If you set up automatic transfers or debit orders from your savings or investments bank accounts, you will ensure you’re being consistent with payments and won’t have excess money free to use and to tempt you. (Source)
This involves the idea of “pay yourself first”. It helps you not to have to rely on willpower to pay bills when they’re debited automatically. (Source) As an added bonus, it will help make sure bills are paid on time, and improve your credit score, with the knock-on effect of increasing your chances of better bond terms. You can read more in our recent post about improving your credit score.
2. Financial Habits of Millionaires: Live Below Your Means
A common strategy found among the financial habits of millionaires is the concept of living below your means. These millionaires place their long-term financial goals above short-term gratification and pleasure. (Source) Living ‘below your means’ simply entails consistently spending less than you earn.
Some choose modest lifestyles even though they earn six figures. This habit allows your savings account to grow, building long-term wealth. (Source)
3. Habits of financially independent people: invest in passive income-generating property
A core philosophy defining the habits of financially independent people comes in the form of investing in property that generates long-term wealth and a monthly passive income through the rental payments of your tenants.
Investors who focus on buy-to-let properties appreciate over time, and so too does the rental income. It goes up yearly, as is the norm. Strategic property investing is a powerful wealth builder, bringing about capital growth and a reliable cash flow. This is particularly effective, when you are guided by property investment specialists.
At IGrow, our property specialist team guides our investor clients to find high rental yield properties that meet their financial needs and make their investment dreams come true.
Jacques Fouché, IGrow’s CEO and Founder, often reiterates that, “buy-to-let properties remain one of the most tried-and-tested, stable paths to financial independence.”
4. Smart financial habits: keep reviewing and adjusting your budget
Reviewing and adjusting your budget is a critical financial habit. It is wise to continuously balance your income and expenses.
Pinpoint areas requiring improvement and make sure that your financial plan aligns with your goals and financial means.
5. Financial Habits of Millionaires: continuously grow through financial education
Continuously growing through knowledge-gathering is one of the financial habits of millionaires today. Many successful entrepreneurs invest their time and energy in financial education. (Source)
This is so that they can make informed decisions, so that they can navigate market fluctuations and identify new areas for growth. (Source)
Implementing these 5 Financial Habits
Here’s how to implement these habits into your daily routine:
- Set up automatic transfers (debit orders) on your savings and investment accounts.
- Evaluate unnecessary expenses and reduce spending to increase your savings pool.
- Become an investor in buy-to-let properties or expand and diversify your buy-to-let portfolio.
- Set aside time for monthly budget reviews to keep on top of your finances.
- Enrich your financial education and knowledge by reading financial books/articles/listening to podcasts, or attending webinars
IGrow enhances your financial education
Jacques Fouché, CEO of IGrow Wealth Investments, is passionate about financial and property investment education. He has articles available on the IGrow website specifically aimed at the South African investor, which anyone can access for free.
He has written a highly effective eBook on expanding your property portfolio, and leads Saturday morning weekly webinars. There are hands-on explainer videos on the IGrow website, and Jacques also heads up a handy property investments tips IGrow Wealth Investments YouTube Channel.
With these handy educational tools, freely available to the public, everyday South Africans can become empowered by IGrow’s resources, revealing property market intel that can be implemented.
You can begin transforming your life, starting with the property investment process with IGrow’s dedicated guidance and support. Financial freedom and wealth creation are within reach for all!
Conclusion
In implementing these 5 core financial habits, you will see a transformation in your daily outlook on finances, leading to ultimate financial independence.
In automating your debit orders, living within your means, by investing in buy-to-let property, managing your budget and enriching your financial knowledge through education, you lay the foundation of financial success!
For expert strategic property investment guidance and help achieving your financial goals, book a consultation with an IGrow property investment specialist today.
