Here are two really simple wealth principles that I’ve realized the wealthiest people always implement. The first one is not having instant gratification. So, you’ve got to get away from the things that are always just giving you an instant gratification, a dopamine hit. You’re eating chocolate, you’re doing drugs, drinking, whatever it is that’s all really short-term minded, instant gratification stuff. Wealthy people, they plan for the long term. They have a vision, they have a goal, and then most importantly, they put their time, energy, and resources that align with that longer-term vision and goal. And they let time and compound interest do its work.
This leads me into the second principle, which is they spend time on things that are evergreen and grow and compound over time. So, this can be called leverage income or leverage wealth. It’s when they do one thing, and the next thing they do after that grows on top of that next thing. And that’s why, for example, Warren Buffett’s wealth, over 90 percent of his wealth, has come in the last one-third of his life because of how strong compound interest is.
So, the two things you need to be doing is getting rid of instant gratification and having a longer-term time horizon. And number two, you need to be spending your time, energy, and resources on things that can compound and grow and pay you time and time again.
To learn more check out these 2 investing principles.