What separates the two types of wealthy individuals? According to a recent study on wealthy individual’s principles, it boils down to the individual’s attitude towards money. The important question here is:
What do you enjoy more, making money or spending it?
In most cases, the main difference between millionaires who are financially successful individuals and billionaires who are super financially successful individuals is that billionaires enjoy making money instead of spending it.
Most wealthy persons will agree that by saving money, not spending more than they make, plays an important role in getting richer. As Canadian billionaire Frank Hasenfratz quoted, there is one way to get rich:
Spend less than you make. If you spend less and you accumulate, then you get rich.
It’s a prove fact that when you spend less you slowly build wealth. Saving and investing builds on becoming wealthier faster, it helps spark the power of compound interest, basically where the interest you earn on your money earns more interesting in time.
As a wealthy person, by being frugal and committing to saving or spending less just like famous investor Warren Buffet, who lives in the same modest house in Omaha, Nebraska and generally lives a very budget life, will eventually lead to the next level of wealth. Warren Buffet’s estimated net worth is $85bn today.