Lending Club Blog

Doing What It Takes to Be Wealthy

If you dream of being wealthy, getting completely out of debt, or funding an easy retirement, there’s something you should know. It’s not impossible. However, if you find yourself consistently deeper and deeper in debt, perhaps it’s time to change some of the bad habits that have kept you from achieving your goals.

Supposedly, one definition of insanity is doing the same thing over and over and expecting the results to be different. If you continuously spend more than you earn, how can you ever expect to get out of debt?

The Motley Fool published an article that talks about the basic habits of a millionaire. Some of the advice is great advice, although a bit unspecific. The author outlines three major rules.

  1. Believe it’s possible
  2. Burn your boats
  3. Associate with those who are already successful

The first piece of advice is good. You have to believe that you can succeed — once you believe in yourself, you can plot a feasible plan to make your goal a reality. The second piece of advice relates to raising the cost of failure — by doing so (through destroying credit cards or telling your friends to yell at you if you overspend), you make it more difficult to not succeed. The last step is imperative — befriend and get advice from those who had been in your situation in the past. Only by doing this will you be able to learn from others’ mistakes.

The process of getting out of debt and achieving your goals can be a difficult one to bear. However, the act of planning your approach can make it much easier. You just have to first believe it is possible to succeed and then do everything in your power to make it happen.

Tuesday, April 29th, 2008 at 6:03 am

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