If you have a friend or relative who’s really good at saving money, you’ve probably wondered how they do so well in holding back on spending. In fact, some of the richest people in the United States have shared that they don’t even budget — they’re just so good at not spending a great deal of their income.
In addition to knowing how to save well, it turns out many wealthy individuals also know that having certain people on your team in life can greatly help when it comes to keeping your finances in check. Here’s a look at four key relationships you need to have in order to build wealth.
1. A Coach
According to MSN, “For seven months, Chris Hogan, author of “Everyday Millionaires: How Ordinary People Built Extraordinary Wealth — and How You Can Too“, studied 10,000 American millionaires and discovered that they achieved their seven-figure status through four key relationships: a coach, a mentor, a cheerleader and a friend.”
Just like an athlete benefits from having a coach to inspire them, you can better build wealth with the help of a financial coach. This person can help you set goals and help hold you accountable for reaching them.
2. A Mentor
Learning by example can be a powerful way to acquire new knowledge. If you’re looking to build wealth, finding a mentor who has had success in this area can help you navigate your own path to better financial success.
According to Forbes, “Mentorships can help employees feel more confident in their roles, giving them a stronger sense of purpose within the organization.” Not only can a mentor help you advance your career, they can provide guidance in budgeting, saving and other key financial steps toward building wealth.
3. A Cheerleader
If you’ve ever been out on the field or standing on the stage, you know the relief and joy you can feel when you see that one special person in the crowd or audience. Who doesn’t want a cheerleader rooting them on?
While it’s important to have someone pushing you harder and holding you accountable, it’s equally as important to have a cheerleader who celebrates you along the path to building wealth.
4. A Friend
It’s been proven that having a good social life can help improve your health and enable you to live longer. But it turns out that having a friend is also good for your bottom line.
A good friend can be there to support you along the path of building wealth. If that friend is a good budgeter and a great saver, there’s a ton of things you can learn from them. In addition, it’s helpful to have a listening ear to brainstorm potential ways around financial challenges.
Credit: Nasdaq
