GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re free to read more about oureditorial guidelinesand our products and servicesreview methodology.
Rich people know a secret, she said in a recentYouTube video.
Theyre not just ideas, she said.
Here are the eight principles of the rich that Sanchezbelieves can change your life.
Your Habits Determine Your Life
The little things you do every day have a big impact.
You become what you do the habits you build determine the life you live, Sanchez said.
Its a simple truth, and so if you repeatedly do a thing, it turns out thats contagious.
If your daily actions arent aligned with your goals, youll never actually have the success youre chasing.
She said that rich people know this, so they focus on building habits that help them become successful.
This is easier to do when you are surrounded by other people with positive habits.
If you do nothing else, do this one thing: Power of Place, Sanchez said.
Instead of you having to change, why dont you change the place youre at?
Its a lot easier to change your friend group than it is to change your friends.
Dont be aroundpeople, places, thingsthat are the detriment to the things you want in life.
You simply do not get rich unless you have equity, or what I call ownership, Sanchez said.
Ideally, your job would offer you equity as well.
I dont think everybody should own a business, but you should negotiate ownership.
Obsessing over your reputation is more important than anything else its actually your most valuable asset, Sanchez said.
Warren Buffett has a famous line: Lose money for the firm, and I will be understanding.
Lose a shred of reputation for the firm, and I will be ruthless.
It only takes one bad decision to destroy your reputation, she continued.
So you want to guard your name fiercely.
Thereally, really richrefuse to play short-term games that could end up costing them their long-term reputation.
Stick To Your Word
Once you make a plan to do something, do it.
Rich people dont just make promises, they execute them relentlessly.
If you are balancing building wealth with other goals, ensure to carve out time for that specific goal.
Every single day, focus on the one thing that you really need to, Sanchez said.
Keep doing this repeatedly, and you will get it done.
Youve got to be proactive about who you spend your time with, she said.
Understand that your environment is a mirror of your future.
Every relationship you have is going to be determinant for how much money youre going to make.
If you surround yourself with history of winning, it rubs off.
Warren Buffett said this perfectly.
He said, Its better to hang out with people better than you,' Sanchez said.
Have a Sense of Urgency
Sanchez said that the greatest muscle you might build is urgency.
She notes that the wealthy make moves faster than the average person.
Its the culture inall my businesses.
We have the 24-hour rule how can you get me something in 24 hours instead of one week?
This concept has proven success.
Perfect doesnt exist, so take the first step and iterate, Sanchez said.
Urgency is basically the difference between dreaming and doing.
The rich, they dont really wait.
Avoid small talk, Sanchez said.
I found this to be one of the main things that separates the rich from the rest.
Dont waste time onsurface level conversations.
Instead, ask meaningful questions that lead to meaningful relationships.
When youre talking to the super rich, they understand that the only way out is through.
Being resilient is the foundation of success.
Instead of seeing challenges, its figuring out how to solve it.
More From GOBankingRates
Share This Article:
