Wealth is like physical fitness. To build it, you must cultivate
the kind of daily habits that create long-term results. It’s not that your most
physically fit friend doesn’t enjoy a beer with a burger and fries once and
awhile. It’s that he probably doesn’t keep a deep fat fryer and a bowl of small
candy bars on his kitchen counter, right next to his unused gym membership
card.
Many of our financial habits are rooted in childhood. That's
fortunate for some of us, unlucky for many. The same kid who rose early every
morning on summer vacation to run her own lawn mowing business probably finds
it easier to successfully manage a profitable entrepreneurial opportunity later
on in life. That’s because at some point habits become second nature to us.
Think Critically
In order to menial a life problem or change a habit, you need
first to distance yourself from the issue and think critically, not reactively.
To stop a habit like buying a daily $5 latte or paying your credit
card on the last possible day, which can make you more likely to forget it
and thus accrue late fees experts suggest unfavorably analyzing the
habit’s structure. What is the cue and what is the reward? In the case of the
pricey lattes that can add up to more than $150 a month, your cue is probably
your morning fatigue and the reward is both the taste and the pick-me-up of
caffeine. By understanding the motivations behind that particular habit, you
might instead embrace a morning jog that provides a similar wake-up call. When
you experience the cue, your new habit won’t be racing to Starbucks, it will be
lacing up your running shoes. The reward? Runner’s high lasts longer than a
caffeine buzz, and it’s free.
Surround Yourself with Smart People
Judging by most reality TV, the way many people hope to get rich
is just to surround themselves with wealthy people. And yet your financial
decisions benefit more from receiving intelligent feedback and informed
perspectives than an invitation to someone’s ski chalet in Vail.
Save ... And Save Some More
The math is simple: in order to save money, you need to save and
invest more than you spend. Yet strategic saving requires more than just saving
what’s left over from your expenses. Financial experts recommend that you
prioritize investing in your financial goals before paying your bills and then
spending the remainder. While that may be a reversal of your status quo habits,
it means that you keep your financial goals at the forefront of your cash
flow.
Stay Healthy
Don’t overlook this one. Gone are the days when the image of the
high-flying executive was a cigar-smoking businessman eating steak at his
three-martini lunch. As physical health is increasingly correlated with other
measures of well-being including your financial state it’s no surprise that
some companies are even giving financial incentives for exercising and
achieving other health goals via so-called wellness programs. To put it
simply, creating wealth takes energy while being out of shape robs energy.
Simplify Your Possessions
Simplifying your life sounds lofty, so how do successful people
actually put this into practice? First off, don’t buy what you don’t need:
you’ll avoid credit card debt and the stress that comes with it.
Marie Kondo’s recent bestseller, The Life Changing Magic of Tidying Up,
implores readers to throw away any object that does not “spark joy.” If
something isn't necessary, helpful or inspiring to you, it’s probably dragging
you down (and may be eating up maintenance, repair and energy costs, to boot).
Toss it. Simplify.
You Should Take Risks, Look Forward
An experienced whitewater kayaker will tell you to steer in the
direction where you want to go, rather than trying to avoid the rocks. The same
is true for prosperity, adjust yourself towards opportunity (whether an
exciting new job opportunity, a graduate degree or a hopeful investment) rather
than focusing on damage control.
Wake Up Early
According to research, people who wake up early are not only more
productive, but as well more proactive. Two major examples: Apple Inc. CEO
Tim Cook and Virgin America Inc. Founder Richard Branson, who are said to
start their workdays before 6 a.m.
0 comments:
Post a Comment