Money Talk With Slater

Making Money Across the Board

HABITS THAT CAN HELP INCREASE YOUR WEALTH

HABITS THAT CAN HELP INCREASE YOUR WEALTH

It’s not just a coincidence that the wealthy share more than one habit. Our habits determine our success in all areas of life. Let me first explain what a habit is and then correlate with making money and building your wealth.

According to Wikipedia,

“A habit is a routine of behavior that is repeated regularly and tends to occur unconsciously. What defines us is what we do over and over again.”

For example if we abuse drugs over and over we become drug addicts. Also if we train on a particular skill we become experts in that field. All successful athletes have a set of skills that they train on. So it is the same on making wealth. There is a set of habits, that successful wealthy individuals have and I will discuss them as follows:

  1. Appreciate the value of time

The old time mantra that time is money, has truth in it. Time is a resource and therefore it is limited. Wasting time with activities that add no value will not make you wealthy. You cannot waste your time in social media, going over your friend’s photos and commenting on how awesome they look and add a dime in your account.

Develop up a habit of waking up early and engage in activities that have a potential of making a difference. Most successful people wake up early and plan their day. They need that extra minute to be able to accommodate their a thousand and one activities. You can never be late for appointments and, or entertain others who are late for their appointments with you. Make people understand that you value your time by respecting their time. If you accumulate the time you spend on waiting for others to show up, its time you would have indulged in earning a dollar, or reading important materials.

  1. Accumulating knowledge

The rich have another common trait. They read a lot, not really for pleasure but mainly in their areas of interest. If they want to invest in a certain industry or project, the read all they can in that area. Unlike the poor who spend their time watching TV and other form of entertainment.

Some of my personal favorites are Grant Cardone, Anthony Robbins, Zig Ziglar, and Napoleon Hill. These guys are real masters in their fields and have motivated millions over the years!

Read on self-improvement, how effectively to run your life and achieve more with the limited resources.  Apart from having an active brain, reading improves your confidence in your area of study. Knowledge is something that will come in handy in decision making. It will also enable you in relating with other professionals or experts in your field.

Therefore develop a habit of reading in your area of interest. This is time well spent. You are able to learn from other people experiences and also avoid the mistakes others have done, in pursuit of excellence.

  1. Goal setting and planning

If all corporations worth their salt have five years plan, current year plans and budgets, why do you think you can do anything without a plan? For you to have a sense of direction, focus and control, you need a plan. Without a plan, your mind is easily tossed around every thought that you think will make you money. Develop strategies to attain your goals.

Make a habit of reviewing your goals after a certain period. Make a to do list every day and review at the end of the day how much you have achieved, why didn’t you achieve and how you will achieve more in the future.

Don’t just approach a day without knowing what you want to achieve at the end of the day. This will make you accept anything that comes your way; all results to you are satisfactory. Rather approach your day with a purpose and you will find a reason to say no to certain activities that derail you from your goals.

  1. Learn to say no

Most of the time it is required of us to help our loved ones achieve their goals. But this should not be at the expense of not achieving ours’. Remember all activities take up our time, and if they are not in alignment with our goals and objectives we should say no.

But saying no, it makes us seem selfish and uncaring. It’s not as easy as said. It takes a lot of discipline to say no. But this will save you a lot of stress and most of the time saves you a relationship. Remember time is limited and also time is money. So if you cannot fit someone’s request in your schedule just say no. Or else you will find yourself in a tricky position if you fail to do so.

Remember each and every time you agree to someone’s request you deny yourself or someone else something. It’s a trade; mind the cost of accommodating each and every person request. It will leave you with no time of focusing on your own goals.

Learning to say no is a matter of setting boundaries. Am not suggesting that you say no to every request, but never say yes when you know that you not able to accomplish that request, without suffering a huge blow on your plans.

  1. Taking risks

Taking risks is all about exit from your comfortable zone. It becomes easier every time you ditch your comfort zone and risk your resources. No matter how little the gain is, this will certainly boost confidence, don’t you agree? Most of professionals in their forties wish they would have trod the less traveled route in their careers.

Our brains are wired to overestimate worst scenarios. This is a protective mechanism that ensures our status quo is not harmed. But successful people are always risking their status quo to attain a better life.

Taking calculated risks every time improves their average chance of success. That is, if one project fails and twenty others are successful, on average his success will outweigh his failures. Most of us are endowed with great talents and abilities but we fear quitting what we do to engage our talents and abilities. We choose to stay with our current employers and comfortably earn a pay check other than engage our entrepreneurial spirt.

What makes life interesting is moving from our comfortable zone and trying out something different. It not only enriches our life experiences but sharpens our skills, abilities and confidence.

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