The people that have “made it” in today’s society in terms of earnings and wealth didn’t get there by chance. Far from it. Aside from the trust fund babies of the world, everyone that’s ever achieved huge amounts of financial success has had to put in the work to get to where they are. They’ve nailed down some key successful habits for creating value, building wealth, and snowballing their success into even more success.
Building up your net worth isn’t about cutting coupons and saving $1.13 on a tank of gas. It’s not about giving up your daily mocha. And it’s DEFINITELY not about “getting lucky”.
Breaking the “One Percent” is more about your attitude towards money (and life in general) than it is about skimping on small daily pleasures. Understanding how your mindset and attitude can influence your finances and overall success is a key piece in the puzzle of achieving financial freedom.
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Here are some successful habits you need to have that almost all self-made affluent people possess:
9. Become OBSESSED with Creating and Delivering Awesome Value
I need to get real with you for a second:
Right now you are being paid exactly what you are worth.
Whether it’s at your job or perhaps even your own business, if you want to make more money, you need to increase the value that you are delivering to people.
“Want to make a billion dollars? Then solve a billion person problem.”
Start looking at your financial situation from the other side of the picture…look at it from society’s side.
You’re just another person, like everybody else, so what have you done or created in the marketplace that makes you deserve a six figure salary?
What can you do that makes you worth that much to society?
The people who are out there making serious money are the ones that understand that it’s actually NOT about them. They understand better than anyone else that it all comes down to adding as much value as humanly possible.
The money is just a by-product of your impact on the world.
8. You Need to Be Patient but Still Proactive
Patience is one the defining factors between those who dream about wealth and the ones who actually go out and get it.
When I first walked away from my cush little desk job with the nice salary to start VTX Capital with Ben, I didn’t pay myself even ONE DOLLAR for over a year. It wasn’t easy, but I did it because I knew that that’s what I needed to do in order to make my business work. Everything we made, we put back into building the company.
I ate Ramen.
I didn’t go out on weekends.
I didn’t vacation for over a year.
I was busy putting in the work and staying patient.
And while I haven’t reached the 1% yet, I know that eventually I’m going to get there.
You can do the same.
Whether it means waiting an extra year to replace your car, saving up for something instead of just buying on credit, or understanding that “slow and steady” wins the race when it comes to investing, you need to be patient. Just as GaryV says in the video above, the vast majority of rich people didn’t get that way overnight.
It takes time.
7. Stop Thinking that “Stuff” Will Make You Happy
And the truly wealthy ones are usually on the other side of the deal you buy new stuff.
Whenever you spew $700 on an iPhone 7 or the buy the latest Yeezys, you’re making somebody else richer. And what do you get in return? Something that probably won’t mean much to you in a few months anyway.
That’s not to say that you shouldn’t buy the things you want, just make sure it’s in moderation and for the right reasons. Before you buy yourself a new toy in the future, ask yourself, “Do I actually want this and will it add value to my life, or do I just like the idea of being someone who has this?” It’s a very important distinction, and I think a lot of people would spend their money differently if they thought this way.
6. Get Your Shit Together
Being organized is essential to staying on top of all your responsibilities, especially your financial ones.
Set up automatic bill pay.
Automate your investments.
Outsource the stuff you don’t like to do (if you can afford it).
Your time is more valuable than you know.
By having everything in order and automating where you can, you’ll find that you’re much more productive. Missing payment deadlines and just overall fiscal sloppiness can be a real killer for your finances. Don’t let it happen.
5. Start Having Some Discipline
“People are rewarded in public for what they practice for years in private.”
When you see someone who’s absolutely killing it in business/sport/whatever, you’re only seeing the outward results, not the years and years of dedication that led them to where they are now. Again, refer to the Overnight Success video at the beginning of this article. It’s 100% spot on.
The vast majority of those who’ve “made it” got to that point by being a hell of a lot more disciplined than everyone else. Whether it’s putting money aside every month to invest no matter what, or working harder in their career field than their peers and advancing more, it all comes down to discipline.
Keep at it, and keep at it every day.
4. Master the Art of Self-Awareness
Nobody is perfect. What’s important, though, is recognizing what you suck at.
A lot of us don’t like to do that. Admitting weakness is uncomfortable.
But what’s worse than that is denying it.
The ability to be honest with yourself and objectively look at your habits and your past decisions is absolutely key improving your life. Whether it has to do with money, work, relationships, or anything else, self awareness is so SO important.
Leveraging what you are good at and improving (or delegating) what you aren’t good at is something that successful people do every day.
3. Make Investing in Yourself a Regular Habit
I’m not just talking about traditional investing as it relates to your retirement portfolio (although that is a must-do).
No, I’m talking about putting money, and more importantly, putting time into improving yourself.
Take a business class.
Learn how to run a Facebook Ads campaign.
Go to seminars.
Do whatever you can to get more knowledge into that head of yours. The more you learn, the more valuable you become, and the more you earn.
2. Reaching the Top Means Taking (Smart) Risks
You need to be willing to take some risks if you want any chance of building significant wealth. But that doesn’t mean you need to need to be reckless.
Investing in the stock market is a perfect example. There is some risk involved with doing it, but over the long term, investing money in the stock market is a way to earn higher returns on your money than a traditional savings account. Compound interest is a powerful thing, and you best be using it to your advantage.
BTW– If you want to start investing, I recommend TradeKing, especially with their promo right now of $100 worth of free trades. They are super easy to use and their customer service is top notch.
Some risks are bigger than others. You might decide at some point that you want to start your own business. That’s a HUGE risk, but that shouldn’t deter you. You’ll probably never reach the 1% as an employee, so at some point you should probably look into creating a business around something you love doing. For me, it meant leaving my stable desk job at a financial advising office and taking the leap into the world of entrepreneurship.
Was I scared? You bet I was. And for a while, I didn’t know if things were going to work out. But I stuck with it and eventually my persistence started to pay off.
1. Always Set Goals for Yourself
If you ever wake up and realize that you don’t have any goals (both short and long term), you’ve messed up somewhere along the way.
If you can set up clear, defined goals, especially within your personal finances, it will help you out immensely. A popular method for setting up goals is to use the S.M.A.R.T system.
The first step is being specific about your exact goals. So, where one person would say “I want to save a lot for retirement,” another would say “By the time I’m ___ years old, I’d like to have $___ set aside. That means I need to save $___ each year and earn a ___% return on my money.” Which person do you think is more likely to succeed here?
You need to be setting goals, and you need a plan to achieve them. Get on it!
Working to Develop Successful Habits Should Something You Do Constantly. Every. Single. Day.
Guys, this is not impossible. When you start adopting some successful habits in your life, you can blow up a lot faster than you think.
Financial success and freedom is something that happens as a result of hard work, but the good news is that a lot of people have been able to pull it off- and you can too.
The most viable path to prosperity isn’t winning the lottery, but instead it’s all about kicking ass at work (or business), always improving yourself, and giving more and more value back to the world. If you can do that, you’re golden.
You might not have all the habits of wealthy people now, and that’s okay. Making positive changes in your life happens one day at a time.
Bottom line, if you want to have wealth and live the lifestyle that goes along with it, you’re going to have to hustle for it.
There are no shortcuts.