Today I thought I would create a list of 21 habits of the rich and successful. Most of these habits I have come across in Books, Podcasts and Blogs and they keep coming up again and again. A lot of people seem to think that success is just a matter of luck.
You are just lucky you got a good job
You are just lucky you found a great deal
Personally I strongly believe you create your own luck and following the habits below increase your chances of being successful.
Set Challenging But Attainable Goals
Perhaps one of the most important habits is setting goals. A clear measurable goal with a defined date and next step. These goals must be documented
S – Specific, Significant, Stretching
M – Measurable, Meaningful, Motivational
A – Agreed upon, Attainable, Achievable, Acceptable, Action-oriented
R – Realistic, Relevant, Reasonable, Rewarding, Results-oriented
T – Time-based, Time-bound, Timely, Tangible, Trackable
Read A Lot
Many of the rich and successful are book worms and advocate reading a lot. 88% of the wealthy read at least 30mins per day. Some insist reading 1 -3 hours per day had attributed to their success. In this case I imagine they are not referring to reading Game of Thrones, rather non-fiction books in their area of expertise or market sector.
My list of Personal Finance Books.
In this day and age Audiobooks and Podcasts are a great way to educate yourself while performing other tasks such as exercising and commuting.
Live Within Your Means
Pay Yourself First by setting aside at least 20 percent of your income and live off the remainder. Keep consumer debt low and invest in appreciating assets. Live in a modest house and drive a modest vehicle. Work on increasing your net worth.
Less TV and internet
The wealthy spend considerably less time watching TV and leisurely browsing the internet.
Spend a minimum of 5 hours per month working on building your network. Developing relationships can often lead into business relationships, customers and client opportunities. Using career based social media such as Linked in is a great way to broaden your network.
Have A Mentor
Over 90 percent of the wealthy have a mentor. Find someone that has done what you want to do and ask them how they achieved it.
Create a daily list of the important things you wish to achieve and start with the most important. Do not put off to tomorrow what you can do today!
Over 3 quarters of those struggling financially play the lottery and partake in regular gambling. The opposite is true for the wealthy.
Do More Than Is Expected Of You
A lot of employees just do the bare minimum to keep their boss happy. Successful employees go above and beyond their job description. This habit increases the likely hood of raises and promotions. If a business is downsizing it will be less likely that valued employees will be let go.
Keep Good Company
Hang around people that share the same goals and mindset that you have or wish to have.
Wealthy individuals are more likely to donate their money and time to charitable causes.
Get Up Early
Arise early and work on the most important thing you can to help you achieve your goals. This will get you an early win and build the momentum for the rest of your day.
Eat Healthy and Exercise
Wealthy people are much more likely to exercise frequently and eat healthily. Having more energy, lower medical expenses and a longer improved quality of life.
Take Calculated Risks
There is always a balance between risk and reward. Generally the higher the risk the higher the reward. The wealthy understand this and are willing to take calculated risks.
Follow the 80/20 rule
In most cases 80% of our results come from 20% of the activities we perform. Productive people know which activities help to achieve the greatest results. Focus on the 20% and ignore the rest.
Never give up. Treat failure as a learning experience. Maintain focus, perseverance and patience.
Many wealthy individuals never retire because they are doing what they love and just happen to make money doing it.
Believe That Time Is Money
The wealthy understand that their time is money. If you can pay someone less than your time is worth it is considered a good investment. It will free up your time so you can concentrate on the important things.
Manage Your Time Well
Use a calendar or other form of scheduling tool to keep track of appointments and tasks. Fit more into every single day.
Listen More And Talk Less
As my grandma used to say. You have two ears and one mouth use them in that proportion. When you listen you learn and are better able to make informed decisions.
Take some time each day to be grateful for the things that you already have. This appreciation for life will keep you positive and motivated.
Well that turned out to be quite a long list. I encourage you to pick a couple of these 21 Habits of the Rich And Successful and work on them over the coming weeks. I would love to hear how you go with it! Let me know if you have any suggestions that should be on this list I would be happy to add them.