Success is for the lucky and really talented people, yes, but talented people, education and opportunity are so much more to it all. The habits we do every day are what determine the financial future. Many people don’t have to struggle financially because they have no ability; they struggle because the habits that people follow are the same ones that put them at risk for long-term growth. They can be changed once they know these habits are wrong and move on to better ones.
1. Saving Every Penny Without Increasing Your Income
With money saved, one can only save money for a little while, but if you spend money and don’t do that in order to have a good life, is it possible to have a great life (and you’ve got to keep your money safe)? An increase in income has almost no ceiling. You can be very successful if you get to learn new skills, get certifications, work for a side business, freelancing, or other types of jobs. And you will get more out of it. The most valuable financial asset you own is the ability to create value and generate income.
2. Surrounding yourself with people who have no ambition
With the people you spend the most time with, it is most likely that your mindset, your decisions, and expectations will be influenced by them. When your environment is very discouraging for growth, ambition, or learning, it can be hard to stay motivated. That’s not to say your friends or family are bad, but it means you’re consciously searching for people who inspire you to do better. Reading books, listening to great entrepreneurs, going into professional communities, or networking with an entrepreneur who is always looking to improve can be a great way to introduce you to new ideas and opportunities. Positive habits are generated.
3. Avoiding All Risk
Many people stay in their comfort zone because they are afraid of failure. If you don’t take any risks and you are not going to do your best at life, you will also limit your personal and financial development. Every successful entrepreneur (or investor) has faced uncertainty at some point in life. Strategic risks, informed by research and planning, can lead to better careers, profitable businesses, and good investments, and growth is no longer possible if you don’t get out of your comfort zone. Learning from failure is often just as valuable as success.
4. Living Without a Plan
If you go without a plan, you can get caught up in all of the distractions in life and not have a plan to do something meaningful. Financial targets, budgeting, time management, and tracking your progress are all part of a successful life plan. And if you want to buy a house, start a business, or become financially independent, having a written plan gives you direction and accountability to do so. And ultimately, small, consistent steps you take every day can make a big difference over time.
5. Thinking Too Small
Your vision of success will determine your life. If you keep underestimating your potential, you will settle for less than you can. And when you set ambitious but attainable targets, you are able to always learn and grow and become more self-assured about life. Thinking bigger doesn’t mean you’re going to get ahead; it means you believe you’re better in life. People do things that they didn’t realize before because you increase your standards and look for opportunities.
The creation of wealth is rarely a result of one big break or a lucky opportunity. It’s usually the result of disciplined habits, continuous learning, smart financial management, and perseverance. Although there are external factors (economics and personal circumstances) that can shape your financial success, the people in your life on a very day-to-day basis have to make decisions about the money you make. Work on raising your income, learn from ambitious people, take calculated risks, plan your life and believe in what you can do. If you don’t, these habits will change the way you think about your money and the way you think about life in general.
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