OCTOBER 13, 2021 | 5 min read
5 Financial Habits of Highly Successful People
Financial problems are like monsters. Some of us could use a break from those ferocious student loans. Others wish they didn’t have to pay a vicious monthly mortgage. Many of us might even be living paycheck to paycheck, the equivalent of living in a house of terrors.
Only a few months ago, I was surrounded by a couple of these horrors myself, without even realizing how terrible they were. Then the pandemic came, and I started to see how some of these evils attacked some of the best people I knew. Friends and mentors were furloughed, and their lives fell apart faster than anyone would have ever anticipated. It was scary. It didn’t seem fair that people that worked insanely hard during their entire lives weren’t safe at the beginning of a crisis.
A drastic change needed to happen. In simple words…My financial habits underwent a massive retooling.
Habits make you what you are. If exercise is a habit of yours, you are in shape. If eating well is a habit, you are healthy. Financial well-being is no different. Nurture your financial habits and you will become financially successful – based on whatever financial success means to you.
When I decided to finally face my financial horrors and dedicate myself to financial freedom, the task seemed almost unconquerable.
There are endless amounts of material and resources. The topics are intimidating and can be complicated. We worry that making one wrong action can ruin us financially for the rest of our lives. We’re too cautious, which sometimes leads to inaction.
The key is starting. After starting, the key is to keep moving forward. You cannot learn everything, take every actionable step, and reach your financial goals in one day, or one month, or even one year. But we can take action now. Let’s talk about these monster-killer financial habits.
1. Read 10 pages of business or personal development book each day
We are not strangers to learning. We stay learning during our professional lives and we shouldn’t be afraid of learning new things no matter how intimidating it might seem. Start with a manageable book and just commit to reading the introduction on the first day. I would be willing to bet that you get hooked and are reading much more in-depth financial books in no time.
Books are very cheap investments and you get so much value out of them. They can easily jumpstart your investing career.
The last 3 books I’ve read are:
2. Read a financial blog piece every morning
With breakfast or coffee, you can read one financial blog piece. Just simply pick a blog, find the most recent post on that site, and read it.
Subscribe to our newsletter so that you don’t miss any of our entries. Some days, the topics might be very technical and take a lot of time and thought to get through. Other days, the topics will be more philosophical and lighter. Sometimes, the topics are ones that you will be very familiar with. Other times, they will be very niche and new to you.
Regardless, without fail, you will learn something new every day.
3. Live below your means and prioritize saving
There is a simple rule of thumb: If you can’t buy something with cash, you can’t afford it. Now, there are opportunities to build credit and clear exceptions, but be honest with yourself and don’t overspend when you don’t really have to.
I often think about prioritizing long-term gratification versus instant gratification purchases. Once you gain clarity it becomes a matter of discipline. This doesn’t happen overnight, but if you manage to save some money every day, even when you lose some battles, you will still be making progress. You don’t have to be perfect but you can certainly do your best, and most importantly, you can start now.
4. Implement long-term strategies for building wealth.
A combination of retirement planning, tax planning, and estate planning are critical to intentionally create wealth over the long term and leave a lasting legacy for your family. On this website, I share a lot of information on house hacking. Find strategies to build cash flow over time and start taking action now, even if just educating yourself.
5. Reach and connect
Finding like-minded people is imperative. They will spark conversations that will take you in directions you might have not even considered. Nowadays, it’s easy to find online communities on Facebook that will help you connect with these people. Keep in mind you are a combination of every person you spend time with, besides, it’s always nice to make new friends!
Defeating the monsters of financial illiteracy and stagnancy is not easy, but it’s definitely simple. By doing it, you will enjoy a freer and safer future for yourself and the people you care about. Don’t forget to subscribe to our newsletter and follow us on Instagram so that you don’t miss any of our posts. Let’s achieve financial freedom together!
- Read 10 pages of business or personal development book each day
- Read a financial blog piece every morning.
- Live below your means and prioritize saving.
- Implement long-term strategies for building wealth.
- Reach and connect
AUG 7, 2021 | 5 MIN READ
House Hacking for Medical Professionals
Sometimes it feels like we are trading our precious time by working tirelessly to get paid. Yes! We do love what we do, but we all know burnout is huge among healthcare professionals. The solution is within your reach.
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