In my 15 years of studying and 22,000 hours working with the most financially successful people, I’ve observed many things that have made them successful, but there are three that “take the cake.”
All three are very simple concepts but aren’t always easy to implement. The good news is that the harder something is, the easier it is to dominate, because most will give up!
Let’s dive into each of these three with a few tips on how to incorporate them into your own life.
Success habit #1 – a steadfast discipline
Discipline can be described as a set or system of rules that one follows regardless of the circumstances being faced.
In your financial life, this includes things such as being disciplined about:
- Delaying gratification – holding off on a purchase that you want but for which you don’t have the money right now
- Good cash flow management – you budget and always know where your money is going
- Saving a consistent amount each month – even when times are tough and “unexpected” things come up
Good discipline is the foundation for everything, and when it comes to your financial life, it will scaffold all of the other habits you need to succeed.
Success habit #2 – connecting to a bigger purpose
The most financially successful people I know always find a greater purpose to which they connect their financial goals allowing them to stay motivated through both good and bad times.
This “greater purpose” can be something as clear as making sure you give your kids a better life, or something profound like an internal obligation to reach your potential, including your financial potential.
The “what” isn’t as important as how deeply the “why” is to you.
Everyone should set financial goals. Those who reach (and exceed) their goals are the ones who connect each goal to a much bigger purpose with deeper meaning.
When we connect our goals to a bigger purpose our motivation stays strong even when times get tough and life doesn’t always go our way.
Success habit #3 – track what you want to master
Every financially successful person I know consistently tracks their goals and their progress towards their goals. Those at the “top-of-the-top” do this daily.
When you track the things you want to master – whether it be your path to financial success or how well you’re staying on budget – you create a much greater awareness of where you are.
As a pilot, you know that you will perform better with greater situational awareness. Maintain the same belief in your financial life and track the things that are important to you and that you want to accomplish. Doing so will greatly increase your financial situational awareness and move you much closer to your goals.
Bonus success habit – action
Action is what truly separates the successful from the unsuccessful in every area of life. The most financially successful people not only always do the three items discussed here, but they are also people of action.
Create the habit of becoming a person of action by being a disciplined action taker. Each day, do something to move you forward toward your goals.
Connect every action you plan to take with your bigger purpose and track your progress each day. Become aware of the success you’re having and your motivation will increase. Continue to take the needed action, which ultimately moves you to (and beyond) your goals.
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Final thoughts
Our habits are what determine our success in just about any area of life.
If we have good habits, we acheive good outcomes. If we have bad habits, we generally experience bad outcomes. It’s as simple as that.
The financially successful people in this world follow very good habits that lead to very good financial outcomes.
The most common three habits I see among the financially successful are (1) incredible discipline, (2) connecting their goals to a bigger purpose, and (3) tracking what they want to master.
If you’re on a mission to be financially successful you would do well to begin mastering these three things.
Where to go next
Start by creating your financial goals, tying them to a greater purpose and tracking your progress regularly. Determine what you need to do to move in the direction of these goals and create discipline and a daily habit of action to accomplish them.
Financial success is attainable by anyone and everyone. Simply, you must follow what works and do the things that deliver good outcomes that will put you on the path before you know it!
