The Secret to Financial Success Revealed

You may be following all of the debate that has been raging in the news lately regarding health care reform, the economy, unemployment and taxes. Everyone, it seems, is either advocating for or against taxes to pay for government reforms and large government programs. But Americans are struggling financially thanks to the economy and over taxation. Americans simply have no more money to give the government. This lemon has been squeezed thoroughly dry.

Let me give you some statistics on wealth in America:
1. 304 million people currently reside in America.
2. 150 million make enough money to warrant filing an income tax return.
3. 7.5 million, or 5{5c84b89e0cba74b6d8cdc777bf9a8338d14dd91243071983e74bc62a6792d410}, make $150,000 or more a year.

This 5{5c84b89e0cba74b6d8cdc777bf9a8338d14dd91243071983e74bc62a6792d410} puts money away for retirement, education for their children, savings, go on expensive vacations, live in the best homes and retire without any financial worries.

Now, in certain parts of the country, $150,000 does not seem like a lot of money. But in other parts of the country, $150,000 might as well be $1 million. Ninety-five percent of Americans are struggling financially. They are just getting by. They are hanging by a thread.

Five years ago, just such an individual came into my office. He was a small business owner who was struggling financially. Unable to make payroll, his credit lines stretched as far as the banks allowed, he was downcast and without hope. He sat down and with a pleading look on his face he asked this CPA a very simple question. “What am I doing wrong?”

This simple question took me down a path of discovery I never imagined I would travel. i spent the next five years absorbed in research trying to find the answer to that simple question. Eventually, I came up with my own questions that I asked over 400 individuals. I broke this group up into Rich and Poor. I analyzed their responses and was shocked. A pattern had emerged. Both groups had vastly different responses to my questions.

Let me give you an example. When I asked the question: “What do you do at the end of your work day, when you leave your place of business?” The Rich group responded as follows:
1. I go to school at night seeking an advanced degree to further my career.
2. I am on certain boards at certain companies.
3. I teach, lecture, speak, write articles or books.
4. I coach my child’s sports team.
5. I volunteer at my church, or at a non-profit organization or for some civic group.

When I asked this same question to the Poor group their responses were fairly the same: I come home from work, eat dinner, watch some T.V. maybe read a book, go to bed and begin the same process over again the very next day.

Folks, that’s a difference the size of the Grand Canyon. This pattern repeated itself over every question. I now believe I have answered my client’s question: “What am I doing wrong?” What i uncovered, what I stumbled upon, is nothing short of the secret to financial success. And now I will share with you some of the discoveries I have made in studying the daily habits of successful people. So let’s begin.

What is it that financially successful people do every day that sets them apart from everyone else in America?

Wealthy people have good daily habits:
1. Career Related Habits.
2. Health Related Habits.
3. Relationship Building Habits.
4. Family Building Habits.
5. Constant Self Improvement Habits.
6. Rich thinking Habits. How They Talk to Themselves.
7. Control Negative Thoughts.
8. Good Communication Habits.
9. Disciplined in Following Good Daily Habits.

Wealthy people set goals:
1. Daily Goals (to-do lists).
2. Monthly Goals.
3. Annual Goals.
4. Next Year’s Goals.
5. Five-Year Goals.
6. Goals Are in Writing.
7. Review Goals Every Day.

Wealthy people engage in daily self improvement:
1. 30 Minutes Per Day of Industry or Career-Related Reading (i.e. Trade/Industry Periodicals) To Keep Current On Industry Changes & To Create Opportunity Luck.
2. 20-30 Minutes Per Day Of Aerobic Activity.
3. Constructive Career-Related Projects.
4. Writing, Teaching, Speaking, Seminars, Lectures.
5. Daily Study To Improve Or Expand Core Competency In Trade/Career.

Wealthy people are healthy people:
1. Monitor Consumption of Food (Count Calories – Caloric Threshold).
2. Daily Aerobic Activity.
3. Eat Healthy.
4. Fewer Sick Days = More Productivity.
5. Daily Exercise Increases Energy = More Productivity.

To wealthy people, relationships are gold:
1. Hello Call. Wealthy people call their contacts just to say hello.
2. Birthday Call. Wealthy people call their contacts at least once a year to wish them a happy birthday.
3. Life Event Call. Wealthy people reach out to their contacts to congratulate them on some life event, such as the birth of a child, a graduation etc.
4. Remember Names.
5. Selflessness Creates Opportunity Luck.
6. Birds of a Feather. Successful people associate with other successful people. They Build Strong Network of Like-Minded Individuals. They Shred Destructive Relationships That Are Destructive.

Wealthy people live their lives in moderation:
1. Moderate Spending. Warren Buffet Lives in Same Home He Was Married in 50 Years Ago.
2. Moderate Consumption of Food & Drink. No Gluttony or Dieting.
3. Moderate Emotions.
4. Moderate Work Schedule.
5. Moderate Exercise.
6. Moderate Thoughts/Emotions.

Wealthy people complete their daily tasks:
1. Do Not Procrastinate.
2. “DO IT NOW” Mindset.
3. Procrastination = Devil’s Playground.
4. Procrastination Creates Stress.
5. Procrastination Leads to a Loss of Clients/Customers. Litigation.
6. Keep a Daily To-Do List.
As a Result Wealthy People Are not “PUTTING OUT FIRES”.

Wealthy people engage in Rich Thinking:
1. Upbeat / Positive.
2. Daily Affirmations.
3. Project / Goals Keeps You Focused on Achievement.
4. Eliminate Bad thoughts (Procrastination, Skip Work / Responsibilities). Replace Bad Thoughts Immediately With positive, Constructive Thoughts so Bad Thoughts Do Not Have a second to Take Root.
5. Proper Preparation Prevents Poor Performance, Rather Then Ready, Fire, Aim.

Wealthy people save 10{5c84b89e0cba74b6d8cdc777bf9a8338d14dd91243071983e74bc62a6792d410} of their gross income:
1. Pay Themselves First. Richest Man in Babylon)
2. Save for Retirement.
3. Save for College.
4. Have a Financial Safety net = to 6 Months of Income.
5. Have Adequate Life Insurance.
6. Use Financial Professionals if You Lack Expertise.

Wealthy people control their thoughts and emotions:
1. Control Anger, Jealousy, Sadness, Worry, and Petty Emotions.
2. Replace Bad Thoughts / Emotions Immediately With Good Thoughts and Positive Emotions.
3. “Think, Evaluate & React”.
4. Good Thoughts = Good Behavior = Good Habits.

Wealthy people are lucky people. But they create their own luck. They create something called opportunity luck. I like to use the following metaphor to describe opportunity luck:

Think of your daily good habits, your Rich Habits, as the seeds of life. When you plant these fruit bearing seeds and nurture these seeds (living the Rich Habits), eventually a tree will begin to grow (the opportunity luck tree). One day this tree will bear fruit. This fruit is opportunity luck. All you need to do then is pick the fruit.

Overview: Financial success is found in our daily habits:
1. Improving Technical Skills Habits.
2. Relationship Building Habits.
3. Healthful Living Habits.
4. Family Building Habits.
5. Goal-Centric Habits.
6. “DO IT NOW” Habits.
7. Saving 10{5c84b89e0cba74b6d8cdc777bf9a8338d14dd91243071983e74bc62a6792d410} of Gross Income.
8. Living the Rich Habits every day will bring opportunity luck into your life.

To change your life you need to change your daily habits. Start today. Plant your Rich Habits seeds and watch your opportunity luck tree begin to grow.