Have you wondered what key attributes help us become more prosperous, productive, and even bring a higher sense of happiness in our lives? There are many wealthy habits we should acquire but here are 4 of which that truly helped change my life for the richer.
4 Wealthy Habits That Changed My Life
1. Become the owner not the renter. Ownership brings new set of opportunities. Especially, when it comes to real estate. When you own with the intent to rent to create additional sources of income, that’s a great way to start your path towards achieving financial independence. Ownership equals greater control. Owning a business brings greater flexibility in your ability to increase your income. Owning some material objects may generate cash flow as well such as tools, lawnmowers, and even cars. You can rent them out using websites like Zilok, Loanables, Nextdoor, Turo, or even to friends on facebook!
2. Think bigger. Set large goals that seem to be out of your league. Attach a personal passion and reason why you wish to reach such goals. Be specific. Large goals can be intimidating but setting them forces you to seek creative solutions, realize the importance of persistence, and brings a level of challenge that will strengthen your ability to solve problems. It’s the art of improving your ability to think outside the box to achieve large daunting goals that brings accelerated personal growth. In many cases, it will require ten’s or even hundreds of smaller tasks to help get near large goals. It may even take 10 to 20 years. What’s important is to gain more determination and the ability to grow your level of persistence required to reach such goals that come when thinking bigger.
3. Obsess over your results and progress. You don’t have to share your obsession over results with others. Just to yourself. You don’t have to prove you’re worthy to anyone but yourself. You are your own competitor and you are striving to prove to yourself that you can progress towards any goal set forth through hard work, effort and persistence. Track all results and progress in writing using charts or on paper. A visual record where you can examine your progression is key to understand you are moving in the right direction. Tracking your progress is like the compass that reminds you that you are on the right path. Without this compass, it is far easier to be distracted from your focused journey.
4. Delay life’s pleasures. It’s easy to buy anything or vacation anywhere when one wishes. Of many characteristics the successful have, this one is probably one key trait that is most difficult for most yet most important. Everyone wants that shiny new car. That beautiful home with the nice backyard pool. With the proliferation of social media platforms such as Instagram, more people than ever want those lavish vacations to exotic destinations. Even many people around me in my life are no different and splurge on such things. It may be a matter of preference but one thing is for sure. Financial freedom don't come easy and for most people requires painful sacrifice. That means no lavish vacations, no fancy dinners, and no financing of anything. Yes, that includes cars also.
I realize reaching FIRE is an extremely difficult goal for many. It's extremely difficult and I understand it is not for everyone. It requires from one to live a life often opposite of what society influence. It requires long term planning matched with enduring will and determination. But.. it's possible for those who are willing to make the sacrifices and make the lifestyle changes. The question is, how much are you willing to sacrifice in the front end for the benefit at the end.
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Note: I recently created a separate page with all the recommended sites and services that helped me reach FIRE in my life. Feel free to check them out if your interested in resources that may help reaching FIRE.