5 Habits of Financially Independent People
The habits we choose play a determining role in our success. Here are 5 habits of wealthy people
Financial independence does not happen by chance. The journey from eating cereal for dinner to a life of vacations abroad requires good habits and good decisions.
Habits are what keep you on a particular path. The path to financial independence can be a long and winding road. Good habits will get you there.
These 5 habits can help you boost your chances of success and achieve financial independence much faster than free-styling your way to wealth.
Make a priority list
Write down your priorities and stick to them. A pecking order of priorities makes every decision much easier.
“Money” is not a top priority. But maybe your health, relationships, or an activity are. We are all trying to earn, save, and invest as much money as possible – but none of that matters without a life we enjoy.
Make a list of your top priorities in life – weekly/monthly/yearly/bucket list. This will give you goals and also help you make better money decisions.
And once you understand that habits can change, you have the freedom and the responsibility to remake them
Spend time in the weeds (budget)
Wealthy people know where every penny goes.
Make a regular habit of reviewing your budget, bills, investments, and plans. I do this every Monday morning. I review all bank and credit card transactions for the past week, pay and review current bills, and transfer anything left over into my investment account.
Put time on your calendar each week and spend time in the weeds of your finances.
Habit is the intersection of knowledge (what to do), skill (how to do), and desire (want to do).
Successful investors are always learning. They make a habit of reading and educating themselves.
Read books on topics you enjoy. Read self-help articles. Learn about industries and technologies that are related to your career, your investments, and the future.
Knowledge is power. Make a daily habit of learning.
Get out and get moving
Successful investors know that their brains and backsides need a break. Get up, get out, and get moving.
Make a habit of moving every day. Go for a daily walk, hit the gym, or find an activity that gets you away from your desk or cell phone.
A habit of moving will improve your physical health, mental health, and give your brain a break. You may even come up with that next million-dollar idea.
Motivation is what gets you started. Habit is what keeps you going.
Relationships are important to your success – and mental health. Make a habit of finding time for others in your life. Your partner, your family, your friends, and even your co-workers play a critical role in your success.
Wealthy people know this better than anyone – they choose their relationships.
Put time on the calendar to nurture your relationships. In contrast, it’s also healthy to cut ties with any toxic relationships in your life. Spend time with people who build you up – and less time with those who bring you down.
Habits change into character.
Have you heard about this Gen Xer who secretly works 3 full-time remote jobs and makes $344,000? Joseph paid off his mortgage and is saving to send his kids to college debt-free. Can you guess which industry he’s in that allows him to work 5-10 hours remotely and make that kind of bank? Read the story
Rich get richer.
The equality gap widens.
Which side will you be on?
I can tell you.
Based on a simple formula.
If you don't understand this, your not going to be on the right side.
Let's dive in 👇
1990-2023 the S&P 500… twitter.com/i/web/status/1…
— Adam (@AdamFinCoach)
Sep 12, 2023
Covered Calls are a great way to earn income on the investments you own. I’ve been trading CCs for years and re-investing the premium. The problem is that they take a lot of time and effort to manage. Lately, I have jumped on the Covered Call ETF bandwagon (with $JEPI & $TSLY) - and it has been a great ride. Covered Call ETFs arrive in the sweet spot.
Your goal shouldn’t be to max your Roth IRA
It should be to contribute $541/month
Your goal shouldn’t be to pay off $10,000 of debt
It should be to contribute $50 over the minimum payment
Your goals shouldn’t focus on results - they should focus on processes
— Maykel | Yes to Riches (@yestoriches)
Sep 14, 2023
Boost longevity with these 10 doctor-recommended lifestyle choices from people who age well. "It's never too late to start focusing on some of these lifestyle adjustments to optimize your health," says Dr. Chun. Even if you're well into old age, you can still make an impact by integrating small shifts where you can.
You are just one walk away from your next brilliant idea.
Take a walk.
— Steve · Millionaire Habits (@SteveOnSpeed)
Sep 13, 2023
See you next Sunday!