Are your habits preventing you from getting rich?
In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered that your habits dictate your circumstances in life.
In this week’s video we discuss 6 more common habits holding people back from being Rich.
1. Negative Thinking
Long-term success is only possible when you have a positive mental outlook.
The problem for most people is that they’re completely unaware of their thoughts, positive or negative.
If you stop to listen to your thoughts, to be aware of them, you’d find most of them are negative.
But you only realize you are having these negative thoughts when you force yourself to be aware of them.
Awareness is the key.
Procrastination prevents even the most talented individuals from realizing success in life.
This goes hand-in-hand with author Napoleon Hill’s assertion that the wealthiest people are also the most decisive people.
Whether you realize it or not, procrastination is a big reason why you are struggling financially in life.
It damages your credibility with employers and fellow colleagues at work.
It also affects the quality of your work and this affects the business you or your employer receives from customers, clients, and business relationships.
3. Avoiding feedback
Fear of criticism is the reason we do not seek feedback from others.
But feedback is essential to learning what is working and what isn’t working.
Feedback helps you understand if you are on the right track.
Seeking criticism, good or bad, is a crucial element for learning and growth.
Additionally, it allows you to change course and experiment with a new career or business.
Feedback provides you with the information you will need in order to succeed in any venture.
Spending more than you make is a surefire road to financial stress.
Ninety-five percent of the poor in my study did not save and most accumulated debt to subsidize their standard of living.
Consequently, they have no money for retirement, for their kids’ college, or for pursuing opportunities that present themselves.
Spending more than you make and putting saving on the back burner “creates long-term poverty, with no hope of escape.
5. Keeping a job you hate
Toiling away at a job you hate will not only leave you stressed out and dissatisfied with life, it could affect your chances at getting rich.
The wealthiest, most successful people pursue their passions.
Passion trumps education, intelligence, skills, and any other advantage those who lack passion might have in life.
Passion makes work fun. Passion gives you the energy, persistence, and focus needed to overcome failures, mistakes, and rejection.
It infuses you with a fanatical tenacity that makes it possible to overcome obstacles and pitfalls that block your path.
6. Sticking to your comfort zone
We so desire to blend in, to acclimate to society, to be a part of the herd, that we will do almost anything to avoid standing out in a crowd.
Yet failure to separate yourself from the herd is why most people never achieve success.
While the average person finds peace of mind in familiarity, and hesitates to leave their comfort zone, rich people find comfort in uncertainty.
The pursuit of wealth requires that you take risks.
Most don’t, and that’s why most are not wealthy.
You can catch up with past episodes of this weekly webcast here – Rich Habit, Poor Habits – Tom Corley & Michael Yardney
You may also be interested in viewing:
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.