Successful people pay themselves first. Before any bills get paid, successful people set aside ten percent of their gross earnings into some savings, investment, or retirement vehicle. They invest their money wisely, watch over their savings regularly, and set realistic goals for their investment returns. They have high credit scores, know their net worth, and monitor their personal balance sheet.
They use only the most qualified financial professionals to maximize their returns and minimize their taxes. Every successful person employs the services of a certified public accountant, considered by many to be the most trusted financial advisor. They may also seek out attorneys or certified financial planners who specialize in financial or estate planning. They use these professionals to help them manage their money and their taxes.
Successful people have a retirement plan. They participate to the fullest extent permitted in retirement plans offered by their employers. Many of these retirement plans allow employees to put away, in a tax-deferred manner, ten percent or more of their earnings each year. If their company does not have a retirement plan, they create their own retirement plan by funding individual retirement accounts. They add to these accounts with every paycheck. They have retirement goals. They monitor their retirement plan regularly and make course corrections in an effort to reach their retirement goal.
Unsuccessful people pay themselves last. They live paycheck to paycheck, spending every penny to support their lifestyle. They are poor savers and carry excessive amounts of debt. They have home equity loans, which are tapped out. Their credit cards are maxed out, and they can barely make the monthly minimum payments. They have poor credit scores. They do not manage or monitor their credit scores. Unsuccessful people do not participate regularly in employer retirement plans or fund their own retirement plan. Some gamble excessively and view the lottery as their retirement plan. They take risks, which are either unnecessary or not thought through. They don’t set aside ten percent of their earnings and, consequently, when they reach retirement age, they do not have enough retirement savings to allow them to retire with financial security. They rationalize that they cannot afford to set aside ten percent of their earnings. They are unwilling to alter their lifestyle in order to save adequately. More often than not, unsuccessful people have no choice but to continue working well into their retirement years.
Summary: Successful people pay themselves first by putting ten percent of their paychecks into savings or retirement plans. Rich Habit Promise Number Ten: I will control my thoughts and emotions each and every day. Successful people are the masters of their thoughts and emotions. They do not fall prey to anger, jealousy, excitability, sadness, or other petty emotions. They cast out all bad thoughts and emotions. They do not allow them even a second of life. They understand that bad thoughts create bad decisions that result in bad consequences. They replace these bad thoughts and emotions with good thoughts and positive emotions. They use the following technique when faced with a difficult situation that presents itself: “Think, Evaluate, and React.” Thinking gives them time to understand the situation. Evaluating the situation buys more time to determine the correct course of action. Reacting is the last thing they do and most likely will be the appropriate reaction, as they took the time to choose their reaction. Successful people are too busy to allow themselves to indulge in being sad or depressed. They engage in productive activities, which take their minds off their sadness or depression. They are constantly engaged in projects or self-improvement activities that promote positive feelings about themselves. Successful people feel as if they have total control over their emotions and thoughts. Unsuccessful people fall prey to petty emotions. They let their emotions rule their behavior. They become easily depressed and feel as if they have no control over their lives. They react before thinking. They have adopted the bad habit of “Ready, Fire, Aim.” As a consequence of this, there are many unsuccessful people sitting in prisons throughout the world.
Bad habits cause bad behavior, which results in bad decisions and ultimately a bad life. Bad thoughts occur when your mind is idle and not engaged in some constructive activity. You need to constantly be engaged in constructive activities, such as self-improvement, a worthwhile project, or a goal you want to accomplish. If you have a bad thought, immediately cast the bad thought out and refocus on the self-improvement activity, the constructive project, or the goal you wish to accomplish.
Summary: Successful people are the masters of their thoughts and emotions. Summary of the Rich Habits Promises:
1. I WILL form good daily habits and follow these good daily habits each and every day.
2. I WILL set goals for each day, for each month, for each year and for the long-term; I WILL focus on my goals each and every day.
3. I WILL engage in self-improvement each and every day.
4. I WILL devote part of each and every day in caring for my health.
5. I WILL devote part of each and every day to forming lifelong relationships.
6. I WILL live each and every day in a state of moderation.
7. I WILL accomplish my daily tasks each and every day; I will adopt a “DO IT NOW” mindset.
8. I WILL engage in rich thinking each and every day.
9. I WILL save ten percent of my gross income every paycheck.
10. I WILL control my thoughts and emotions each and every day.
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