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106,268
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Flickr/BenOrdinary people can earn their fortunes with the right habits.
Of all of your daily activities, 40% of them are habits, according to the Society for Personality and
Social Psychology. This means 40% of the time you're on auto-pilot, every day.
Habits save the brain work and conserve brain fuel. There is very little processing power involved
with respect to habits.
So what does that have to do with being rich? I studied 177 self-made millionaires and uncovered
certain unique good habits that made it possible for them to automatically process success on a
daily basis.
Here are five of the top habits of self-made millionaires that helped them accumulate an average of
$7.4 million in 12 years.
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grow as an individual and alter your behavior in a positive way. Good goals get you from point A
to point B. Point B being a better place, such as more wealth, a better job, higher income, better
school system for your kids, etc.
An example of a good goal would be to lose 20 pounds. Setting a weight-loss goal often involves a
daily regimen of exercise, healthy eating and encourages a healthy lifestyle. Good health results
from exercising and eating right. It may also motivate you to moderate your consumption of
alcohol or to quit smoking. When the weight eventually comes off you enjoy the compliments, feel
healthier and all of this creates lasting happiness.
Bad goals create short-term happiness and no long-term benefits when achieved. An example of a
bad goal might be to own a Ferrari, particularly if it is not within your means. In that case, in order
to own a Ferrari, you must make more money. Making more money will likely involve either more
work or taking excessive financial risk (for example, taking out a loan you may not be able to
afford or, say, gambling, if that's your tendency).
There's a cost-benefit to working more you invest time that you will never recoup. Don't
misunderstand me here. Working more to make more money can be a good thing. But where the
goal goes south is when you then use that money to buy stuff, like a Ferrari, that is financially out
of your reach and perhaps not a necessity.
The happiness you derive from owning more or better stuff fades over time, since happiness
derived from buying stuff is typically short-term. You will eventually revert back to your genetic
happiness baseline and, after a few weeks, the Ferrari will no longer create lasting happiness. The
lost time with the family, however, can never be recouped.
If the goal, instead, was to judiciously invest that extra money you earned into a calculated risk,
such as a side business, an investment or a vacation home that would enable you to spend more
time with your family, then it may shifts the "work more/earn more" goal into a good goal.
Ideally, achieving a goal will create long-term benefits: a stronger business, more time with the
family, more personal growth, financial independence, improved health, etc.
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Flickr / Katrine
ThielkeThey don't waste time.
Matthew
Eisman / Stringer / Getty ImagesWealthy people dream big.
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Most who set goals, mistake a dream for a goal, and that is why most fail to achieve their goals.
For example, making an additional $100,000 a year is a dream, not a goal. Becoming an Olympic
athlete is a dream, not a goal. Owning a house on the beach is a dream, not a goal (unless you have
the money already).
Dream-Setting is the act of clearly defining a dream. It's a two-step process:
1. Ask yourself what you want your ideal life to be 10, 15 or 20 years out. Then write down
every detail of your ideal future life. Be very specific in the details: the income you earn, the
house you live in, the boat you own, the car you drive, the money you've accumulated, etc.
2. Using this detailed description of your ideal future life, make a bullet-point list of each one
of the details that represent your ideal life. These would be the income you earn, the house
you live in, the boat your own, etc. These details represent your wishes or dreams.
Goal-Setting requires you to build goals around each one of your wishes or dreams. In order to
build goals around each wish or dream you need to ask yourself two questions:
1. What would I need to do, what activities would I need to engage in, in order for each wish or
dream to come true?
2. Can I perform those activities?
If the answer to Question #2 is yes, then those activities represent your goals. Goals are only goals
when they involve physical action and you have the capability to successfully take action.
Let's summarize this Dream-Setting / Goal-Setting process:
1.
2.
3.
4.
You then repeat this process for every other wish or dream. When you realize each one of your
wishes or dreams, your ideal future life will then become your actual real life.
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Jeff J Mitchell
/ Getty ImagesWealthy people don't quit on their dreams.
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Charlie
Crowhurst / Stringer / Getty ImagesRich people don't pull all their eggs in one basket.
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SEE ALSO: A self-made millionaire who studied 1,200 wealthy people found
one thought pattern they all tend to avoid
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