20 Dec This Surprising Habit Will Lead to Financial Success, According to Science
There is no denying that financial success is a long process that demands your full commitment. To see its fruition, you have to effectively implement the plans you have established. But for some people, even if they are a hundred percent committed to this journey, there are times that it gets difficult to see the glimpse of its results.
Here’s a good news. With the help of a recent study, researchers were able to give an answer to the question why most people do not become successful and wealthy despite working extremely hard for it.
According to the study, sense of purpose made a huge difference in a person’s financial life.
It was revealed that people who lived with a sense of purpose in life accumulated more wealth as opposed to those who felt the lack of it. Furthermore, it was concluded that the sense of purpose correlated to higher income and bigger net worth (that continued over a long period of time).
Your purpose as a person is the exact same thing that motivates you to go further and fulfill your goals. And that purpose will get you moving towards financial success that you are aiming for.
To help you stay focused on your goal and ensure that you are committed to your life purpose, here are some recommended activities that you need to tick-off your bucket list.
Follow your heart’s desire
“It is our choices that show what we truly are, far more than our abilities.” –J.K. Rowling
Your heart knows what makes it satisfied so choose to listen to it as it will dictate your long-term happiness. For instance, you have always wanted to work for your dream company but at the same time, you are also terrified with this idea. If you choose to disregard it, you will never discover your potential, and you will always have that empty feeling in your heart.
Happiness is integral in determining your success because it is the ultimate productivity-booster. It is a positive state of mind that empowers you to create an impact in whatever you do.
Schedule a financial check-up
You will never be at peace with yourself if you are not on top of your finances. Hence, it is important to regularly conduct a financial check-up to know your capacity and gauge if you are on track with your goals in connection to what your life purpose is all about.
A financial check-up involves gaining a sense of your current financial situation and getting educated on all your options, as well as seeking information on whatever affects your financial life.
You do not actually have to do this on a daily basis but find a rhythm that will work for your lifestyle.
Spend time visualizing your future self
“Whatever the mind can conceive and believe, it can achieve.” – Napoleon Hill
Your mind is a powerful machine and if you learn how to use it to your advantage, it can launch your success in life.
To maximize your mind, spend a few minutes visualizing your future self – the person you want to become, your achievements, and successes. You can be as detailed as possible. In doing so, you set a direction for your life and establish a vivid image of what you will become in the future.
In the process of picturing your future self, possess an exponential mindset aspiring for greater things and preparing you for life-changing moments that may arise.
Break-up with stubborn financial habits
Even if you have a purpose to fuel you, and a goal to look forward to, but still engage in counterproductive money habits, it is nearly impossible to progress.
Know that it is imperative to put an end on this by instilling needed discipline in your spending. You can make this happen by setting guidelines that you have to strictly abide by. For instance, you may leave your credit cards behind before heading out with friends or going grocery shopping. In this way, you will not be obliged to spend more than the amount you have in your wallet.
Apart from this, and more importantly, always prioritize your credit card bill (or any kind of interest-acquiring debt) by paying it off in full at the soonest possible time. Liberate yourself from financial liabilities that do not directly contribute to wealth building.
Over-prepare for your future
After finding your life purpose, continue the momentum by acting on the goals you have set for yourself.
You are responsible for your own success. Moreover, your future financial success depends on the decisions you make today.
Over-prepare for challenging times ahead by beefing up your investment portfolio. Instead of relying on a single investment vehicle, increase your chances to reap huge returns through diversification, managing a good balance between different asset classes.
If you have any other tips to add, please share them with me on Twitter!
To learn more about building your wealth, check out my firm LexION Capital.