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What is the easiest, most certain way to achieve anything?
Daily habits.
Any goal you want in life (including financial freedom) is reachable through a few key habits and a little bit of time.
It's really quite simple. Habits compound your daily actions into automatic wealth just like regular savings compounds daily deposits into wealth. It is the identical principle applied to two different resources in your life – money and time.
Does it take effort? Yes – we're not about get-rich-quick here. You have to work at it and the results are produced over time. But it is a simple, certain path to achieve your financial goals with the greatest confidence possible.
If you don't believe you can build automatic wealth then think again because your financial goals are just a few daily habits from being achieved. The end result is not a question of “if”, but “when”. The key is your daily habits, and episode #11 of the Financial Mentor podcast with James Clear will show you how.
In this episode you will discover:
- How to find balance so you can expand your capabilities in a new area without sacrificing other areas of your life.
- How to automate your skill development.
- How to convert personal growth into financial success.
- The critical role of carving out space and time for nurturing a habit during its infancy.
- How conscious understanding, implementation, and ultimate success connect to maximize results with the least effort.
- The hidden way environments shape your habits – without you even knowing.
- The easy strategy to form any new habit.
- The two ways to design your life so that you are literally pulled toward desirable habits and repelled from negative habits.
- Why you should never rely on motivation for behavior change.
- Surprise! How the color of your plate can determine how much you eat.
- How to use visual cues to “automate” your habits.
- The critical connection between habit “frequency” and eventual success.
- What you're really saying when you claim you “don't know where to begin”.
- Why commitment must precede goal achievement, and how to make it work for you.
- How to use identity based goals to strategically bridge your way to performance based goals.
- The 3 R's of habit formation.
- What Alcoholics Anonymous knows about interrupting bad habits that you would be wise to learn also.
- Why you should always start new habits with action first (except in this one important situation!)
- Why focusing on process habits is more effective than outcome oriented goals.
- What “keystone habits” are and how they help you get more done with less effort.
- and much more….
Resources and Links Mentioned in this Session Include:
- James' website to get his free ebook about habits is at http://jamesclear.com
- James' other website about passive income and personal finance is at https://jamesclear.com/passive-panda
- The Financial Mentor podcast episode #6 with Scott Young about habits is here.
- My 7 Steps To 7 Figures Wealth Building Course
- You can learn more about my financial coaching services here.
- Charles Duhigg's book at Amazon The Power of Habit: Why We Do What We Do in Life and Business
- My article about What Is A Good Investment? that explains how process vs. outcome works in investing.
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This is a great podcast. I have 3 masters degrees in finance, business, accounting and am currently the regional CFO of a Fortune 100 company. I know a lot about finance but the behavior and daily habit stuff is the real stuff. I’m reading a biography about Rockefeller right now and it shows how disciplined he was throughout his personal life and ties in perfectly to this blog. Thanks Todd.
MITM I really appreciate you sharing this because other people will write me and say they don’t “get it” why I include concepts like this when teaching wealth building. The more I coach people (and observe my own performance) the more I realize this is the “real stuff” and fully agree with you. The financial is important too – make no mistake about it – but this is actually what will make or break your success on every level, including financial. And I love the simplicity of it. BTW, I have an upcoming podcast with Cal Newport that will add another dimension to this discussion so make sure to watch for it. Thank you again for adding this thought to the discussion. I really appreciate it.
WOW – AWESOME Podcast!! Thanks, Todd! -Darlene
darlenepeckham Great to hear from you again, Darlene! It’s been a long time. Thanks for taking the time to write and share your thoughts.
This could have been a course in and of itself…I think a system based approach is much better than traditional goal setting….Great Interview
I “just” retired! So this is a new adventure for me! I’m eager to learn!