It may have taken a while for wealthy and successful individuals to get to their place in life, but it all started with some tiny habits.
Money is tied to almost all of our decisions, and it’s those minuscule daily choices that can snowball into big success (or failure). The good news is that you can get started on the track to billionaire status in just five minutes a day.
Here’s how to get started:
Track your spending
The only way to truly build wealth is by investing, and that won’t happen on a larger scale if you don’t know where your paycheck is heading.
Think of it like stepping on a scale: it might not be the most fun thing to do, but you have to get a sense of where you are now to move forward and progress. So for just five minutes (most likely even less), you’re going to adopt one of the habits of wealthy by tracking how much money you spend daily and monthly, and whether it’s going towards wants, needs, or your financial future. Once you have a clear sense of this, it’s time to improve – which brings us to our next point:
Save (and invest) money like clockwork
In terms of financial success, one of the habits of the wealthy you can instantly adopt is to automate your savings. Even if we intend to save our money, we’re only human, and sometimes we forget or spend more money than we realize. However, if you automate your savings, that money is instantly tucked away where it’s harder to spend carelessly, and easier to use for investing or bettering your financial future.
If you’re not sure how much money to set aside, financial expert Senator Elizabeth Warren, suggests using the practical 50-20-30 rule, which calls for categorizing spending and allocating 50% of your income on needs, 30% on wants and activities, and 20% on bettering your financial future (like investing).
Practice being mindful
At its base roots, mindfulness meditation is essentially taking the time to slow down and become aware of your present surroundings (instead of your next deadline) while practicing deep breathing. Science says just 5 minutes of this can lead to reduced stress, increased productivity, and even a wealthy mentality.
Take 5 minutes to work on yourself
One thing the separates the incredibly rich and prosperous from the rest of us is how they utilize their down time for self-improvement. That’s why everyone from Oprah Winfrey to Bill Gates swears by taking time out of their busy days to learn new things and improve.
So adopt these habits of the wealthy by finding some time in your day to read a book, listen to a podcast or write a blog – it might not seem like a big deal at first, but the results will amaze you.
Be uncomfortable for 5 minutes every day
As Eleanor Roosevelt once said, “Do one thing every day that scares you.”
Wealthy entrepreneurs and powerful executives didn’t get to where they are by living inside their comfort zone. For many of us, risk isn’t something we’re comfortable with, and that’s why taking five minutes out of your day to try something new is so important. Doing this on a regular basis trains your brain to be okay with a challenge or to feel comfortable with putting yourself out there, even if the result is failure.
This could be as simple as trying a new food, asking for help, talking to a new person, or requesting feedback from a peer. It could be something bigger like investing your money or learning how to say “no.”
Take 5 minutes to share your habits
Do you have any quick habits that have boosted your wealth and success? Take a few minutes to share them with The LTH Tribe.