Rich Habits Word of the Day

Moderation – Constraint, balance. Tom, faced with 13 inches of snow, was determined to shovel until he was done but then remembered the Moderation Rich Habit and decided not to over do it.

Rich Habits Fact of the Day

The Great Blizzard of 1888 – More than 400 people in the Northeast died during the Great Blizzard, the worst death toll in United States history for a winter storm. On March 11 and March 12 in 1888, this devastating nor’easter dumped 40 to 50 inches (100 to 127 cm) of snow in Connecticut, Massachusetts, New Jersey and New York. Huge snowdrifts buried houses and trains, and 200 ships sank in waves whipped up by fierce winds.

Rich Habit Lesson of the Day

With the northeastern portion of the U.S. blanketed in a foot or more of snow I thought it appropriate to reinforce Rich Habit #6: I Will Live Each and Every Day in a State of Moderation. Successful people moderate things in their lives: eating, working, exercising, drinking, smoking, their emotions, shoveling snow. Take it easy out there today as you dig your way out of the snow on this very cold morning. Stick to the one hour rule: shovel for an hour and then rest and warm yourself. Then repeat until done. It could save you from injury.

Rich Habits Word of the Day

Facet – Characteristic. Tom uncovered three facets of all successful people in his Rich Habits study.

Rich Habits Fact of the Day

As Tim Cook, Jobs personally-chosen successor at Apple, has said: “There is no one better at turning off the noise that is going on around him….That allows him to focus on a few things and say no to many things. Few people are really good at that.”

Rich Habit Lesson of the Day

There are three traits that all successful people share:

1. Focus
2. Persistence and
3. Patience

For most wealthy, successful people, these three traits are triggered when they find their main purpose in life, aka Chief Aim in Life. For more on finding your main purpose in life read here: http://richhabits.net/dads-advice-to-his-children-on-finding-a-purpose-in-life-and-on-being-happy/

Rich Habits Word of the Day

Unbiased – Open Minded. Tom’s desire to improve and succeed in life forced him to adopt an unbiased approach to thinking.

Rich Habits Fact of the Day

Although he is the one President who is universally revered among Republicans, Ronald Reagan used to be a Democrat before he changed his party affiliation to Republican in 1962.

Reagan, who was president of the Screen Actors Guild before being elected governor of California in 1966, was fiercely anti-Communist. He supported presidential candidates who shared this view, such as Dwight Eisenhower and Richard Nixon. Reagan even challenged incumbent President Gerald Ford in the 1976 Republican primary. Though he lost that race, he eventually beat President Jimmy Carter in the 1980 presidential election.

As President, Reagan supported other conservative policies like limited government and lower taxes. Despite this, some of Reagan’s previously held Democratic beliefs, such as ridding the world of nuclear weapons, stayed with him throughout his Presidency.

Rich Habit Lesson of the Day

There are many who paint a picture of the wealthy as right wing and conservative leaning. The facts definitely do not support that. In reality, the most successful people in life are moderate in their thinking. Why? Because, the wealthy did not become wealthy by seeing things as black and white. Their intense focus on daily self-improvement is driven by a desire to better themselves. They are more interested in evolving their thinking then forcing it down someone’s throat. This perpetual desire to improve creates an open-mindedness that is critical to their success in life. Being open-minded enables them to digest new information that can change the way they think, positioning them to take advantage of opportunities that present themselves. Those who see things as black and white are unable to evolve intellectually and limit their peripheral vision. They miss opportunities, as a result, and this negatively impacts their ability to make more money. Creating wealth requires a continuous evolution in your thinking and the prerequisite for that is a state of open-mindedness.

Rich Habits Word of the Day

Ideology – Outlook, beliefs.  Tom did not share the ideology that poverty is permanent and he was, therefore, able to change his circumstances in life.

Rich Habits Fact of the Day

According to Thomas J. Stanley’s book, “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy,” only 20% of millionaires inherited their riches. The other 80% are what you’d call nouveau riche: first-generation millionaires who earned their cash on their own. Many millionaires simply worked, saved, and lived within their means to generate their wealth — think accountants and managers: regular people going to work every day. Most millionaires didn’t get their riches overnight when a rich relative died — they worked for the money.

Rich Habit Lesson of the Day

I’ve written about the two schools of thought surrounding poverty. Read here (http://richhabits.net/poverty-by-choice-or-by-circumstance/). There is no questions that, at the margins, poverty can strike randomly. Medical issues are a common denominator that can cause poverty. But for most, medical conditions are self-inflicted (diabetes via obesity, heart disease, lung cancer from smoking).  When you believe you are a victim of poverty it is impossible to break free of it. Victim Thinking is an anchor around your neck that will keep you poor. The fact is, the circumstances that created your poverty are not fixed. Circumstances can be changed. You can end your poverty. It all starts with a thought. The thought is that you no longer desire to be a victim of poverty; that you can change your circumstance. Those who are able to break free of poverty all have one thing in common: Rich Thinking. They change the way they think. They engage in some common techniques: visualization, daily affirmations, proper goal setting, daily self-improvement, sound time management, expanding their means, living below their means and finding mentors. You can find all of these techniques on this blog. They will help you break free of poverty. It all starts with a thought to end your poverty and a belief that you can change your circumstances in life.

Rich Habits Word of the Day

Preceptor – Mentor, teacher.  Tom saw himself as a preceptor to his children in teaching them the Rich Habits.

Rich Habits Fact of the Day

For Laila Ali, there was no doubt that she had big shoes to fill; after all, her father Muhammad Ali did famously declare himself to be “the greatest.” Baseball great Moises Alou followed in his father Felipe’s, as well as his uncles Jesús’ and Matty’s, footsteps by pursuing professional baseball. Even if it’s only your Little League team, having dear old dad as the coach is something many of us can relate to. Playing alongside your dad, on the other hand, is a different experience altogether. But for Ken Griffey, whose talent was perhaps eclipsed by his longevity as a baseball player, and his son, the young phenom Ken Jr., this strange concept became a reality.  In 1990, the year Ken Jr. won the Rookie of the Year award, father and son, both members of the Seattle Mariners at the time, took the field together in the outfield.

Rich Habit Lesson of the Day

We all want the best for our children. We want them to grow up to be happy and successful in life. But it doesn’t just happen. Kids, left to their own devices, will seek the path of least resistance. They’ll shirk their homework for pretty much anything. It is up to Parents to teach their children how to be happy and successful in life. This requires that they instill in their children certain fundamental good daily success habits. For more about this read here:http://richhabits.net/rich-parenting-vs-poverty-parenting/

Parents need to become mentors to their children. Parenting is all about mentoring. Parenting goes way beyond providing children with the basics (food, shelter and an education). If you want your children to grow up to be happy and successful in life you need to become a mentor to your children. For more on parenting and mentoring read here:http://richhabits.net/parents-raise-children-mentors-raise-millionaires/

Rich Habits Word of the Day

Trepidation – Fear. Tom’s trepidation in writing his book ended after the first written word was typed.

Rich Habits Fact of the Day

“Do the thing you fear and the death of fear is certain”, Ralph Waldo Emerson

Rich Habit Lesson of the Day

Fear holds you back from doing what you need to do and is a major cause of procrastination. Fear is also a negative emotion and negative emotions attract poverty and, thus, prevent you becoming financially successful in life.  So when you procrastinate due to fear, you create a domino affect that I call the Poverty Affect. Making a habit of overcoming procrastination is a Rich Habit that will put an end to this costly negative emotion and will attract wealth into your life.