Sorry Warren, There is No Age Limit on Habit Change

July 7, 2017 by 1 Comment

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I love interacting with my followers/subscribers. I pay very close attention to every email I receive from them. One of my subscribers asked the following question, which I think is important enough to address:

I just saw a YouTube video of Warren Buffet. He is speaking to students. He is claiming, that habit changing is only possible when you are young. What is your opinion about that?

My Response

Tks for your email XXXX. Unfortunately, Warren Buffet is wrong.

Like you, I admire Warren Buffet. He spent years, single-mindedly focused on ONE THING – finding undervalued companies.

His mentor, Benjamin Graham, was his professor in college. Graham wrote a famous book called The Intelligent Investor. I’ve read this book. It teaches many fundamental principles about investing. Perhaps Graham’s greatest contribution is his expertise in identifying undervalued companies. Warren Buffet spent his entire adult life honing this one singular skill. Buffet is an expert in value investing, mentored by the world’s greatest value investing expert, Benjamin Graham.

I’ve studied Warren Buffet and from all of the books I’ve read, Buffet devotes 8-12 hours every day perfecting his one amazing, great skill – value investing. He admits that he devotes little to no time on anything else, such as the neurology behind habit formation.

So, let me clear things up a bit regarding habit formation.

Habits are formed when neurons repeatedly communicate with each other. This is called a synapse. Given enough time (average of 66 days according to the famous University College London habit study), the Basal Ganglia will take notice of this synapse and, when it does, it will send one of its many long dendrites up to the synapse and anchor it in the vicinity of those neurons. When it does this, these neurons become marked by the basal ganglia as a permanent habit. Age has nothing to do with this process. You don’t stop forming synapses until you die or the brain shuts down. You can form new synapses and new habits well into your 70’s, 80’s or for as long as you and your brain remain healthy and alive.

In today’s fast-paced, highly technologically-driven culture, anyone can voice their opinion. We see celebrities opining about topics they have little to no knowledge or real-world experience in, and this is dangerous.

Just because someone has celebrity, does not mean they have any idea what they are talking about. Actors are expert at acting. Singers at singing. Basketball and football players are professionals in their respective sports. And Warren Buffet is an expert in value investing.

As a rule, ignore celebrities when they are sharing their opinion about anything, unless you know for certain that they have devoted their lives to honing their expertise in the thing they are opining on.

Filed Under: Daily Success Tips

Make Your Company Want to Give You More Money

July 6, 2017 by 1 Comment

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I’d like to dispel a common myth – not every self-made millionaire is an entrepreneur or business owner. Many of them made their millions working for someone else.

Thirty-nine percent of the self-made millionaires in my Rich Habits Study became rich working for some employer. Typically, these employers were large, multi-national corporations whose stock was listed on some stock exchange.

In my research, I discovered that these self-made millionaire-employees were always the first in line for raises, bonuses and promotions. Here’s why: [Read more…]

Filed Under: Featured Articles

How To Get Back On Track

July 6, 2017 by Leave a Comment

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Life has a way of throwing wrenches into our routines.

For the past 30 days, I’ve been traveling quite a bit. My normal routine is to wake up at 4:30am to read, write, exercise and engage with my followers on social media. But that was sometimes hard during the past 30 days. Fortunately, I happen to be somewhat of an expert on habits and so I put my research to the test. Here’s what I did to stay on track:

  • Strategically Cheat – I knew there would be certain days I would not be able to stay on track with my Rich Habits routine. So, on my calendar, I planned out my cheat days – the days I would not engage in my daily Rich Habits. Putting those Cheat Days on my calendar notified my brain that I would be cheating on certain days. This helped me psychologically – it gave me breathing room to cheat and at the same time it set a time limit on my cheating.
  • Small Steps – When you go off track with your routine, it’s critical to get back on track. The best way to do this is to take small steps back into your routine. For example, just last week I was at the airport at 5am for a 7am flight. I was unable to run that morning. So, the next morning I limited my running to 20 minutes, instead of the 4-6 miles I normally run. Two days later I had to drive twelve hours to New Orleans. No running that day either. So, the following day, I ran 20 minutes. Two days later I was on another early morning flight back home and could not run that day either. So, the next day I ran 20 minutes. Yesterday, I ran 7.5 miles and I am now back on track with my exercise routine. Small steps keep you in the game. Small steps keep you motivated.
  • Deplete Willpower Reserves on Recovery Days – When you fall off your routine, it can be hard to get back on track. But it’s only hard for a little while. For example, two days ago was my first full day back to my non-travel “normal” life. Waking up Monday at 4:30am took superhuman effort. But I did it. By the time I was done with my “normal” Rich Habits routine, I felt exhausted. I had completely depleted my willpower reserves. The following day, however, I got up at 4:30am without blinking an eye. I read, wrote, exercised and engaged with my followers on social media. I was back on track.

If you are trying to transform your life by engaging in certain daily habits that will lead to wealth, good health, success and happiness, you must accept the reality that life will throw wrenches into your good habit efforts. By Strategically Cheating, Small Stepping it back into your routine and depleting your Willpower Reserves on Recovery Days, you will stay on track.

Success is a journey and your habits are your transportation system. Stay focused on your Rich Habits. They will take you where you want to go.

Filed Under: Daily Success Tips

I See Aging People

July 5, 2017 by Leave a Comment

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I come from a big family. On both sides of the aisle, mine and my wife’s, we have over 200 close relatives. We also have a large network of close friends and acquaintances.

I recently turned 56. As you get up there in age, you begin to think about your mortality. My recent focus on my mortality has opened my eyes to something that bothers me a great deal – far too many of those I love seem to be aging more than others. The ones who are showing more wear and tear have a few things in common:

  • The don’t exercise on a daily basis
  • They eat in excess
  • What they eat is unhealthy
  • They are overweight by 30 pounds or more
  • They smoke cigarettes
  • They drink too much alcohol
  • They have lazy minds – they don’t read a lot
  • They seem to lack motivation or seem to be bored with life
  • Their health is starting to fade – hearing problems, high blood sugar, difficulty walking, back problems, breathing problems, high blood pressure, liver issues, digestive issues, frequently sick, etc.
  • They have more wrinkles

Conversely, I’ve also notice that there are a few, not many, who seem to have defied aging and they also have certain things in common:

  • They don’t eat a lot of food
  • They exercise aerobically every day
  • They lift weights
  • They eat healthy
  • They don’t smoke
  • They drink alcohol in moderation
  • They are thin and muscular
  • They have active minds – they are voracious readers
  • They are highly motivated and excited about life
  • They have a youthful glow about them

It’s jarring to see the ones you love aging before your eyes. It’s clear to me that your daily habits show up in the mirror. The good news is that you can change that reflection by changing your daily habits. You will age, but how quickly will you age? It all depends on what you do right now. Will you allow your poor daily habits to shorten your longevity? Or, will you take control of your life and slow the aging process down by changing your daily habits? 

Filed Under: Daily Success Tips

Rich Health Habits For Your Arteries

July 4, 2017 by 1 Comment

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Arteries are blood vessels that carry oxygen-rich blood from the heart to your body. When arteries get clogged, blood flow is reduced, depriving your body of oxygen-rich blood. Over time, arteries can become so clogged, that a stroke will result.

Types of Arteries:

  • Carotid Arteries – Arteries that carry oxygen-rich blood to the brain. Symptoms: Breathing problems, sudden weakness, confusion, severe headaches, loss of consciousness, blurry vision, trouble with speech,, dizziness, unexplained falls, and loss of coordination or balance.
  • Coronary Arteries – Arteries that carry oxygen-rich blood from the heart. Symptoms: chest pain (angina), pressure in chest, jaw, arms, shoulders or back.
  • Renal Arteries – Arteries that carry oxygen-rich blood to the kidneys. Symptoms: loss of appetite, nausea, tiredness, concentration problems, numbness, itchiness and swelling of feet or hands.
  • Peripheral Arteries – Arteries that carry oxygen-rich blood to arms, legs and pelvis. Symptoms: pain or numbness in arms, hands, shoulders, mid-section of body.

The buildup of plaque in these arteries is known as atherosclerosis, or hardening of the arteries. Plaque narrows these arteries, making it difficult for blood to flow inside these arteries, leading to damage of the endothelial cells that line the arteries.

How to Reduce Plaque in Your Arteries

While the exact cause of clogged arteries is still a mystery, there are certain things you can do to reduce plaque:

  • Aerobic Exercise – Forces widening of the arteries by increasing the volume of oxygen-rich blood that flows throughout all of your arteries.
  • Tumeric – The primary polyphenol in turmeric called cur cumin has cardioprotective effects on your arteries by reducing LDL (bad cholesterol). Always take turmeric with pepper.
  • Garlic – Studies have shown that garlic can help unclog your arteries.
  • Ginger – Ginger has anti-inflammatory effects and anti-oxydative effects. Ginger has artery-protective compounds such as likeshogaols and gingerols, which act to reduce plaque buildup inside your arteries.
  • Cayenne Pepper – The compound capsaicin, found in cayenne pepper has been found to help unclog arteries. Cayenne pepper has also been found to lower your risk of stroke or heart attack.
  • Lemon Juice – Drinking lemon juice every morning is a Rich Habit that will help reduce blood cholesterol levels and prevent oxidative stress.
  • Vitamin C – High doses of vitamin C have been found to strengthen arteries, reduce total cholesterol, increase LDL levels (good cholesterol) and reduce inflammation.
  • Cinnamon – In a 2003 study published in the journal Diabetes Care, one gram or more of cinnamon was found to lower triglycerides, LDL, and total cholesterol in the arteries.
  • Ground Flaxseed – Helps unclog arteries with its high fiber content. Also helps to keep arteries free from plaque. by 46%.
  • Fermented Cabbage – Also known as Kimchi, this Korean recipe of fermented cabbage and hot peppers was found to slow the atherosclerotic process that leads to clogged arteries.
  • Sesame Seed – The fatty acid content of sesame seeds was found to help reduce progression of atherosclerosis, reduce overall blood cholesterol, reduce triglycerides and LDL.
  • Pomegranate Juice – The punicic acid in pomegranate juice is an antioxidant that helps reduce plaque formation, unclogs arteries and contains nutrients for good heart health, such as magnesium and selenium.

Your daily health habits can either keep your arteries free from plaque buildup or contribute to it.

Filed Under: Daily Success Tips

Rich Habits Poor Habits Episode 33 | 7 Shocking Differences Between Habits of Men and Women

July 1, 2017 by Leave a Comment

Forty percent of the time you are on autopilot.group-464644_1920

And habits, are the reason you live on the beach in a big house or in a slum in the inner city.

Habits are why you’re able to send your kids to the best private schools or must settle for public schools.

Habits dictate your financial circumstances in life and your happiness or unhappiness.

In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered that certain habits that separate men and women.

Here’s a sampling of 7 major habit differences from his research:

1. Gambling

Women gamble less than men.

Not only do fewer women gamble, but for the women who do gamble, they gamble less frequently.

2. Risk Tolerance 

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 Men have a higher risk tolerance than women.Men are by nature hardwired to be more aggressive than women.

This aggressive nature gives men a higher risk threshold.

This is a good thing and a bad thing.

A low risk tolerance is a good thing when it comes to making big purchasing decisions.

Women are more apt to study the details of a major purchase than men.

The devil is always in the details, so understanding the details can save you from making a big purchasing mistake.

3. Reading

Women read more than men.

That’s the good news.

The bad news is that women read more for entertainment.

Men, conversely, read more for learning and self-improvement.

4. Communication 

Women are better communicators than men.

In fact, the average woman speaks 7,000 words a day compared to 2,000 for men.

Good communication is a Rich Habitman-791049_1920

. Miscommunication damages relationships, businesses, negotiations and can lead to mistakes and failure.

Because women are better communicators, they are better at seeking feedback.

Feedback is critical to understanding what to do and what not to do.

Good feedback minimizes mistakes and reduces the probability of failure.

5. Creativity

Men are more creative than women.

This is physiological.

Men have a smaller corpus collosum.

The corpus collosom is the bundle of neural never fibers that separates the right hemisphere of the brain from the left.work

Recent studies on creativity have shown that those with a smaller corpus collosum are hardwired for greater creativity.

6. Organizational Skills 

Women have greater organizational skills than men.

Because they pay more attention to details and are more cautious by nature, they tend to do more planning.

This makes them better organized when it comes to facts then men.

7. Money 

Women are better at saving money.

They are more cautious with their money.

They comparison shop to get the best deals.

They look for discounts.

 

 

Filed Under: Featured Articles

Are You Proud of You?

June 30, 2017 by Leave a Comment

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When you look in the mirror are you proud of the person you are or of the person you are becoming?

One of my old friends, who eventually became a deca-millionaire, told me that it was his mirror that told him he was on the wrong path in life. He said that when he used to look in the mirror, he would see a zombie – someone who was just going through the motions, existing. He hated looking in the mirror.

Eventually, he became so disgusted looking in the mirror that he decided to change what he was doing in life. His major change required that he pursue a dream he had been burying for some time. The pursuit of this dream disrupted his family because it involved risk and sacrifice. But, once he embarked on his dream, the reflection in his mirror changed. He began to see someone of significance. Someone he respected and admired.

The Mirror Test is a way to help you identify if you are on the right path in life. When you are on the right path in life, when you are pursuing something that challenges you every day and fills you with passion, it shows up in the mirror. You begin to like what you see in the mirror.

Filed Under: Daily Success Tips

What’s Your Strategy for Success

June 29, 2017 by 1 Comment

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Are you following any strategy for success? Don’t worry, most aren’t. And that’s the problem. You see, success, and the wealth success creates, is just a process.

Here are some questions intended to help you jump start and create your own personal strategy for success:

  • Which path towards success are you following: Path #1 = Pursuit of a Dream or Path #2 = Living Below Your Means (saving money and investing that money)?
  • Do you have a vision of your ideal perfect life?
  • Is your vision in writing?
  • Do you have daily habit goals?
  • Do you have any dream goals you are pursuing?
  • Do you have a To-Do list with your daily habit goals listed?
  • Do you block off time every day to pursue your habit goals or dream goals?
  • Are you pursuing growth every day by reading to gain knowledge or by practicing and perfecting some skill set?
  • What specific relationships are you trying to develop that will help you realize your dreams and goals?

These questions are intended to cause an itch that you feel compelled to scratch. Not having a success strategy means you are not pursuing success. And not having a strategy for success lumps you in with 95% of the population. And that’s not where you want to be.

Filed Under: Daily Success Tips

No-Nonsense Financial Advice From a Seasoned Financial Advisor

June 27, 2017 by 1 Comment

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My best friend, Bill King, is 11 years older than me. Like me, he’s a CPA and a CFP. When I was just starting out in my career, Bill gave me the best financial advice I ever heard. [Read more…]

Filed Under: Daily Success Tips, Featured Articles

Dreams Make the Best Chauffeurs

June 27, 2017 by Leave a Comment

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A little boy, hooked on science fiction books, had a dream of one day going to Mars. Today, this little boy runs SpaceX. SpaceX made history in 1998 by being the first private company to send a rocket into space. This little boy’s name was Elon Musk.

Another little boy dreamed of being the best golfer in the world. He lived and breathed golf every day. His dreams were filled with visions of winning golf tournaments and lofting trophies over his head. By age 24 this little boy had won 17 PGA tournaments. That was back in March of 2000, a record that still stands to this day and is unlikely to ever be broken. That little boy was Tiger Woods.

A short, undersized boy, with a speaking impairment entered Kent College. He had a dream of one day becoming a college football coach. No one in his family had ever gone beyond high school. In 1988 Notre Dame finished 12-0, having beat Miami (then #1), USC (then #2) and West Virginia (then #3). That short, undersized boy with a lisp, was Lou Holtz.

When you take action on your dreams, you will be flooded with passion. That passion allows you to break through any obstacle, overcome any adversity and take you anywhere you want to go.

Dreams make the best Chauffeurs.

Filed Under: Daily Success Tips
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