Every Dreamer-Entrepreneur is spurred into taking action by one common powerful positive emotion – Hope.

Hope drives Dreamers to create goals around their dreams. Each goal achieved, gets the Dreamer closer to realizing their dream.

But, along the way, adversity tests the Dreamer and their goals.

On this battlefield, hope retreats one day, temporarily beaten back by adversity. On those days, hope is replaced by uncertainty.

The next day, small victories beat back adversity and, once again, hope reemerges, spurring us on to continue this war against adversity and uncertainty.

Adversity can only be overcome through hard work, daily self-improvement, adopting proven success habits, pivoting, persistence and patience. During this journey through adversity, hope battles adversity on a daily basis until the dream is realized.

If you are a Dreamer, you will face adversity. But adversity forces you to do what you would not otherwise do. It pushes your back up against the wall and helps transform you into the person you need to be in order to realize your dream.

Adversity is both your friend and foe.

My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!

In studies about stress, money issues are omnipresent. Since most people are not rich, money is a common, pervasive stress for just about everyone. According to my Rich Habits research, there are ten common sources of financial stress:

1. Mortgage Debt
2. Credit Card Debt
3. Student Loan Debt
4. Other Personal Debt
5. Saving for Down Payment on Future Home
6. Birth of a New Baby
7. Saving for College for Children
8. Employer Financial Issues:
   • Employer struggling Financially
   • Employer Industry in Economic Turmoil
   • Negative Economy-Related Factors Affecting Employer Finances
9. Unexpected Emergencies
10. Family Financial Struggles

A great majority of individuals have to content with many of these financial stressors at the same time. It’s daunting when you think about it.

So, what can you do to mitigate these financial stressors – what Rich Habits help limit or minimize these financial stressors?

• Automate Debt Reduction
• Automate Savings – Life Event Savings Bucket System
• Have a Life Plan – What is the blueprint for your life?
• Invest in Yourself
  • Formal or Informal Study
  • Pursue Advanced Degrees
  • Pursue Certifications/Licenses
  • Add New Skills
• Gig Economy:
  • Side Hustle to Earn More Money
  • Build Side Business While working FT
• Choose Path to Building Wealth That is Right For You
• Avoid Want Spending
• Avoid Spontaneous/Impulse Spending
• Avoid Emotional Purchases
• Exercise Aerobically & Anaerobically – Numerous studies have concluded that exercise reduces stress
• Find Spouse/Significant Other Who = Partner in Pursuit of Success
  • Similar Beliefs
  • Similar Attitude Towards Family
  • Similar Dreams or Aspirations
  • Similar Desires or Wants
  • Common Clarity or Vision of Your Future Life
  • Similar Positive Mental Outlook
  • Common Hard Work Ethic
  • Shared Expectations for Your Future Life
  • Similar Attitude Towards Honesty or Integrity
  • Humility
  • Similar Attitude About the Importance of Education
  • Similar Attitude About Trust and Fidelity
  • Shared Passion for Recreational Activities
  • Shared Interests
  • Common Morals
  • Shared Financial Goals
  • Shared Family Goals
  • Shared Lifestyle/Standard of Living Goals
  • Similar Risk Tolerance

Reducing or eliminating financial stress is not something that can be done overnight. But it can be done. Start with one Rich Habit and, every year, add one more. Over time, financial stress will begin to melt away as your income and savings increase.

Financial success is just a process.

My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!

Aah, the life of the entrepreneur. Thanks to my Rich Habits Study, I have become somewhat of an expert on what it takes to become a successful entrepreneur.

But, I’m not only a student.

After learning from my research that most self-made millionaires had multiple streams of income, I decided to make some dramatic changes to my life by increasing my revenue streams. Back in 2008/2009, I had one stream of income – my CPA salary. Today, I have four revenue streams: My CPA salary, my financial planning revenue, my book royalties and my speaker fees. Obviously my income is significantly higher now, but the thing that I like second most is that I am no longer dependent on one source of income.

But adding just one revenue stream does require an enormous investment in not only time but oftentimes money. And each revenue stream brings with it a trainload of adversity in the form of obstacles, mistakes, failed initiatives, elusive goals, constant “no’s”, unreturned phone calls, ignored emails, what to do’s and what not to do’s.

Knowing what I know now about being an entrepreneur, I honestly would not wish it upon my worst enemy.

One of the self-made millionaire-Dreamers in my Rich Habits Study described her journey in just five words:  “Invest, Invest, Invest, Invest …. Jackpot”.

What she meant was that it took many years of nonstop investing in her dream before it paid off. The most stressful part of the entrepreneur journey is the uncertainty that it will ever pay off.

But when it does pay off, it typically pays off big. And the beautiful thing about finally turning the corner is that the payoff continues for many years down the road. This continuous large stream of income is the reason why the Dreamer-Entrepreneurs in my Study had accumulated the most wealth of all of the different millionaire-groups that were in my Study – $7.4 million. And that’s an average. There were some entrepreneurs who had accumulated over $20 million in wealth.

For those entrepreneurs out there who are struggling, stay focused. Keep investing. Never quit on your dream. When it does hit, you’ll be grateful you stuck it out.

The persistent eventually get lucky.

My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!

When Dave Ramsey posted my Rich Habits research on his blog (2o Things the Rich Do Every Day) way back in July 2013, it immediately went viral. A prominent CNN blogger posted a scathing rebuke of the article. The Huffington Post put their two cents in, as did the Daily Kos and many blogs around the country. Thousands voiced their approval or disapproval of the article via blog comments.

Clearly, that article hit a nerve.

After the fog cleared, I realized there were two opposing schools of thought surrounding poverty that were driving the controversy and responsible for it going viral.

1. Victim Ideology
2. Self-Reliant Ideology

Victim Ideology

This school of thought argues that poverty is outside your control. You are poor because you are a victim of your circumstances. Individual responsibility, behaviors and habits are irrelevant. Your actions, choices and decisions are irrelevant.

Life simply screwed you and there is nothing you can do about it.

Adherents to the Victim Ideology assert that it’s not their fault that they were born into a poor, broken or dysfunctional family, or that they were raised in a bad neighborhood, or that they chose to work in an industry that happens to pay low wages or that they were simply the victim of random bad luck.

What makes this ideology relevant is that, at the margins (meaning for a small minority), there is some truth to it.

Disabilities, chronic illness and any number of other conditions can and do work against you in a random manner. Unfortunately, proponents of this Victim Ideology extrapolate these exceptions and apply them to the whole population of those struggling with poverty.

Self-Determination Ideology

Advocates for this school of thought believe poverty is the byproduct of individual behavior, poor choices and bad habits. They believe that most everyone has the ability to lift themselves up and alter their circumstances.

The Self-Determinant believe that through hard work, continuous lifelong self-improvement, making good choices, forging Power Relationships and forming good habits, anyone can lift themselves out of poverty.

This school of thought believes those who continuously seek to better themselves and their circumstances, create their own good luck and their own good fortune in life. They also believe those who do not seek to better themselves and their circumstances, create their own bad luck and their own bad fortune.

This ideology believes you are not a victim of your circumstances, but the master of your circumstances.

When Dave Ramsey posted the “20 Things” article it raised the ire of many of those who were firmly ensconced in the Victim camp.

If you were to read any of the blog comments from those in this Victim group, you would have to conclude that they see the poor as good and the rich as evil.

What’s frightening about this Victim Ideology is that it is growing in popularity. You see this Victim mindset rooting itself into society, by the growing number of individuals advocating for Socialism, particularly in America.

This Victim Ideology does nothing to help the poor. In fact, it actually contributes to poverty by rationalizing away individual responsibility for your circumstances in life.

If you are not engaged in daily self improvement, every day, you will not improve your circumstances in life and you will remain poor.

Do not buy into this Victim Ideology. Those who push it either do not know any better or have a hidden agenda to keep the poor, poor.

My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!

As I’ve mentioned often, the self-made millionaires in my Rich Habits Study pursued wealth differently:

1. Saver/Investor Path – Save and prudently invest 20% or more of your income.
2. Big Company Climber Path – Climb the ladder to senior executive in a large, profitable company.
3. Virtuoso Path – Become either a Knowledge-Based or Skill-Based expert in your field.
4. Dreamer/Entrepreneur Path – Pursue a dream that can be monetized.

So, which path is the right path for you?

Saver-Investor Path – Wealth Profile

• Conservative/Passive – Individuals who are typically risk averse or fear taking risk
• Introverted or Not Outgoing by Nature
• Disciplined With Money – Have the discipline to control spending, consistently save 20% or more of their income and who take Educated Risk (do their homework before investing)
• Frugal – Do their homework when it comes to spending their money. When they do spend, they buy high-quality products or services
• Analytical – Willing to do their homework before spending money or investing
• Detail-Oriented –  Like to understand the details before spending or investing
• Even-Tempered – Individuals who are in control of their emotions. As a result, they don’t fall victim to Want Spending, Emotional Spending, Lifestyle Creep or Decision-Fatigue Spending
• Control-Oriented – Seek to control how their money is spent or invested
• Unwilling to Sacrifice Time – Individuals who place a high premium on non-work time and are unwilling to sacrifice family/friend time

Big Company Climber Path – Wealth Profile

• Outgoing and Gregarious
• Aggressive – Individuals who do not allow fear to control their decision-making
• Strong Work Ethic – Willing to work long hours in order to succeed within their company
• Willing to Sacrifice Time – Willing to sacrifice family/friend time in order to climb the company ladder
• Focused on Building Power Relationships – Devote significant time in maintaining and building relationships with decision-makers/Virtuosos within their company
• Personality to Tolerate Big-Company Politics – Individuals who tolerate or even enjoy the jostling for power that takes place within big companies
• Relentlessly Persistent – Individuals who are willing to do whatever it takes in order to climb the ladder of their organization. They will even move their family to another country if it will help them in their career at their company
• Goal-Driven – Individuals who set and pursue goals in order to climb the company ladder
• Industry Virtuosos – Individuals who are experts regarding the industry they work in
• Intra-Company Virtuosos – Individuals who are internal experts regarding everything about the company the work for
• Even-Tempered – Individuals who have total control over their emotions. They don’t let company politics trigger them emotionally
• Street Smart – Individuals who possess common sense. Their intuition is fine-tuned and they rely on it in their decision-making
• Good at Delegating – Happy to delegate important tasks to others
• Good Mentors/Teachers – Willing to invest the time and energy in mentoring others

Virtuoso Path – Wealth Profile

• Strong Work Ethic – Individuals who seek to become the best at what they do and willing to devote significant hours.
• Willing to Sacrifice Time – Willing to sacrifice family/friend time in order to become Virtuosos
• Thirst for Knowledge – Individuals who devote 30 minutes or more every day in growing their knowledge-base
• Intensely Curious – Individuals who love to ask questions and seek feedback from others
• Goal-Driven – Set and pursue goals that will help them grow into Virtuosos
• Diligent in Perfecting Their Skills – Individuals who possess some unique skill and devote three hours a day to perfecting or improving their skills
• Disciplined – Individuals who have the ability to focus to learn for many hours at a time
• Detail-Oriented – Individuals who like to understand the details of anything they engage in

Dreamer-Entrepreneur Path – Wealth Profile

• Aggressive – Willing to take significant risks in the pursuit of their dream
• Outgoing and Gregarious
• Relationship-Focused – Experts at building strong relationships with people they need to help them realize their dream
• Unique Ability to Focus – Individuals who are able to focus on one task for many hours, days, weeks, months or years
• Relentlessly Persistent – Individuals who are unwilling to quit on their dream. They will sacrifice their marriage, social relationships and health, before they sacrifice their dream. They will do whatever it takes to succeed. They will invest their life savings and go into debt in order to keep their dream alive
• Unbridled Optimists – Unwaveringly optimistic, which allows them to pursue multiple goals over many years
• Strongly Passionate – Individuals who love what they are doing and this passion for what they do keeps them going in the face of adversity
• Goal-Driven – Individuals who live and breath goals which help them realize their dreams

My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!

Self-awareness is a Rich Habit. Lack of self-awareness is a Poor Habit.

Only through awareness can you overpower neurologically-based, instinctive urges to spend money. Self-awareness short circuits the neural hard-wiring that causes most to unconsciously spend their money.

In my Rich Habits research, I discovered certain unconscious spending Poor Habits that prevent individuals from accumulating wealth.

Want Spending

Want Spenders spend more money than they make on their wants. They surrender to instant gratification, eschewing saving in order to buy things they want now: 60 inch TVs, nice vacations, expensive cars, bigger homes and jewelry.

Want Spenders routinely gamble away part of their income. They also spend too much money at bars and restaurants. Worse, they incur debt in order to finance their standard of living.

Want Spenders create their own poverty. They are undisciplined with their money. They have been brainwashed by advertisers and a consumerist society into buying things they do not need.

When Want Spenders are no longer able to work due to old age, they live out the remainder of their lives in abject poverty. They become dependent on their children, other family members, friends, the government or the charity of others.

Emotionally-Driven Spontaneous Spending

When you allow emotions to influence your spending decisions, you can fall into the trap of Emotional Spending, eschewing it for savings.

When you are feeling overly optimistic about your future income, you can fall into the trap of spending money you have or spending future money you expect to receive by using debt.

When you feel sad or depressed, emotional purchases can act like a temporary salve, lifting you temporarily from sadness.

The remedy is to be constantly vigilant regarding your emotions. Be like Spock – control your emotions. This keeps your prefrontal cortex in control of your brain.

Decision-Fatigue-Driven Spontaneous Spending

Everyone has about 3 hours of Willpower Energy. Willpower Energy is greatest after a good night’s sleep. When willpower is high, your prefrontal cortex is in complete control of your brain. When willpower is low, you lose discipline over your spending.

This is why supermarkets place products at the checkout lines. They know that you have depleted your Willpower Reserves, and that you are suffering from Decision Fatigue. Their hope is, in your weakened state, you’ll make a spontaneous purchase. The remedy is to shop immediately upon waking up from a night’s sleep, after taking a nap or after a light meal. These three things restore your willpower reserves.

Lifestyle Creep

When you increase your spending to match your increased income, you are falling victim to Lifestyle Creep.

Lifestyle Creep is typically incremental. You incrementally increase your spending, as your income rises, without consciously realizing it.

The remedy is to fix your savings rate. Example, saving 20% of your income, always. This acts as a buffer, preventing you from spending too much and keeping you on track with growing your wealth.

Supersizing Your Life

When Connor McGregor fought Mayweather in 2018, he received a $30 million guarantee. Upon receipt of his guaranteed money, he purchased a $17 million yacht. Because he didn’t have enough money left over from the guaranteed money to pay his income taxes, he had to withdraw money from existing wealth to pay the tax man.

Supersizing Your Life is driven by excessive optimism driven by a sudden increase in income or wealth. Example: large bonus, significant raise, inheritance, etc.

The remedy? Same house, same spouse, same car. Refuse to upgrade your life when your income or wealth rises significantly. Have a plan and stick to it.

My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!

In my role as a CPA and CFP I have the honor of advising many clients in matters of personal finance, taxes, insurance and wealth creation. Some clients are wealthy but most are just getting by.

According to the IRS, only about 5% make enough money to be considered financially independent or wealthy. Ninety-five percent, therefore, are just getting by and have difficulty meeting their financial obligations in life.

When I am interviewed by the media, I am often asked the same question: “What do wealthy people do to become wealthy?” My response is – “They create their own good luck”.

But how can you create good luck?

Before I answer that question we need to understand luck. There are four types of luck:

1. Random Good Luck
2. Random  Bad Luck
3. Opportunity Good Luck and
4. Detrimental Bad Luck

Random Good Luck

This is a type of luck that no one has control over. It’s like winning the lottery, an inheritance from an old relative you didn’t even know you had or being born into a rich family.

Random Bad Luck

When people say they have no luck, they usually mean they have no good luck. The fact is, we all experience luck in our lives. Unfortunately, sometimes it’s random bad luck. Getting hit by lightening, your employer going bankrupt, being born with color blindness or growing up in Rwanda in the 1990s are all types of Random Bad Luck.

Opportunity Good Luck

This is the type of good luck that the wealthy create.

How?

They do certain things every day that create the opportunity for good luck to occur in their lives. I call these certain things, Rich Habits. The Rich Habits are various habits that self-made millionaires either learned from a parent, mentor or through the school of hard knocks. They are habits that put the pursuit of success on autopilot. Each Rich Habit is like a snowflake falling on a mountainside. Over time, these snowflakes build up until one day you experience an avalanche of good luck. This might be a raise, promotion, bonus, new job, big client/customer, etc.

Detrimental Bad Luck

This is a type of bad luck most of the non-rich create.

How?

They do certain things every day that manifest this bad luck. I call these certain things, Poor Habits. These Poor Habits are picked up at home, from parents, from friends in the neighborhood or by following the wrong people. Each Poor Habit is also like a snowflake on a mountainside. Over time, these snowflakes build up until you experience an avalanche of bad luck. This might be a heart attack, getting fired from your job, or bankruptcy.

Because many of the Rich Habits are Keystone Habits, adopting just one can help you automatically eliminate two or more Poor Habits, which are overwhelmed by each Rich Habit you forge. As you adopt more Rich Habits, those good habits will eventually create the opportunity for good luck to occur in your life.

So, in a sense, when you adopt Rich Habits, it’s like hitting a double in baseball – not only do you help create Opportunity Good Luck, but you also help reduce Detrimental Bad luck, through the elimination of Poor Habits.

The Rich Habits are like little miracle workers. They not only help improve your life, they also help change your luck.

My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!

Rich or poor, everyone faces common problems. I spent many years studying the rich and the poor in my Rich Habits Study and I found that there were twelve frequent big problems almost everyone has to contend with:

1. Health Problems
2. Financial Problems
3. Family Problems
4. Neighbor Problems
5. Home Repair Problems
6. Car Problems
7. Addiction Problems
8. Job Problems
9. Relationship Problems
10. Death or Disability Problems
11. Time Management Problems
12. Weather Problems

These are all common problems. And these problems create unhappiness for anyone affected by them. The big difference between the rich and the poor, is that the rich are able to easily overcome and eliminate most of these problems and thus, eliminate the unhappiness those problems create.

When I analyzed my study data, I discovered that, out of all of these modern day problems, the rich really only struggle with five:

1. Family Problems
2. Health Problems
3. Time Management Problems
4. Death or Disability Problems and
5. Weather Problems.

If you do the math, that’s only forty-two percent of life’s problems that the wealthy have to contend with. Or, looking at it another way – being rich eliminates fifty-eight percent of life’s major problems.

Let’s delve into this in a little more detail.

#1 Health Problems

According to my Rich Habits Study data, seventy-six percent of the rich do some form of cardio exercise every day for about thirty minutes. The science on the health benefits of cardio exercise is clear – cardio exercise improves your health and extends your life. But what about cancer? Cancer is fairly democratic in that it plagues the rich and the poor alike. However, studies indicate that a poor diet increases the risk factors associated with cancer. According to my Study, the rich and the poor had very different diets. The rich ate significantly less junk food, consumed significantly less alcohol, avoided fast-food restaurants, and consumed far less sugar than the poor did. On top of all this, the rich have the financial means to secure the best medical care, in the event something does go wrong. Nonetheless, although the rich can afford to find the best medical care available, their money cannot eliminate health problems from occurring.

#2 Financial Problems

The only financial problems the rich have, involves managing their money and investments. One hundred percent of the rich in my study owned their own home and eight-four percent had no mortgage.

#3 Family Problems

Rich or poor, we cannot control family problems. Having a family means you will deal with a whole host of family issues.

#4 Neighbor Problems

The rich have the luxury to pick their neighbors. They can afford to find the best places to live. And if they decide they can’t tolerate their neighbors, they have the financial ability to move to a better neighborhood.

#5 Home Repair Problems

If the central air conditioning system breaks, the rich have the money to fix it immediately. When it comes to major repairs, the only issue for the rich is how fast the electrician, plumber, or carpenter can get the job done. There are no financial concerns for the rich when something goes wrong with their home.

#6 Car Problems

If something goes wrong with their car, the rich can afford to get it towed to a repair shop or simply buy a new car.

#7 Addiction Problems

Drugs are a blight on society. No one, not even the rich, can escape this blight. The big difference is that the rich can afford to send themselves, their spouse or their children to the best and most effective rehabilitation centers. The rich have the financial resources to secure the best care in dealing with addiction problems and, therefore, a better chance of eliminating it.

#8 Job Problems

According to my Rich Habits Study data, eighty-six percent of the rich like or love what they do for a living. Because they like or love what they do for a living, they do a better job. They have no fear of being fired because they either own their own business (fifty-one percent of the rich in my study owned their own business) or they are a decision-maker where they work (ninety-one percent in my study were decision-makers), meaning they do the hiring and firing.

#9 Relationship Problems

According to my data, relationships are the currency of the wealthy. The rich surround themselves with other like-minded people who share their goals, dreams, values, thoughts, morality and virtues. They devote an enormous amount of time to managing their relationships and they make a habit of avoiding toxic relationships. Plus, because they are rich, they are treated differently by others. The non-rich, banks, non-profits and many individuals and organizations know that the rich can help them both financially and through their powerful relationships. As a result, the rich are often treated with kid gloves, in the hope that the rich may help them in some way.

#10 Death/Disability Problems

Death or disability can happen to anyone at any time, rich or poor.

#11 Time Management Problems

Sixty-five percent of the rich in my Rich Habits Study had at least three sources of income to manage. As a result, the rich are constantly pressed for time in managing their revenue streams. Plus, according to my Study, ninety-one percent of the rich were decision-makers where they worked. Responsibility follows decision-makers wherever they go, even on vacations. Time management is, therefore, a constant problem for the rich.

#12 Weather Problems

Do I need to even address this? Weather affects everyone, rich or poor.

When you are rich, you can eliminate common, everyday problems and thus, eliminate the unhappiness associated with those problems. When you are poor, these problems linger and often create long-term unhappiness. So, the next time someone tells you money can’t buy happiness, don’t buy what they’re selling.

Far too many have been indoctrinated into the belief that the pursuit of wealth is evil or bad. This belief is a negative or limiting belief and it will hold you back from pursuing wealth. Wealth is good because wealth reduces life’s everyday problems.

My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!

As I’ve written often, there are four paths to wealth:

1. Saver/Investor Path – Save and invest 20% or more of your income.
2. Big Company Climber Path – Climb the ladder to senior executive in a large, profitable company.
3. Virtuoso Path – Become either a Knowledge-Based or Skill-Based expert in your field.
4. Dreamer/Entrepreneur Path – Pursue a dream that can be monetized.

For those who have chosen the Saver-Investor Path and/or the Big Company Climber Path, the accumulation of debt will make building wealth nearly impossible. So, if you are on either of those two paths, debt is and always will be Bad Debt.

For those on the Virtuoso or Dreamer Path, however, using debt to acquire knowledge/skills or start a business is almost always necessary and can actually be critical to building your wealth.

Virtuoso Debt

Roughly 19% of the participants in my study chose this path. Virtuosos are among the best at what they do in their profession. They are paid a high premium for their expert knowledge or expert skills, which sets them apart from the competition.

It took the Virtuosos in my study about 20 years to reach an average net worth of $4 million. Some worked in the medical field, while others worked in law. A handful either worked for large, publicly-held corporations, or they were small business owners with highly profitable enterprises.

Virtuosos aren’t born, they are made.

Knowledge-based Virtuosos devote at least three hours a day, for many years, studying/learning in order to accumulate expert knowledge. Formal education, such as advanced degrees, is usually a requirement for Knowledge-based Virtuosos, which requires a significant expenditure in not only time, but money.

Skill-based Virtuosos spend about four hours a day, for many years, engaged in Deliberate and Analytical Practice in order to acquire, maintain and perfect their skills. Continuous practice, coaching and mentoring, is usually a requirement for Skill-based Virtuosos. Practice facilities, coaching and mentoring often requires a significant expenditure in time and money.

Not everyone has the time or money to become a Virtuoso. If you have the time, but lack the money to become a Virtuoso, debt is often the only means to acquire the money you need to gain Virtuoso knowledge or skills.

Virtuoso Debt is Good Debt in that it helps finance the creation of an income-producing asset (you), which pays financial dividends for the rest of your working life.

Dreamer Debt

Approximately 28% of the folks in my study were Dreamers, and they accumulated the greatest amount of wealth among all of my Rich Habits millionaires – an average net worth of $7.4 million, over a period of about 12 years.

This is perhaps the hardest path to building wealth because it requires the pursuit of a dream, such as starting a business, becoming a successful actor, musician or author.

Dreams must be funded. For those not born into wealth, which is most, the pursuit of a dream requires money. And, like Virtuoso’s, Dreamer’s often have no choice but to fund their dream with debt.

Dreamer Debt is Good Debt because it allows them to create an income-producing asset (their dream/business) which pays financial dividends, that can extend beyond their lifetime.

My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!

Hope is critical to success and it is a Rich Habit, but only if hope is riding on the shoulders of action.

And that action must be directly tied to your dreams and goals. Such goal-directed action keeps you moving forward, in a focused, deliberate manner, toward the achievement of your goals and the realization of your dreams.

Hope, without action is no strategy.

However, hope, with action, is the formula for success. And when that action is transformed into habits, that is when you put the pursuit of success on autopilot.

Dreams and goals can only be transformed into reality through action. With action, hope becomes a powerful tool that keeps you motivated in the pursuit your goals and dreams.

Without action, hope is useless.

My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!