Roy Baumeister is a renown behavioral psychologist whose studies are revolutionizing our understanding of willpower. According to Baurmeiser, author of Willpower, the only sure fire way to stick to a new good habit is through tracking.

In one of his many experiments, Baumeister tracked individuals who were trying to lose weight. One group tracked their daily calories, either in a journal or using some software or app and also weighed themselves every day. The second group did not track their calories and weighed themselves once a week.

In the first group, twice as many individuals lost weight vs. the first group. The first group essentially doubled their success in losing weight by simply tracking calories every day and by stepping on the scale every day.

Tracking acts like an accountability partner. It forces you to confront, on a daily basis, the thing you are tracking. Tracking can be applied to any new good habit you are trying to forge.

For example, if you journal, or use some tracking system to detail your exercise activities (miles, reps, time spent, etc.), you double your chances of sticking to the exercise regimen.

Reading to learn every day, another Rich Habit, can be tracked by documenting how much time you spend reading each day.

You can even use the latest technology to track how much healthy food you eat each day, how many steps you take each day using Fitbit, or you can download apps to help you track any new habits you are trying to adopt.

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There are four paths to creating wealth:

1. Saver-Investor Path
2. Big Company Climber Path
3. Virtuoso Path
4. Dreamer-Entrepreneur Path

The Saver-Investor Rich Habits include the following:

• Frugal Spending – Frugal does not mean cheap. Frugal means spending your money on the lowest price, highest quality product or service available.
• Saving 20% or more of your income.
• Bucket System for Your Savings – Identifying specific savings priorities and devoting a percentage of your savings to each bucket: Wedding, First Home, Emergency Fund, College Savings, Building Wealth by Prudently Investing Your Savings, Retirement, etc.

There are many other Rich Habits for Saver-Investors. In my soon-to-be-released book, Effort-Less Wealth – Smart Money Habits For Every Stage of Your Life, I share all of the Rich Habits that virtually guarantee at a minimum, financial independence and possibly even make you wealthy.

Saver-Investors have a life plan that they follow which puts financial success on autopilot. Because they follow a plan, they are able to automatically build wealth. Their investments appreciate, dividend income accrues and interest income on those investments grows automatically. So, in a sense, their wealth is compounding and growing, even when the are asleep – making them eight hours richer every time they wake up.

For those who live beyond their means, the interest on their debt continues to grow while they are sleeping. So, in a sense, every time they wake up, they are eight hours poorer.

If you want to build wealth the easiest way possible, the Saver-Investor Path is the way to go. But it all starts in the same place for everyone – paying yourself first and living off what’s left. When you make a decision to save first, you force yourself to reduce your cost of living, allowing you to live below your means. Then you can put your savings to work by prudently and consistently investing your savings, so that it can grow – even when you are sleeping!

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We’ve all heard about to-do lists. The best to-do lists incorporate daily activities that help move you forward in life towards accomplishing your goals and realizing your dreams.

But you probably never heard of a to-don’t list.

A to-don’t list is equally as important as a to-do list. A to-don’t  list includes things you should never do because they are either time wasters, bad habits or activities that throw a wrench along your path and which prevent you from moving forward in the pursuit of your dreams and goals.

A typical to-don’t list might include the following:

• Don’t watch more than 1 hour of TV today – Time-Wasting Habit.
• Don’t waste time today on Facebook, Twitter, YouTube, etc. – Time-Wasting Habit.
• Don’t envy anyone today – Envy Fosters a Negative Mindset – Negativity impairs: clear thinking, problem-solving, creativity and decision-making.
• Don’t make any impulse purchases today – Poor Money Habit.
• Don’t gossip today – Toxic Trait – Impairs relationships and destroys trust.
• Don’t gamble today – Poor Money Habit.
• Don’t drink in excess today – Poor Health Habit. Also impairs: clear thinking, problem-solving, creativity and decision-making.
• Don’t lose my temper today – Toxic Trait – Impairs relationships.
• Don’t ignore my family today – Misplaced Value-System – Family should be your #1 Priority. Your priorities = your true values.
• Don’t read negative news articles today – Fosters a Negative Mindset – Negativity impairs: clear thinking, problem-solving, creativity and decision-making.
• Don’t procrastinate today – Poor Habit – Damages business relationships.
• Don’t ridicule anyone today – Toxic Trait.
• Don’t hate anyone today – Toxic Trait.
• Don’t smoke a cigarette today – Poor Health Habit.
• Don’t be negative today – Negativity impairs: clear thinking, problem-solving, creativity and decision-making.

To-don’t lists are just as important as to-do lists. For those who have too many bad habits, they may be more important. To-don’t lists help keep you AWARE of the things you should not be doing. Awareness is critical to change.

To-do’s, while a great success tool, only get you half way towards being successful. To-don’ts take you the rest of the way.

What would be on your to-don’t list?

Take your life to the next level. Start a to-don’t list today.

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!

Most are completely oblivious to their own behaviors, habits and thinking as well as conversations of others, actions of others and their surroundings. Study after study has been conducted regarding this and they even came up with a phrase to describe it – Inattentional Blindness.

The main cause of this Inattentional Blindness is the brain’s inability to multi-task – to consciously do two things once.

For the most part we are only able to focus on one thing at a time. Everything else simply fades away, ignored by our conscious mind. Our brain’s Reticular Activating System (RAS), together with the Insular, blocks all sensory input, other than that input needed to complete the task at hand. This RAS/Insular gatekeeper will only deviate from this filtering function when something unexpected or novel comes to its attention.

For example, you are in a crowded, noisy airport. Hundreds of voices merging into one long buzz. Suddenly, you hear someone call out your name. At once, your RAS comes to life and you find yourself instinctively training your focus in the direction of the sound of your name, above all the noise.

The power to focus and ignore almost everything outside our focus is why humanity has been able to send a man to the moon, build the Brooklyn Bridge, split the atom and achieve so much. The ability to focus so intently on one thing is one of our greatest strengths.

It is the reason why famous, successful people like James Cameron (director of Terminator movies, Titanic and Avatar) Jim Carrey (famous comedian/actor) and JK Rowling (Harry Potter author) were able to lift themselves out of extreme poverty and transform themselves into self-made millionaires.

All three, at one time, were so poor, their home was their car.

Unfortunately, the vast majority of individuals hold on to the belief that it is virtually impossible for a poor person to break free of poverty and become rich. This one limiting belief keeps millions stuck in poverty, generation after generation.

And that is unfortunate, because the power of focus is the poor person’s escape hatch. It can lift any individual out of the most dire of financial circumstances.

The power of focus is humanity’s great superpower.

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!

Myth #1 Investing in the Stock Market is the Same as Gambling

Thirty-six percent of the self-made millionaires in my study were what I like to call Home Depot Investors. These individuals made most of their wealth by investing in stocks in individual publicly-held companies. Many believe that stock investing is no different than gambling.

My millionaires would disagree. You see, before these millionaires purchased any stock, they would pour over the financials of each potential investment, looking for strengths and weaknesses:

• Was the company over-leveraged (too much debt compared to assets) – this could negatively affect cash flow, hampering growth. Cash flow which must be used to pay off the debt and the interest, can’t be re-invested back into the company?
• Were company their profits increasing consistently over time – increasing profits is a good indicator of good management – management has control over costs.
• Are company sales growing? This is an indicator that the products or services offered are in demand and the company’s sales force is doing a good job.

Once Home Depot Investors complete their due diligence, or homework, that is when they would confer with their financial advisor for feedback regarding their financial assessment.

And their homework did not end after they purchased a stock. These millionaires continued to monitor the financials of each company they invested in. If the financials got better, they invested more money. If the financials got worse, they sold their stock.

Sounds a lot like Warren Buffet, doesn’t it? As far as my self-made millionaires were concerned, doing your homework takes the gambling out of investing.

Myth #2 All Debt is Bad

Fifty-one percent of the self-made millionaires in my study were entrepreneurs. They started up companies and then ran them as if their life depended on it. They took risks that would make most cower in fear.

And they did not shy away from debt. In fact, many took on enormous debt to start, grow or expand their businesses. They used debt to create a business asset that would eventually generate significant profits and make them rich.

That’s called good debt.

Bad debt is debt that is used to finance ongoing losses in a business long after the start-up period has ended. Losses mean you’re not running your business correctly or you’re in a business sector that is in decline, due to external factors, such as technological or innovations negatively affecting your industry.

Using debt to finance an unprofitable business is bad debt.

Myth #3 The Rich Are Just Lucky

There is a difference between random luck and Opportunity Luck. To the rich haters out there, random luck is why the rich are rich.

Not true.

Opportunity Luck is why the rich are rich. Opportunity Luck is a unique type of luck the rich create as a result of having good daily habits, proven processes, positive thinking and laser-like focus on their goals and dreams.

When you have these success traits, you they become a magnet opportunity luck.

Myth #4 Those Who Pursue Wealth Are Greedy

Ninety-three percent of the wealthy in my study either liked or loved what they did for a living, long before wealth and success came along.

It took the average millionaire in my study thirty-two years to accumulate their wealth. Ninety-seven percent of the wealthy in my study said greed was not a motivating factor in their pursuit of success and wealth. They did what they did because they liked or loved it, not because they were on some mission to become a millionaire.

Myth #5 A Penny Saved is a Penny Earned

A penny invested is ten pennies earned. The rich in my study invested their money in one or more of these three places: their own business, stock in other companies (see Myth #1 above), or real estate. If you really want to be rich, you must invest your money – you must make your money work for you.

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!

For those of you who are pursuing success and wealth by following the Dreamer/Entrepreneur Path or the Big Company Climber Path, you know all too well that success isn’t easy. Oftentimes, you feel more like a circus clown, juggling many balls.

But, while success has many moving parts, every foundation of success is built upon the same four pillars.In order to succeed, therefore, you must make sure you are building your foundation upon sound pillars. If even one of your pillars is weak or unsound, your foundation will be unsound, inviting failure.

According to my Rich Habits research, there are four pillars upon which every successful, self-made millionaire in my Rich Habits Study built their Foundation of Success:

#1 Success Habits

Success is a process and that process, good or bad, is defined by your habits. Those who forge good, success habits, follow processes that automate success. Those who forge bad habits, follow processes that result in failure. Be aware of your habits. Eliminate bad habits and forge good habits.

#2 Positive Thinking

According to the latest science, negativity causes tunnel vision, limiting creativity and inhibiting your ability to think clearly. When the lens through which you view the world is negative, you see nothing but problems and become blind to opportunities and solutions.

If you’re struggling financially, a negative mental outlook acts like gasoline, fueling the flames of negativity and perpetuating a life of financial struggle.

Conversely, a positive mental outlook enhances creative problem solving. It gives you the mental tools to lift yourself up in order to overcome your obstacles.

#3 Power Relationships

Power Relationships are the true currency of the wealthy. The most successful people in the world are part of a powerful network comprised of other successful people.

Building any relationship takes time. Often, many years. If you are pursuing success via the Dreamer/Entrepreneur Path or the Big Company Climber Path, you want to devote time, every day, to building relationships with centers of influence – individuals who are in a position of power.

People who are in a position of power are able to move mountains. With one phone call they can turn a dream start-up into a Facebook. They can open the door to bankers who will fund your business or idea. They can get you that senior executive promotion. They can remove barriers that stand in your way.

#4 Daily Growth

Successful people become successful because they grow into the people they need to be in order for success to visit them.

Each individual has a circle. Inside that circle are the things you are comfortable doing. Those things inside your circle represents your comfort zone. Most do everything humanly possible to stay within their comfort zone.

When you do things that are outside your comfort zone and outside that circle, it causes discomfort. But each time you engage in an activity that causes discomfort, you expand your circle; you grow as an individual. That discomfort is oftentimes painful. Growth is painful.

Stretching your circle by engaging in activities that cause discomfort is necessary if you want to grow into the person you need to be in order to succeed.

You can’t succeed in life by staying in your comfort zone. Successful individuals force themselves to stretch and improve every day through daily study (reading), daily practice and by seeking feedback from experts.

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 upcoming book, Effort-Less Wealth (Smart Money Strategies For Every Stage of Your Life), I share 22 Smart Money Strategies that I discovered from my Rich Habits Study.

According to various studies, the first crop of Millennials who have entered the workforce, are ahead of the curve when it comes to savings and spending than that of their parents.

A 2014 Transamerica study found that 70 percent of Millennials in the work force were already saving for retirement, either through employer-sponsored plans, such as 401(k)s, or similar plans and they also found that these Millennials began saving at the unprecedented age of 22.

According to the Financial Trade-Offs study, commissioned by Ameriprise Financial, Millennials are significantly more likely than both Boomers and Gen Xers to be consciously cutting back on discretionary expenses.

This is good news and a good trend if it continues. To ensure that it does continue, I’d like to share just one powerful smart money habit from my upcoming book, Effort-Less Wealth:  [Read more…]

I’ve written often about the four paths to wealth:

1. Saver/Investor Path
2. Big Company Climber Path
3. Virtuoso Path
4. Dreamer/Entrepreneur Path

The Dreamer/Entrepreneur Path is the hardest of the four paths to wealth. It also happens to be the fastest and most rewarding path,financially and emotionally. In my Rich Habits Study, it took the Dreamer/Entrepreneurs in my study just twelve years to accumulate an average of $7.4 million in wealth.

But there’s a catch. Those who succeed pursuing the Dreamer/Entrepreneur Path must stick with that path in order for Opportunity Luck to visit them. In my research, I found that the persistent eventually get lucky and that luck is Opportunity Luck

Opportunity Luck is a unique type of good luck because it is manufactured. You manufacture Opportunity Luck by doing things which create the opportunity for good luck to occur.

One of those things that creates Opportunity Luck is persistently pursuing a dream.

The pursuit of a dream requires the creation of goals. Goals must have two things:

1. Physical Activity and
2. 100% Achievability

Dreams unleash passion which motivates you to take action. If you have the requisite skills and knowledge to take that action, the goals become 100% achievable.

The objective of every goal is to produce some desired outcome. Sometimes, however, those outcomes exceed your expectations or create unexpected outcomes that benefit your life in some way. Exceeded expectations and unexpected good outcomes are typically referred to as good luck.

This is Opportunity Luck – luck you create by persistently pursuing the goals behind your dreams.

Opportunity Luck likes dreamers. And it reveals itself only to dreamers who take action on their dreams.

When you are the beneficiary of Opportunity Luck, your life improves in some way. Very often, this benefit is in the form of wealth or money, particularly if your dream is something that can be monetized.

Mark Zuckerberg was the beneficiary of Opportunity Luck. So too was Steve Jobs, Thomas Edison, Warren Buffet and Bill Gates.

They all took action on their dreams, and they got lucky.

Opportunity Luck does not visit those sitting on the couch watching TV. It doesn’t visit those reading Harry Potter (unless you are J.K. Rowling). It doesn’t visit those who are too afraid to pursue their dreams and, thus, the goals behind their dreams.

Opportunity Luck only visits those who take action on their dreams and never quit on their dreams. It is one of the great secrets to success, that only a few are privy to.

Let luck find you. Pursue a dream today. Stop thinking about it and do it.

For every dreamer, hard work, disappointment, obstacles and problems are your bedfellows, but so too is Opportunity Luck. And when Opportunity Luck finds you, everything about your life changes, for the better.

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!

To know thyself is the beginning of wisdom. – Socrates

One of the most profound discoveries I’ve made in my five-year Rich Habits Study, was the fact that there are four ways to become 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.

Why is this so revolutionary?

Everyone inherits certain genes from their parents, which helps shape their personality. Also, everyone is raised in different environments – we are all raised in different households, in different neighborhoods, go to different schools, etc.

Our unique genes and upbringing help to shape the individuals we become as adults.

For example, some people are outgoing or shy. Some are risk takers or risk averse. Some can shoulder great stress, without affecting their health and relationships; others crumble under too much stress.

You see, everyone is different and because everyone is different, their path to accumulating wealth must be in alignment with their particular personality.

For example, shy, risk averse, low stress-tolerant individuals would find the life of a Dreamer/Entrepreneur or Big Company Climber ill-suited for their specific personality. Most likely, they would probably hate being in either of those two work environments.

Such individuals would be better suited pursuing wealth by following the Saver/Investor or Virtuoso Path. Either path would work best for them, given their personality type.

Likewise, outgoing individuals who love high-risk challenges and seem immune to stress, are perfectly suited for the Big Company Climber Path or the Dreamer/Entrepreneur Path. If these individuals worked in a back-office job, they would likely hate their job.

Because there are four paths to wealth, it is critical for those who seek wealth to understand which path is right for them. If you pick the wrong path, success will be elusive.

According to a 2012 survey conducted by “Big 4” accounting firm Deloitte, 80% of those surveyed did not like their jobs. In another survey conducted by Gallup in 2013, 63% of the 230,000 employees in the survey said they were unhappy with their jobs.

In my Rich habits Study, 97% of the poor in my Study said that they did not like their job and 58% said they actually hated their job. I believe many of the poor are poor because they are doing work that does not suit their particular personality-types. They hate the work they do because it doesn’t fit their personality profile.

When you don’t like what you do for a living, you’ll do the bare minimum, just to keep your job. You certainly won’t devote extracurricular time to becoming better at a job you hate.

I also learned from my Study that 86% of the wealthy liked their job and that 7% loved their job. One of the main reasons these individuals became rich was because they were doing work that fit their personality profile. When you love what you do for a living, you’ll devote more time to becoming better at what you do.

So, the good news is that there is more than one way to skin a cat. You can become rich no matter your personality type. You just have to know which path to wealth is right for you, based upon your individual personality.

Therefore, the most important first step in your pursuit of wealth, is to know thyself.

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!

“One hundred organized men can always defeat one thousand disorganized ones.” Lenin

One of the common attributes of self-made millionaires, from my Rich Habits Study, was their ability to forge strong relationships with certain, specific individuals who were able to help them achieve their dreams and realize the goals behind their dreams.

The most successful people are the ones who are able to forge Power Relationships with individuals who can help them become successful.

But even if you find a Power Relationship, how do you get them to help you succeed?

The answer is by becoming so good at what you do, you simply cannot be ignored.

When you become great at whatever it is you do, influencers take notice. Eventually, those influencers, those Power Relationships, will start knocking on your door – it might be an email, tweet, Linkedin comment, letter, card or even a phone call.

So, you really only have one job – become the best at what you do.

The rest will take care of itself.

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!