Success is mostly about one thing – time. The accumulation of money is a byproduct of effectively utilizing the limited time we all have. Most millionaires, 76% in my study and between 80-87% in other studies, are self-made millionaires. They achieve success without having much money to invest. So their only real resource is time. They invest their time upfront, hoping they will succeed, hoping the time they invest will pay dividends down the road for them and for their family. So time is the only real investment.

When you start your day today I want you to ask yourself if you are utilizing your time wisely. Are you investing in your future success? Are you working for your success or for someone else’s success? Time is the only real currency. Nothing is more valuable. Invest your time wisely.

You’re preparing tax returns, you’re stocking shelves, you’re painting a house, you’re seeing patients, you’re cleaning houses, you’re working at whatever job that provides for your family. How much of that time do you actually feel you are operating at maximum potential? If you feel that you are hitting it out of the park every day, you are operating at 100% of your potential. You dig what you’re doing. You love your job. And it shows up in your pay check, which is probably significant. Consider yourself blessed. You’re one of 7%.

However, if you’re like most, your mind is often elsewhere. Usually, it’s thinking about what you’d like to be doing if you weren’t doing what you’re doing at the moment. I’ve got some good research on this and the numbers are staggering. Close to 96% of those who do not make much money, don’t like what they are doing for a living. 96%! You don’t like what you’re doing for a living because you’re not living up to your potential. Your potential utilization is far below 100%.

Those who at least like what they’re doing for a living utilize much more of their potential than the average Joe. Those who love what they are doing for a living have a 100% potential utilization rate. The closer you get to that 100%, the more you love what you do, the happier you and everyone in your family is, the more money you make and the wealthier you become. You simply cannot become rich, long-term rich, if you do not at least like what you do for a living.

If you want to be happy and successful in life, you need to get as close as possible to that 100% potential utilization rate. If you’re not even close, you are never going to achieve much in life. Life is short. You were meant to live up to your potential. Are you? What’s your potential utilization? If the answer is “much less than 100%”, then you’re in the wrong line of work and you will never realize financial success or true happiness in life.

Each one of us has inherited from our parents, environment and our upbringing certain philosophical beliefs that direct our behavior, thinking and the choices we make in life. When these philosophical beliefs close your mind to new ideas, new knowledge and new ways of thinking, they become a Poverty Habit. They inhibit your ability to grow as an individual. One way to tell if your philosophical beliefs are preventing you from growing as an individual is your reaction to new information or new discoveries. If your knee-jerk reaction is to immediately dismiss any new information as erroneous, than you have a closed-minded Poverty Habit.

One of the hallmarks of self-made millionaires is the ability to be open-minded to new ideas, new knowledge and new ways of thinking. The ability to cast aside your philosophical beliefs, allows you to expand your thinking, to grow and to evolve.

Do not let your philosophical beliefs stunt your growth as an individual. Opening your mind to new information is a key to change and growth. When your philosophical beliefs prevent change and growth, they become Poverty Habits that will hold you back in life and prevent you from becoming the person you need to be in order for success to be achieved in life. Being open-minded requires practice. It needs to become a daily habit. Don’t allow your philosophical beliefs to hold you back in life.

Financial success can be achieved in one of three ways:

#1 Living Below Your Means – Spending less than your net income.

#2 Expanding Your Means – Creating multiple sources of income: second job, starting a side business or converting something you are passionate about into an additional source of income.

#3 Living Below Your Means and Expanding Your Means

Living below your means is foolproof but does take more time to accumulate wealth. There are a number of ways to process financial success within this category:

1. Budget Spending – Knowing where your money is going gives you control over your finances. You may find you are paying for things you are not using, such as club memberships and subscriptions.
2. Automate Savings – Automate withdrawals from your net pay that fund retirement and savings. This should be part of your Spending Budget and ensures you will “pay yourself first”.
3. Periodically Audit Expenses – Many expenses can change over time. Insurance costs often change. They can go up or down over time. Make sure you are paying the lowest insurance rates for homeowners, auto and life insurance. Cable and Internet costs can increase without you being aware of it. Calling your cable or Internet provider to secure the lowest fees available should be an annual process. Periodically shop cell phone plans. Increased competition in the cell phone industry is driving down monthly rates. Make sure you are not paying more than you have to.
4. Purchase Quality Used Cars – New cars lose value as soon as they come off the lot. Buying good quality used cars allows you to take advantage of this loss in value anomaly prevalent in the auto industry.
5. Invest Savings in Tax-Advantaged Investments – There are now many investments that allow you to defer income taxes while you are accumulating savings. Cash Surrender Value, stocks, variable annuities and money invested in IRA’s and 401 (k) plans grow tax-deferred.
6. Refinance Your Mortgage and Home Equity Loans – Are you paying the lowest rate possible on your mortgage? Do you have a home equity loan with a high rate of interest?
7. Use Coupons – Even the wealthy in my study engaged in this money savings habit. Why pay more than you have to on groceries or other expenses?
8. Shop at Goodwill Stores – Many goodwill stores carry high quality clothing. You may have to spend a few extra bucks on tailoring, but it is well worth the additional cost.
9. Downsize Your Home – For most, a home is the most expensive part of the spending budget. Downsizing into a less expensive home will save you thousands of dollars in interest, taxes and repairs every year.
10. Bargain Shop – Far too many make spontaneous purchases, paying much more than they otherwise would. Shopping for bargains and taking advantage of sales events is a smart money habit.

The pursuit of success is never a straight climb. You have to navigate many obstacles, recover from mistakes and overcome rejection or simply being ignored. The impediments to success require you to constantly pivot and make adjustments in order to deal with the impediments you will face. It requires flexibility, revising your expectations or taking a new, unchartered path. You must be nimble and adroit. You must acquire new skills and knowledge.

Because success is never a lateral ascent, you will often feel as if you are not making progress; that your efforts are not getting you closer to the top. At times you must pivot sideways or retreat or force yourself into the unknown. In this sense, the pursuit of success is not a ladder you climb; it’s more like climbing a jungle gym.