Financial Matters

Wealthy Habits

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I remember a TV commercial for a popular music artist that described her as an “overnight sensation”. The artist restated that she was an overnight sensation…7 years in the making! Success rarely comes overnight, except for lottery winners. Success typically is after years of often unnoticed hard work and late hours.

Think of building your own wealth as a marathon, not a sprint. Habits are formed by doing the same thing over and over, tasks at first done consciously that later become routine. As a child you had to be taught how to brush your teeth. Each step demonstrated in detail, from putting the toothpaste on the brush to the careful pattern of brushing.  You had to think about each step, probably forgetting some once in a while. You probably even had to be reminded to brush your teeth.

As an adult not only do you not need reminding to brush but you also go through each step mindlessly. The practice of brushing is now a routine. If something changes, you notice. A new toothpaste or toothbrush is noticeable at first but quickly blurs into the routine.

Brushing really is a choice, albeit a choice few would choose to forgo considering the consequences. Having more wealth in the future can be the result of practiced steps that become habit over time. Research has determined that wealthy people do have different habits which help determine their economic outcomes. Thomas Corley, Rich Habits: The Daily Success Habits of Wealthy Individuals, 2010.

It is said, “Imitation is the highest form of flattery.” Emulating the behavior of those we respect and admire is a good habit to form. Here are 4 habits of the wealthy that can be worked into your lifestyle.

  1. Get up early. Most wealthy people get up at least 3 hours before work starts. This can be the most productive time of the day because work can be done without interruption. Tackling the big projects first will also clear your mind to take on the day’s challenges.
  2. Focus on self-improvement. Most wealthy people read 30 or more minutes a day. Constantly learning is critical in a world where things change daily if not hourly. Learning no longer stops at the classroom but extends now throughout a lifetime. Thanks to audiobooks, podcasts and online learning, this is easier than ever. Take advantage of time in the car, commuting or relaxing at home to learn something new as it pertains to your quest to grow wealth.
  3. Focus on a goal. Most wealthy people are focused on accomplishing some single goal. Take the time to clearly define what you want to accomplish. Then, write it down. If appropriate, tell people. Accountability is key so make sure you can track your progress. Some days you might make a small step, but as long as it is in the right direction, that is progress toward the goal.
  4. Get a mentor. Most wealthy people have the support of others. The key is choosing the right people and finding a mentor or mentors. Finding someone who can help on the journey is critical to help avoid pitfall and mistakes and for general guidance. Finding someone who has achieved the level of wealth you desire and who wants to help will make things easier. Don’t be afraid to ask for mentorship. Many people are willing to help if asked.

Create good habits now and watch them lead to bigger results later.

Asalyn Coachman is a Registered Representative of and offers Securities through The O.N. Equity Sales Company, Member FINRA/SIPC, 39395 W Twelve Mile Rd., Ste 102 Farmington Hills, MI 48331 (248) 482-3600.  Investment Advisory Services offered through O.N. Investment Management Company.  Financial Architects, Inc. is not a subsidiary or affiliate of The O.N. Equity Sales Company or O.N. Investment Management Company.

Asalyn Coachman is a Registered Representative of and offers Securities through The O.N. Equity Sales Company, Member FINRA/SIPC, 39395 W Twelve Mile Road, Ste. 102 Farmington Hills, MI 48331 (248) 482-3600. Investment Advisory Services offered through O.N. Investment Management Company. Financial Architects, Inc. is not affiliated with The O.N. Equity Sales Company or O.N. Investment Management Company.

Asalyn earned a degree in Economics from Harvard University and a law degree from the State University of New York at Buffalo. She lives in Lake Orion with her husband and two children where she is active in organizations such as the Harvard Club of Eastern Michigan, Lake Orion Schools, and the Baldwin Center of Pontiac, Michigan, where she serves as board president.

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