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The Psychology of Money

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The impact of emotions on financial decisions

The Psychology of Money

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The Secret to Self-Control

The Secret to Self-Control

  • People with high self-control tend to spend less time in tempting situations. It's easier to avoid temptation than resist it.
  • One of the most practical ways to eliminate a bad habit is to reduce exposure to the cue that causes it.
  • Self-control is a short-term strategy, not a long-term one.

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Make a Habit Irresistible

Temptation bundling is one way to make your habits more attractive. The strategy is to pair an action you want to do with an action you need to do.

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Imitating the Close

Imitating the Close

Join a culture where your desired behavior is the normal behavior. New habits seem achievable when you see others doing the same every day.

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Imitating the Many

Imitating the Many

When changing your habits means challenging the tribe, change is unattractive. When changing your habits means fitting in with the tribe, change is very attractive .

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Imitating the Power

Imitating the Power

If a behavior can get us approval, respect, and praise, we find it attractive.

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Walk slowly, but never backward

Walk slowly, but never backward

  • The most effective form of learning is practice, not planning.
  • Habit formation is the process by which a behavior becomes progressively more automatic through repetition.
  • The amount of time you have been performing a habit is not as important as the number of times you have performed it.

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The Law of Least Effort

The Law of Least Effort

  • If you can make your good habits more convenient, you'll be more likely to follow through on them.
  • We try to follow a strict diet while we're out to dinner with friends. We try to concentrate while using a smartphone filled with distractions.
  • Idea is to create an environment where doing the right thing is as easy as possible.
  • Want to draw more ? Put your pencils, pens ,notebooks and drawing tools on top of your desk within easy reach.
  • Want to exercise? Set out your workout clothes, shoes, gym bag ,and water bottle ahead of time.

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Stop Procrastinating By Using The Two-Minute Rule

Stop Procrastinating By Using The Two-Minute Rule

  • People often think it's very hard to get hyped about reading one page or meditating for one minute or making one sales call. But the point is not to do one thing. The point is to master the habit of showing up.
  • As you master the art of showing up , the first two minutes simply become a ritual at the beginning of a larger routine.
  • One push up is better than not exercising. One minute of guitar practice is better than none at all . One minute of reading is better than never picking up a book. It's better to do less than you hoped than to do nothing at all.

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Two-Minute Rule

Two-Minute Rule

The more you ritualize the beginning of a process, the more likely it becomes that you can slip into the state of deep focus that is required to do great things

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Make Good Habits Inevitable and Bad Habits Impossible

Make Good Habits Inevitable and Bad Habits Impossible

  • Sometimes success is less about making good habits easy and more about making that habits hard.
  • Using technology to automate your habits is the most reliable and effective way to guarantee the right behaviour.

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Cardinal Rule of Behavior Change

Cardinal Rule of Behavior Change

What is rewarded is repeated. What is punished is avoided.

  • Overeating is harmful in the long run but appetizing in the moment.
  • Sex - safe or not - provides pleasure right away. Disease and infection won't show up for days or weeks, even years.
  • Without bad habits the immediate outcome usually feels good but the ultimate outcome feels bad
  • With good habits,it is a reverse : the immediate outcome is an unenjoyable, but the ultimate outcome feels good.
  • We are more likely to repeat a behaviour when the experiences is satisfying.

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Stick with Good Habits Every Day

Stick with Good Habits Every Day

  • One of the most satisfying feelings is the feeling of making progress.
  • A habit tracker is a simple way to measure whether you did a habit - like marking an X on a calendar.
  • Missing once is an accident. Missing twice is the start of a new habit.
  • Anyone can have a bad performance, a bad workout, or a bad day at work. But when successful people fail, they rebound quickly. The breaking of a habit doesn't matter if the reclaiming of it is fast.
  • Never miss twice. If you miss one day, try to get back on track as quickly as possible.

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The Truth About Talent

The Truth About Talent

  • Pick the right habit and progress is easy. Pick the wrong habit and life is a struggle.
  • Boiling water will soften a potato but harden an egg. You can’t control whether you’re a potato or an egg, but you can decide to play a game where it’s better to be hard or soft. 
  • Habits are easier when they align with your natural abilities. Choose the habits that best suit you.
  • Genes do not eliminate the need for hard work. They clarify it. They tell us what to work hard on.

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The Goldilocks Rule: Stay
Motivated in Life and Work

The Goldilocks Rule: Stay Motivated in Life and Work

  • The Goldilocks Rule states that humans experience peak motivation when working on tasks that are right on the edge of their current abilities.
  • As habits become routine, they become less interesting and less satisfying. We get bored.
  • Anyone can work hard when they feel motivated. It’s the ability to keep going when work isn’t exciting that makes the difference.
  • Professionals stick to the schedule; amateurs let life get in the way. Professionals know what is important to them and work toward it with purpose; amateurs get pulled off course by the urgencies of life.

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The Downside of Creating Good Habits

The Downside of Creating Good Habits

  • Everything is impermanent. Life is constantly changing, so you need to periodically check in to see if your old habits and beliefs are still serving you.
  • A lack of self-awareness is poison. Reflection and review is the antidote.
  • Reflection and review is a process that allows you to remain conscious of your performance over time.
  • The tighter we cling to an identity, the harder it becomes to grow beyond it.

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Conclusion

Conclusion

  • The secret to getting results that last is to never stop making improvements. It’s remarkable what you can build if you just don’t stop. It’s remarkable the body you can build if you don’t stop training.
  • Small habits don’t add up. They compound.
  • That’s the power of atomic habits. Tiny changes. Remarkable results.

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Conclusion

Conclusion

  • The holy grail of habit change is not a single 1 percent improvement, but a thousand of them. It’s a bunch of atomic habits stacking up, each one a fundamental unit of the overall system.
  •  One positive change like meditating for one minute or reading one page each day is unlikely to deliver a noticeable difference.
  • Success is not a goal to reach or a finish line to cross. It is a system to improve, an endless process to refine.

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CURATOR'S NOTE

Key points i have taken from this book

Curious about different takes? Check out our Atomic Habits Summary book page to explore multiple unique summaries written by Deepstash users.

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