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A Lifetime of Riches - Is it as Simple as a Few Habits?
Make a new reward
Try to make a new reward that is similar to the old reward.
If it is a coffee habit, the reward is a warm beverage and an excuse to sit still and reflect. For that reason, a substitute like herbal tea would work.
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SIMILAR ARTICLES & IDEAS:
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Key Ideas
Frugality
Frugality means resisting the temptation to spend more than you earn.
Discipline
Self-made millionaires choose moderation over extremes. They often buy used cars, don't live in the most expensive houses and don't try to time the investment market.
Hard Work
A defining characteristic of many millionaires are their willingness to work hard and stick it out in high-paying careers until they are financially independent.
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Key Ideas
Blaming Others
We search for a source to our suffering and we tend to ...
Why We Blame
Blame is a defense mechanism. What we’re defending ourselves from is our own responsibility for dealing with the unpleasant experience we’ve been given.
The benefit in blame is that it allows us to avoid feeling like we’re failing ourselves, that we lack the strength and maturity to come to terms with the reality of unfairness or bad luck.
The Blame Reflex
We can feel safe in pretending that our distress is not evidence of inadequacy in ourselves, but of one in someone else.
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Key Ideas
3 Financial Basics
- Create a Financial Calendar: prevent yourself from forgetting quarterly tax payments and to get credit reports.
- Check Your Interest Rate: Pay off loans, open saving accou...
Budgeting Like a Pro
- Consider an All-Cash Diet, as limiting yourself to physical currency combats overspending.
- Set aside 1 minute a day to check on your financial transactions, to identify problems, track goal progress and set your spending tone.
- Allocate at least 20% of your income to financial priorities like emergency funds, debts and retirement fund.
- Budget about 30% of your income for nonbasic spendings, like entertainment. Abiding by the 30% rule, you can save and splurge at the same time.
How to Get Money Motivated
- Draft a Financial Vision Board, it motivates and helps you to stay on track with your financial goals.
- Set specific financial goals stating the reason, the way, numbers and dates.
- Adopt a spending mantra, a phrase that serves as a rule of thumb for how you spend.
- Love yourself. Taking control of your finances is part of that.
- Make bite-size money goals. Make the bigger ones but also small step goals to get there.
- Don’t be a financial fatalist, and switch to more positive mantras.
- Get your finances and body in shape. The discipline associated with regular exercising translates to managing your money well.
- Appreciate what you have now, instead of being a consumerist.
- Get a Money Buddy. Studies indicate people pick up good habits from friends with similar traits.