Reinforce habits - Deepstash

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A Lifetime of Riches - Is it as Simple as a Few Habits?

Reinforce habits

Reinforce habits with belief and community.
When we tell stories of our own lives of making the desired change, it creates belief. When others chime in, it shows that achieving changes is possible for everyone.

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SIMILAR ARTICLES & 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.

3 Financial Basics
  1. Create a Financial Calendar: prevent yourself from forgetting quarterly tax payments and to get credit reports.
  2. 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.
The 'tiny habits' method

You can hack your motivation and make changes that last by using the Tiny Habits method.

It works by breaking down big changes into tiny actions, find where they fit naturally into your li...

Repetition and habits

Habits can form very quickly. For instance, give someone a new phone, and their emotional response to using the device will wire in a habit very quickly. There is no need for repetition.

New habits then form as long as people have a strong positive emotion connected to the new behavior.

Designing for habit formation

Emotions create habits, not repetition. If you are designing a new habit, you are really designing for emotions.

Intentionally create feelings of success to wire in the habits that you actually want in your life.