Archive for October, 2009

Will Smith’s Good Habits

Will Smith is an extremely successful individual, one of my favorites in Hollywood. I love many of his movies. I grew up watching The Fresh Prince of Bel Air. I never thought about nor did I ever think about how driven, committed, and focused he is. He describes many attributes that I believe we should incorporate into our lives. I’m sure you’ll pick up on them, make these concepts a part of your life, I am.




Came across this article in the blogosphere.

Mike Rowes 7 Dirty Habits of Effluent People.

Consistency & Commitment

These two factors make up the foundation of any success in any endeavour. The only way around these two key driving forces is to win the Lottery. Winning the lottery can get you easy success, and of course this is based on how you define success. Success can mean many things to many people and ultimately I’m speaking in generalities, when I say winning the lottery, I don’t actually mean winning the lottery. I pretty much mean any big break that someone could get. If they are born with a silver spoon in their mouth or know someone powerful who can take care of them in the work force and still even with these types of connections that the easy success that is attained rather quickly will be lost quickly unless the commitment and consistency is utilized to keep it up, otherwise, The “Success” will be short-lived and you’ll fall more like a failure when you have it and then lose it.

Dedicate yourself to the good habits of  being consistent and committed in all of your endeavours, when the tough gets going, you keep going! Don’t give up and just keep moving forward, you’ll be amazed at the results you will yield as time goes on.

Where you are vs. Where you want to be

Good habits and bad habits are incorporated into every facit of our lives. At our jobs, the relationships that we are in, our money, our thoughts, our free time, hygiene, and on and on, let’s face the facts here, habits are a part of everything we do. We’ve created these habits over time, and they drive our daily lives. They ultimately drive where we are now and where we plan on going. How? Remember the word compounding from investing class? If not click here, the point I want to make is that the action you take today, tomorrow, and so on, which was dependent on yesterdays actions will continue to push you in the direction that you’re going. Another way to describe our habits is through momentum.  If a ball was rolling downhill, its speed will become faster. It will become harder for the ball to change direction or stop because of the momentum that it has built up. These concepts can be an  analogy for the habits that you and I do each and everyday. If a habit is well, a habit, then it’s hard to change course. Just as smokers need a cigarette, or coffee drinkers can’t wait to get a cup of coffee, or people who love to exercise, exercise, all of them have psychological momentum built into their actions. They’re can’t wait, they’re always thinking about it, and it’s just like second nature. As you live your life you make decisions to do things, what you choose to do will drive your life in a particular direction affecting you in a positive manner or a negative manner, choose wisely.

Now lets decide where we want to be, who we want to be and what do we want out of life. Then take the actions to get there, not as easy as it sounds right?!? I wish it was but no, it’s not! This is like making new years resolutions, what happens to those resolutions? I bet 99 % of them are never accomplished, it’s a list of things we want but we are not focused on, nor are we willing to do what it takes to accomplish those resolutions. This is the same reason that everyone isn’t rich, or successful. People are not willing to do what it takes, they are lazy and inconsistent, and well change is just too hard.

I’d like to suggests another way to change, inspired by Leo over at Zen Habits. He suggests only focus on one small change at a time. DO NOT take it all on at once, I repeat DO NOT try to make all or your changes happen at once. You will give up,  sad but true. Focus only on one small change at a time. These small changes can make a difference over time and they will actually compound to make huge differences over the course of your life, so take a step back, see where you are and see where you want to be. What habit can you change or begin actually doing today to begin driving your life where you want it to go. I encourage you to make that 1 change today.

Good Habits from J.D. @ Get Rich Slowly

I woke up this morning and got online (like I always do, a habit? yes, Good or Bad?) and found this great article from JD over at Get Rich Slowly.  I think it is a great example of spending less than you earn, and saving some money. A small habit that we can begin doing, that will make a tremendous difference in our lives. The principal that is the topic of conversation here is something that is hard for most people, but as J.D. mentions and as well as various others in the personal finance blogosphere… ( I Will Teach You to Get Rich by  Ramit Sethi) is that setting up an account to automatically withdraw the amount of money you want to save so you don’t have to see it, handle it, or touch it makes things a lot easier. It’s something that can be done over at ing direct.

What I’ve done in my own checking account is based upon when and how I get paid, then I set up the automatic drafts accordingly. Don’t forget to take into account your existing personal habits, what do you like to see when you log into your bank account, lots of cash sitting idle for that “just in case” emergency (then your emergency doesn’t come and you spend like it’s 1999) or you get one large check then you pay everything all at once. I know everyone has something different that works for them. So for myself I live my personal finance life week to week, once a week I have ing direct automatically withdraw the amount of money I’ve set up for the week . I like this because all of my money is not all gone at one time, and personally I like holding onto my money for as long as humanly possible.

Remember what makes someone who saves a lot different from someone who doesn’t is consistency. I know a lot of folks who set up the savings account and begin the automatic withdraws but then get discourage because they don’t see their $’s growing fast enough. Then they throw in the towel and say, “oh forget it, it’s not making any difference”. If this is you, please don’t stop saving. In a year, two, three, your money will begin to grow quicker than you imagined. That fact along with the good habit you created of saving will help you feel better about your personal finance situation. How do I know this you ask, because I have created the small habit of saving on a regular basis and believe me, when that unexpected car repair pops up, I can pay for it in cash. I don’t have to go into debt =) That makes me less stressed and creates mental positive reinforcement because of  the fact that my habit of saving makes me feel good.

You say, I don’t make enough to save anything… bad excuse. Cut out some of your expenses, how? Track your spending, see where you’re spending money on things you don’t need. If you need to start with $20 a month, it doesn’t matter start with anything, create this habit and you’ll thank me later.