It’s said that it takes 30 days for an activity to become a habit and for some even longer.
For me, number 2 took years simply because it was so counterintuitive to what I wanted to do with my money which was spend it. It wasn’t until I understood that a budget was there to help me spend and to spend more wisely.
I am currently debt free except for my $39,000 mortgage and make more than enough revenue from my brand to easily pay my less than $700 mortgage each month.
Today I want to share 7 habits you can implement this year one your own, or with a mastermind. You mastermind can be you and your spouse, a friend or a money coach. Because forming new habits takes discipline, it’s easier for them to stick when you’re working on the habit with like minded people.
So let’s get into it!
1. WRITE A PLAN TO PAY OFF BAD DEBT.
Bad debt keeps you from being financially free. It’s includes all consumer debt you pay interest on, that does not generate income or increase your net worth. Some examples are a vehicle, credit cards, student loans, etc.
2. CREATE A BUDGET.
A budget is a tool to keep you honest with yourself about where you are financially. If you’re falling short paying expenses each month, it will show you why. If your net worth is not increasing it will reveal that as well.
Your budget will be your best tool in eliminating debt, potentially increasing your income and building wealth. Don’t believe the lie that you don’t need a budget.
3. GET OVER THE FEAR OF TALKING ABOUT MONEY.
I love the saying, “closed mouths don’t get fed”.
The Bible says it even better, “You have not because you ask not…”.
In other words, if you fear talking about money you will probably never win with money.
I have learned so much from talking to others about how they built wealth, what their investment strategy is, how they were able to afford luxury business class flights, rental property and more. From talking to others I have learned how to obtain the things I’ve wanted out of life.
4. GET AN ACCOUNTABILITY PARTNER WITH A COACH’S MENTALITY.
You can’t do it by yourself. No one is a self made millionaire and trust you won’t be the first.
You must get connected with someone who is knowledgable about debt elimination and wealth accumulation if there are your goals.
You can’t talk to your broke cousins about wealth. Talking to broke people is like the blind leading the blind.
You want someone on your team who’s been where you are and is going where you want to go. That may mean hiring a coach. Hiring a coach is normal for people who are succeeding with money. Most successful people, including myself, have hired coaches in areas where they’ve want to accelerate their success.
5. READ MONEY AND PERSONAL FINANCE BOOKS.
In addition to connecting yourself with accountability partners and a coach, you too need to do your due diligence. A top habit of highly successful people if the habit of reading.
Reading books will give you the opportunity to pick the brains of people who are smarter than you when it comes to finances. It let’s you hear the ideas that helped others become successful with money by reading the books they’ve written.
To help you get started, here are 10 finance books you should read this year.
10 Finance Books To Read This Year
- The Prosperity Plan
- Ask And It Is Given
- The Instant Millionaire
- Your Money Or Your Life
- A Random Walk Down Wall Street
- The Elements of Investing
- The Millionaire Next Door
- Retire Inspired
- The Automatic Millionaire
- The Simple Path to Wealth
6. EXPLORE WAYS TO CREATE EXTRA INCOME.
When my husband asked me to quit my job to be at home full time with the kids, I thought that was a career death sentence. What it actually ended up being was an opportunity to think creatively.
I wanted to be at home with my children but I wanted to make money too. That desire led me to explore ways to generate income from home.
After making my first $1, I knew I could make $2. Now I teach others how to tap into their gifts and talents to make extra income as well.
7. DECLUTTER AND SELL WHAT YOU NO LONGER NEED.
One thing wealthy people have in common is they don’t hold onto things that no longer serve them. The philosophy behind this is that it makes room for the things you truly want.
If you have some items laying around that no longer serve you, why not turn them into money?
There are lot’s of places online and off where you can sell items you no longer want. That extra cash can work as a stimulus to paying off debt or boosting your emergency fund.
Are you ready to take some next steps? First, sign up for my free newsletter to stay in touch. Then go back and click through the links in this post to put into action the strategies I’ve shared.