By Kelley Caponigro
Assistant to the Chairman & CEO
Although there are many different definitions of success, the four main elements that contribute to success are freedom of time, money, relationships, and purpose. Dan Sullivan, founder of The Strategic Coach, Inc., says that “when you lose sight of these four freedoms, that’s when you start to hit barriers and encounter complexity.”1 Whether you already consider yourself successful, or are just starting down the path, consider the following tips from people who have already achieved their version of success.
1. Establish Goals.
A recent study found that 80% of wealthy individuals are consumed with pursuing goals, both daily and long-term.2 Establish your goals and start planning a path for reaching them – because remember that a goal without a plan is just a wish.
2. Read. Exercise. Sleep.
The same study found 88% of wealthy people read for 30 minutes or more daily, 76% work out for 30 minutes each day, and 89% sleep at least 7 hours every night. Reading, exercising, and sleeping can offer new ways of thinking, clear your head, and have positive effects on your memory and creative thinking, respectively.
3. Curb Impulse Buys.
Whenever you establish a goal, you’re going to have to give up something to achieve that goal. Often, it’s time, money, relationships, or purpose. When it comes to money, delaying gratification can help curb impulsive purchases and ensure an educated decision is made. Try waiting 24 hours before buying something you really want. Whether it’s a new car, a designer handbag, or the hottest fund, oftentimes we let our emotions get the best of us when making decisions about money.
4. Understand Your Relationship with Money.
Whether you’re spending because you like the thrill, it makes you happy, or you’re afraid you might run out some day, it’s important to take a hard look at what drives you to make purchases – specifically unnecessary ones. Make a list of some recent “unnecessary” purchases and write down why you bought them. Understanding your relationship with money is an important insight.
5. Stick to the Basics When It Comes to Investing.
Investing in whatever is trendy might sound intriguing to some, but time after time it’s been proven that sticking with the fundamentals of investing is the best bet. This includes having a diversified portfolio, avoiding anyone that offers market-beating returns, and knowing your limitations. If you’re an expert investor, great! If not, partner with a fee-only fiduciary to help put a plan together for your money.
If you’re not already, try implementing some of these tips to set yourself down the path to success. To discuss your financial future with a “Fee-Only” Fiduciary advisor, contact us at 631.218.0077 or at firstname.lastname@example.org, or send us a message by clicking here to schedule a complimentary consultation.