Wednesday, October 22, 2014

21 Ways to Achieve Wealth and Success

October 17, 2014

In his book, Rich Habits -- The Daily Success Habits of Wealthy Individuals, Tom Corley outlines several habits that distinguish the wealthy from the non-wealthy.

It got me to think, How many people operate on autopilot and don’t stop to monitor their everyday patterns? Below I've summarized 19 of his habits for success (nine culled from his book and the next 10 from his recent article in Success) plus two of my own. If you're not actively engaged in these 21 things, you are, in effect, leaving money on the table.

1. Setting good daily habits. Good habits are the foundation of wealth building. The difference between successful and unsuccessful people lies in their daily habits. Simply put, successful people have many good habits and few bad ones. If you understand that your bad habits may be preventing you from becoming wealthy, that realization will be the first step in your improving your circumstances.

In his book, Corley invites you to take out a sheet of paper and list your bad habits in one column and then invert each one to place under a new column for good habits.

Then for 30 days, follow the guidance of your new good habits list. You’ll be amazed at how much you can accomplish.

TEH : Ok ... will be listing out my bad habits, which might affect my effectiveness as a trader. For example, need to sleep early and wake up early before market opens. Or I need to exercise ... keeping myself fit is very important. I have not been cycling for 1 month plus ... excuses given was my red-eye ... so, hit the track again more consistently. Distractions is another thing I need to control ... to keep focus. Many little bad habits I do have ... and deterring myself to be a BETTER trader. Yes, I need to do anything possible to give myself the edge ...

2. Regularly creating goals. Successful people are goal driven. They create goals all the time. They plan their day the night before with to-do lists.

People who are headed for success think for the long term. They have daily, weekly, monthly and yearly goals. But what’s a goal without a plan to reach them? So not only do successful people have goals, they also come up with ways to achieve them and hold themselves accountable.

TEH : I do need to re-fine my trading goals ... and have a to-do-list planned the night before my trading day. I do need to get into this habit, if I am to trade well. Nothing comes easy ... so, I need to be consistently checking on my trading goals ... yes, planning is everything in trading. Planning on how to improve and to trade well ... planning on the progress and check-list on achievements. It is a marathon ... which majority retailers will not understand. Most of them wanting a quick profit(who don't ?)

3. Engaging in self-improvement daily. Successful people are always looking for ways to improve themselves. They read every day and are students of their profession. They don’t spend their time on activities that don't bring them closer to their goals.

I recently attended an event hosted by author Brendon Burchard, who said he consistently blocks out time to create. Successful people like Burchard know that time is too valuable a commodity to waste. They spend their time on the things that will move the needle for them in their business: Being committed to self-improvement means you engage in activities every day that will stretch you.

Seek ways to expand your knowledge. This won’t always be easy, but people grow from things that pose a challenge. Once your knowledge grows, opportunities appear.

TEH : This is my daily activity ... I will get myself motivated, staying positive ... read anything related to trading, spending time to increase my knowledge about trading, understanding that it takes time to connect the bits-n-bits ... the more I know about instruments and how it works, I am opening more opportunities for me to explore ... it takes time. And ... lots of determination.

I have spent hours and more hours ... listening to clips related to trading. It excites me much more than any movies ... and I have to force myself to move-out ... and watch some movies. It is a force ... and it is not easy for me to sit there 2hours watching Transformer or Pacific Rim?

I could sit here for hours ... commenting on each of the habits shared here. But, I will prefer to listen to the list .... and check on which one I am lagging behind. Yes, I was to be successful trader. I want to be independent. It is very challenging and I simply enjoy that.

Time for me to check on my trading plans ...



No comments: