Monday, February 23, 2015

7 Habits of the World's Richest People

e-mail from a friend(in i3)

Today at 2:25 AM : f or your reading pleasure Cp :) I see most of the things mentioned here are being practiced by u so you're definitely on your way if not already :) cheers

TEH : Well, thanks for sharing this article ... and let me reply it by putting my points ... I am ON THE WAY ... about 20% uphill task, bro. Haha

Are there habits wealthy people consistently practice that impact their success? Are there traits or strategies we can incorporate into our own day-to-day lives that can give us a better chance of financial success?

In his book, Rich Habits—The Daily Success Habits of Wealthy Individuals, Tom Corley suggests there are. For five years he observed habits—which he defines as daily, unconscious practices— of 233 rich people and 128 people living in poverty. What he found were significant differences in the daily activities and attitudes of the two groups. Here are seven habits commonly practiced by the wealthy individuals he observed.

1. They’re persistent.

While we generally think of persistence as more of a personality trait, it’s certainly a habit that can be learned and practiced over time. When faced with adversity, wealthy individuals keep pushing through, knowing that success could be right around the corner. They’re persistent in all areas of their lives, not just when it comes to money-generating activities.

According to Corley, persistence is evident in everything that wealthy individuals do:

•67 percent were cognizant of and careful about how they spent their time; for instance, TV watching was limited to less than one hour per day.

•81 percent made a consistent effort to control their thoughts, feelings, and words. •80 percent had pursued a single goal for at least one year.

•88% read at least 30 minutes every day in order to increase their knowledge.

TEH : Due to 24-tight-hours per day, I do have to be very selective with what I am doing. Tho I may not have a full-time job, I do still use my morning for trading and learning the skills. I do read reports and articles on trading .. while chatting with my trading-group. So ... I do not watch TV at all ... I do not go to forums ... no time to argue or even time to know what-is-latest mobilephone, latest models of cars ... latest movies, gossips etc etc. I am so confined to myself ... I m more interested about real-living with my goals in mind. Yup, LIMITED time available ... making us appreciate every hour passed us by ... hours for giving tuition(and accumulate more bullets, waiting for that market crash or opportunities).

TIME is a commodity to me. Time to blog ... time to exercise. Time to be with my family. Time to guide and share with my trading group, time to meet relevant people ... time to structure my biz-plan, time to trade and improve my trading skills. TIME is too valuable. It is un-measureable.

I do control my thoughts, making sure only positive words staying there. I may not be good enough to control my emotion, but over the years, I have learnt how important it is to control our emotion in trading and problem-solving. Getting ourselves clouded by emotion is kinda stupid as we cant get things done, constructively. Ok  ... I score some points here as I have changed so much. I do need to control my words ... and again, I have done that quite well too.

Increase our knowledge in whatever we are doing is only LOGICAL. We could never excel in anything(trading too) if we didn't realize how much we need to learn ... re-learn and making ourselves aware of things we want to learn, what we want to learn, how long we spending time to learn ... and the knowledge just simply increase ... and we would be doing things with ease.

Trading is never easy(many advertisements telling us it is easy to earn money from trading ... use logical brain, you will know WHY they are saying so). It is constant learning ... improving ourselves and yes .... do READ.

Be persistence ... means, doing things ... day-in-day-out ... irrespective of situations, circumstances and despite difficulties(adversities). Against the flow ... being un-popular and not giving up due to pain.

2. They set attainable goals.

Whether we realize it or not, we’re constantly setting goals for ourselves. Anytime we look to the future and think about what we’d like to have or do, we’re essentially setting a goal for ourselves:

"I want to become a recognized leader in my field."

"I need to bring in more money in order to meet my financial obligations."

"I want to take an expensive vacation with my family every year."

The problem with these goals, of course, is that they aren’t specific, and they aren’t necessarily realistic. For instance, if I’m working for minimum wage, going on an expensive holiday probably isn’t in the cards for me this year.

Corley found that wealthy individuals consistently set specific, attainable goals. These goals were realistic and had a specific set of actions that would need to be carried out in order to be met.

For instance, instead of saying, “I would like to earn $1 million this year,” a more realistic and specific goal might be: “I will bring in an additional $25,000 this year by increasing my production capacity.” Assuming it’s actually possible to increase production, this is a goal that can realistically be attained through careful planning and hard work.

Corley writes, “If you want your wish or dream to come true, you need to create goals around them, pursue those goals and achieve those goals. You need to break your wish or dream down into manageable tasks that you are able to perform. The accumulation, over time, of the completed goals will move you forward toward realizing your dream. You will still need outside help and outside influences, but luck has a way of finding the prepared and the persistent.” In other words, having a dream is great, but you need to set up smaller, more manageable goals to reach along the way. As you reach these smaller goals, you check them off your list and move ever closer to achieving your dream.

TEH : will write?

3. They find a career mentor.

This is a big one; in fact, 93 percent of wealthy individuals had a mentor who assisted them on their path to success. Finding a great mentor can be challenging, but the payoff can be huge. Condoleeza Rice stresses the importance of finding a mentor, but also gives a warning: “Search for role models you can look up to and people who take an interest in your career. But here’s an important warning: you don’t have to have mentors who look like you. Had I been waiting for a black, female Soviet specialist mentor, I would still be waiting. Most of my mentors have been old white men, because they were the ones who dominated my field.”

There are many reasons mentors are such an important support, but here are a few of the key ones:

•They help you avoid mistakes they themselves have already made.

•They inspire and motivate you to stay on task and keep working toward your goals.

•They connect you with people who can help you along the way (“It’s all in who you know”).

TEH : will write?

4. They are positive.

According to Corley’s observations, the wealthy individuals he observed generally had a positive outlook on life, were upbeat and happy, and were grateful for what they had. Some more specific findings were as follows:

•94 percent avoided gossiping

•98 percent believed in limitless possibilities and opportunities

•94 percent enjoyed their chosen career

•87 percent were happily married

•92 percent were happy with their level of health

He also found consistently negative attitudes and beliefs cropping up among the poor:

•85 percent were unhappy in their jobs or careers

•53 percent were unhappy in their marriage

•78 percent believed optimism wasn’t necessary in order to be successful

•77 percent believed lying was necessary to achieve success

Attitude matters, to be sure. While it seems a far stretch to say that simply being happy leads to wealth, maintaining a positive outlook and attitude certainly can’t hurt.

TEH : I do want to think I am a positive thinker (LOL) and upbeat ... tho I am lazy(suppose to go to gym today --- Monday morning!) . I am very grateful ... in many ways, in many things.

I will avoid gossiping. Yes ... limitless possibilities and opportunities if we hardworking and smart enough to search(go for it attitude). Of coz we have to enjoy whatever we are doing ... teaching is my passion ... doing Math questions was my hobby!! Trading is stimulating and newfound hobby for me ... and teaching trading is just natural, for me!! Passion in trading and teaching!! Happier marriage now as financial stress taken out of the equation ... something me and wife struggled for every dollar merely 5 years ago!! Health ... err ... I need to exercise la.

No doubt ... it is our attitude towards our own doings determining our altitude.

5. They educate themselves.

As mentioned above, 88 percent of wealthy individuals spent at least 30 minutes each day reading in order to expand their knowledge. In addition, 85 percent read two or more books per month on an ongoing basis.

Nonfiction books like biographies, self-help books, or materials related to their business or career were all popular choices. Wealthy individuals were able to translate what they learned into actionable information they could apply to their daily decisions. They made a habit of prioritizing self-education, and used what they learned to reach their goals and improve their lives.

TEH : I do not read fiction books ... anything UN-real is out of my system. Yes. I am fully into pointer #5 ... I do educate myself constantly ... for past 7-8 years!! Well ... everyone could too, if u have pointer #1 (persistence). Imagine ... without knowledge, without guidance ... and consistency, how are we going to excel in anything?

Taken from my personal journal, my notes.

6. They track their progress.

When you live off the cuff, without much thought as to what you’re doing, it’s nearly impossible to know what you need to change or do differently in order to succeed. For instance, if you don’t keep a monthly budget, it’s impossible to know how or where you can save money.

Corley found that wealthy individuals were almost obsessive about tracking and measuring in all areas of their lives:

•67 percent kept up-to-date to-do lists

•94 percent balanced their bank account each month

•57 percent counted the calories they consumed

•62 percent set goals and tracked whether or not they were on track to achieving them

Setting and attaining goals becomes far more difficult when you have no yardstick by which to measure your progress. To give yourself the best chance of success, keep yourself organized and track the progress you’re making toward your goals.

TEH : Yes ... we should track our progress ... even we are not doing well, fail or simply out-of-way(swayed) ... we need to detour and back to our path. Everyone of us knew very well ... what we want to do. If not, then ... write down a list. Make it cautious ... this is WHAT I WANT TO DO. Then, do it ... and check progress. THIS IS NOT WORKING WELL. Then, change it ... and re-define ... easier said than done. But, that is how I progressing in my trading for past 7 years now, and STILL learning, being a novice!!

7. They surround themselves with success-oriented people.

Wealthy individuals seem to intuitively understand the importance of being around other goal- and success-oriented people. They are intentional about nurturing these positive relationships, and they invest the time and energy necessary to help these relationships grow.

Corley writes, “Wealthy, successful people are very particular about who they associate with. Their goal is to develop relationships with other success-minded individuals. When they stumble onto someone who fits the bill, they then devote an enormous amount of their time and energy into building a strong relationship. They grow the relationship from a sapling into a redwood.

Relationships are the currency of the wealthy and successful.” His suggestion is to dedicate 30 minutes each day to nurturing such a relationship. This could mean being a sounding board, giving advice, or just generally being a helpful companion. As you build and nurture this relationship, that person is likely to reciprocate and become a trusted and valuable supporter.

TEH : This is a definite so-called secret of those rich people I got to know ... who worked their a*s off ... to be who they are today, a successful person in their own endeavours!! Simply put, surround ourselves with like-minded positive people. Those seeing success as their goal ... positively encouraging each other to move up a notch, recognizing obstacles and challenges ... while maintaining their composure.

I do make sure I do not go into public-forums or following majority the herds. To stand out and find our own identity, we need to move away from the crowds (afterall, how many % of crowd are successful, anyway? There is ONE boss, 10 employees, right?)

Yes ... I do use time to know those done well in trading ... I want to learn from them. I want to hear their stories ... experiences. Every knowledge shared is a treasure for me ... yes, I created my own surrounding.

I know I am just 20% of my success journey. But, I m one determined person ... if u read my blog since 2008 ... from ground-zero .... or started to read around 2012 .... doesn't matter. I will continue to write ... and showing progress. Tick me off if you find me being swayed away ... from being a good trading-trainer!! That is my goal for 2015-2017.

Time for lunch ... will continue, as I m free today.

Teach me to be successful ... the pointers. I will heed and learn. I will appreciate those shared with me, even indirect or little. NOTHING is too little to learn. NO ONE is too great not to learn.


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