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Setting Yourself Up For Success

August 31, 2012

Truly successful people are those who consistently do well in many different areas of life.  There are actually patterns that successful people follow in order to reach their goals.  In today’s show, we share some traits and skills of highly effective people as well as some Money-Guy tips to apply all of this to your financial lives.

Philip Humbert’s Top 10 Traits of Highly Successful People
1.  They work hard:  They get up early and expect a lot from themselves.  Becoming financially independent is not always an easy thing to do, but it is definitely possible if you are willing to recognize that hard work pays off.
2.  They are incredibly curious and eager to learn:  They have a thirst to learn more and absorb knowledge.  Financially, you are already doing that just by tuning into this show!
3.  They network:  They value people and value their relationships.  Position yourself to be irreplaceable in the lives of others.  Use that mindset in your household as well as your place of work.
4.  They work on themselves and never quit:  They don’t tolerate flaws; they fix them.  Take the fuel from your failures to create successes.
5.  They are extraordinarily creative:  Successful people create things.  Instead of accepting things as they are, they look for new possibilities.  Financially creative people are always finding ways to stretch their dollar as far as it will go.
6.  They are self-reliant and take responsibility:  They do not waste time blaming others or complaining.
7.  They are usually relaxed and keep their perspective:  They make sound decisions even in a crisis.
8.  Extremely successful people live in the present moment:  They never seem rushed, but get a lot done.  We like to say:  Don’t get busy doing nothing.  Use every second that you have to be productive.
9.  They “look over the horizon” to see the future:  They live in the present with one eye on the future.  The most financially successful people have the ability to see things differently than others.  They begin with the end in mind.
10.  Repeatedly successful people respond instantly:  They are quick to respond to things that need attention.  They do not respond emotionally or in a panic, but they do respond quickly.  If you notice a deficiency in your financials (lack of a will, emergency reserves, etc.) don’t wait.  Act now to get back on track.

Stephen R. Covey’s Seven Skills of Highly Effective People
1.  Proactive:  Proactive people take active steps to make things happen rather than simply reacting to things that happen to them.
2.  Begin with the End in Mind:  Successful people have the goal in mind at the start of the task.  Always ask yourself:  “What is my ultimate goal?”
3.  First Things First:  Successful people prioritize effectively.
4.  Think Win-Win:  Successful people want both people in a negotiation to walk away satisfied.
5.  Seek First to Understand, Then to be Understood:  Listen more than you talk.  Allow time to understand the issues before going in with what you know best.
6.  Synergise:  Successful people think that collaboration with others drives success.
7.  Sharpening the Saw:  Don’t get so one-track minded that other things fall by the wayside.  Spend time cultivating every aspect of your life including business, mind, body, and spirit.  Work hard and relax hard.

Money-Guy Success Tips for Personal Finance:
1.  Start now.  It is never too late to get started.  Pay yourself first – set your savings on auto-pilot so you don’t even have to think about it.
2.  KISS.  Keep it simple, stupid.  Don’t unnecessarily complicate your financial lives.
3.  Know where everything is.  Get organized and simplify.  Keep track of a net worth statement to always be aware of your financial position.
4.  Adopt a funnel approach to finances.  Take care of the big things first and then narrow in on less important things.  If you have young children, setting up wills is one of the first things you should take care of.  After that, you can start focusing on your portfolio allocation and other financial responsibilities.
5.  Don’t be debt rich.  Don’t confuse being able to afford a minimum payment with being able to afford an object.  Be careful about taking on too much too soon.

Hopefully some of the tips in today’s show help you see that being successful is certainly a possibility for anyone.  If you are motivated and organized, you are capable of finding success in your personal, business, and financial life.  If you are feeling discouraged, just check out these famously successful people who failed at first, but found success by persevering.  We would love to hear any of your personal tips for accomplishing your goals either below or on our Facebook page!

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