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!

Most Recent Episodes

Dave Ramsey vs. The Money Guy: Which Strategy is The Best?

Dave Ramsey has an incredible legacy of helping folks get out of debt and take control of their financial lives. We agree on a lot of things, but there are a few points of contrast. In this episode, we’ll discuss differences between The Money Guy Show and Dave Ramsey...

Top 4 Financial Mistakes We Saw This Year! (2022)

We saw some wild financial mistakes this year during the bear market. From making extreme changes to portfolio allocation, chasing the hot dot, and using too much leverage, we’ll talk about some of the biggest financial mistakes we saw in 2022 in this episode.   In...

How Millionaires Build Wealth! (With Dave Ramsey)

Join us for a very special episode as we welcome personal finance radio host and influencer Dave Ramsey to The Money Guy Show! There’s so much misinformation out there about building wealth. We had the pleasure of having a great conversation about how millionaires...

Do These 4 Things with Your Finances BEFORE 2023!

There are unique financial opportunities available at the end of the year - especially this year with the market down. In this episode, we’ll talk about what you need to do with your money BEFORE 2023! In this episode, you'll learn: What you need to do with your money...

How to Win When the Financial World is Burning!

Lately it’s felt like the financial world is in chaos, with rising interest rates, a falling stock market, and high inflation. Let’s talk about how to focus on what you can control and how to minimize the time spent worrying about what you can’t control. In this...

Financial Advisors React to RIDICULOUS Money Advice on TikTok!

The most powerful time to get serious about building wealth is when you’re young. So, what is the younger generation learning? Financial Advice (good and bad) is being produced in massive rates across online platforms and TikTok is the new frontier. Is there good...

Loss Harvesting: Why Wealthy People Love It (And You Should Too!)

Tax-loss harvesting: what is it and should you be doing it? In this episode, we’ll cover everything you need to know about tax-loss harvesting, including whether it makes sense for you, how much it could save you in taxes, and how to eliminate the downside of loss...

The Market is Crashing! (Where Should You Put Your Money?)

The stock market has not had a great year so far. You might be asking yourself, “Since the market is crashing, where should I put my money now?” In this episode, we’ll discuss how to invest when the market is dropping and how to make the most of your money. In this...

Will Rising Interest Rates Tank the Economy?!

The Federal Reserve is raising interest rates to combat inflation, and many are concerned about how it will affect the economy. In this episode, we’ll discuss what rising interest rates means for your wallet and how to make the best of it. In this episode, you'll...

How to Be Wealthy By Age! (Can You Catch Up?)

How much does it take for you to meet your retirement goals by age, and what are some common traps your peers fall into? Learn more about how to be wealthy, mistakes to avoid, and exactly what a little extra saving can do for your retirement income. In this episode,...