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- Consistency (Your Driver #4 Mindset ~ Consistency & Persistence)
- Pick an Action and Implement it. One change at a time until it becomes a habit. Typically takes thirty to forty days for a habit to form.
- Wait 30 days before making a large purchase. Many times the excitement wears off by the third or fourth week and you realize that the ‘Want’ is not a ‘Need’. This also allows you time to evaluate the purchase after the excitement wears off, ask yourself “do I really ‘need’ this particular ‘want’?
- Don’t buy Designer clothing unless absolutely necessary. Often times designer clothing is a ‘want’ to make us feel better about ourselves or impress others. Resist the temptation and add to your wealth. Recently my family and I needed to visit a mall on a Saturday morning and I was shocked at the number of people who were walking through the mall with large numbers of bags from designer stores. I thought out loud, how do these people afford all of their purchases? My wife’s response without even thinking about it was, they just charge it, and I said, but they need to eventually pay it off. Not to go off on a tangent, but I really don’t believe in paying interest on credit card debt. Do everything to pay off your credit cards, with the plan I describe in the introduction.
- Don’t tempt yourself (stay away from places that you usually make impulse purchases).
- Use an App such as AnyList to make lists of items needed, so you don’t make impulse purchases, i.e. grocery store, department store, home improvement store.
- Save 50% of unexpected money – Tax Returns, Birthday money, etc. 50% of those funds should immediately go into a savings account or transferred to your investment account.