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- Take pride (Driver #6 Mindset ~ Take pride in your Choices versus keeping up with others).
- Take pride in investing monthly, on autopilot and spread the word.
- Think for yourself and don’t be influenced by what others have. Living in Southern California I find myself seeing luxury cars everywhere and thinking to myself; nice car maybe I should buy one. Then I carry the thought through to imaging myself owning that car and the monthly payment, maintenance, depreciation and realize it’s nice to look at and probably fun to drive, but is not a wise purchase.
- Don’t feel pressured by the possessions others have. This can be a challenge because we place a lot of our self-worth on the clothes we wear, the homes we live in and the automobiles we drive. I have talked to a few people who during the last real estate market boom that had an opportunity to sell their home for a larger and much more expensive home and of those who did not purchase the home all of them were glad they changed their mind. That’s a good feeling knowing you had the opportunity but decided against it and years later being thankful that you didn’t follow through.
- Celebrate your 3-month progress reports. It is very important to check in with your progress every three months and take notice of your progress. Even if your investments are not doing well, take pride in making the decision to build your wealth and applaud your action.
- Define your wants and needs. This definitely helps to keep you on track with your Automatic Wealth Building Program. If you find yourself questioning your decisions refer back to your program and reflect on the growth in your wealth. I track the value of each investment account on a spreadsheet and update the values at least monthly. During times when I want to make a large ‘want’ purchase, I review the account values and look at the growth of each account. A lot of the time I have a Wow moment where I realize the decisions I made years ago paid off more than I could have imagined.
- Be Frugal and Be Proud. I find myself doing this when I imagine driving the nice sports car (I really like the Camaro ZL1), then coming back down to earth and celebrating that I didn’t buy the car and being thankful I have the money in our investment accounts.