15 "Micro" Habits That Made Me Rich

Summary

In this video, the speaker shares 15 transformative micro habits that can lead to significant personal and financial growth. Emphasizing the power of consistency, the speaker explains how small, daily improvements—such as paying yourself first, tracking spending, and investing in yourself—can compound over time to create massive long-term success. These habits, which include goal-setting, exercising regularly, and reflecting on progress, encourage a holistic approach to personal development and wealth-building. By following these habits, viewers can improve both their financial situation and overall well-being.

Takeaways

• 😀 Consistent micro habits can significantly improve your financial and personal life over time, focusing on small, manageable changes that compound.
• 😀 The 1% rule: Small daily improvements can add up to a 37.78x improvement over a year, leading to significant long-term success.
• 😀 Pay yourself first by automating savings or investments. Setting aside a portion of your paycheck for future goals helps avoid unnecessary spending.
• 😀 Writing down goals makes you 42% more likely to achieve them. Set specific, measurable, and time-bound goals for better clarity and focus.
• 😀 Invest in yourself by spending money on your mental, physical, and professional growth. Building skills can lead to higher earnings in the future.
• 😀 Tracking your daily spending helps you understand where your money goes and allows you to allocate it more effectively for long-term growth.
• 😀 Adopt a bias for action. Successful people often prioritize doing over planning, as executing allows for learning and seizing opportunities.
• 😀 Regular exercise boosts mood, reduces stress, and increases productivity. It helps build discipline and clarity, contributing to overall success.
• 😀 Shop around for better deals every few months. This includes re-evaluating services like internet or insurance to ensure you're getting the best price.
• 😀 Log focused work hours. Tracking your productive hours helps you see where you’re spending time and ensures you focus on impactful tasks.

Q & A

What are micro habits, and how do they impact personal and financial success?

Micro habits are small, consistent behaviors that fit seamlessly into daily routines. Over time, these tiny habits compound and lead to significant improvements in both personal and financial aspects of life.

What is the 1% rule, and how can it be applied to personal finance?

The 1% rule is the idea of making tiny improvements every day that compound over time. Applied to personal finance, it could mean saving an extra $5 daily, reducing unnecessary spending, or finding new sources of income. Over a year, these small changes can add up to substantial progress.

Why is it important to pay yourself first or automate finances?

Paying yourself first or automating finances ensures that you save and invest before spending. By setting up automatic transfers to savings or investment accounts, you avoid the temptation to spend all your income and secure your financial future.

How does writing down your goals improve your chances of achieving them?

Writing down your goals makes you 42% more likely to achieve them, according to research by Dr. Gail Matthews. It provides clarity, keeps you accountable, and allows you to track progress, making your objectives more achievable.

Why should you invest in yourself, and how can it impact your financial future?

Investing in yourself, such as acquiring new skills or improving your mental and physical health, can significantly impact your financial future. By gaining expertise in high-demand fields, you can increase your earning potential and career opportunities.

What is the benefit of tracking your spending daily?

Tracking your spending daily helps you become more aware of your financial habits. It allows you to identify areas where you can cut back, allocate funds more efficiently, and ultimately improve your financial situation.

How does having a bias toward action contribute to success?

A bias toward action encourages you to take risks and start projects without waiting for perfect conditions. This mindset leads to progress and opportunity, as action often leads to learning and unexpected outcomes that drive success.

What role does regular exercise play in financial and personal growth?

Regular exercise boosts mood, self-esteem, and productivity, which positively impacts personal and professional life. It also instills discipline and helps maintain focus, allowing for greater success in financial goals and personal development.

Why is it essential to shop around for better offers and save money on services?

Shopping around for better deals on services like internet, insurance, or utilities ensures you're not overpaying. By taking a few minutes to compare offers every few months, you can save hundreds of dollars, which can be redirected toward savings or investments.

How can logging focused hours improve productivity and financial success?

Logging focused hours helps you assess the quality of your work time. By identifying and maximizing periods of deep, distraction-free work, you can increase productivity and achieve greater success in your career or side projects, contributing to financial growth.