Most of us can think of a habit we’d love to master. Like not overeating at an expensive restaurant when you hear the voice of a parent telling you to eat everything on your plate because hungry kids are living in Africa.
Or the fact that it tastes so good you don’t want to stop, right? Or you may want to eat less so you can weigh your ideal weight, or you want to create a habit of saving and enjoy a secure retirement.
There are many reasons to develop good habits.
Today, I will share with you how some of the most successful people in the world create effective, positive habits.
Summary: Wealth Inside and Out® Podcast – “How to Create a Habit”
You will learn:
- What is a habit
- Why money habits are so important
- How long it takes to change a habit
- The process to create habits that stick
Free Goal Setting Guide
You can access it at https://themillionaireinsider.com/gsg.
Goal setting is critical to achieving your desired results. Setting your goals provides you with a target to aim for.
The challenge is knowing how to set goals effectively. I think this requires that you hardwire the goal into your subconscious mind.
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“How to Create a Habit”
What is a Habit?
A habit is an automatic repeated behavior.
Positive habits include exercising, healthy eating, and saving for retirement, while negative ones include smoking, drinking too much, and overeating. To develop any good habit, you must start exercising restraint and fully commit to achieving your goal.
This means we do it repeatedly, and eventually, it just starts kicking into our primal brain, and then we do it unconsciously.
The behavior becomes automatic. Over time, it’s like brushing your teeth, pouring a cup of coffee, or scrolling through social media.
The best time to start is yesterday; the next best time is now. So start.
Why Money Habits Are So Important
Money-related habits are crucial for several reasons, as they significantly shape financial well-being and stability. In the podcast, we share nine of them. Here is a sample.
Financial Stability
Positive money habits, like budgeting, saving, and investing wisely, can contribute to financial success. This allows you to plan for the unexpected and create a secure retirement and financial future. Negative money habits can lead to financial difficulties.
Reducing Financial Stress
Positive money habits help you to reduce financial stress.
They can alleviate financial stress by providing a sense of control and security.
Building Wealth
By consistently saving, investing, and making sound financial decisions over time, you contribute to your wealth accumulation. This wealth provides for financial growth and security.
Responsible Spending
Money habits influence spending behavior.
Developing the habit of mindful and responsible spending ensures that resources are allocated efficiently and aligned with financial goals.
Retirement Planning
Saving for retirement consistently is a crucial money habit. The sooner you start investing, the more compound interest your principal can generate.
How long does it take to change a habit?
It takes between 18 and 254 days to form a new habit, on average 66 days.
Wendy Wood is a psychologist at USC and a foremost expert. She wrote “Good Habits Bad Habits.”
Her research has focused on:
- How and why people fall back into old habits
- What patterns help people meet goals
- How to change unwanted practices
The Process of How to Create a Habit
In the podcast, you will access the eleven steps; below is a sample.
Identify the Habit
First, determine the habit you want to establish. Then, make it specific, measurable, relevant, and time-bound (SMART).
Create a Routine
It can be helpful to associate the habit with an existing practice. This makes it easier to remember to perform the tasks. Start small by mixing the less exciting but mandatory tasks with the more exciting ones; this will make it easier for you to stick to the new habit.
Track Your Progress
It can be helpful to keep a record of your efforts. A journal or habit-tracking app can help you monitor your progress.
Learn from Results
It is essential to understand that failures are a part of success. Determine what went right and wrong and then adjust as needed.
Social Support
Share your goal with supportive friends or family. A support system can provide motivation and accountability.
Patience
Habit formation takes time. Be patient and persistent, even if progress seems slow.
Recap – “How to Create a Habit”
A habit is a behavior that you repeat. It often occurs subconsciously.
Money habits are important because they impact every aspect of our lives, now and in retirement.
It takes between 18 and 254 days to form a new habit. On average, 66 days. I encourage you to review the process to create a routine.
Consequences help create habits. If you complete the task, you get a positive reward; if you do not, you get a negative one.
It’s important to remember that success is subjective, and each person’s habits are unique, so take time to figure out what works for you.
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Thank you so much for joining me for
“How to Create a Habit”
I’m Annette Bau (Bah oo).
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