Artistotle said, “We are what we repeatedly do. Excellence is not an act, but a habit.” Athletes and leaders preach the importance of discipline and consistency. And it turns out that people who are financially successful have some powerful habits in common, too.
CONSISTENCY DELIVERS RESULTS
Like any successful endeavor, accomplishing financial goals involves time, attention and focus. Our research and experience with financially successful people, including our clients, points to several key behaviors that they tend to display on a regular basis. Here are some tips for following their paths to financial freedom:
- Establish and Follow a Budget
Financially successful people tend to manage their money carefully and conservatively. They recognize that early planning can help establish strong financial boundaries that guide life decisions and pay off long-term. In our 2011 Stick with It Study, individuals with higher incomes were associated with higher levels of budget discipline and tended to rank themselves high in that area.