By Paul Cooley
There is a lady I know that has been running her service based business for the past 8 years. She has never had to put a dime into advertising. She always has gotten new customers through word of mouth referrals. She always appeared to have more than enough business and an endless waiting list of prospects. Many years ago, I watched how she ran her business, how she treated people and what kind of results she provided. As my experience grew, I was shocked she was still in business due to the fact that she was providing her customers with an out-dated service. Yet, she still remained steady in her business. It bugged me at first, until I realized the reason why she got so many referrals and stayed so busy while providing something out-dated.
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.
Read more: Nine Habits to Financial Security | Northwestern Mutual
By Steven W. Harp, Northwestern Mutual Financial Network. Steve is a member of CS Business Builders leads group.