Summary
- I’ve found that having habits is what separates the ultra-wealthy from the merely rich. It's not just about luck or inheritance, but the daily routines and mindset you adopt.
- Money is just one part of true wealth. It’s important to value relationships and health as much as money. Spend time with family, invest in health, and maintain strong relationships to avoid loneliness.
- Simple daily habits like walking 10,000 steps and lifting weights can maintain health. You don’t have to be a bodybuilder; just keep your bones strong and your muscles toned.
- Eliminate decision fatigue by simplifying small daily decisions. This frees up mental energy for high-impact tasks, much like Steve Jobs' clothing choices.
- I've learned to use AI for mundane tasks and hire virtual assistants to save time, which allows more focus on tasks that grow wealth.
- Waking up early can be beneficial. I wake up at 3:00 or 4:00 a.m., and so do many successful CEOs. Early mornings help to focus on important work without distractions.
- Saying no to unnecessary demands on your time is crucial. This allows for focus on activities that provide financial growth, without neglecting quality time with loved ones.
- Mastery in one area can give you an edge. Spending over 10,000 hours in the same field, like Warren Buffett, helps avoid mistakes and builds expertise.
- Identify large market opportunities. Products or services used daily by many can lead to massive profits, as shown by Apple's success with smartphones.
- Embrace failure as a learning experience. Track and analyze mistakes to refine paths to success, much like Elon Musk and SpaceX.
- Learn from everyone, not just the wealthy. Listening with open ears can provide insights that propel success.
- Reading helps in staying informed and making strategic decisions. Allocate at least 30 minutes a day to reading to equip yourself with knowledge and foresight.
Video
How To Take Action
I would suggest integrating daily habits to boost your personal growth or business success. First, focus on simple daily practices like walking 10,000 steps or lifting light weights to keep you fit. It’s a great low-cost way to stay healthy and avoid future health costs.
A good way to save mental energy is by eliminating decision fatigue. Simplify your daily choices, much like wearing the same outfit, to stay focused on big tasks. Using AI tools for routine tasks or hiring affordable virtual assistants can free up your time, allowing you to concentrate on growing your wealth or skills.
Waking up early can give you a quiet period to focus on vital tasks without distractions. You might start by getting up an hour earlier than usual and gradually adjust to earlier times.
Balancing work and personal life is essential. Spend quality time with loved ones, and say no to non-essential demands. This practice lets you focus on meaningful actions, like reading for 30 minutes daily for knowledge and insight.
Lastly, cultivate mastery in one area by dedicating time to become an expert. Just like Warren Buffett, stick to what you know and love. Failing is part of the journey, so learn from mistakes and keep refining your path. Aim to offer products or services used daily by many, turning it into a profitable venture. Always stay open to learning from everyone, not just experts, as this can propel your growth and success.
Quotes by Author
"Money is just one part of true wealth"
"No amount of money can compensate for loneliness or poor health"
"Wealthy individuals don't waste their time with small decisions"
"Ultra wealthy individuals don't chase every new trend"
"The wealthiest people in the world fail a lot but they never stop learning"
Full Transcript
have you ever wondered what separates the ultra wealthy from the merely rich it's not just luck or inheritance And it's not even just hard work It's habits Over the years I've had the privilege of meeting and learning from some of the richest people in the world Their mindset routines and daily practices are vastly different from the average person So today I'm breaking down nine habits that the ultra wealthy live by habits that you can start implementing today to set yourself up on a path to financial success Money is just one part of true wealth The ultra rich make it a habit to value their relationships and health just as much as their money Many successful entrepreneurs schedule out time to dedicate to their family and invest in their health rigorously as well as invest in relationships See if you have all the money in the world but your health isn't great and you're just sitting in a hospital what's the point of having that money and if you have great health and you have a ton of money but you have no relationships no family no one wants to talk to you No one wants to be your friend Life becomes really lonely No amount of money can compensate for loneliness or poor health You want to dedicate time to exercising to eating well and to maintaining relationship For example when I eat dinner with my kids and my wife I am not on my phone Instead I'm talking to them I'm figuring out how their day is going Even if my 3-year-old and 5-year-old tell me how their day is going and they want to say the same thing day after day it doesn't matter I'm there to pay attention and hear them out Because if you don't hang out with people now and take the time to build those relationships later on in life no one's going to want to hang out with you And as for health you can do something as simple as just walking 10,000 steps a day My average is around 10 to 12,000 steps each and every single day Even on Christmas I walk at least 10,000 steps a day On top of walking 10,000 steps a day five times a week I lift weights The weights don't have to be overwhelming You don't need to be a buff like a bodybuilder The weights just need to be heavy enough so that way you can strengthen your bones and maintain your muscle mass if not gain it by a little if you don't have tons of muscle mass Wealthy individuals don't waste their time with small decisions If you look at Steve Jobs he wore the same outfit each and every single day And he just wore pretty much black Why because he didn't want to waste his time on little things that didn't matter In essence he was eliminating decision fatigue By eliminating decision fatigue you can focus all your mental power on the things that actually matter and are going to help you accomplish your goals Also when you get rid of decision fatigue it reduces stress in your daily life and it increases your focus on high impact activities When you have amazing focus on high impact activities you're more likely to accomplish them in an efficient manner have more time and see better results What I like doing is leveraging AI Think about all the mundane boring stuff that you do on a daily basis Can AI help you with any of those tasks if so use AI If you're doing things that require a VA you can hire a virtual assistant in another country for pennies on the dollar that can help you out By just simplifying simple things that are just eating up your time you can focus on more highlevel stuff that actually can have a bigger impact on your wealth The latest I wake up is 4:00 a.m The earliest 3:00 a.m And I'm not alone Many of the wealthiest people I know do the same CEOs like Tim Cook and Howard Schultz start their days before the sunrise to get ahead When you wake up early in the morning you're not distracted by tons of meetings or phone calls This allows you to focus on your most important tasks So when I wake up early in the morning I'm able to knock out a lot of my important tasks before my children wake up and before they're ready to eat breakfast and go to school Mornings offer unriped time for deep work planning and execution without distractions For example every morning I spend at least 30 minutes working on our marketing campaigns These are campaigns that have a direct ROI such as our Facebook ads or YouTube ads or Google ads These are high leverage points in my business that can make us more money not a year from now but actually the same day or tomorrow worst case And that's why I recommend people should wake up at least an hour earlier than they're normally used to It's hard for people to shift their schedule from waking up at 8:00 a.m to starting to wake up at 3 or 4:00 a.m But if you just start by waking up an hour earlier you'll get a lot more done And then over time you can work your way up to waking up at 3:00 a.m or 4:00 a.m Wealthy people don't just try to free up more of the hours in the day They also work smarter and with more intensity Wealthy people maximize their available hours and work with purpose The simple thing you can do is start saying no to people If people want a lot of your time and it's not going to help move the needle just say no This will allow you to focus on the stuff that's really important For example reading learning listening to podcasts This is all important stuff I set a dedicated amount of time for learning and reading and I try to limit it to no more than 30 minutes a day On the flip side I spend the majority of my time solving problems that can actually impact the business next week or next month to provide financial growth At the same time you want to do this with balance A lot of rich people millionaires and billionaires also save quality time for loved ones For example Elon Musk has a lot of videos publicly of him even in the White House with little X his son So you want to make sure that you're delegating time for different things and tasks And when you're working on a task try to block out small increments of time If you put in an hour for a task you may dillydattle and do other things in the hour But if you only give yourself 10 minutes 20 minutes 30 minutes max for a task you know that you're much more likely to stay focused and get it done within that aotted time because you don't have too much time to goof off No matter what you're doing give it 110% of your attention You may not have as much time as other people but there's a lot of parents that eat dinner with their kids and they're just on their phone the whole time I rather spend less time eating and less time with my kids but actually talking to them and getting to know them You know there's some families that spend 2 hours eating with their families but they're on the phone roughly an hour and 50 minutes On the flip side my dinner meal is roughly 30 minutes but I'm giving my family undivided attention Ultra wealthy individuals don't chase every new trend They double down on their expertise If you look at Warren Buffett he never really invested in tech companies until recently He stuck to what he knew and that's what built the majority of his wealth Sure he made some money from companies like Apple but that wasn't until later in his career where he hired a team who truly understood tech better than him By sticking to what you know you're less likely to make mistakes When you master one field and you get really really good at it it gives you advantage over other entrepreneurs who aren't as an expert as you are within that field This is how you get your upper hand You spend more than 10,000 hours on the same exact industry mastering it becoming better than everyone else What you want to do is first identify your strengths Typically what you love is what you're naturally good at as well If that's something that you love and you want to keep doing and you can see yourself doing it for the long haul go all in and get really really really good at it Wealthy individuals know that the bigger the market the bigger the opportunity for wealth Just look at Apple They focus on the smartphone Not everyone has a computer but most people have a smartphone And that's led to billions and billions in revenue Heck Apple is worth over $3 trillion Why because their product works for the masses If you can create a product or service that someone needs to use each and every single day it has massive profit potential That's the key Look for something that people need to use each and every single day It doesn't have to be the whole world It could just be a product for businesses but if they have to use it each and every single day you're on to something that could be potentially really massive You also want to focus on industries with high demand and daily use The bigger the industry and the more people use it the more revenue potential there is The wealthiest people in the world fail a lot but they never stop learning Elon Musk's repeated rocket failures eventually led to SpaceX success Mark Zuckerberg hasn't won from every single product that he launched Heck he's not really talking about the metaverse anymore He's focusing on AI Even Apple has had tons of failures You just don't hear about them because none of those products really took off Those failures are a lesson Those lessons help you refine your path to success If you keep avoiding all the stuff that caused you to fail eventually you'll be led down a path to success But the key is to track your mistakes analyze them why didn't they work and then make adjustments so you don't repeat the same mistake over and over again The ultra rich don't just learn from other rich people They learn from everyone Successful entrepreneurs listen to the younger generations and they're also open to listen to anyone even if those people aren't really smarter than them You can always learn something new The question is are your ears open to listening and is your mouth shut because you never know where you're going to learn something new that can change your life or your business The world evolves fast You can't keep up with everything Just look at how fast AI has progressed The key is learning from others and taking advice from people who have done things successfully If you do that you're much more likely to be successful yourself Finally the wealthiest people are avid readers Warren Buffett reads 500 pages a day Bill Gates takes two week reading vacations When you keep reading you're staying informed This helps you with strategic decisionm and foresight And many entrepreneurs even read books and biographies of entrepreneurs of the past By learning from some of these older entrepreneurs you can figure out different strategies and methods to grow faster Because although times have changed a lot of business fundamentals and strategies are still the same that they were over 100 plus years ago I recommend that you allocate at least 30 minutes a day to reading and learning And if you want to learn more about habits and experiences that contribute to my personal success running a thousand plus organization company check out this next
