THE MOST WEALTHY PLAN & THEY HAVE WRITTEN GOALS
Wealthy people spend much more time thinking about their finances than people who remain poor. The average adult spends 2-3 hours each month studying and thinking about their money, usually at bill paying time. The average self-made millionaire, by contrast, spends 20-30 hours per month thinking, studying and planning his finances.
This millionaire mindset, the very act of focusing on your money, will dramatically improve the decisions you make with regard to it.
Wealthy people who invest more time planning their finances invariably make better decisions, get better results, and achieve financial independence.
According to Tom Corley, author of RICH HABITS, in his five year study on the daily habits of the rich and the poor he tracked over 300 activities that separate these two groups. When it comes to planning their day and getting things accomplished, the wealthy and the poor see and do things very differently.
Let’s Take A Look At The Research:
- 62% of the wealthy are focused on their goals every day vs. 6% for the poor
- 67% of the wealthy put their goals in writing. 83% of the poor do not
- 73% of the wealthy plan out their day vs. 3% for the poor
- 81% of the wealthy, who do plan their day, maintain a daily to do list. Less than 1% of the poor use a daily to do list
The daily to do list is one of the tools the wealthy use to prevent procrastination, accomplish their goals and maintain control over their day. They set a daily goal of accomplishing 70-80% of the tasks on their daily to do list. Why?
There are three reasons:
- The wealthy understand that, at the very least, procrastination can result in poor quality products or services leading to unhappy customers/clients, causing a loss of those unhappy customers/clients or. At the very worst, procrastination can result in litigation, from customers/clients who were damaged in some way by those poor quality products or services. Procrastination can cause a loss of income. Wealthy people understand that you cannot become wealthy if you procrastinate.
- To do lists help the wealthy accomplish their short-term and long-term goals.
- To do lists give the wealthy control over their day and their lives.
There are two types of daily to dos:
Goal To Dos – These are daily tasks tied to monthly, yearly and long-term goals. These are almost always fixed in nature, meaning the same to dos show up every day on the to do list. For example: “Make Ten Telemarketing Phone Calls”.
Non-Goal To Dos – These are to dos that are unrelated to any goals. They may be administrative tasks (i.e. Respond to Emails), client tasks (i.e. Meeting with Client) or daily obligations (i.e. Go to Bank). They may be fixed, daily tasks or they may vary daily.
Just like in a business plan you have to set goals to achieve the things you want from life; monthly goals, weekly goals, daily goals.
The Wealthy Write Their Goals Down And Commit To Them:
According to a study done by Gail Matthews at Dominican University, those who wrote down their goals accomplished significantly more than those who did not write down their goals.
However, most people do not realize that the power of goal setting lies in writing goals down.
- Committing goals to paper and reviewing them regularly gives you a 95% higher chance of achieving your desired outcomes.
- Studies have shown that only three to five percent of people in the world have written goals – the same three to five percent who have achieve success in business and earn considerable wealth.
These studies have also found that by retirement, only four per cent of people in the world will have enough accumulated wealth to maintain their income level, and quality of life. It is essential that you develop a plan for your retirement. It is equally essential that you develop a plan for your success.
Article compliments of Wiser And Wealthy, a site devoted to increasing financial literacy for women.
Our pick for elegant planners and notebooks that make us want to plan are by – Smythson. They great as gifts as well. Established in 1887, Smythson represents over 125 years of British luxury leather goods at their most refined. They make beautiful notebooks, planners and more.
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