Our Millionaire Secret: 7 Life-Changing Easy Habits to Build Wealth!

hey guys it's Iman and Christina from average Journey today we want to talk about habits you know one of the questions that we get a lot is how did we become millionaires how do we Achieve Financial Independence and retire early and really what it came down to were some shifts that we had to do in our everyday lives and we call these shifts little micro habits there were things that we changed daily routines that we took on or daily routines that we got rid of that helped us achieve this status and so on today's video what we want to talk about are these micro habits that we used in order to achieve Financial Independence and retire early so in this video we actually have seven habits that we want to talk about and at the end we're also going to give you a tip for how you can develop these seven habits if you don't practice them every single day and these are micro habits the first habit is safeguarding time and what we mean by this is many of us have our time stolen away from us in one way or another in fact most of us are probably giving our time away and we do this by spending too much time on social media watching too much TV or giving extra hours to our employer when we are supposed to be off in the evening and in the weekends you have to recognize that every minute every hour that you are allowed to be stolen away from you are hours that you could be using in order to move closer to your financial Independence goals and so it's very important that you recognize how you are spending your time because something we often hear from people is I don't have the time to learn to invest to start a side hustle to do all of these things to look for another job when in fact you are giving your time away or letting it be stolen from you when you can be better utilizing that time so this really comes down to productivity really being able to identify what you do every single day that is productive versus things that you do that can really drain time time from you and not only drain time from you but also energy so when you're focused on being productive every single day you're focused on doing things that will move you closer to your goals goals and that is the key word there if you don't establish goals then you don't know what you need to be working towards we should all be writing down for example our financial Independence number with that Financial Independence number alone you can identify so many other things that you need to be doing to get closer to that ultimate goal the next habit is limiting financial news noise you see the news cycle is full of salacious articles or news stories in order to get clicks or views on whatever News Channel this is this is all a part of the advertisement game and so you have to be careful about the new sources that you watch every day especially the ones that can impact how you invest and build wealth for us we'd like to choose reliable news sources that consistently give us information that is the most reliable so we mentioned this because one thing about that news noise is that it can cause anxiety with you it can cause you to constantly go in and check your portfolio and see how your portfolio is doing and if your portfolio is not doing good at the moment when you're constantly checking it you could be making changes that aren't beneficial to the growth of your portfolio and there's another problem with the financial news that I think is more detrimental than anything else it can stop you from doing anything at all it can keep you scared and one thing that we say is scared money don't make money so if you are afraid to start investing because you've heard that there's going to be an economic downturn a recession or this or that or any political thing is happening and it just keeps you still this is very detrimental to you and so we think that anyone that is pursuing Financial Independence if you want to move forward be careful about the news that you consume so this brings us to our next habit Financial education now one thing that Christina and I do every day is we spend at least 10 minutes developing our financial education or literacy and that comes in one form or another either we are reading a book we are listening to a podcast but we are consuming reliable Financial education so for those of you that are really struggling to find out what you should be reading what you should be listening to we will give you one book recommendation and one podcast recommendation so the book recommendation is the Boogle heads Guide to Investing it is a great book especially for beginning investors it really goes into detail about different index funds ETS taxes all these different types of Investments that can help grow your wealth and the planet money podcast they have a great summer school Series where you can learn more about economics and investing the next habit is we have exercise the ability to spend mindfully this happens every single day where we're really thinking about is this a want versus a need now we're not telling people that you should never buy a want but you have to take some time to really thoughtfully think about your purchases and determine whether or not these types of purchases that you make that are wants will really move you forward on your fire journey and I think that's a great way to think about it will this purchase move you forward or will it move you backwards and some wants may actually move you in the wrong direction and so it's important that you make that recognition before you make that purchase I mean how many people have bought something and then they have buyer's remorse because they realize once they had it I can't afford this this is moving me in the wrong direction I had to go into debt all of these negative things have come from this purchase but you only realize it after you've made that purchase do you know why that's the case is because once you've had it you've had time to think about it and you realize this wasn't the right decision so one thing that you can do is practice something called the 72 hour rule so if there is a want that you are really excited about wait 72 hours and if you are still excited about purchasing that want then you can move forward with that purchase another thing that you can do and we love this actual habit is thinking about your wants and your purchasing of those things in the form of the hours that you would have to work in order to purchase those things so if you have something that you really want to purchase but it isn't a necessity what you can do is calculate how many hours it would take you at work to pay for that product again these things can really help you develop that habit of spending mindfully the next habit and this is something that we do every single day is our daily gratitude and when we do that we recognize the non-material things in life things that don't involve money or material or things that we would necessarily buy you see this reduces the urge to want to just go out and spend money and this recognition is so important especially in the time of social media where you see people taking all these trips buying all these fancy things cars and wallets and purses spending money on social media to give the perception of Happiness of living a fulfilled life the reality is is that life is what you make it and if you can approach life with gratitude with positivity and surround yourself with the right kind of people life can be a fulfilling thing so we really encourage you to practice gratitude every single day when you wake up think of the things that you are grateful for and you'll begin to realize as you're thinking about these things you're going to be thinking about people you're going to be thinking about experiences and you're not going to be thinking about the material things in life the next habit is networking and we have this as a micro habit because you should be doing things every single day related to networking it can be at your work it can be with your friends and family it can be when you're going about your daily tasks of going to the grocery store even when you talk to people you can get information from them that can pertain to your life and it can stimulate new new and creative ideas to have you thinking about things differently I think this is one of the most important things you can do and it definitely was something that propelled us on our journey just casual conversations that we would have with people on the street I remember when we first moved to the San Francisco Bay Area one of the things that we did was when we would be out and about we would talk to people and we got some of the best ideas like when we were renovating our homes and someone told us about the tool lending library that conversation saved us thousands of dollars because when they told us that there was a library in Oakland where you could check out power tools to do any type of work to your home it was a game changer and another example actually when we were renovating our homes also we met someone who put us onto the as is section in Ikea we had never actually identified this in Ikea before and that also was a game changer for us but again it goes down to networking with people just opening a conversation with people with a basic Hi how are you doing there is so much that you can get from that and if you guys have seen our 365 days to fire meetups in Portugal that is the definition of powerful networking I mean people are networking throughout the year because we set people up in cohorts and people meet individually in their own cities and towns but when people get together in Portugal you see networking at the highest level and so go check out that program because it is jam-packed with actionable items that you do every day to move you closer to financial Independence and retiring early but the biggest part of this program is definitely the community that is formed the networking that takes place as a part of this program so if you're interested in learning more about the 365 days to fire a program check out the link in the description below or go to 365 updates to fire.com and so this brings us to our final habit and it is having a positive mindset have you ever met those people that just have a negative disposition on life doesn't it seem like everything is going wrong for them like there are just so many things holding them back from moving forward now on the other hand if you've ever met a positive person you can see how positive things how good things are attracted to that person because they give off this Aura of positivity and people want to be around these types of people good things happen to these kind of people if you can become a person like this good things will happen to you so how do you become a positive person if you are not one well it takes a mind shift you have to first recognize that maybe you are looking at things as half empty when you should be looking at things as half full you have to do that self-assessment and see where you are coming from ask the people around you look at the people around you are they also negative people do people not want to be around you or do people say to you you know what you have kind of a negative attitude these might be signs that you need to make that mindset shift and I also think that some of the habits that we talked about in this video also help to produce that positive mindset or help you get into that mindset shift so things like practicing gratitude networking making sure you're around positive people instead of negative people the more you can shift your mindset so that it is a positive mindset so you go through every single day really thinking about the positivity of the day instead of the negative that will draw more positivity to your life so we went through these seven habits and maybe you haven't Incorporated all of these seven habits into your day-to-day lifestyle so we have one tip in order to incorporate these habits and this is called habit stacking so how this works is you take one specific habit that you're already doing every day and then you incorporate a new habit that you want to start doing right after that daily habit so for example let's say your habit is every morning you wake up and you have coffee now if you want to develop a new habit by habit stacking what you can begin to do is have your daily coffee and right after your daily coffee you do 10 minutes of financial education you listen to a podcast for example and I'll go a step further you wake up every morning and your habit is to brush your teeth well while you are brushing your teeth or taking a shower maybe you turn on your favorite podcast that morning a 10 minute show from NPR that gives the Planet Money indicator of the day this is just a great way to incorporate all of these habits all of these things that can help shift your mindset to move you on that Financial Independence Journey because so much of what we talk about has to do with mindset believing that you can achieve something as great as Financial Independence it really does take a shift in how you think and so we hope this video has given you a little fuel for your fire journey and if you guys have liked this video give it a thumbs up subscribe to our Channel and join the journey so thanks for watching our video but before we let you go we wanted to let you know that our year-long action-oriented program for pursuing Financial Independence and retiring early is open now our 365 days to fire program it is a one of a kind program that helps you get closer to your financial Independence and retiring early goals and so if you are interested in this program please go to 365 days to fire.com and check out everything that this program has to offer yes please check it out we're so excited to be be going into our third year program as as program we have exciting in-person meetups here in Portugal we have people break up into smaller accountability groups and do activities with their groups you have daily fire tasks you have plans that you create you create an entire fire plan that includes your Stock Investing plan your real estate investing plan your estate plan your side hustle plan every single plan gets accumulated into your fire plan and we also have a coaching plan as part of this program where you can get feedback from us we review your plans and you can ask us any of your fire related questions so again if you are interested in signing up for this program enrollment is open now you can go to 365daystofire.com and we'll also leave a link in the description below

Channel: Our Rich Journey

Views: 127,783

Keywords: our rich journey, financial independence retire early, fire, Habits of rich people, poor people habits, wealth building habits, daily financial routines, morning routines for success, habits for financial learning, talent stacking habits, automic habits for wealth, money saving habits, 7 habits to transform your financial future, millionaire habits, wealth building routines everyone should adopt, 10 habits that can triple your savings, how establishing investment habits pays off

Id: o5DpH97Z5y0

Length: 15min 2sec (902 seconds)

Published: Sun Aug 13 2023