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Blog » Personal Finance » 5 Simple Daily Practices That Will Make You Rich if You Stick With Them

5 Simple Daily Practices That Will Make You Rich if You Stick With Them

Updated on August 28th, 2023
Daily Practices to Make You Rich

The term “rich” means different things to different people, according to a GOBankingRates survey. According to the survey, respondents were asked what best describes how they define wealth, whether they thought they were rich — or if they expected to be rich someday.

Being rich doesn’t have everything to do with money, according to many Americans. Among respondents, the top response to the question of what they consider to be rich or wealthy was “being able to afford the lifestyle you want,” — with 37 percent selecting this response.

Furthermore, 49 percent of respondents chose no financial wealth-related responses. Despite earning a lot of money — 30% of Americans think being rich means living a happy life. A meaningful relationship with family or friends is defined as wealth by 19 percent of respondents.

And — I can’t exactly disagree.

David Meltzer says, “Using a system called the Five Daily Practices, I use consistency, persistence, and prioritizing of my business and personal tasks to create coherence in my life. These practices will help you determine what you want in life if you want to achieve it. And, as a result, you will become rich.”

1. Know your “what” — Take inventory of your values.

I don’t mean to be disrespectful to Simon Sinek, but — forget about your why. Rather, take an inventory of what you want for today, aligned with your future goals. Most importantly, do it daily.

Moreover, consider your personal, experiential, giving, and receiving values.

  • Personal. Take a moment to reflect on the qualities you possess as a person, such as your character, your love, your integrity, and your personality. Are they in line with your plans for today? How do you envision your future?
  • Experiential. For the next 24 hours, what would you like to experience? Would you like to learn something new?
  • Giving. Could you give something to someone today that they would appreciate?
  • Receiving. Is there anything you’d like to receive today?

Take inventory of what you want personally, experientially, giving-wise, and receiving-wise. Take inventory, and don’t fear changing your mind or being a hypocrite. Don’t be afraid of learning and growing. Don’t be afraid of making mistakes, failures, and setbacks. Those are indicators that you’re in the right place. You need a little tweak to get to a better place.

As a result of knowing these values, we can prioritize the activities that align with our goals rather than wasting time on activities that do not.

Additionally, don’t be afraid to change your mind or show hypocrisy. It’s also okay to learn and grow. And setbacks, mistakes, and failures are all part of the process. You’re in the right place when you have those indicators. You only need a slight tilt to head in the right direction.

2. Know your “who” — Figure out who can help you and who you can help.

As soon as you figure out what to prioritize in your life or business, look for people who’ve already accomplished that “what.”

What is the easiest and fastest way to obtain what you want? Identify someone who already has it or is already there and ask for their directions.

Also, to achieve your potential, look for mentors and peers who can help you.

At the same time, to receive value in return, you should also provide value on your journey.

To do that, you must be kind to your future and give unconditionally rather than constantly seeking favors in return. Another way to put it is to know who you can help. As a result, you will be able to attract others who feel the same way about abundance as you do.

3. Know your “how” — Being a student of your calendar.

The following simple daily practice? Know you’re how.

The goal is to continuously prioritize what’s important, who’s involved, and how to ensure your what, who, and how are effective. I’m talking about getting 100 percent of your tasks completed. A passionate, purposeful, profitable person gets stuff done. This is what sets them apart from everyone else.

So go ahead and figure out what you’ve got to do now. In addition to the things you do but aren’t paid for, there are also the things you planned but didn’t do. Yes, even sleeping is considered an activity. With the 24 hours you have been given, utilize your “how” efficiently, effectively, and statistically — take each one and work until you can do it successfully — then take the next one.

To get started, use the Eisenhower Matrix. In this matrix, we categorize all our tasks according to four categories:

  • Important and Urgent
  • Important and Not Urgent
  • Urgent and Not Important
  • Not Urgent and Not Important.

Start with the Important and Urgent items, then move on to the Important (but not Urgent) items, and then finally to the Urgent and Not Important items. The tasks that are not urgent or important should be delegated or removed.

You can also try You can try the Ivy Lee method.

People have used this strategy for over 100 years to become more productive. The Ivy Lee method involves writing down your six most important tasks for the next day in order of importance at the end of each day. One by one, you begin working on the tasks the following day.

Several other steps can help you become a better student of your calendar, including:

  • Have a routine. In order to be productive, following a routine on a daily basis is an essential component of your “HOW.” According to Thomas C. Corley, who studied millionaires for five years, many of them have similar daily habits — such as reading consistently, exercising, sleeping at least seven hours a night, and taking time for thinking.
  • Have an adaptable routine. In the event your regular routine is disrupted, develop a plan for adapting. Structure your day around your “non-negotiables,” the things that are vital components of your routine.
  • Have an unwinding routine. Take care of yourself every evening by getting enough sleep, as you spend nearly a third of your life in bed.

4. Know your “know” — Do it now.

After determining your “how,” you’ll need “A Do It Now” strategy. Why? Because it ensures that 100% of what you do now gets done.

Following are the steps you need to take to get started:

  • Set up a repository. Put tasks you cannot complete right now in a place you can organize and plan.
  • Focus and refocus. Taking care of your focusing and refocusing muscles is like exercising two muscles simultaneously.
  • Keep deadlines to a minimum. It may seem counterproductive, but telling yourself, “I have to do X by X time,” creates resistance for you.

5. Apply your “why” — Practice eliminating fear.

There are many who have difficulty understanding this daily practice. The reason for this is that most people don’t know what connects them to their why. However, you can apply by doing the following:

  • Practice ending your fear. As you work toward your goals, rely on your core values instead of staying inactive and fearful. It’s also important to identify your triggers. Triggers cause interferences. By identifying the trigger, you can realize, “I won’t resist this and try to change it.”
  • Drop, and roll. Stop and take a moment to breathe when your ego makes you feel inferior, superior, anxious, offended, or worried. Make yourself calmer by dropping down to your center and rolling towards your goal.
  • Keep expectations in check. Rather than overburdening yourself with too many responsibilities, be honest with others about your capabilities.
  • Ignorant Humility v. Ignorant Arrogance. Embrace the fact that you don’t know everything. It’s not whether you are humble about your ignorance but whether you accept it.
  • Don’t limit yourself to the 5 Daily Practices. In some instances, you may not act in line with your true priorities but do your best to get back on track.

You will be more profitable, passionate, and purposeful the more consistently you follow the 5 Daily Practices. There will be nothing you can’t have. It’s simple if you’re committed to getting better every day without quitting.

FAQs

What does it mean to be rich?

There is no universal definition of what “rich” means. It can mean different things to different people. In the eyes of others, it means possessing a great deal of material goods. The term also refers to a sense of fulfillment, love, and happiness.

Despite this, being rich often involves some common characteristics. Examples include

  • Financial security. There is typically enough money in the pockets of rich people to cover their basic needs and wants, as well as to set aside money for emergency situations.
  • Freedom. A rich person can spend his or her time and money however he or she wants. Travel, hobbies, and helping others are all possible for them.
  • Opportunity. There are more opportunities for success for rich people. Investing in their education, starting their own businesses, and networking with other successful people is affordable for them.
  • Status. Often, rich people are seen as important and successful. Others may treat them with respect and invite them to exclusive events.

A person’s perception of their level of wealth is ultimately up to them. The answer is neither right nor wrong. Depending on who you ask, the definition will vary.

Is it possible to get rich quickly?

Money can be made quickly, but getting rich isn’t. Unfortunately, there is no such thing as a get-rich-quick scheme. You should be wary of investments that promise quick wealth.

What are the most common ways to become rich?

The most common ways to become rich are:

  • Setting up your own business. It can be risky, but it can also be very rewarding if you succeed.
  • Real estate investing. If you understand the risks and do your research, this could be a wonderful way to build wealth over time.
  • Saving money by working hard. Traditionally, this is the most common way to get rich. Hard work and dedication can lead to financial success, but it takes time and effort.

How important is financial wealth alone?

Suppose you have a lot of money. The mindset you have is most likely the right one. As a result of your daily habits, you’re sure to continue to succeed. You also know what you’re doing. Your knowledge, skills, and strategies will enable you to earn back your financial assets no matter what happens, even if you lose them all.

However, you still lack one thing. In order to achieve fulfillment, you must continue to grow and contribute.

It is not enough to achieve financial success to be happy in the long term. The high you feel after achieving a goal may last a few days or weeks, but it will eventually fade.

Being rich is no different.

To be fulfilled, you must learn new things, improve yourself, and contribute to something greater. In other words, if you do not take action, you will become complacent and stagnant. This will lead to the loss of joy. As humans, we thrive when we are challenged. True financial wealth must therefore be characterized by continued growth.

David Meltzer

David Meltzer

David Meltzer is the Co-founder of Sports 1 Marketing and formerly served as CEO of the renowned Leigh Steinberg Sports & Entertainment agency, which was the inspiration for the movie Jerry Maguire. His life’s mission is to empower OVER 1 BILLION people to be happy! This simple yet powerful mission has led him on an incredible journey to provide one thing: VALUE. In all his content and communication that’s exactly what you’ll receive.

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