10 Money Boosting Lessons from the Book 'Atomic HabitsSep 10, 2023
Hello Stoic Investors,
Today I want to talk about habits.
I get it, life is hard.
And with everything going on during the day it’s almost impossible to create new habits.
Weekends? You’re likely very tired and need rest. Or something fun to uplift your spirit.
But what if I told you 15 minutes is enough?
Here is why.
This book changed my life.
There is a good reason why it’s one of the most popular bestsellers (and no, I’m not getting a commission
for saying that).
The secret is in a “bite-sized” approach.
Want to read more? Start with 15 minutes a day.
Craving fitness? Begin with a brisk walk for 15 minutes.
The magic here is consistency.
That small 15-minute action, repeated daily, embeds the habit deep into your routine.
Even you, reading my work, is a habit.
Habits are like compound interest – they accumulate over time, building into something grand.
So, worry not about huge leaps; focus on small, steady strides.
With patience, those 15-minute chunks transform into habits that shape your life.
Now let’s apply a financial twist to it.
"Money is a terrible master but an excellent servant." - P.T. Barnum
If don’t control money, money will control you.
Nothing is easier than swiping your card for something you don’t need.
Here are 10 more habits that are ruining your financial status.
1. Impulse Buying: Making unplanned purchases without considering the impact on your budget.
2. Ignoring Debt: Neglecting to address debts or credit card balances, leading to interest accumulation.
3. Living Beyond Means: Overspending and relying on credit to maintain a lifestyle you can't afford.
4. No Budgeting: Not tracking expenses, leading to poor money management.
5. Procrastination: Delaying financial planning and decision-making can hinder growth.
6. No Savings: Failing to save for the future leaves you vulnerable in emergencies.
7. Overreliance on Credit: Using credit excessively without a clear repayment plan.
8. Impatient Investing: Chasing short-term gains without considering long-term strategies.
9. Neglecting Retirement: Not saving for retirement early enough can lead to financial strain later.
10. Lack of Financial Literacy: Not understanding financial terms and options can result in poor choices.
And here are 10 good ones you should aim to create.
1. Budgeting: Creating and sticking to a budget helps you manage your money effectively.
2. Saving: Regularly setting aside a portion of your income for future needs or emergencies.
3. Investing: Growing your wealth by making informed investment choices.
4. Living within Means: Spending less than you earn to avoid debt and financial stress.
5. Debt Repayment: Prioritizing paying off high-interest debts and managing credit responsibly.
6. Setting Goals: Defining short-term and long-term financial goals helps you stay focused.
7. Regular Review: Periodically assessing your financial situation and making adjustments.
8. Automating Savings: Setting up automatic transfers to savings and investment accounts.
9. Educating Yourself: Constantly learning about personal finance to make informed decisions.
10. Emergency Fund: Building a safety net of savings to cover unexpected expenses.
Why should you do this?
Because you’re tired of living paycheck to paycheck.
Wondering if there is a better life out there.
There absolutely is.
You just have to make the first step.
It starts with 15 minutes.
And ends with freedom.
So, note down these points and start forming habits today:
1. 15-minute intervals are enough to form a habit
2. Habits tend to compound, like money does
3. If you’re don’t control money, money will control you.