495. The 9½ Habits of Wealth Building (Wealth Series Part 2)
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Mar 10, 2025
True wealth is built on daily habits rather than just numbers. The podcast delves into nine key practices for financial independence, such as living below your means and automating savings. It highlights the importance of tracking your net worth for better decision-making. Continuous learning and reassessing financial goals play a vital role in wealth-building. Personal stories from experts add depth to the advice, making it relatable and actionable. Listeners are encouraged to take charge of their finances and invest wisely.
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volunteer_activism ADVICE
Live Below Your Means
Build the habit of living below your means; you must spend less than you earn.
Control spending habits like shopping therapy to avoid overspending and accumulating debt.
volunteer_activism ADVICE
Automate Savings
Pay your future self first by automating savings.
Automate transfers to savings accounts through payroll or bank to avoid spending it.
volunteer_activism ADVICE
Pay Down Debt
Aggressively pay down high-interest debt to accelerate wealth building.
Consider the snowball method (paying smallest debts first) for psychological momentum.
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In 'The Psychology of Money,' Morgan Housel delves into the psychological and emotional aspects of financial decisions. The book consists of 19 short stories that illustrate how personal history, worldview, emotions, and biases influence financial outcomes. Housel emphasizes the importance of behavior over knowledge in managing money, highlighting the power of compounding, the dangers of greed, and the pursuit of happiness beyond mere wealth accumulation. He advocates for a frugal lifestyle, long-term perspective, and a balanced approach to investing, stressing that financial success is more about mindset and discipline than about technical financial knowledge[2][3][4].
The millionaire real estate investor
Gary Keller
Jay Papasan
Dave Jenks
The Millionaire Real Estate Investor offers practical strategies and insights from over 100 millionaire investors, focusing on key principles like net worth, financial models, and the importance of mindset in achieving financial success through real estate. It provides a structured approach to identifying investment opportunities, managing finances, and building a network of professionals.
Wealth isn’t built in spreadsheets. It isn’t just about understanding finance books or listening to podcasts. True wealth is built in habits—the actions we take (and the ones we avoid) every single day.
In part two of our special wealth-building series, Jay Papasan shares nine and a half habits that can put you on the path to financial independence. From living below your means to investing wisely, Jay explains the foundational steps that allow you to accumulate and grow wealth over time. He shares his personal experiences, lessons learned the hard way, and insights from financial experts like Dave Ramsey and Morgan Housel.
Those nine habits are:
Live below your means
Automate your savings
Pay down your debt
Maintain an emergency fund
Have clear financial goals
Invest wisely
Learn continuously
Track your net worth
Pay cash for luxury items
If you’re looking to take control of your finances and make your money work for you, this episode gives you the step-by-step habits to get started.
Challenge of the Week:
Go to the1thing.com/networth and download the net worth tracking worksheet. Whether your net worth is big, small, positive, or negative—just calculate it. This will serve as your foundation for all future financial decisions.
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To learn more, and for the complete show notes, visit: the1thing.com/pods.
We talk about:
The power of automating savings and paying your future self first
How tracking your net worth creates awareness and better decision-making
Why building small financial habits compounds into long-term wealth
The ONE Thing 
