The ONE Thing 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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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.
Automate Savings
- Pay your future self first by automating savings.
- Automate transfers to savings accounts through payroll or bank to avoid spending it.
Pay Down Debt
- Aggressively pay down high-interest debt to accelerate wealth building.
- Consider the snowball method (paying smallest debts first) for psychological momentum.
