This is an excerpt from my new book, The 4 Minute Millionaire*. If you enjoy it, you can buy a copy on Amazon for $4. Disclaimer: This is not financial advice.
In his analysis of wealthy individuals, Napoleon Hill quoted a lack of determination as the most common reason for long-term failure. You can decide to “be rich” right now, but then you must stick to your decision for years, maybe decades, until it becomes a reality. The deciding is the easy part. Sticking to the decision is not.
Have you ever seen something through against all odds?
Do you remember how dogged you were? How little you cared what other people thought?
This kind of stubbornness is a defining trait in wealthy people. When a deep understanding of your purpose and immovable confidence in yourself come together, tenacity is the natural result.
Wealthy-minded people often make gut decisions and reassess them later.
As long as their future assessments don’t overpower their initial impulse (or cast serious doubt on its validity), they’ll stick to their choice. They know it takes staying power to make good things come true.
Henry Ford decided the Model T would be his masterpiece, come hell or high water. He decided to be in it for the long haul. No matter how often people told him to create a new model, he stuck to his guns.
The first Model T was produced in 1908, and, eventually, it became so popular that it ran for 19 years. Were there changes along the way? Of course. But they were all changes in service of Ford’s initial vision. The last Model T rolled off the assembly line in 1927. Total units shipped? 15 million.
Don’t give up your ground so easily. Stand by your decision to be rich. Be stubborn. Not ignorant, but determined. Course-correct if you must, but don’t be easily swayed by people’s opinions. The judgments of others are no better than your own. As long as you believe you can make your dreams come true, who are we to tell you otherwise?
Action Item: Determine one financial principle you’ll never compromise on
How we approach money is a matter of values. Different people pursue different paths because they respect different ideas – and that’s okay because a lot of ideas can work.
What’s one thing you never want to compromise on? Do you believe in saving money on cappuccinos or not? Do you enjoy camping more than five-star hotels? If you let them flow from your authentic self, determining your financial principles can be surprisingly easy.
I, for example, never pay attention to grocery prices. I enjoy eating what I like, and I cherish the freedom of not having to care whether the bill ends up being $50 or $80. This is something I worked hard for and believe in, but if you enjoy comparing prices and hunting for discounts – and many people do – you might choose a different principle. That’s great! Just choose what most reflects who you are.
Make sure you pick at least one of those principles today.