Most Important Habit to achieve Financial Independence — Brian Tracy

The most important habit to achieve financial independence is the habit of frugality.

Carefully consider every expense before you make it. If possible, delay a large purchase for a day, a week, a month, or even longer. Take that time to think about it before you commit.

Perhaps the most helpful habit of all is for you to learn to enjoy the very active saving and investing. When you begin to look forward to every opportunity to put money away you change your entire attitude toward money and investments.

There are four (4) activities that you should engage in every single day to achieve financial independence:

First, carefully evaluate every expenditure before you make it. Delay every expenditure that you possibly can. Put it off until later if you make it at all.

Second, set clear goals and targets for the amounts that you intend to earn and keep measure your results against these targets every week and every month. What gets measured gets done.

Third, look for ways to reduce your monthly expenditures and instead save the money. Cut-out all non-essential expenses. Keep asking yourself “do I really need this?” Reduce your monthly cost of living by as much as you can as quickly as possible. Remember, every dollar that you can save from your monthly expenses is an additional dollar that you can put into your financial freedom.

Fourth, take every opportunity that you possibly can to increase your value; to increase your earning ability; look for ways to upgrade your skills and knowledge; concentrate on getting better at those activities that contribute the greatest value to yourself; become totally focused on making more and saving more money than it is today.

Brian Tracy, Author, International Bestseller of “21 Success Secrets of Self-Made Millionaires” and “Million Dollar Habits”