Work on being a person with a high internal locus of control, not a high external locus of control.
What’s the difference between the two mindsets?
A person with a high internal locus of control feels that the decisions they make will determine their future. They believe that they have a say in how their life story plays out. They set goals and they are responsible if they achieve/don’t achieve their goals.
A person with a high external locus of control believes that their fate has already been determined. “If it’s meant to be, it will happen.” Instead of taking control of their life, they just go with the flow and let life happen to them.
I want you to become the former. I want you to be a person with a high internal locus of control. Because here’s the thing…while you don’t have 100% control over the outcomes of your life, if you don’t take responsibility for your actions (or inactions), you will never get the outcomes that you truly want. Life isn’t trying to hurt you, but it’s not looking out for you either. The best way to NOT get what you want? Don’t do anything. Stop trying and I guarantee you’ll never get what you want.
Don’t let life happen to you; take an active part in building the life that you desire! Don’t be the victim of your story; be the victor.
How can you take action steps every day to improve yourself and reach your potential?
“You should be a lot less concerned about your current position (in life, at work, etc.) and a lot more concerned with your current trajectory.” – James Clear
What actions are you taking today to help get you to where you want to be next week, next month, or next year? What stepping stones are you putting down to get you to where you want to go?
Remember, every journey of 1,000 miles starts with a single step. But make sure that you’re walking in the right direction, otherwise even though you think you’re making progress by moving forward, you could be going the wrong way (prolonging your journey).
It may be overwhelming to think of how much work it will take to get what you want, but if you start small and consistently put in the effort, you will eventually get there.
Aristotle said, “We are what we repeatedly do. Excellence, then, is not an act but a habit.” What we do in practice is how we play during the game. It matters less about what you’re doing for the game than it does how you’ve prepared for it. Treat every day like it has meaning. Treat every practice as if it were a game. Only then, when you are repeatedly practicing excellence, will you become a top performer.
“Success is not built on success. It’s built on failure. It’s built on frustration. Sometimes its built on catastrophe.” –Sumner Redstone
We make the biggest changes, the most meaningful changes, when we suffer from something being broken. If everything was going well, or if there wasn’t enough pain that we had to experience, chances are that we would continue with the status quo. It’s easier not to change. It’s less scary to deal with the known, even if we know that there has to be a easier way to get a consistently better result.
This is exactly what Sumner refers to in the above quote. When you’ve finally had your “I’ve had it moment” and get mad about the results that aren’t meeting your standards, you will make a change. It is the changes made from your frustrations and failures that can lead to your greatest success.
Make sure to put everything into perspective. If you didn’t go through those hardships, if you didn’t have to overcome those trials and tribulations, you would probably just be coasting through life. Build your foundation on the failures that you have learned from and overcome. That is how success is made.
“Sacrifice” now by not being the average consumer. Later, it will pay off many times over, and allow you to be generous beyond what you can currently believe is possible for yourself.
According to Forbes, as of 2019, 78% of Americans are living paycheck-to-paycheck. That means that if they lost their income for a month that they would be in trouble. If they lost their income for several months (whether due to job loss or injury), if they don’t have disability insurance, they could be at risk of getting their electric or water turned off, having their car be repossessed, or even having their home foreclosed on.
How can you set yourself up to avoid these scenarios? First, get your expenses under control. Second, make sure you earn more than you spend and bank/invest the rest. Third, take care of yourself mentally and physically by eating the right foods and exercising regularly. And lastly, be helpful to the company that you work for. If you earn the company more money than they’re paying you, they would be smart to keep you.
For today, let’s focus on the first two items listed above, as they are easier to connect the dots to our financial success…
If you live by the principles of paying yourself first (always setting aside money to invest/save before anything else) and living below your means (no, you can’t always get what you want), you will be able to amass wealth and eventually stop living paycheck-to-paycheck.
The truth is that you can probably make due with what you are currently earning. Most people live paycheck-to-paycheck not because they don’t earn enough, but usually, it’s because they are not disciplined with their spending habits. Don’t make excuses that you can’t do “x” (get out of debt, build an emergency fund, or invest for the future) because you don’t earn enough. Get rid of that victim mindset. If you really aren’t earning enough, then do something about it. Ask for a raise and then show why you’ve earned it. Learn a new skill that will improve your job performance. Pick up overtime hours, a second job, or start a side hustle for extra cash. And if none of those work, you can always your profession.
The bottom line is that you should know what your monthly income is and you should have a good idea of what your monthly expenses are. Use those numbers, then live a disciplined lifestyle to save the difference for an emergency. Because life happens to us. Emergencies will come, so when they do, you’ll be prepared. If you have money saved up and aren’t living paycheck-to-paycheck, you won’t feel as much stress (compared to if you had no emergency fund) and can make a better decision when under duress.
One of the keys to being able to build wealth is by NOT thinking like everyone else. Get off of social media, don’t watch tv, and stop going to the store unnecessarily. It’s ok to not have certain luxuries. As Dave Ramsey says, “live like no one else (now) so that later you can live and give like no one else.” If you choose to “sacrifice” a little now, to be different, to be “weird,” it will pay off in the future. Don’t be afraid to be different. Don’t be afraid to live your life in a way that others aren’t willing to. Make decisions based on what you feel is right, instead of doing what you think everyone else is doing/will approve of. You will be better for it in the long run.
