Ever wonder how successful first-generation wealth builders achieve financial freedom and security? It's all about their habits. There is no quick, easy secret, but with these simple 5 habits, they've positioned themselves optimally to benefit from their own hard work, as well as whatever opportunities or 'luck' may come their way.

Habit 1: Exploring Possibilities & Setting Clear Intentions

They contemplate not only what they are currently doing but also what's possible. Then, they position themselves toward the desired possibility by outlining smaller steps that would bring them closer to their envisioned future. Setting intentions helps frame each decision based on whether it will propel them closer to or further away from their true goals. WHY are you pursuing this? WHO are you doing this for?

It could be for your children, charity, building a better world, or curing a disease.

Understanding your motivation, what drives you, and beginning with the end in mind ensures you stay on course. Financially speaking, if you don't specify how you want your money to be used (saving, investing, giving), it will end up being spent without purpose.

Habit 2: Living Within Your Means

We often receive the question, "HOW do I become a Coyle client?"

The answer remains consistent: Be mindful of your spending.Spend less than you earn, even if your income is variable. A good rule of thumb is to aim for essential living expenses that are within 80% of your income.

This approach grants you the freedom to allocate the surplus towards sowing seeds for the future. If you find yourself struggling with this aspect, your options are straightforward. You can either reduce your spending or increase your earnings. Successful wealth builders concentrate on what they can control and what will yield the most significant impact.

Habit 3: Consistent Saving and Investing

Financial and physical health thrive on consistency.

Just as making small, consistent dietary improvements and adopting a manageable workout routine can impact long-term well-being, the same principle applies to wealth-building.Stick to what works, prioritize saving 20% of your income—adjust when necessary, saving something when times are tough, and more when possible. Thisdiscipline builds resilience for challenges.

Successful wealth builders don't stop at saving; they strategically invest to achieve long-term goals. Cash matters, but a solid foundation and deliberate long-term investments are key to resource growth.

Habit 4: Managing Debt

Debt, credit, financing – whichever term you use, they are tools available to fund expenses beyond your current cash flow. The distinction lies in understanding how to leverage them to earn a higher return elsewhere or invest in your future with a well-structured debt management plan.

Habit 5: Continuous Learning and Improvement

Another common thread among these individual sand families? They've all encountered mistakes, some even substantial ones. Change is inevitable and often beyond our control, yet they persevered. They learned, sought guidance, and embraced direction when needed. They took risks and believed in themselves. Results varied, but with a mindset of continuous learning, they transformed life experiences into stepping stones for the future.

I draw these habits not only from my personal learning, encompassing books and classes, but also from our clients and the 50-year history of our firm. Every day, we continue to learn and grow together.

Conclusion

While some seem to effortlessly achieve financial freedom, remember the unseen efforts behind the scenes. Amid the sensational and appealing, the unglamorous hard work is what truly counts.

‍

For a purposeful life, adopt key habits: forward thinking, living within means, consistency, tenacity, and lifelong learning—for a successful path to financial freedom.

Responsibility accompanies freedom. Clients' express gratitude and stewardship for resources—capital, health, time—laying the groundwork for wise decisions throughout life.

Recall these habits, revisit periodically, and the rest will follow. When finances overwhelm, focus on essentials and ignore the noise.

Feel the need for guidance? Reach out to me and my team. Whether you're seeking a second opinion or a companion for your journey, they're here to assist.