“Your level of success will rarely exceed your level of personal development.”
– Jim Rohn
I’ve interviewed over 2,500 millionaires.
One of the most shocking things I’ve discovered is that 86% of millionaires are self-made.
This is according to a 2019 Fidelity Investment Study.
These people did not inherit their wealth.
Instead, they grew their wealth by changing their brain.
I’m actually writing a book about this called Rich Brain: How the Wealthy Changed Their Brain to Change Their Bank Account.
A change in brain and a change in wealth may not seem directly connected, but they are!
I’ve seen the change in almost every wealthy person if they have developed wealth over time.
This difference in thinking can be seen in a wealthy person’s very psychology.
According to this study, wealthy people have lower levels of money avoidance, loss aversion, and financial stress.
They also have higher levels of life and financial satisfaction, knowledge, and internal control.1
Let’s talk about it!
1. Continuous Learning
The first thing I’ve noticed in my one-on-one interviews during the last few years has been the idea of continuous learning.
Continuous learning is a growth mindset.
It allows for someone to continue learning new things.
Warren Buffett has a quote that encompasses this idea:
“The more you learn, the more you earn.”
People like Buffett read all the time.
Mark Cuban reads a couple hours a day.
These are some of the busiest, wealthiest people in the world.
Reading books will help you grow as a person.
There are also many health benefits to reading, which is a plus!
According to this study, reading can benefit both the respiratory and cardiovascular systems.2
This is why I’m a big fan of learning.
I read 98 books in 2023 and my goal is 90 this year.
You should also be sure to read different things.
Financial principles can be found just as easily in self-help books as they can in biographies.
Go to workshops and seminars as well.
Continue learning.
Make it literally your part-time job to be a lifelong learner.
When you do that, you’re investing in your own education.
2. Goal Setting
You also need to set goals for yourself.
For example: Every quarter I go away to reflect on my goals for a couple of days.
I ask myself a lot of questions.
How am I doing?
What do I need to change?
What needs to happen?
I’ll also take time at the end of the year to ask myself more questions on my goals and reflect on the answers.
I have very audacious goals.
While I may not achieve all of them right away, I make progress on all of them.
As Jim Rohn says: “The ultimate reason for setting goals is to entice you to become the person it takes to achieve them.”
Review your goals and set them up!
3. Network Building
There’s a saying that goes: how you treat your network is how you grow your net worth.
It’s so true!
You’re the average of the five people you spend the most time with.
If you want to grow your net worth, you need to be around people who have higher net worth.
You can grow your network by going to groups and forums.
We recently started a group ourselves.
We’ve got our meetup in Los Angeles.
The conclusion here is that personal growth is key to achieving financial freedom.
To do this, you need to make better decisions.
Invest in yourself, set specific goals, and surround yourself with a good network of people.
Now I want to hear from you!
What are your goals going to be this quarter?
Let us know in the comments.
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Disclaimer: I am not your investment advisor. This is for educational purposes only. I am not giving specific advice on what you can do. I am simply giving my opinions.
Works Cited
1. Bradley T. Klontz, P. Sullivan, Martin Seay and Anthony Canale. “The wealthy: A financial psychological profile..” Consulting Psychology Journal: Practice and Research, 67 (2015): 127-143. https://doi.org/10.1037/CPB0000027.
2. L. Kourkouta, C. Iliadis, A. Frantzana and Vakalopoulou. “Reading and Health Benefits.”, 3 (2018). https://doi.org/10.4172/2472-1654.100149.
