Successful people follow patterns, so if you’re not successful, you may not be following the right patterns. Here I want to share 7 habits of successful people that I’ve repeatedly seen work.
The Shocking Habits of Successful People
Even from a young age I was blessed to be surrounded by a number of millionaires. Today, twenty-two years after starting my entrepreneurial journey, I’m proud to say that I have access to mentors with an even higher level of success.
Being in close proximity to people like this has allowed me to observe and detect a consistent pattern that makes them successful. Specifically, there are 7 habits that have stood out that exist in each of their lives.
#1 –Say “No” more Than “Yes”
People who are not as successful as they could be are often people-pleasers who allow others to take them away from what they feel they need to focus on. One of the most obvious habits of successful people is that they say “no”. They view their time much differently than the majority do. Because they are successful, a lot of people want their time and resources. However, not every opportunity is worth their time and resources, and in order to be responsible with their time, they have to turn down a lot of people.
#2 – Use Failure as a Learning Tool
Successful people don’t play the blame game. When things don’t go as planned, they do not beat up on themselves. They still make mistakes, but they do not take them personally. Instead, they choose to look at them as a learning tool, leveraging them for future success.
#3 – Invest
One of the definitive habits of successful people is that they spend more time investing than spending. Constant spending will keep you stuck. If you buy something perishable, that money is gone forever. However, when you invest money, it makes more of it for you.
If you’re reading this, wherever you are, I encourage you to become wiser with what you have. He who is faithful with little will be put over much. Would you rather pay 8-9% to your credit card company, or make 8-9% of that for yourself?
#4 – Live by Financial Ratios
Financial ratios are a habit of successful people that helps them constantly invest. They avoid overspending by keeping their spending restricted to certain percentage of their income. This gives them more cash to put to work for them.
Most people have a debt-to-income ratio. The average debt-to-income ratio that lenders consider stable is around 40%. This standard is way off, in my opinion. Ideally it should be 0%, but a more realistic goal for a lot of folks is 20%. If you are over this percentage, I encourage you to get it down to this number. You can do it.
#5 – Respond vs React
Here I mean that successful people are proactive. They plan ahead. Rather than panic when things get bad, they stay cool and implement a strategy that they probably thought of in advance.
Currently, we’re dealing with COVID. A lot of people had no nest egg saved up in case things went wrong. They lived paycheck to paycheck rather than save for a rainy day. Now a lot of those people are in serious trouble. Meanwhile, those who had savings have been able to ride out the storm without losing everything, transitioning into a new job if need-be or taking a hit financially in their businesses without having to close their doors. These people used their ratios consistently for years, and now it’s paying off.
But wait, it gets better. Those with cash on hand have the opportunity to buy things on sale. Economies are cyclical. They go up, and they go down. When things happen that shake the market, a lot of people get spooked and start wanting to sell what they have. This drives the price of their goods down, because now there’s a ton of things on sale and not enough demand for it all. When you have cash to spend, you can take advantage of these cycles and buy when prices go low. Their value to the consumer will eventually go back up, and when they do, guess what? You’ve made more money.
#6 – Exercise Patience
Successful people know when to sit back, remain patient, and watch. Because they live disciplined lifestyles according to ratios, and because they plan ahead rather than react in fear, successful people are already in position to weather a storm.
In addition, they aren’t afraid to take a short-term hit if it means they will gain valuable information. In other words, they aren’t afraid to hold on to their investment as it loses a little bit of value in order to see if they’re seeing a glitch. Moreover, they aren’t afraid to hang on to their cash while everyone else is rushing to buy something popular in order to evaluate it properly. Patience is one of the most pervasive habits of successful people.
#7 – Focus
Most people underestimate the power of focusing for twelve months and overestimate the power of dreaming for 10 years. Successful people know when to focus on one objective at the expense of everything else. In other words, they know how to say no to good opportunities so they can focus on the best one. This is where the list comes full circle. Ultimately, the habits of successful people begin and end with the ability to choose the best thing and say no to everything else.
Bringing it All Together
Not that long ago I was coaching a man with a family of three. He was making well over six figures, but was still losing money every month because he was highly leveraged in debt. He was spread too thin, spending money he didn’t need to spend, and he was worn out. Following the principles of successful people got him from the negative to positive before he knew it. They can do the same for you.
If you want more from the Journey Principles Institute, check out some of our eBooks. Right now we’re making each of them available for free, so take advantage of that!
“No one knows better how to help the former you like the present you.” These are the words of award-winning and eight-figure entrepreneur Stephen Scoggins. As someone who went from being homeless to running multiple businesses, Scoggins has lived this statement to its depths.
Today, we are all facing a world that has been completely reshaped due to the COVID-19 pandemic. Businesses have taken a bit hit, people are struggling to pay the mortgage payments on their homes, and people are questioning everything about their lives. Many today are looking for answers.
Stephen Scoggins’ upcoming book, From Stuck to Unstoppable, focuses on empowering people to chase their dreams to essentially live the meaningful life they desire. Stephen continues to challenge and uplift people to break down the obstacles holding them back to reach their version of success. Stephen has taken over decades of failures, errors, and setbacks and transparently incorporates those experiences to provide simple-yet-effective step-by-step lessons to help others reclaim their hope and proceed with their dreams. To be known for the lives he had uplifted to evoke positive change within their everyday lives would be Stephen’s version of success. His heart is to create a legacy that outlives himself through bettering others through his businesses.
Dealing with homelessness and sleeping in other friend’s cars has shaped the individual Stephen Scoggins is at present. Through each adversity faced, Stephen managed to focus on his goals, dreams, and aspirations in search for a better future for himself. Without the guidance of his mentor, Stephen believes he would not have reached the accomplishments acquired throughout his journey throughout his career.
Stephen Scoggins is a well-respected entrepreneur that has paved a path for success among all of his business ventures. From a young age, Stephen faced traumatic challenges that he believes he should have been on drugs or incarcerated. Instead of choosing the dark path, he mustered the courage to discover a passion that would bring him success and financial freedom. Being an individual with ADHD and dyslexia, he has learned to conquer those challenges to reach the achievements he had dreamed of.
Success is possible. Nevertheless, there are a number of obstacles holding you back from success. Everyone knows this – it’s why there are so many self-help resources, each emphasizing one or two pet issues. Some focus on lack of commitment. Others emphasize skill or discipline. However, I believe the most overlooked obstacle is also the most important: hopelessness.
When you have hope, you have the foundation for everything else.
Without it, you can’t win.
I know from experience. My life has been victorious, but it hasn’t been easy. Actually, it was difficult from the beginning, and I’ve had to fight for every inch of ground I’ve gained. In my lowest moments, I can remember having done everything I knew to do. I “burned the boat” behind me, like Tony Robbins talks about, leaving no way to turn back. Rather than people please, I stopped looking for approval from others. I had predefined goals that I focused on without compromise. All those things helped, yet the most important thing I did was not give up.
Don’t get me wrong. I had self-doubt. Things were not shifting the way I wanted them to. Sometimes they seemed like they were getting worse. But even when my hope didn’t burn as bright, it never disappeared completely. I kept going. And I was able to keep going because I had hope. If you’re struggling to have hope right now, then that’s the #1 thing holding you back from success, and you need to attack that negativity more than anything else.
Is Hopelessness Holding You Back from Success?
I want you to take some inventory of your life for a moment to do a few exercises. They will help you diagnose your current level of hope and get to a more positive place.
Exercise #1 – Identify Symptoms
The following are pretty common examples of how hopelessness can manifest. If you are struggling with one or more of these, lack of hope may be holding you back from success.
Lack of motivation
Struggle getting out of bed
Fantasies about failure or disaster
Planning for failure more than success
Exercise #2 – Diagnose Yourself
Next, ask this simple question: “On a scale of 1-10, how confident am I that I will win?” In asking this question, I recommend not putting a timeline on when you think you’ll win, just whether or not you will in the end. As far as what winning looks like for you, I recommend boiling that down to one or two core things. For example, you might attach winning to getting out of debt or getting your business off the ground.
Exercise #3 – Strengthen Yourself
If you answered at a 5 or below in the above exercise, here’s what I urge you to do. Barring any emergencies or commitments that you must keep, drop everything you’re doing and do a few (or several) of the following activities until you feel like you’re at a 7 or above:
Ask a close friend for praise and encouragement
Make positive declarations about yourself out loud
Journal things you’re thankful for
I’ve found each of these activities to be very effective in elevating my hope and lifting my spirits. Especially if you’re going through a rough time, I recommend picking one or two that stick out to you and doing them as a routine every morning before you start your day. This will help keep you in a positive mindset when you find hopelessness holding you back from success.
Exercise #4 – Make Your Environment More Favorable to Hope
Often I’ve found that hopelessness is easier to slip into when our lifestyle or surroundings work against our peace. A lot of this can actually be traced back to diet or lack of movement. Other common factors are simply a lack of community and support. I urge you to consider making one or two of the following lifestyle changes. Consult a licensed health professional before following any recommendations regarding diet:
As you bring yourself into a healthier state of mind, you’ll be able to think more clearly. When you are in a state of 7 or above (the higher, the better), ask yourself the following questions to make sure you know what it is you’re fighting for, and why.
“What do I want?”
“Why do I want that?”
“Ok. Why do I want that?”
“If I had success, how would I know?”
“How is my current job/focus getting me closer to that?”
Sometimes we struggle with hope because we’re meeting resistance and simply need to persevere. That said, sometimes we’re not hopeful because we aren’t spending our time and energy where we should. Ultimately, if you aren’t pursuing something that brings you joy (or will), you will be unable to be consistently full of hope. In other words, hopelessness itself can be a symptom of misalignment, a sign that you aren’t on your personal path for success.
So if you constantly feel like hopelessness is holding you back from success, you may need to change your career path, relationship, or overall position entirely. It could be that success is simply not hidden there for you.
Exercise #6 – Subscribe to the Journey Principles for Help Defeating Hopelessness
The Journey Principles Institute exists to help hungry individuals overcome their obstacles and achieve success. We know how it feels when hopelessness is holding you back from success, and we can help you get your hope faster.
To subscribe to the Journey Principles, go to our Resources page and grab one (or more) of our FREE ebooks. You’ll get your download in an email, and you’ll be set up to receive our mailing list going forward. We’ll send you free tips and resources to help you on your journey from stuck to unstoppable.