Getting ahead in life may
mean many different things to many different people. However, thanks to the
global personification from mainstream media, the general consensus of
getting ahead in life relates to monetary gains. We see the portrayal of the
“American Dream” everywhere we turn – from radio, to television, and, of
course, on the Web. There are constant accounts of immigrants crafting a
better life for themselves and achieving financial freedom.
But this dream doesn’t just apply to America; this is a global
dream. It’s the dream to have a better life, not only financially speaking, but
overall in every aspect. And, the reasoning is that, once you have money,
everything else will fall into place. Who could possibly have problems when
they have an exorbitant amount of cash, right? Who could think that life was
anything but a beautiful gift when they could wake up and spend what they
wanted, where they wanted, and with whom they wanted, right?
But I’m not here to bash “the dream.” What I want to do is put
some perspective to the dream. Because, although getting ahead in life,
monetarily speaking, is great, it’s not everything. Don’t get me wrong, there’s
absolutely no issues with having a lot of money, but without first possessing some
financial traits and following a basic set of rules that are fundamentally
necessary at the foundational core of any successful person, more
money just means more problems.
Enjoying Success
Money might make the world go round, but it certainly doesn’t
equal happiness. If you’re equating having more money to being more happy, then
you’re trying to succeed in order to be happy, and not happily succeeding. And
there’s a big difference. Primarily speaking, when money is looked at as a
source of happiness, rarely is a person every truly happy.
Now, this goes into a much bigger discussion about happiness
levels pitted against income. But, what you might find interesting is that,
across the globe, studies have found that more money doesn’t equal more
happiness. As people make more money, they tend to accumulate more things, and
their spending catches up with their earning. They’re on the
Hedonic Treadmill, so to speak.
Sudden Wealth Syndrome is something that afflicts anyone who
receives a windfall of cash too soon in their lives. When that money wasn’t
earned, its presence is abused. This affects everyone from lottery winners, to
inheritors of large sums of cash, lawsuit settlement recipients, and so on.
On that same note, in a recent study conducted in 2010 by
researchers at three universities, which included Vanderbilt University,
the University of Kentucky and the University of Pittsburgh, showed that the
more money that was won by lottery winners, the more likely a person was to go
broke. The researchers split the participants into two groups: (a) those that
won $10,000 or less, and (b) those that won $50,000 to $150,000. They concluded
that the more money they won, the more likely they were to have filed
bankruptcy within 5 years.
People who receive sudden windfalls of cash don’t know how to deal
with it because they didn’t have to work hard to make the money in the first
place. So, the point here is that, it’s not about having lots of money or
receiving it suddenly; it’s about understanding how to build and nurture money
from the ground up. To do this, you have to take some necessary steps,
institute some important financial traits, and follow a basic set of rules. You
won’t get ahead overnight. But, over time, you will most certainly find
yourself succeeding.
Must-Have Financial Traits
In order to get ahead in life, then, one must embody a certain set
of financial traits. These allow us to lay the groundwork for getting ahead and
not succumbing to our every impulse and desire. Of course, mainstream media is
no help with all of its portrayals of the rich-and-famous, and neither are all
of those offers for credit that stream in moment after moment. But, when you
can embody these must-have financial traits, you can get ahead in the long
term.
This isn’t about overnight success. Anyone that tries to jump on
the bandwagon of some get-rich-quick scheme is likely to fail, because success
has more to do with persistence than it does some natural talent or ability.
But, by embodying these financial traits, and not giving up, anyone get exit
the rat race over time. These are the same financial traits that I discussed in
The Millionaire Method.
1st Trait – Honesty & Integrity
To get ahead in life takes one major financial trait at the core
that you absolutely must harbor, and that is honest and integrity. This trait must
be embodied wholeheartedly if you want to get ahead at anything that you do. By
being deceitful or deceptive, you might experience some short-term gains, but
you will most certainly suffer with some harm to your long-term name.
When you’re honest and conduct your life with integrity, you might
experience a slow and steady crawl while trying to get ahead in life, but you
won’t suffer the ridicule and embarrassment of what happens to people when they
try to take shortcuts. We’ve all seen the successful fall from grace when they
attempted to take the dishonest route. From politicians, to athletes, business
persons, and celebrities alike, this is something that has affected everyone.
2nd Trait – Communication
To get ahead of life without the ability to successfully
communicate your thoughts and your desires, you can almost assure yourself of
never being able to exit the rat race and get ahead in life. Why is
communication so important? Well, the ability to communicate rests at the
foundation of any successful person, company, or organization because it helps
them to convey ideas, build strong arguments, and address problems as they
arise in life. Communication is the key to the doorway of success.
This might not sound like a financial trait that will allow you to
get ahead in life, but it most certainly is. Whether it’s the long-term goals
or just the short-term day-to-day life we lead, successful communication aids
in the progression of not only careers, but also relationships, finances,
health, and everything in between. Master the art of communication and ensure
that you embody this trait if you want to get ahead in this thing called life.
3rd Trait – Mastering Skills
To get ahead in life you must commit yourself to mastering a
skill, and doing it to the nth degree. In a book called The Outliers, Malcolm Gladwell talks about the
10,000-hour rule, which has been harnessed by all of those who have
become masters in their trade. He argues that talent isn’t something that we’re
born with, it’s something that’s derived from constant practice, learning, and
growth.
So, if you want to excel in this world and get ahead, commit
yourself to mastering a skill, and do it with all of your heart. Take up
something that you love and pursue it with a passion. Always be learning and
educating yourself because you can never stop growing. If you want to be a
master at something, then commit yourself to 10,000 hours and beyond. What
you’ll come to find is that whatever it is that you’re peddling will be highly
sought after once you cross this threshold.
4th Trait – Conviction
The
Art of Persistent, and How
Not To Give Up. This is such an
important trait to embody that it really rests at the core of the successful
person. Exiting the rat race, getting ahead in life, becoming financially free,
or whatever you want to call it, is hard. In fact, it’s down right
excruciatingly difficult. So, you have to be convicted to what you want in
life. It has to be a passion that’s burning in your heart.
Without the trait of conviction, we can’t persist through all the
perils that life throws at us. Without this trait, we would be jumping ship
every chance we got, and that’s not the way to get ahead in life. By embodying
conviction and finding your source of inspiration, you can see anything
through. Nothing will be impossible for the convicted heart; absolutely
nothing. Search deep down inside your heart and find something your passionate
and convicted about, and the sky can only be the limit.
5th Trait
– Adaptability
One of the best traits for getting ahead in life is adaptability.
This is adaptability towards whatever you do, whatever goal you strive
towards, and whatever obstacles come in your way that seem to be impermeable.
When you’re pushing towards a goal, you have to be able to change your
approach, just like an airplane would that has a final set destination. The
airplane doesn’t know the exact route down to the second, it has to adapt to
changing conditions in order to arrive.
When you can adapt, you can not only survive, but you can also
thrive. When it comes to a business environment, people that can’t adapt can’t
thrive, and sometimes they can’t survive. You have to be able to adapt your
approach towards whatever you’re doing in order to help you see your way there.
7 Rules for Getting Ahead and Stay on Top
Beyond the traits that we require to embody to get ahead, there
are a set of rules that we must follow in order to succeed in life and exit the
rat race. These set of rules are what I like to call the “Millionaire Rules,”
because it’s the same roadmap instituted by the world’s financially free in
governing their everyday lives.
Just how many of these
rules do you embody and how many of them are you violating?
1st Rule: Always Make More than you Spend
The first cardinal rule for exiting the rat race is to make more
money than you spend. Sound simple? Well, you would be surprised at just how
many people violate this rule on a monthly and yearly basis. For the most part,
people end up falling further behind with each passing month than getting
further ahead. In fact, statistics show that the average U.S. household as of
2014 has $15,191 in credit card debt, $154,365 in mortgage debt, and $33,607 in
student loan debt.
Now, it’s true that some debt is good to carry. But, the
accumulation of things like credit card debt, especially those with
high-interest rates, make getting ahead remarkably difficult. But most people
have a hard time when a shiny credit card is in their wallet with room to spend
on. And of course, some people take this to another extreme. But, regardless of
your situation, you have to ensure that you make more than you spend every
single month.
No matter what you have to do, whether it’s downgrading your
house, car, or lifestyle, making more than you spend should be a priority. You
can never get ahead in life if you’re merely slaving away to pay back debt that
you’ve already accumulated. Can you imagine just how difficult it will be to
exit the rat race in this scenario? There are always room for cuts in expenses,
and depending on how determined you are to get ahead, you’ll do what it takes.
Rule
#2 – Save Money
The second rule for getting ahead in life, earning financial
freedom, and exiting the rat race, is to save at least 10% to 20% of your
income. Don’t have 10% to save? Then, that’s when you really need to save
money. Start by cutting expenses. How about that $5 per day latte habit you
have? How about that membership to some Website that you no longer use? How
about turning off your cable for a month?
There’s always ways to cut expenses and save money. It doesn’t
seem like much in the near-term, but if you can save $200 or even $500 per
month, over time it adds up. And it’s not just about saving the money itself
that matters. It’s about having moment-of-the-opportunity cash lying around.
What do I mean? Well, part of what allows us to succeed long term is being able
to strike when there’s an opportunity to do so. That’s when moment-of-the-opportunity
cash comes into account.
If you don’t save your money, you can forget about getting ahead.
This is a habit that you have to build up early on. If you’ve gone years and
years and are continually in the hole, then set some real goals for
yourself and stick to them. Get out of debt and embark on the road to
a more stress-free life.
3rd Rule
– Own the Roof Over your Head
Sounds simple enough right? Own the roof over your head. But most
people don’t, which is a huge no-no in this world. Why is that? Well, a home is
typically the biggest investment that a family has, and it’s an asset that can
appreciate over time. When you don’t own the roof over your head, you’re simply
paying someone else’s mortgage.
Financially speaking, renting can seem like a sound option due to
it’s low overhead. However, you have to make some sacrifices and cut expenses,
save money, and own the roof over your head. There’s a sense of pride that also
goes into owning something that’s yours. If you don’t own your own home, then
now is the time to set some goals and put a plan of action into place. Meet
with a loan officer immediately to discuss your options. Don’t wait another
moment!
4th
Rule – Own your Own Business
We’ve all heard the saying that time is money. It’s a phrase
uttered everywhere we turn. We don’t have time to waste when we’re trying to
get ahead because time literally is money. But, one of the biggest financial
no-no’s in life is trading your time, directly, for money.
What does it mean?
Well, think about this for a moment, when there’s a direct and
proportionate relationship between the amount of money that you spend to earn
money, and your expenses generally catch up with your expenses, how can you
possibly get ahead financially speaking? It’s incredibly difficult to do so,
and only seldom few have been able to achieve long-term financial freedom with
this method.
Value time now,
because there may not be time tomorrow.
A common mistake each of us make early on is our lack of
care for time. We sit around, watch TV, hang out with friends, and go to the
movies — but more importantly, we find our downtime spent by doing nothing.
Doing nothing is wasting time, and if you figure early on how to live so that
you spend your time more wisely and align it to your goals, you will get much
further much faster. There is also the more ominous possibility that tomorrow
may never come, so get up and do something productive.
So, what are you supposed
to do?
Well, in order to get ahead in life, you have to indirectly trade
your time for money. In another words, you have to make money while you sleep.
Sound impossible? Well, it’s not. And, even if you have a 9-to-5 job, you must
commit the most valuable resource that you have, which is your time, to
creating an income flow that will allow you to get ahead in life and not just
life month-to-month.
But this takes some sincere commitment on your part. If you’re
totally committed to exiting the rat race and getting ahead, then you need to
take steps to owning your own business or creating a passive income stream that
will pay you while you toil away at your “day job.”
5th Rule – Death and
Taxes
We’ve all heard the famous quote by Benjamin Franklin, “In this
world nothing can be said to be certain except death and taxes,” but what does
it really mean? Well, financially speaking, taxes are going to be one of the
single largest investments that you have to make. You must understand tax law
and plan your finances accordingly or end up in hot water.
Too many people ignore this rule until it’s too late. Don’t fall
into this trap. Plan ahead so that you can get ahead. Understand your tax
implications, especially if you plan on embarking on new endeavors such as
launching your own company, or engaging in some investment. Don’t procrastinate!
Plan it out!
6th Rule – Add Value to the World
To absolutely get ahead in life you must always be adding value to
the world. No matter what it is, wherever you go, whatever you do, however you
act, always add value. If you find yourself trying to do the least amount of
work for the most amount of pay, you won’t find yourself making very much
long-term progress. You’ll be stuck in neutral, spinning your wheels, like a
car caught in the sand on a deserted beach.
However, when you add value, and I mean real inherent value, then
anything is possible. Focus on giving as much of yourself and your time in
exchange for money. If you work a menial job, do it to the absolute best of
your abilities. Don’t try to do as little as possible. Work hard, and
eventually you’ll get ahead. It won’t happen overnight; it never does.
7th
Rule – Do not Stop Learning
Education is the answer
to most of your life’s problems, school isn’t! Even though school has its advantages, it holds no
relevance to how far you get in life. Those with or without college degrees are
faced with all the same challenges in life once they leave high school. School
itself certainly can help you progress more rapidly, but is not a prerequisite
to success. Education, on the other hand, is. Regardless of whether it is self
taught or acquired by observing or investigating, it is an important
prerequisite to success. It is ultimately true that the more educated you are
towards any situation, the easier it is to navigate the road to the finish
line. Don’t focus too hard on accomplishing a high level of school education
but instead focus on getting educated each and every time you see the
opportunity to learn.
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