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10 Money Making Habits

BY Eddy Hood In Profitability On May 20, 2016 With 0 Comments

Wealthy people have wealthy habits.  In this video, we talk about 10 money making habits that you can implement right now.

Watch This Video 

 

 

Habit #1: Wake Up at 4:30

I know it sounds insane, but it works.  When you wake up before your competition, amazing things happen. First, you're in control of your day.  You have enough time to get prepared before the rat race begins. I picked up on this habit after watching Filipe Castro Matos talk on Ted.  If you want to check it out, here's the video: 

 

I'm not going to lie, this habit is hard for me to pull off.  Every time my alarm clock buzzes, it's hard not to swat the snooze button.  4:30 in the morning is early people!  But here's what has happened in my life:  

  1. I have started a new YouTube channel
  2. I have created three videos each week
  3. I have navigated speed bumps in my business
  4. I have grown closer to my son
  5. I have rebuilt my investment portfolio
Not bad for living this habit for three weeks.  Thank you Filipe.  

 

Habit #2: Read Your Personal Mission Statement

Everyone should have a personal mission statement.  This is your reason for living written down on paper.  I've had one since I was 14, and yes, I read it every day.  It gets me charged and ready to make the most of my day.  

A few tips.  First, write as if it has already happened.  Which one do you prefer?

Option A:  "I hope to eventually make $150,000 a year."

Option B: I make $150,000 a year and I provide for my family.  Doing so gives me pride as a husband and father. It also allows me to save for my kids college, my retirement, and go on some crazy vacations with my beautiful family."  

See the difference? 

Second, make sure to include passage about your health, family, career, finances, and passions.  What do you want your life to look like?  Take some time to craft it on paper.  Never let your life unfold on its own.  Build it the way you want it, and you'll achieve it. 

Third, use emotionally charged words.  If your mission statement feels like you're reading the U.S. Tax Code, you might want to spice it up a bit. 

 

Habit #3: Get Grateful

I learned this habit from Tony Robbins.  I love this man.  He has changed my life in so many ways. But most of all, he has taught me that I am already wealthy.  I have a healthy body, a beautiful wife and kids, and so many opportunities.  He was on Oprah and walked her audience through his gratitude exercise.  If you want to fill up your life right now, watch this and follow along.  Actually do what he says.  

 

 

 

Steve_Cook_Fitness.jpgHabit #4: Gym Time

A healthy body can accomplish just about anything.  When you take time to care for yourself, you maximize your potential and make more money in life.  If you ask the most successful people in the world how they do it, I can almost guarantee that many of them will include gym time in their recipe for achievement.  

One of my favorite parts of YouTube are the fitness channels.  Find someone that you identify with and watch them workout.  You'll learn correct technique, you'll get inspired, and you'll gain confidence in your abilities.  

Just remember that this habit not only gets easier, it gets addicting.  Once you start feeling strong, there's no turning back. 

Here are a few  fitness channels on YouTube to check out. 

For the Guys: 

Steve Cook

Calum Von Moger

CT Fletcher (Be warned that this man swears a lot.  He's fun to watch though.)

For the Ladies: 

Dana Linn Bailey

Ashley Horner

Jessie Hilgenberg 

 

Habit #5:  Expand Your Skills

We all have a lot to learn in life.  What I have found is that some people have learned a lot about things that I want to master.  If I spend my time with those people, I will accelerate my learning.  That's why I work so hard to go to conferences, have a success coach, and read as much as possible.  

I love that books are so accessible.  You get to tap into the minds of the best for $10 - $25 a pop.  You can't beat that.  Here are a few of my favorite books to get you started: 

Master Your Finances

Simple Numbers, Straight Talk, Big Profits by Greg Crabtree.  

Click Here to Get It On Amazon

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Master Your Conversations

Crucial Conversations by Patterson, Greeny, McMillan & Switzler

Click Here to Get It On Amazon

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Master Your Leadership

Leaders Eat Last by Simon Sinek

Click Here to Get It On Amazon

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Master Your Marketing

Inbound Marketing by Brian Halligan & Dharmesh Shah

Click Here to Get It On Amazon

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Master Your Fear

What To Do When Its Your Turn by Seth Godin

Click Here to Get It On Amazon

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Habit #6: Get a Cash Flow Forecast Daily

As an entrepreneur, you deserve to know where you sit financially.  I created a free cash flow forecast in excel that you can use in your business.  Have your bookkeeper watch the video below and then have him or her fill it out and update it each day for you.  Once you get this habit in place, you'll know where you stand financially over the next 30 days as well as the next 3 months. This is a money making habit that no entrepreneur should live without.

 

 

To download a copy of the cash flow forecast, click the blue button below.

CLICK TO DOWNLOAD

 

HABIT #7: Ask For The Close

As an entrepreneur, you should never be scared to ask someone to become a customer.  Be proud of your work. That means that every time you have a sales meeting, always ask for the close.  Never let yourself get off the phone or walk out the door without inviting them to be a customer.  

 

large_leather.jpgHabit #8: The Daily Huddle

Culture is king.  I believe that when the culture of a company is strong, the company itself is strong.  Nobody wants to work in a contentious and political environment. Work on your culture each and every day.  

At Ignite Spot, we have a 10 minute meeting every morning at 9:00 am.  We call it the Ignition Meeting.  I always start by playing music and making everyone stand up.  I then share a message about personal development, being a better accountant, or personal mastery.  Everyone gets a chance to add their two cents, and then when we are done, we end by clapping to the music and shouting our company cheer.  Yes, we have a company cheer. 

Just like on the football field, a huddle brings the team together.  Without a huddle, you just have a bunch of people working in building.

Bring them together and watch what happens. 

 

Habit #9: Experience Luxury In Small Amounts

You need to do something nice for yourself every now and then.  Doing so exposes you to a better life, one which you are willing to fight for. It also gives you a chance to reward yourself for all your hard work and celebrate your wins.  

There are a million ways to experience luxury in small amounts. I'm not saying that you need to hire a private jet and fly to a secluded island.  What I'm talking about is taking the time for a massage or getting a tailored suit.  You get the idea.  If you have enough money to hire that jet, you're probably not reading this blog post.  

 

Habit #10:  Watch More Often

Implementing habits takes time.  You have to train your mind and body to make them happen. It's not realistic to expect you to master all of these habits on day one.  That means that you'll pick one or two that make the most sense to your right now and get started on them.  Then once you have them rolling, return to this blog post and watch the videos again.  You'll be able to pick up a few more habits and knock them out of the park!

 

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My name is Eddy Hood. I've coached over 500 businesses on how to become more profitable. I'm the Founder & CEO of Ignite Spot, and I have mad parallel parking skills.

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