Money

10 things you need to give up if you want to be wealthy and successful

When it comes to our wealth and success, we tend to fixate on the things we need to acquire in the future to make those visions come alive. However there are also certain ingrained habits that might be dragging you down right now.

In order to take flight and become mega-successful, you need to carefully assess your extra baggage. The good news is that your toxic routines and mindsets can be kicked to the curb, starting today.

So take a huge leap towards success and wealth by giving up these 10 things:

1. Doubt

"I always knew I was going to be rich. I don't think I ever doubted it for a minute."Warren Buffett

You are unconsciously sabotaging your progress when you indulge in negativity. Your journey to success starts the moment you condition your brain to believe this is where you want to go. If you continue to believe otherwise, then you shouldn't expect success to follow through.

Rather than being your own worst enemy, get yourself in a good mood through cultivating positive thoughts that will inspire you to continue reaching for your goals.

2. Impulsive emotional decisions

In my many years in finance, I've seen people throw decades of financial planning out the window because of their feelings. And it's easy to do that in a stressful workplace too.

When successful people find themselves in situations where they're extremely angry, sad or frustrated, they let themselves ride out those emotions without acting on them. The simple act of waiting to make a decision until you've returned to a levelheaded state can play a huge role in the success you achieve.

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3. Reliance on praise

"Self-confidence must come from within. Outside reinforcement and strokes can help, but you have to build your own confidence." –Steve Jobs

No one can advocate for you or make it happen like you can. You have to be your own best cheerleader. You must believe in your own success, and this means that, if the right opportunity doesn't present itself, you should create your own opportunity.

4. Being a control freak

Our attention spans and willpower are finite. So, if you attempt to micromanage every single aspect of your life, which plenty of motivated people do, you'll end up limiting the attention you can pay to the important stuff.

This isn't an excuse to do sloppy work, but you must only direct your efforts towards things you can control. For instance, if you're leaving your comfort zone and learning a new skill, accept that there will be some slip-ups. Being flexible amidst adversities is a virtue you must practice to create difference in your life.

5. People-pleasing

It is a jungle out there. Everyone is clamoring to be noticed, to be ahead, to become game-changers. Hence, people will not baby-talk you all the way. You have to prove yourself through hard work without expecting that everyone will believe in and compliment you.

As Sheryl Sandberg, Facebook COO, once said, "Leaders should strive for authenticity over perfection."

Quit doing things for the sake of others' appreciation — do them because they are needed to fulfill your vision.

6. The blame game

"If you mess up, it's not your parents' fault, so don't whine about your mistakes, learn from them." –Bill Gates

If you don't get it right this time, don't complain and don't play the blame game – it will just take your time in exchange for nothing but negativity.

Have the courage to take responsibility for the results of your work and decision. It will teach you humility and give you priceless experiences that you can take with you as you move closer to your goals.

7. Multitasking

A study out of the University of California, Berkeley, found that, on average, office workers go only 11 minutes between interruptions, while it can take up to 25 minutes to get into a state of productivity called flow.

That's why giving up multitasking, and focusing all your energy on the important things, is vital for wealth creation. Valuing your time by thinking of it as money will motivate you to work diligently for what you are aiming for.

8. Bad company

Oprah Winfrey once said, "Surround yourself only with people who are going to lift you higher."

You probably heard this advice when you were a teenager and studies show that your parents were right: The company you keep influences the success you create.

Of course, the challenge is that we cannot always choose the people we interact with daily. But having the ability to recognize Negative Nancies — and to ignore their bad energy — is instrumental for establishing a positive mindset.

9. Giving up

JK Rowling, who became a billionaire after brushing off hundreds of publisher rejections, once said, "It is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all — in which case, you fail by default."

Ultra-successful people don't take 'no' for an answer. Instead, they find new ways to turn rejections into milestones. Do not be afraid to go for it!

Keep in mind that failure is a breeding ground for success and don't give up. Be persistent and resilient enough to bounce back and try again. Each time you brush the dirt off your shoulders and try again, you'll benefit from more experience.

10. Frivolous spending

A study conducted among consumers who make over $100,000 a year reveals that, surprisingly, majority of them do not own luxury cars, and they shop at mainstream stores like Target and Walmart.

The reason being is that they recognize the value that long-term investing can have over frivolous spending. The one thing that virtually every millionaire and billionaire has in common is that they set aside wealth for an investment account.

If you're struggling to give up overspending, consider the 20-30-50 Plan: spend 20 percent of your paycheck on investing (or paying off debt), 30 percent on fun and the other half on necessities (like rent).

The bottom line: By shedding the dead weight and giving up unnecessary things in you life, you exponentially increase your likelihood of success.

Elle Kaplan is the Founder and CEO of LexION Capital, a fiduciary wealth management firm in New York City serving high-net-worth individuals. She is also the Chief Investment Officer and Founder of LexION Alpha.

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