Money

7 ways to amp up your wealth and success, according to science

Climbing higher
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You owe it to yourself to transform your life for the better. It might seem like an insurmountable objective, but remember, every billionaire started somewhere. Plenty who made their first million, from Sarah Blakely to Oprah Winfrey, began with a few hundred dollars.

If ultra-successful people have done and sustained it, then there is a way for almost anyone to follow through.

Fortunately, there are some science-based strategies that can help you supercharge your wealth and success. Try sprinkling these tips into your life and be amazed at how much positive change they create in 2018:

1. 10:10:10

In the well-known "marshmallow study," children were offered the choice of either a marshmallow treat immediately or a larger reward down the line. The research found that those who could delay gratification later ended up with higher test scores, incomes and better overall life satisfaction.

Warren Buffet and other billionaires put this into practice through something known as the "10:10:10 Rule." Before making a choice, they ask themselves how they'll feel about a decision in ten minutes, ten months, and ten years.

Thinking this way can lead to immense long-term success. For instance, if you evaluate your financial choices through this lens, you'll (hopefully) reap the power of compound interest through investing instead of doing constant frivolous spending.

Elle Kaplan
Elle Kaplan

2. Make a plan

A study revealed that those athletes who have set their goals before they proceed with training are much more motivated. Researchers also discovered that they had better ability to control their actions and align it to their goals compared to those who did not have any plans going in to the game.

Think of yourself as an athlete playing in the field called life. If you have a strong game plan, you have confidence to compete because you know what you will do in order to win the game. If you play it by ear, you are much easier to take down.

Our goals may not be the same as they should be personalized, but we should all share enormous aspirations. For me, for instance, my game plan when moving to New York City was to become a millionaire. Although I started small, I surely focused on building assets over income to keep my money working over time.

No matter your goals, make them big and set specific steps – and you'll eventually reach them.

3. Invest in yourself

Studies have proven that people who are more involved in setting educational objectives are the same ones who more likely to reach their goals. You have the power to make a difference in your life. After all, your success depends on the decisions you make in the present.

Whenever I reach a milestone, I always ask myself, "What's next?" You should too. There's so much more to discover and learn from this world. When I was still a corporate banker, I found an opportunity to pursue higher education on something that I was passionate about: finance.

At that point, I still hadn't figured out that I would run my own wealth management company. All I knew was that I should continuously improve myself.

You don't have to pursue post-graduate studies to become a constant learner, but if there's an opportunity, go for it. You can simply start with small activities to sharpen your skills and improve your abilities that you think will be useful in your career.

4. Foster growth by seeking help

According to a Harvard Business School Study, when a person seeks advice, it bounces back as a positive impression on them. For a real life example, look no further than Apple co-founder Steve Jobs. He recalled how he, at age 12, called Bill Hewlett, co-founder of Hewlett-Packard, to ask for a small favor. He requested for Hewlett to give him some spare parts for the frequency counter that he was trying to build that time.

Hewlett willingly agreed and even offered him a summer job at his company to assemble frequency counters.

Steve Jobs displayed a humble attitude that you should emulate. Do not overthink it; instead, make it a habit to improve on what you are lacking in the moment.

5. Use a growth mindset

According to renowned psychology expert Carol Dweck, there is immense power in possessing a growth mindset. It stems from simply believing that you can accomplish far greater things in life and at the same time reach for new heights by developing intelligence and skills.

Studies confirm that those who maintain a growth mindset approach work with increased motivation and positivity, which can result in extraordinary success.

Satya Nadella, the current CEO of Microsoft, attributes much of his success to this growth mindset. Because of his thirst for learning and curiosity, he admits to buying more books than he can finish and signing up for more online courses than he can complete. Fundamentally, Nadella believes that if you are not learning new things, you stop doing great and useful things.

6. Value what others think about you

Varying scenarios call for varying approaches. One way for you to assess if you are implementing the right approach towards your goals is by seeing it, and yourself, in the eyes of other people. They perceive things differently, by way of a perspective that might not be available to you.

Furthermore, their views and opinions might not necessarily be favorable (to the point that it might hurt your feelings), but they could offer you a chance to make a large-scale improvement.

Research done with leaders revealed that those who are most effective (based on rankings) are also those people who consistently ask for feedback. This strong correlation is a proof that you get things done efficiently when you work and communicate with your team well.

7. Practice self-affirmation

Feeding yourself with positive and empowering thoughts is a big leap to boost your performance in life, resulting to more achievements in the long run. Studies reveal that students who conducted a brief self-affirmation activity at the beginning of a school term had a significant boost in their academic grades by the end of the semester.

Moreover, one study also suggests that people experiencing high levels of stress can cope better with their problems by simply setting aside time to think about something that is important to them.

A quick pep talk with yourself can do wonders to your daily activities that will contribute to your overall success and wealth-building. Take it from the vibrant Oprah Winfrey, who believes that the more you praise and celebrate your life, the more there is in life to celebrate.

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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