What sharpens your ax?
It's an important question because it gets to the core of what is required in order to become rich and successful.
I have spent over a decade studying self-made millionaires. The one common denominator they all seemed to have were daily habits or routines, often starting first thing in the morning, that enable them to sharpen their ax by consistent daily self-improvement.
Most of that improvement was related to their business, careers or vocation. But many of those self-improvement habits also included keeping fit and healthy and little secrets they deployed to build relationships with other rich, successful people.
I learned that those who were constantly sharpening their ax happened to also be the richest and most successful individuals. So, in an effort to become rich, I took a page out of the book of these self-made millionaires and decided to create my own whetstone to sharpen my own ax.
For me, my whetstone is a proven process that has become my morning routine, or set of habits:
I discovered in that study that 55 percent of self-made millionaires woke up three or more hours before actually beginning their formal work day. During that three hours is when they attacked their goals, exercised, read, pursued success, etc. It took me six months for that three hours to become what is now my lifelong morning routine.
Thanks to my whetstone, over the past 11 years I have:
My morning routine is my whetstone, the thing I do to sharpen my ax. It hasn't elevated me to the $3.2 million status of the self-made millionaires in my study yet, but it has made me a millionaire and doubled my income.
Before my morning routine I had one revenue stream, I was heavily in debt ($1.2 million in business debt), I had no money to put my three kids through college and I felt stuck. Now I have four revenue streams, paid for my kids to attend college (with very little student loan debt – about $46,000 in total), and my business debt has dropped to just over $300,000 and will continue to decline every year.
Without my morning routine, my whetstone, my future would be very grim indeed. I owe all the good in my life to my Rich Habits and in particular, to those Rich Habits that have become my whetstone.
What's your whetstone?
Tom Corley is an accountant, financial planner and author of "Rich Kids: How to Raise Our Children to Be Happy and Successful in Life."
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