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What if I told you that the most important qualities or keys to financial success and wealth creation are consistency and resilience?
A recent study by researcher Sarah Stanley Fallah, author of “The Next Millionaire Next Door: Enduring Strategies for Building Wealth,” found that the 600 millionaires she studied had two things in common: persistence and resilience.
But being persistent and resilient is often easier said than done. Let me tell you that it takes conscious effort.
So how can we become persistent and resilient? What habits, mindsets and actions should we implement to actually persevere and overcome setbacks? Today we're going to take a closer look at persistence and resilience so you can develop and maintain these qualities in your own life to help you achieve your ultimate financial goals.
What are persistence and resilience?
Before we dive deeper, let's make sure we're all on the same page. Perseverance and resilience are similar, but how are they defined? Perseverance is always striving and working toward your goals – and never stopping until the goal is achieved. Resilience, on the other hand, is the ability to persevere (or persevere) despite setbacks.
Of course, perseverance and resilience are valuable in every area of our lives. But the truth is that they are fundamental to financial goals. The market can be fickle and uncertain, so despite our accumulated knowledge, setbacks are all but guaranteed due to its unpredictability.
To overcome the inevitable setbacks, we understand that the interaction of these two skills is necessary to help you achieve the desired outcome – your personal vision of financial independence.
And that makes sense because it fits with our other experiences. We doctors have made great strides and become self-actualized. If we weren't able to rise above our setbacks in medicine, we wouldn't be as successful. The same goes for our families. Some of you may be parents and know firsthand how important it is to get through those difficult moments. I mean you, toddler years.
Think about how many doors you've had to break down, how many obstacles you've had to overcome. There are probably some of you who have never had any trouble excelling. I believe my wife is one of those people. While others, like me, have not had a clean or easy path to success. Either way, we all had a path that led to success in medicine.
So the good news is that we already have the skills of persistence and resilience. But how can we strengthen them on our financial journey?
How to increase your endurance and resilience
Okay, so we know that persistence and resilience are fundamental skills to moving forward with our financial journey. Now it's time to strengthen both skills. How? Here are some ways.
1. Maintain a positive attitude
A common reaction to a setback is to not see it as an opportunity to grow. That's a negative mindset. To counteract that – and build perseverance and resilience – maintain a positive mindset.
A positive attitude means always thinking about what you can learn from a potential setback. What do you learn? What new perspective has emerged? How can you refocus your goals?
Maybe some of you have experienced an investment that didn't go well. It can be difficult to stay positive and can lead to feeling discouraged. But it's important to reassess the situation using positive qualifiers and questions.
Being positive in a realistic way needs to become second nature, a habit. Practice it daily during small setbacks (like in traffic) to build that positivity muscle. It may take some time, but this practice will redirect your brain and help you become stronger in the face of setbacks.
2. Build self-confidence
Confidence means believing in yourself – that you have the talent, intelligence and means to make your dreams a reality. It means not viewing a setback as an insurmountable flaw in your personality.
Although we as doctors have above-average success rates, over 70% of the most successful people in the world still suffer from imposter syndrome, so if you're not feeling particularly confident, you're not alone.
Recognize that it's common. Getting informed is one of the best ways to gain more confidence in your abilities. This skill can carry over into your financial education. The more you learn about markets, investments, or industries involving specific investments, the more informed you will be. And that means the better able you are to make confident decisions.
When you have confidence, you don't make excuses, you don't lose momentum, and you don't give up. With confidence, you can achieve your goals.
3. Stay organized
If you're not organized, you're much less likely to successfully execute a plan. And without organization, you're not prepared for setbacks. When you encounter those setbacks, there's no next step or alternative path to help you stay on the path to financial freedom.
Be very detailed when organizing your thoughts, tasks, and end goals so that if something goes wrong, you have something to fall back on for the next steps.
I write everything down. This sounds simple, but the physical step of writing things down is, so to speak, the first step to self-actualization. First, the plans and goals are thoughts in my head, then written words, and those words will soon turn into actions, and those actions will soon produce life-changing results.
4. Find motivation
Nelson Mandela once said, “It always seems impossible until it is done.” So how do we motivate ourselves to follow through?
Motivation is about understanding the big picture. When the end goals are crystal clear, we know what motivates us. Whatever our financial goals are—travel, spending more time with family or friends, retiring early, or whatever—knowing them will help us do the hard and difficult work needed to achieve financial freedom.
Hopefully your goals excite you, because enthusiasm is a key component of motivation, persistence and resilience. How bad do you want it? The more you want it, the more motivated you will be to achieve it.
This includes being excited about how you're achieving your financial goals. Will you enjoy the process of achieving your dream lifestyle? Does real estate investing sound exciting to you? Are you passionate about starting your own business? Start by finding answers to these questions. You'll maximize your motivation if you pursue your answers with passion.
When you are motivated by both your goals and the process toward your goals, you have a winning combination that increases your chances of success.
5. Network
Most successful people are supported by other successful people. They have a network of people with similar goals and similar mindsets. When you're in a room with people who demonstrate high levels of perseverance and resilience, it's hard not to adopt those skills and mindsets.
This also applies to building close ties with people who, like you, may be struggling to get started. This type of network is more aware of the important first steps in finance, such as having clear financial goals and a positive attitude.
For many of you, it may seem unusual to talk openly about finances with others. In reality, it is essential. I have a small group of friends who invest and every quarter they share their finances with each other – from assets to liabilities to new deals. It provides a valuable learning experience and fosters camaraderie and mutual motivation. Once you have found your groups, you need to trust each other and act without judgement. It's about helping each other.
Without a network, your ability to learn, grow and experience success will be limited, likely leading to the limited belief that your dreams cannot be achieved.
There are many trusted networks you can join here as a Passive Income MD to get started!
Our communities, created as educational tools and to help people understand that they can be supported in their financial endeavors, include the Leverage and Growth Accelerator Community, Momentum MD Mastermind, and the Platinum Investors Club. We hope to see you soon!
Use perseverance and resilience
Always remember that your financial goals are achievable. It's about building perseverance and resilience by having the right mindset, staying organized, staying motivated and joining the right networks.
You can work daily to develop all of these skills. Just keep at it and success will find you. “The only guarantee of failure is to stop trying,” said John C. Maxwell.
In closing, I have a simple but powerful and important message: You can do this! Stay the course, you are doing a great job. The next time I see you, I hope you have made progress toward your financial goals. Thanks for reading.
Peter Kim, MD, is the founder of Passive Income MD, the creator of the Passive Real Estate Academy, and provides weekly training through his Monday podcast, the Passive Income MD Podcast. Join our community in the Passive Income Doc Facebook group.
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
