Enduring a high level of focus prepares you for successfully achieving financial independence. To acquire this focus, you must weigh your opportunity cost of potential distractions with your wealth building activities. Financial planning can help create positive outcomes.
This comes through setting financial goals for yourself and seeing them through; living a purposeful life through deliberate planning. When successfully maintaining focus, income and wealth will accumulate, allowing for financial freedom.
“Focusing on goals is related to building wealth, regardless of age and income. the decisions we make, particularly related to the allocation of our time, energy, and money, impact our ability to become financially independent.” –Sarah Stanley Fallaw, The Next Millionaire Next Door
Factors of Focus
Focus can be achieved through both short and long-term goal setting. A convincing 92% of millionaire’s report that they developed a long-term plan on how they would achieve their wealth and the steps to accomplish the goal. Of that group, over 97% always complete the goals they set. These goals can be daily, yearly, or more long-term. Often the short-term goals help build toward long-term goals. When setting goals, they should be lofty and not particularly easy to attain. Including a larger goal than just to better oneself, such as a business or family goal, can help attract more rounded success. Setting a big unachievable goal can help develop laser like focus, especially for those who are motivated by constant personal growth. Goals should be well-defined and written down to help keep track of progress and improve personal accountability.
Millionaires frequently allocate their energy to activities resulting in personal growth. In their free time, they are more likely to be found reading or exercising and spending less time watching television than the average American. These activities stimulate the mind and body instead of providing mindless enjoyment. As Stanley states, “Successful individuals are keenly aware of how they spend their resources, including their emotional and cognitive resources.” Life as usual and/or business as usual is out the door. Wealth creation requires a different mindset; a deliberate, focused mindset.
Focus is often hindered by the vast outside distractions the world offers, especially as our environment has evolved into one that is digitally driven and technology centric. By minimizing outside distractions such as social media, endless apps and electronic media, along with traditional television, focus is easier obtained with better results. A digital detox can help regain focus on what really matters. Some distractions can be positive. One wealth building trait many millionaires share is having a hobby in their life. These hobbies often include sports, aviation, art, or recreating in the outdoors. Hobbies such as these stimulate the mind and keep you grounded and focused on living deliberately and with a purpose.
When setting financial goals, spending free time on personal growth and managing your distractions will result in those goals being reached in a timely and predicted manner. While undivided focus is undoubtedly a tough behavior to implement into your life, if you change your mindset, you change your outcome!