- When it comes to success in life, research shows grit is even more important than talent or intelligence is.
- People with financial grit have a clear understanding of the value they deliver to those who pay them.
- Financially gritty people also commit to lifelong learning, bounce back from money setbacks, always focus on their ultimate purpose and make tough decisions.
- There are six key steps to building lifelong wealth.
- Establish short-, medium- and long-term goals, and never stop making adjustments to them.
- Take care of urgent matters first, important matters second and nice-to-have issues last.
- SMART goals are Specific, Measurable, Achievable, Realistic and Timely.
- Both push goals and pull goals are SMART, but pull goals are more likely to be achieved since they tap into your emotions and motivations.
- Pull goals literally pull you into the future.
- Leasing limits your mileage, but you don’t tie up cash, you drive a late-model car, repairs are limited, and you don’t have to sell.
- Buy if you’re looking at used vehicles that you plan to drive for three-plus years and you don’t expect major lifestyle changes.