These 5 habits are sure to improve your financial situation

Tony Robbins, author of self-help books like Unlimited Power, Unleash the Power Within and Awaken the Giant Within, is also a well-known life and business strategist. Having come from a humble low-income family, Tony worked his way up the success ladder with determination, energy and smartness. Recently, Forbes had estimated his net worth at $480 million.

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Here are some habits which, according to Tony Robbins, will help you be and stay rich:

Do not trade time for money

“Frankly,” said Tony, “it’s just about the worst trade-off you’ll ever make in life. You can always get more money, but you can’t get more time. In the end, it doesn’t matter how much money you earn. If you don’t set aside some, you could lose it all… This is the first and most important step in putting yourself on the road to financial freedom. Take that step today.” The right time to start is now. Save money and invest time to transform your dreams into a reality. Understand the right time to startup and let nothing stop you.

Be a disciplined investor

Tony has always emphasised the fact that high risks don’t always lead to high results. Instead, he advises, “Think about the least amount of risk for the greatest reward and be disciplined about that.” Richard Branson, business tycoon and founder of Virgin Group, also has similar advice to offer. “Business opportunities are like buses; there’s always another one coming,” he says. Although he does take a lot of risks, he believes in meticulous financial planning. Be aware of the potential downsides of an investment and have a Plan B to avoid losses.

Save automatically

Even legends like Warren Buffet have always emphasised the need to save for tomorrow. Do not live your professional life with the ‘you only live once’ attitude. Understand the need to save for tomorrow in order to secure your future. Adopt simple measures that will enable you to save easily. You can speak to your employer to transfer a certain percentage of your raise into your retirement fund. Transfer a certain amount of your salary into your savings account every month without fail. This money will not only stay safe but also grow with time.

Choose the right partners

“I think some of [my] biggest mistakes in business have been picking the wrong partners at different stages, not understanding what somebody really needed or wanted out of a situation, deluding yourself because you so conveniently want that,” Tony said in his interview with Fortune. From business partners to life partners, one must adopt a very selective approach. While having two or more founders is always better for an organisation, ensure that your goals and needs are aligned with those of your partners. This will help you stay in sync with your partner and have a positive, healthy relationship.

Give back

When Tony was young, deep in debt and down to his last $20, he went to an all-you-can-eat buffet to try and fill up for just $5. There, he noticed an 8-year-old boy, dressed in a suit, out at lunch with his mother. He went to the boy and complimented him on his behaviour saying, “It’s pretty cool you’re taking her out to lunch like this.” The boy replied that he wasn’t paying because he didn’t have any money to do so. Tony just said, ‘You are taking her to lunch,’ and gave him every penny he had, without any hesitation. The next day he received a cheque in the mail from someone to whom he’d loaned money. The sum was equal to a month’s worth of expenses!

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