Chapter 1: The Power of Habits CHAPTER 1 The Power of Habits The chains of habit are too light to be felt until they are too heavy to be broken. BENJAMIN GRAHAM Habits define who you are, how you live your life, and the results you will get from your efforts. If you are overweight, it is very possibly due to not having the right eating and exercising habits. If you are broke, it is most likely because you are not practicing the right financial planning. Truly wealthy people have habits that help them create wealth. But many people do not adopt empowering habits; instead they resort to get-rich-quick schemes, believing that one good investment, one jackpot, or one home run can change their financial destiny instantly and permanently. On August 25, 2017, CNBC published an article stating that lottery winners and other people who receive financial windfalls tend to squander their newly found money and end up being worse off than they were initially. Why is that so? The answer is simple. It is akin to people who go on a crash diet hoping to lose weight quickly. This may work in the short run, but your body is unlikely to maintain the weight loss over time. Most people eventually give up and eat more than they did before to compensate for what they've been missing, and they gain weight. Fast results seldom work. Warren once said, "No matter how great the talent or efforts, some things just take time. You can't produce a baby in one month by getting nine women pregnant." What is the sensible path? Take your time. Have patience. Be disciplined. Remember, Rome was not built in a day. You can adopt sustainable and consistent actions that help you achieve your goals. Although results do not materialize overnight, the good news is that as you start to adopt good habits, you will be rewarded with small achievements. The key is to be disciplined and persistent. In the following chapters, I want to share with you the important habits of wealthy and successful people. Adopt good habits, and you will start noticing positive changes in your life. Excerpted from 7 Secrets to Investing Like Warren Buffett by Mary Buffett, Sean Seah All rights reserved by the original copyright owners. Excerpts are provided for display purposes only and may not be reproduced, reprinted or distributed without the written permission of the publisher.
