These 6 Habits Make It Impossible To Be Broke, According to Vincent Chan
Written by
Marc Guberti
Edited by
Amen Oyiboke
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Habits define who we are and what we become. They can help you achieve your goals and avoid undesirable outcomes. In a recent YouTube video, financial expert Vincent Chan explained some of the habits that make it impossible to be broke.
These habits aren’t just about saving money. They are also about getting more out of your time and approaching life with a growth mindset. These are six of the key habits Chan shared that can make it impossible to be broke.
Think Delusional Thoughts
Chan explained that he thought realistically for a while until he listened to a podcast episode that claimed mental delusions could create real, physical outcomes. Ever since that experience, Chan has thought “delusional” thoughts that have helped him become more successful.
The “2x rule” is a simple framework he follows to think delusional thoughts. He takes an existing goal and doubles it. For instance, he says that if you want to make an extra $20,000 this year, you should aim for an additional $40,000 per year.
You can apply the 2x rule to any area of your life. If you are looking to invest $500 into a brokerage account each month, bump it up to $1,000 per month. People who want to trim $100 from their budget every month should strive to trim $200 from their budget each month.
The 2x rule works better for growing your income than it does for cutting expenses if you already have a tight budget. However, thinking delusional thoughts can help you achieve more than the original goal, even if you fall a little short of the 2x goal.
Build New Brain Pathways
Chan also suggested building new brain pathways by learning new things and having new experiences. By expanding your brain, you get better at connecting the dots and accomplishing goals that can translate into long-term financial growth.
Forcing yourself to do a new thing each month is beneficial for your brain. If these are social activities, you can also meet a lot of new people and form great friendships.
“I force myself every single month to do at least one new thing,” said Chan. “The point is if you do the same thing all the time your brain will stay the same. It’s not going to grow. It’s not going to expand … the more dots that you can connect in your mind the more patterns and more money-making opportunities … you’ll start to notice in the world.”
If your brain isn’t growing, it’s hard to discover new solutions to existing financial problems.
Use AI As Your Personal Assistant
Artificial intelligence is a valuable resource that can boost your productivity. Chan shared a few ways that you can use AI to get more done in less time with less effort. For instance, when he is driving and wants to write down a note, he uses AI to write the note for him. However, it goes beyond note taking.
You can ask AI to create a business plan while on the go, and the AI will provide a business plan. You can then review the plan and make some tweaks if necessary after your commute is over. Artificial intelligence can perform various tasks, such as scheduling meetings, transcribing audio calls, and creating key summaries for those meetings. AI allows you to save time that you can pour into the work that matters the most.
Invest in Shortcuts
Investing in shortcuts may sound like odd advice for people who want to avoid being broke. However, Chan explained that you pay for something in one of two ways. You either pay for something with your time or with your money.
Chan gave an example of how you can learn how to create your website and master various themes and plug-ins. You can save money by watching YouTube videos and learning through trial and error. However, you will save a lot of time if you hire someone to create the website for you.
Investing in these types of shortcuts allows you to save time. Then, you can redirect the extra time into tasks that bring in the most money.
Set Up Digital Barriers
The brain takes 23 minutes to refocus after being distracted. It’s a shocking omission that becomes even more frightening when considering all of the different ways people get distracted. That’s why Chan sets up several roadblocks to minimize the digital distractions that he encounters.
He uses Grayscale Mode on his iPhone, so it is less appealing and offers less of a dopamine hit. Chan also uses “do not disturb” on his phone to minimize the pings and sets 15-minute limits on some apps to reduce how much time he spends on them.
Be Uncomfortable Every Six Months
Chan explained that you have to be okay with being uncomfortable if you want to grow into someone you would be proud of. If you do not challenge yourself, you can miss out on opportunities to improve your financial situation.
” If you want to grow into someone that your future self is proud of um or wants to be you need to be okay being uncomfortable,” he said. “The only way you can grow and unlock your true potential is by pushing yourself beyond your comfort zone. So try to do something that scares you every six months.”
Growth starts outside of the comfort zone, but it’s not easy to get out of your comfort zone consistently. You are training yourself to be okay with being uncomfortable.
Amen Oyiboke-Osifo contributed to this article.
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