Life prosperity is a universal aspiration of anyone in the globe, especially right now that many people are reeling from the pandemic’s economic impact. Most people are curious to know how to achieve prosperity, specifically, what certain steps are towards prosperity.
Wealth coach David Hutchinson said that everyone wants to live a life of prosperity, but very few people know how to get there. He shared that if you study self-made millionaires, you will discover that many of them build their wealth from scratch and they achieve prosperity by embracing personal discipline.
Hutchinson shared that having personal discipline with your money is vital in attaining abundance and prosperity. As observed, self-made millionaires and billionaires do not indulge themselves in luxurious items. They are very frugal in their spending. Most of them do not drive fancy sports cars and, usually, they only wear moderately priced clothing.
An excellent example of a frugal spender is the billionaire Warren Buffett who still drives the same Cadillac he bought in 2014 and lives in the same house he purchased in 1958. Most can afford to buy extravagant things, but they choose not to spend on things that they really do not need. Personal discipline with their money allowed them to make wise financial decisions that helped them build their wealth.
What is Personal Discipline?
Discipline is the defining factor that separates successful individuals from average performers. This is a habit of resisting instant gratification to achieve long-term success. It takes time and continuous practice to develop personal discipline and turn it into a habit. The development of personal discipline is not an easy task to achieve, but once you master it, the reward is immense satisfaction.
According to Hutchinson, personal discipline with money is a skill set that you can learn and relearn. However, you need to have the proper mindset to make it a habit. At The Legacy Company, he added that personal discipline is one thing they impart to their clients. No one can refute the significant role of discipline in achieving one’s desired outcome in life.
How to Develop Personal Discipline?
Over the years, Hutchinson has helped many clients learn wealth-building strategies. He believes that knowing the proper financial education can lead to personal discipline when it comes to money. Money is a coveted commodity, but The Legacy Company founder said that money, without purpose and direction, is meaningless and can easily be lost.
With that, Hutchinson shares some tips on how to develop personal discipline with money:
- Make a financial plan
Hutchinson said that a financial plan could give direction to a person’s finances. By developing a plan, you are setting small attainable goals that you can implement every day. It allows you to focus on your goal and keep your mind away from unnecessary spending. Since it involves daily practice, it can help people develop the habit of making decisions aligned with the financial plan. It would make you more conscious of the choice that you make. Eventually, you are making decisions that are aligned with your goal.
- Draw the line between needs and wants
Many self-made millionaires are very good at determining the difference between what they need and what they want. As a result, they only spend on necessities. Knowing the distinction between the two can help individuals become more disciplined with their money. It can also help you to stay on track with one’s financial objectives. Reaching the goals that you have set will take a lot of personal discipline.
Hutchinson urges people to ask themselves if a product or service is needed before they make a purchase. If it is a need, you can go ahead. If it is a want, you better delay buying it and contemplate the reasons behind your desire to acquire it.
- Stick to your budget.
One of the best approaches in developing personal discipline with money is setting up a budget and sticking to it. You can set a budget every month, so you already know where you will spend your money. It is crucial in developing personal discipline because it teaches individuals how to spend their money with intention. It can also help them resist impulsive buying. There are so many things that can derail you from your financial goals, such as irresponsible spending.
Develop Personal Discipline With Hutchinson
Hutchinson has been guiding clients in their wealth creation journey for at least a decade. He is backed by years of experience as a financial professional and wealth coach. Before The Legacy Company, Hutchinson worked for some big names in the industry, like Prudential and Wells Fargo. He is proud of the mentorship he received from several notable wealth managers who manage hundreds of millions in assets and private equity and run multiple businesses.
Now, Hutchinson leads a growing team of hungry advisors to change the way people are educated on the financial game of life. His team is willing to help anyone build his wealth through a more holistic approach. Hutchinson and his team can provide the professional guidance that a person needs to acquire personal discipline with money.