495. The 9½ Habits of Wealth Building (Wealth Series Part 2)

The ONE Thing

NOVA Media

Entrepreneurship, Business, Careers

4.6 • 1.1K Ratings

🗓️ 10 March 2025

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

Wealth isn’t built in spreadsheets. It isn’t just about understanding finance books or listening to podcasts. True wealth is built in habits—the actions we take (and the ones we avoid) every single day. In part two of our special wealth-building series, Jay Papasan shares nine and a half habits that can put you on the path to financial independence. From living below your means to investing wisely, Jay explains the foundational steps that allow you to accumulate and grow wealth over time. He shares his personal experiences, lessons learned the hard way, and insights from financial experts like Dave Ramsey and Morgan Housel. Those nine habits are: Live below your means Automate your savings Pay down your debt Maintain an emergency fund Have clear financial goals Invest wisely Learn continuously Track your net worth Pay cash for luxury items If you’re looking to take control of your finances and make your money work for you, this episode gives you the step-by-step habits to get started. Challenge of the Week: Go to the1thing.com/networth and download the net worth tracking worksheet. Whether your net worth is big, small, positive, or negative—just calculate it. This will serve as your foundation for all future financial decisions. *** To learn more, and for the complete show notes, visit: the1thing.com/pods. We talk about: The power of automating savings and paying your future self first How tracking your net worth creates awareness and better decision-making Why building small financial habits compounds into long-term wealth Links & Tools from This Episode: Download the free net worth tracking worksheet. Read The Millionaire Real Estate Investor by Gary Keller, Jay Papasan, and Dave Jenks Free Resources Want to be a guest or share feedback? Email [email protected] or send us an audio note at Speakpipe.com/the1thing. Produced by NOVA

Transcript

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0:00.0	I'm Jay Papazan, and this is the One Thing, your weekly guide to the simple steps that lead to extraordinary results.
0:18.3	Ola, amigos, Jay Papasan here with part two of our special wealth building series. Last week, we talked about the path of money, which is a model for thinking about where your money comes from, what you do with it, and how to put it to work on your behalf. This week, we're going through the habits of wealth building. Love talking about habits. You You hear me talk about it all the time because when you work for a habit, then that habit works for you. It's a great form of leverage to put into your life. The challenge that we all have, if you're like me especially, a French English major, never really studied investing until later in life. A lot of this just felt very confusing.
0:56.1	I heard people talking about wealth building, and a lot of times it just sounded risky because
1:00.6	some of the things they were saying weren't mainstream. What do you mean invest in businesses?
1:04.7	What do you mean invest in real estate? All of that stuff. If you're one of those people,
1:09.3	then last week and this week, hopefully we're laying a
1:11.8	foundation for you to understand the fundamentals. And this week, we're going to talk about
1:16.1	how wealth is actually made. It's not in spreadsheets. It's not in understanding books and
1:21.3	listening to podcast. It's in what you do and you don't do. And what better way to do things
1:27.1	or not do them than to build habits
1:28.8	around that. So this week, we're going to cover the habits of wealth building, the things that
1:34.0	we want to put on automatic, the behaviors that we want to kind of be instilled, that better
1:39.9	protect our money, that better put us in a position to make it grow over time. So remind ourselves,
1:46.7	why are we here? Financial wealth, as we defined it in the first episode, I'm going to say this every
1:51.3	time. We define financial wealth as having the unearned income to fund your life mission
1:57.6	without you having to work. That doesn't mean you won't, but you don't have to. Work becomes a choice. You can now pursue your life mission without you having to work. That doesn't mean you won't, but you don't have to.
2:02.3	Work becomes a choice. You can now pursue your passion, your mission with unearned income.
2:08.3	An unearned income is simply that the money that you invested is working for you and paying
2:13.6	dividends or growing at such a rate that you can live on what your money is yielding,
2:19.1	not your paychecks from your job. Now, quick reminder on habits before we dive in. On average,
2:25.8	it takes about 66 days to form a habit. You repeat the activity. It starts to get more and more
2:32.3	ingrained. And the research that we found shows that about 66 days
	...

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