In Charles Duhigg’s eye-opening book, The Power of Habit, we learn that we are, whether we like it or not, creatures of habit. For better and for worse.
In order to help us understand how habits work, how to identify them, and how to create good ones, Duhigg introduces us to the “Habit Loop,” a cycle that begins with an (often unknown) behavioral Cue that triggers a Routine resulting in a desired Reward.
Physical exercise is something that’s important to many people, myself included, so using Duhigg’s concepts, I’ve created a reward for this desired behavior that I submit to you as nothing short of the World’s Best Protein Fruit and Vegetable Smoothie.
Is recent stock market volatility bugging you?
Do you wince with every headline announcing the expansion of quarantines, knowing the market will likely panic?
Do you sneak a peak at your portfolio’s performance more than quarterly (or perhaps even annually)?
Does market volatility tempt you to question your investment strategy, even if it’s well thought out and carefully implemented?
Does it weaken your resolve to resist the sky-is-falling siren song heard so frequently in the financial media, or the sales pitch du jour?
Having the right investment strategy is important—really important—and surely contributes to long-term success in building wealth. But no matter how superlative your strategy, it’s your willingness to stick with it that ultimately will help you meet your financial goals.
It's good to enjoy nice things. It's good to be detached enough from the currency in our pockets that we're willing to part with it for the occasional extravagence. But the cost of habitually indulging in what may even be seen as a little thing–like a cup of coffee–is nothing short of amazing.
In this short video, I tell a TRUE STORY about a friend of mine who found himself on a path to "spending" $1 million at Starbucks. Check it out to see how!