How To Overcome The Biggest Obstacle To Your Financial Success

Most people don't suffer from procrastination.

They excel at it.

I've observed that procrastination is the biggest obstacle to our financial dreams. It can be caused by fear, unwillingness to move from our comfort zone to the unknown or laziness. Often it's a combination of all 3.

And yes, if you're using words like "no time", "too busy", that's just another way of procrastinating.

Think about it.

1. Can you be wealthier, healthier, happier than what you're experiencing right now?
2. Is it easier to succeed today with technology, learning resources and case studies so readily accessible?

If you've replied "yes", then I think we would both agree that the only thing holding you back, is procrastination.

Procrastination is an emotion, and like every other feeling, either you control it or it controls you.

Watching another episode of Friends even though you told yourself you'll get back to work 2 hours ago? Or goofing off and putting it off to tomorrow? That's your emotions controlling you. The pain of doing the work is greater than the pleasure of your indulgence.

Here are 5 strategies I use (tested and proven) to overcome this son of a b*tch:

Strategy #1. Have A Unrelenting WHY

You can give the best sniper in the world, the best weapon. If he has no target to aim at, it's pointless.

You can have a goal to make $10,000 a month but it's pointless. It's what the money can do for you, how it can elevate your lifestyle that counts.

Until you know exactly WHY you want to be financially successful, you're always going to put it off, because it's not a MUST. There'll always be other more "important" distractions and you'll always reflect about the past year in December because you're no closer to where you want to be.

If you think you lack discipline, first see if you lack motivation.

Strategy #2. Do 1 DDA (Daily Deliberate Action) Every Day

You may be familiar with the phrase "Your 9 to 5 pays the bills, Your 6 to 10 builds your empire".

A DDA is a specific task you undertake during your 6 to 10, that will bring you closer to your dream. It is time set specially aside every day to learn, apply and master your craft till it brings you your desired results.

Let's say you want to become a stock/forex trader, your DDA involves reading, watching videos, taking up courses, hanging out with other traders, paper trading and conducting technical analysis.

If you want to start your own business, it's learning sales and marketing, business operations, planning, sourcing for suppliers, planning your website and social media presence, etc.

A sushi apprentice training to become a sushi chef spends his first 3-5 years just washing rice. That's right, they only do one thing for thousands of hours with focus and dedication.

What's the one thing you're doing every week that's focused and dedicated towards your wealth goals?

Strategy #3: Use The 54321Go Technique

This is a technique I picked up from Mel Robbins. In her book, The 5 Second Rule, she says "If you have an impulse to act on a goal, you must physically move within 5 seconds or your brain will kill the idea"

In essence, stop thinking and start doing. When you know you have to do something and your body is reacting otherwise,

Step 1: close your eyes

Step 2: countdown 5...4...3...2...1

Step 3: shout the word GO silently in your head

Step 4: get up immediately and do the thing you're supposed to do. Do not think.

This helps you get out of that sluggish state, into a productive one.

For more info I recommend you check out The 5 Second Rule by Mel Robbins.

The next time you hear your alarm and you're tempted to press the snooze button, countdown 54321 and start moving!

Strategy #4: Set A Consequence

I've learnt not to trust my own willpower. Even the most disciplined and focused of us are human; and succumb to our distractions from time to time.

The best way to get stuff done, is to pay a consequence whenever you don't follow through. Make it painful so that you'll do the work, even on the days when you don't feel like it.

For example, if you miss going to the gym on Thursday, pay your accountability partner a fine like $200. It doesn't have to be money; you can do their household chores, wash their car, etc. My accountability partner and I have a consequence of posting each other's embarrassing photos on Facebook! And it works.

In this scene in Coach Carter, one of my favourite movies of all time,

The coach issues a contract to the team that they need to follow if they want to play basketball. If any one broke the rules, the whole team will suffer; they'll be barred from entering the gym and playing games.

Coach Ken Carter kept them all accountable to each other, and it led to many of the players breaking through the stigma of crime, low grades and disciplinary problems in school to enter college. This is a true story by the way.

Strategy #5: Set A Reward

Another great way to condition your mind towards controlling your emotions and getting stuff done, is using rewards. Human motivation is influenced by moving away from pain (consequence) and towards pleasure (reward).

Just like receiving bonus after completing a quest on a video game, you unlock a treat for yourself. Repetition will cause your brain to subconsciously associate rewarding yourself for getting closer to your dream by finishing what you started, and you'll find yourself craving for more, which leads to more work being completed.

Rewards can be an impromptu staycation, shopping spree, trip to the spa, intimate bedtime with your partner (wink wink).

Make the pleasure of completing the work greater than the pain of doing it.

Make the pain of missing out on the reward greater than the pleasure of putting it off.

These 5 strategies may look and sound simple, but its incredibly effective. If executed well, it will grant you an exponential growth towards your financial/life dreams like it has for my clients and I.

What are your strategies to overcoming procrastination and becoming productive? Feel free to share them in the comments below. Don't procrastinate :P