Discipline is Vital for Financial Success (Free Money Finance)

Dr. Thomas Stanley notes how the millionaires he's studied have a major trait in common: discipline. His thoughts:

Nearly all [95%] of the top 1% of wealth holders in America reported that "being well disciplined was very important/important" in explaining their socioeconomic success.? As I stated in The Millionaire Mind,

"A disciplined person sets his or her sights on a lofty target, then figures out productive ways to reach the target.? Disciplined people are not easily sidetracked. . . .? They could live in a French bakery and not gain weight or they could encounter hundreds of economic opportunities and then select one or two that are best suited to their strengths and the market's needs."

I noted that discipline leads to wealth five years ago. It takes discipline to spend less than you earn, deciding not to buy things you can afford and your friends and neighbors are likely buying because you have a greater goal in mind. It takes discipline to work at your career and grow it so you maximize your income. It takes discipline to save year after years, for decades, so you can get rich over time.

In short, discipline is vital for financial success. If you have it, you can become wealthy. But without discipline, you can lose even a huge fortune.

Those of you who have amassed a decent net worth so far, do you agree or not?

Source: http://www.freemoneyfinance.com/2012/03/discipline-is-vital-for-financial-success.html

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