Ali Abdaal’s Best Habits Of a Financially Successful Person.
These aren’t even extraordinary habits that would be hard to replicate. Simple and efficient.
What’s even more interesting? They come highly recommended by none other than Ali Abdaal. First of all:
Who is Ali Abdaal?
Many people know Ali differently since he’s a really successful internet personality who’s done a lot of inspiring things. He is a doctor (not now), YouTuber, and online entrepreneur from the United Kingdom. Abdaal rose to popularity as a result of his YouTube videos on his life as a doctor and his entrepreneurship.
Is that even possible? You might be thinking to yourself. When I first started following the guy, that was my question as well. Anyway, let’s learn a little bit more about him so that we may be confident in our ability to follow and apply these successful financial habits.
In fact, according to his website, he began coding at the age of 12 and worked as a freelance web designer/developer throughout his teens. This is how he started/gave himself a prominent online presence. Ali Abdaal is also the co-founder of 6med, an online learning platform that helps people prepare for medical school applications and exams.
This entrepreneur also helps YouTubers by providing a course called Part-Time YouTuber Academy (PTYA) on how to start and expand a YouTube channel, as well as supplementary content through the Inner Circle membership.
What else is there to say? Ali has a website as well. His website includes links to his other projects as well as blog articles that complement his YouTube video content. Just visit it for some more. He is present on Twitter, Facebook, Instagram, and he has also published a number of articles on the Medium blogging platform.
Today Ali Abdaal’s net worth is now estimated to be about $2 million. Yes! How did he come to be so valuable? Through dedication and perseverance. His active income comes from his medical work, while his passive income comes from YouTube Adsense, Skillshare, Skillshare Affiliates, Amazon Affiliates, and Paperlike Epidemic Sound earnings, to name a few.
Let’s take a look at how or how much he made in 2020, for example:
- $26,263 from his junior doctor's salary.
- $119,661 from Adsense.
- $157,422 from affiliate commissions.
- $161,548 from sponsorships.
- $415,923 from Skillshare courses.
- $261,437 from the PTYA course.
- $62,983 from Inner Circle memberships.
These were his earnings. In fact, he stated in one of his YouTube videos that 2020 is “His Best Year Ever.”
There’s a lot more to learn about him. But, for the sake of our main concern, I suppose it is past time for us to learn Ali Abdaal’s 8 useful habits of a financially successful person.
Ali Abdaal’s Best Habits Of a Financially Successful Person:
#1. Shift your mindset about money:
You agree with me that improving your financial condition usually focuses on basic categories such as reducing costs, creating a budget, saving and investing, and earning more money.
However, we frequently overlook the importance of initially focusing on our financial mindset. As Ali emphasizes, “you must first understand how you think about money and why it has held you back so far anyway”.
That is, regardless of whether you want to make more money, save more money, invest more money, or whatever your financial goal is, if you want to improve your life and make better financial decisions, it must begin with your money mindset.
Ali’s most important piece of advice is to be committed to achieving financial stability. So, before you start investing or saving money, make sure you’re ready to commit to your plan and believe in your abilities.
#2. Strategic laziness:
This is certainly the ability to distinguish between procrastination and determined laziness in your decision-making.
It is significant because, in order to achieve your goals in life, you must be able to manage your time effectively. I like Ali Abdaal’s take on it. In order to properly manage our financial issues, we must first understand the “value” of time in our daily lives. In reality, time is the most valuable resource because it cannot be replaced.
Money is often regarded as the most valuable resource, and while it is important in that it allows you to purchase the items you require and desire, you can also get money back.
Needless to say, planning to ensure that you can reach your goals is a critical task that many people miss and put off. So the whole point of the strategic laziness concept is to be capable of recognizing what’s important and what’s not at any given time.
#3. Develop an Entrepreneurial Diagnostic Mindset:
When a problem arises, such as a low conversion rate, slow sales, or abandoned checkout, the issue must be recognized at the source before a solution can be implemented. That is a diagnostic mindset for an entrepreneur.
It’s just a set of skills that allow people to see and act proactively, overcome and learn from setbacks, and succeed in a variety of circumstances. Actually, Ali lays out three easy-to-follow yet essential steps:
1. Identify the problem;
2. Determine how to solve it.
3. Put the best solution into action.
People are providing strategies to increase sales, increase conversion rates, and How to earn money online or increase your income everywhere you look on the internet. If they solve your specific problem, these solutions may be successful. However, you shouldn’t employ a solution until you’ve identified the source of your problem.
#4. Develop a growth mindset:
In his online content, he (Ali) speaks about developing a growth mindset more frequently. He believes that having a growth mindset means that your personal financial abilities are only limited by your willingness to master the skill and attitude toward learning it. So don’t stop learning.
On the other side, we have what we call a fixed mindset(this is in line with financial success). It’s a mindset that limits your possibilities to learn financial best practices and, as a result, the amount of money you can make. You don’t need this type of mentality.
Of course, having a growth mindset when it comes to money allows you to ask a lot of questions and think like an investor. Furthermore, Ali explains that having a growth mindset is particularly important when it comes to personal finances since it allows you to appropriately estimate risk.
#5. Ask the right people:
Let’s say you want to boost your earnings or profit, or possibly grow your revenue streams by 30%, 50%, or even 80%, and you don’t have a clue how to do it. That you don’t want to make any mistakes that could cost your business money, but you’re willing to take a risk.
Who do you think could help you in resolving your problems? I’m sure you already know the answer to that. It is undeniably true that there are those who truly understand it.
With Ali, all you have to do is ask yourself first deep down inside, “Who Is Going To Help Me Solve My Current Financial Situations?” and “Who Are My Trusted Networks?”
Pay close attention to the answers to those two questions. As you do so, you may come to the realization that you need trustworthy individuals to help you solve your financial problems, because we can’t be completely self-sufficient and immune to life’s challenges.
#6. Learn to make friends:
As previously said, humanity cannot be completely self-sufficient and immune to life’s challenges.
As a result, we must make friends. Ali recommends that we make friends and build large networks in real life and online, such as on social media sites like Twitter (which is Ali’s favorite networking site), Linked In, or even Facebook, depending on what works best for us.
But how can making friends help us achieve financial success? Friendships can promote the creation of new professional values without negatively influencing the friendship network since they are based on intimacy and trust rather than existing task structures. Yes! More ideas come from having more friends.
Basing self-worth on financial success surely creates pressures that hurt important social connections. Even Ali Abdaal mentions that having a large circle of friends and networking is one of the factors that has helped him succeed in life, and it may be one of the reasons he began his:
1. YouTube channel: To provide life education to people.
2. Working part-time YouTube Academy's mission is to help YouTubers succeed in their endeavors.
3. 6med Platform: To assist those interested in studying medicine.
Remember that when you call a friend, they will always answer. Depending on what you’ve done for them recently, a contact might.
#7. Read a lot:
In case you didn’t already know, Reading helps you succeed. Consider the benefits of any book that inspires you, makes you think and can improve something about your life if needed.
Because most of us desire to be financially successful, it’s necessary to read books about or related to money. Ali advises you to do so. You can’t avoid it because most successful people (entrepreneurs) like Elon Musk and Bill Gates talk a lot about how reading has helped them reach their goals. When you read, you put your comprehension and analytical skills to the test.
A smart, successful mind is built on the foundation of reading. This is the most beneficial and peaceful habit that we may develop.
#8. Financial literacy:
To be financially literate is to know how to manage your money. Financial literacy is the foundation of your financial relationship, and it is a lifelong process of learning.
Being financially knowledgeable can actually be combined with the previous habit of reading a lot. To be practical, Household budgeting, knowing how to handle and pay off debts, and evaluating the alternatives between different credit and investment products are just a few of the skills that go under the umbrella of financial literacy. These skills frequently demand at least a basic understanding of important financial concepts and the time worth of money.
On the other hand, Financial illiteracy can lead to a variety of problems, including the accumulation of unsustainable debt burdens as a result of bad spending decisions or a lack of long-term planning.
As a result, one of the most important advantages of financial literacy is that it allows us to make better financial decisions.
Do You Think These Financial Habits Are Useful For You?
It’s entirely up to you. But keep in mind that you don’t want to miss out on them. As I previously stated, your financial success is determined by your choices.
“I don’t pretend to be a financial advisor nor do I have a degree in economics,” Ali Abdaal writes in one of his writings, “but that doesn’t mean I don’t know a fair amount about personal money.” “However, I hope that I can pass on some important ideas, counsel, and wisdom from what I’ve learned through my own experiences over the previous few years,” he continues.
Your ability to cultivate the habit of listening and learning will help you succeed in personal finance more than any other skill or behavior you may possibly admire.
