18 Tiny Habits That Made Me Rich
In this episode of the Growth Stacking Show with Dan Martell, the host shares a collection of habits that contributed to his financial success. He discusses practical strategies for managing cash flow, prioritizing wealth protection and growth, and practicing disciplined time management.
Martell also covers habits for maintaining mental sharpness, cultivating a positive mindset, and intentionally curating one's environment and experiences. The episode emphasizes the importance of self-care, lifelong learning, and embracing an abundance mindset. Throughout the conversation, Martell draws from his personal experiences to offer insights on developing habits that can lead to fulfillment and financial prosperity.
This is a preview of the Shortform summary of the Apr 9, 2025 episode of the Growth Stacking Show with Dan Martell
Sign up for Shortform to access the whole episode summary along with additional materials like counterarguments and context.
1-Page Summary
Financial Habits
Manage Cash Flow
- Monitor accounts daily for income, expenses, and balances (Martell).
- Automatically divert income to savings: "set it and forget it" (Martell).
- Avoid high-interest debt; borrow only for investing in income-generating assets.
Prioritize Protecting and Growing Wealth
- Follow the 50/30/20 rule: 50% necessities, 30% wants, 20% savings.
- Live below your means, like young Martell who spent only 30-40% of his income.
- Invest surplus funds rather than spending lavishly to impress.
Time Management and Focus
Protect Your Time
- Say "no" more than "yes" to control your schedule (advice for the wealthy).
- Set measurable daily goals using the FOCUS method (Martell).
Optimize Environment
- Invest in an ideal workspace to minimize distractions.
- Wake early (3-6am) to boost creativity and inspiration (Martell).
Self-Care and Mindset
Mental Sharpness
- Exercise daily for mental clarity, as Martell does to manage ADHD.
- Read to learn from others' insights and experiences.
Positive Mindset
- Reflect on accomplishments to build self-confidence (Martell's "achievement list").
- Stay "blissfully dissatisfied" to maintain drive for self-improvement (Martell's coach).
Intentional Living
Curate Inputs
- Follow educational social media aligned with goals (Martell).
- Seek advice instead of money to reveal others' belief in your ideas.
Find Fulfillment
- Give away resources to ultimately enrich yourself (Martell's rehab lesson).
- Embrace an abundance mindset; generosity enables shared success.
1-Page Summary
Additional Materials
Counterarguments
- Monitoring accounts daily can be stressful for some individuals and may lead to over-fixation on financial status rather than long-term financial health.
- Automatic savings are beneficial, but a one-size-fits-all approach may not account for the financial variability and emergencies that some individuals face.
- The advice to avoid high-interest debt is sound, but there are situations where taking on such debt may be necessary or beneficial, such as in cases of medical emergencies or when high-interest debt can be managed effectively for short-term needs.
- The 50/30/20 rule is a helpful guideline, but it may not be feasible for everyone, especially those with lower incomes or living in high-cost areas.
- Living below one's means is prudent, but the percentage of income spent can vary greatly depending on individual circumstances, such as debt obligations or supporting a family.
- Investing surplus funds is wise, but not everyone may have the knowledge or risk tolerance for investing, and some may prefer to build a larger emergency fund or pay down debt.
- Saying "no" to control one's schedule is important, but networking and saying "yes" to certain opportunities can also be crucial for career and personal growth.
- Setting measurable daily goals is effective, but rigid adherence to daily goals may not account for the need for flexibility and adaptability in one's schedule.
- An ideal workspace is beneficial, but not everyone has the financial means to invest in one, and some may find they work better in varied environments.
- Waking early may boost creativity for some, but others may find they are more productive or creative at different times of the day due to personal circadian rhythms.
- Daily exercise is beneficial for mental clarity, but the type and intensity of exercise should be tailored to individual health conditions and preferences.
- Reading is a great way to gain insights, but other forms of learning, such as podcasts or hands-on experiences, may be more effective for different learning styles.
- Reflecting on accomplishments can build self-confidence, but it's also important to balance this with constructive self-criticism to foster personal growth.
- Being "blissfully dissatisfied" can drive self-improvement, but it's also important to practice gratitude and contentment to avoid burnout and maintain mental health.
- Following educational social media can be beneficial, but it's also important to critically evaluate the information and recognize that social media can present a skewed view of reality.
- Seeking advice instead of money can reveal belief in your ideas, but financial investment is also a strong indicator of belief and commitment to one's ideas.
- Giving away resources can be enriching, but it's important to ensure personal financial stability before doing so to avoid potential negative consequences.
- An abundance mindset is positive, but it's also important to be realistic and prepare for potential scarcity to ensure resilience in tough times.
Actionables
- You can create a visual budget tracker using a whiteboard in your living area to keep your 50/30/20 rule visible and top of mind. Draw columns for necessities, wants, and savings, and update them with color-coded magnets or markers each time you make a transaction. This constant visual reminder can help reinforce your spending habits and make it easier to stick to your budget.
- Develop a morning routine that includes a 'silent hour' before your usual wake-up time for reflection and planning. Use this quiet period to jot down thoughts in a journal, plan your day, or engage in a creative activity like sketching or writing. This practice can enhance your focus and creativity without the need to wake up as early as 3-6am.
- Start a 'No Journal' where you record each time you decline an invitation or request that doesn't align with your goals. Note the date, the request, and why you said no. Review this journal monthly to assess how saying no has positively impacted your time management and progress toward your goals. This can help you become more comfortable with turning down non-essential commitments and prioritize your own objectives.
Get access to the context and additional materials
Financial Habits
Martell provides a detailed breakdown of financial habits that could help manage cash flow effectively and grow wealth.
Check Finances Daily to Manage Cash Flow Effectively
Monitor Account Finances: Income, Expenses, and Balances
Martell recommends checking finances daily to stay on top of cash flow. He receives a daily cash report email for all of his companies, which includes balances, credit card information, and transactions from the previous day. This level of awareness allows for immediate action and prevents cash flow issues in his businesses.
Automate Income Savings to Build Wealth Quietly
Martell follows the philosophy of "set it and forget it" for savings. He suggests making the decision to save when one is in a positive financial mindset and then automatically diverting a part of the income to savings without having to think about it again. For example, Martell regularly sweeps extra cash from his companies into a holding company that then automatically invests in a pre-decided portfolio, trading off between high-risk private equity and low-risk index funds in public markets.
Avoid High-Interest Debt; Borrow Only For Investments Yielding Returns
Martell warns against bad debt, particularly high-interest consumer debt, referring to his own experience of financing furniture with a no-interest payment plan, which eventually led to significant interest payments. He suggests taking on debt only for things that can earn money, like real estate or business investments, and stresses using short-term leverage rather than letting others profit off your borrowing.
Prioritize Protecting and Growing Weal ...
Here’s what you’ll find in our full summary
Financial Habits
Additional Materials
Counterarguments
- Checking finances daily may lead to unnecessary stress or overemphasis on short-term financial fluctuations rather than long-term goals.
- Daily monitoring could be excessive for individuals with stable financial situations and might not significantly impact their financial awareness or behavior.
- Automation of savings is beneficial, but it may not account for changing financial circumstances that require more active management.
- Strictly avoiding high-interest debt is generally good advice, but there may be situations where such debt could be strategically used, for example, to take advantage of a time-sensitive opportunity.
- The 50, 30, 20 rule is a helpful guideline, but it may not be suitable for everyone, depending on their income level, cost of living, and financial goals.
- Living frugally is not the only path to wealth; strategic spending can sometimes lead to opportunities for income generation or quality of life improvements.
- Defining wealth strictly by the ratio of income to expenses may not fully capture an indi ...
Actionables
- You can create a visual cash flow tracker using a whiteboard in your home. Place it in a common area where you'll see it daily. Draw columns for income, expenses, and savings, and update it each morning with the previous day's figures. This physical representation will keep your financial goals top of mind and can be a motivational tool to watch your savings grow and expenses shrink.
- Develop a personal "wealth ratio" dashboard using a simple spreadsheet. Input your monthly income and expenses, and the spreadsheet will automatically calculate your wealth ratio. Set goals for improving this ratio and track your progress over time. This can help you make more informed decisions about where to cut expenses or how to increase income.
- Initiate a monthly "investment exploration day" ...
Get access to the context and additional materials
Time Management and Focus
Effective time management and focus are essential for personal productivity. This article shares advice on how to protect your time and optimize your environment for maximum efficiency.
Choose how to Protect Your Time
Prioritize "No" to Control Your Schedule and Pursue Goals
Martell suggests that wealthy individuals often say "no" more than they say "yes." Each "yes" could potentially mean saying "no" to future opportunities and goals. On the other hand, a "no" can symbolize a "yes" to their aspirations, as it can help maintain control over one's own schedule and commitments.
Set Daily Measurable Goals to Maintain Focus and Momentum
To maintain focus and restore momentum toward achieving one's objectives, Martell puts forth the acronym FOCUS: "Follow One Course Until Successful." He points out the importance of staying on a single track, thereby avoiding distractions and committing oneself to one endeavor for an extensive period.
Optimize Your Environment and Routines to Maximize Productivity
Optimize Workspace For Focus and Minimize Distractions
Creating an environment conducive to productivity is crucial. Martell went as far as spending $1,200 on a film for his office window to block distracting sunlight. He suggests investing in a quality workspace, which includes a com ...
Here’s what you’ll find in our full summary
Time Management and Focus
Additional Materials
Counterarguments
- Saying "no" to control one's schedule may not be feasible for everyone, especially those in early career stages or in service-oriented professions where saying "yes" is often necessary.
- Prioritizing "no" could potentially lead to missed opportunities and a lack of collaboration or networking, which are also important for success.
- The FOCUS acronym, while helpful, may not suit all types of work or personalities; some people or projects may benefit from a more flexible and adaptive approach.
- Daily measurable goals are useful, but they may also create undue pressure and a sense of failure if not achieved, which can be counterproductive.
- Not everyone may have the financial resources to invest heavily in their workspace, and some may find productivity in less controlled environments.
- Waking up early is not necessarily the best option for everyone; some people may function bette ...
Actionables
- Develop a personal policy document to streamline decision-making by outlining your values, goals, and acceptable commitments. This document acts as a filter for requests and opportunities, helping you to say "no" without hesitation when they don't align with your priorities. For example, if an opportunity doesn't meet your criteria for personal growth or time investment, refer to your policy to decline confidently.
- Designate a "focus hour" in your daily routine where you work uninterrupted on your most important goal. During this hour, turn off all notifications and use a simple timer to keep track of your progress. You could break down a larger goal into smaller tasks and tackle one each day during this hour.
- Experiment with a "pre-dawn creativity session" once a week where you wa ...
Related Shortform Content
Get access to the context and additional materials
Self-Care and Mindset
Martell sheds light on the correlation between self-care, particularly exercise and intellectual development, and maintaining a positive, goal-oriented mindset.
Cultivate Mental Sharpness Through Exercise and Reflection
Martell opens up about his ADHD diagnosis at age 11, detailing the challenges it presented and his journey to managing his condition without medication. He advocates for the mental benefits of daily gym visits, which offer him mental clarity and focus, notwithstanding their physical benefits.
Exhaust Body, Tame Mind Through Exercise
Martell has found that going to the gym every day is crucial, not only for physical health but also for mental well-being. He explains that while there are physical benefits to exercising, his primary value from the routine is the attained mental sharpness.
Learn From Others' Experiences and Insights
Martell stresses the importance of reading books as a tool to learn from the experiences and insights of those who have mastered various skills and led impactful lives. He claims that reading is a habit shared by many successful individuals because it allows you to absorb lifetimes' worth of expertise and experiences.
Maintain a Positive, Achievement-Oriented Mindset
Martell emphasizes the importance of reflecting on past accomplishments as a method of building self-confidence and momentum. He suggests maintaining an "achievement list" to serve as a physical reminder of past victories, no matter how small.
Build Momentum and Self-Confidence By Reflecting On Past Accomplishments
Success, Martell advises, is the accumulation of small wins. By reviewing past achievements, one can remember their capac ...
Here’s what you’ll find in our full summary
Self-Care and Mindset
Additional Materials
Counterarguments
- While exercise can improve mental clarity and focus, it is not a one-size-fits-all solution; some individuals may find other activities, such as meditation or creative pursuits, more effective for mental well-being.
- Reading is beneficial, but it is not the only way to learn from others; podcasts, documentaries, mentorship, and hands-on experience can also provide valuable insights and learning opportunities.
- Reflecting on past accomplishments can be motivating, but it can also lead to complacency if not balanced with forward-looking goals and aspirations.
- An "achievement list" might not be helpful for everyone; some may find it overwhelming or discouraging if they perceive their list as inadequate compared to others.
- The concept of success as an accumulation of small wins may not account for the importance of significant breakthroughs or the role of luck and externa ...
Actionables
- You can integrate mindfulness into your workout routine to enhance mental clarity. Start by setting an intention for your exercise session, focusing on the quality of each movement, and using the rhythmic nature of your workout to meditate. For example, if you're going for a run, concentrate on your breathing pattern and the sensation of your feet hitting the ground, turning the exercise into a moving meditation that clears your mind.
- Create a digital "victory vault" where you store multimedia evidence of your achievements. Use a simple app to upload photos, videos, voice memos, or text entries that represent your successes, no matter how small. This could be a picture of a meal you cooked that turned out well, a voice memo after a productive meeting, or a screenshot of positive feedback on your work. Regularly reviewing this vault can boost your self-confidence and remind you of your growth trajectory.
- Develop a habit of setting micro-goals throughout your day to foster a s ...
Get access to the context and additional materials
Intentional Living
Intentional living is about curating life experiences to support individual goals, find fulfillment, and contribute positively to the community. Martell's approach exemplifies structured social interaction and a philosophy of generosity that yields personal and communal benefits.
Curate Your Inputs to Support Your Goals
Choose the Content and People You Engage With on Social Media and in Life
Martell treats social media as a learning tool, tailoring his feed to align with educational content that interests him. This intentional curation transforms his feed into a resource for personal development. He recommends turning off the news and distancing from toxic relationships to preserve one's mental space. Martell emphasizes that the inputs we select, whether online or in real-world interactions, can significantly impact the opportunities and possibilities we see in life.
Seek Insights By Asking For Advice, Not Money
Martell highlights the importance of seeking insights through advice rather than directly asking for money, citing the song lyric, "Ask for money, get advice; ask for advice, get money twice." In seeking guidance, one inadvertently learns about what might make an adviser enthusiastic about an idea or venture, often resulting in financial support after proving the concept’s potential. Martell underscores that asking for advice can reveal the conditions for others’ investment or interest, which may ultimately lead to monetary backing.
Find Fulfillment By Helping Your Community
Share Resources, Skills, and Time For Impact
At just 17 years old, Martell learned in rehab that to maintain possession of something he valued, he needed to share it with others. He believes in a reci ...
Here’s what you’ll find in our full summary
Intentional Living
Additional Materials
Counterarguments
- Intentional living may not always lead to the expected outcomes due to unforeseen circumstances or life's inherent unpredictability.
- Structured social interaction may not suit everyone's personality or lifestyle, and some may find fulfillment in more spontaneous or solitary activities.
- The philosophy of generosity, while noble, may not always yield personal benefits, and individuals may sometimes need to prioritize their own needs.
- Curating life experiences heavily can lead to a bubble effect, where one is not exposed to diverse viewpoints or experiences that could foster growth.
- Tailoring social media content for personal development can lead to echo chambers, reinforcing existing beliefs without challenging them.
- Turning off the news and avoiding toxic relationships might sometimes result in a lack of awareness about important societal issues or the avoidance of necessary, albeit difficult, confrontations.
- Seeking advice instead of money may not always be practical, especially in situations where financial support is urgently needed.
- Sharing resources, skills, and time is valuable, but individuals must also ensure they are not ...
Actionables
- You can create a "Generosity Jar" where you set aside a small amount of money each week to donate to a cause or help someone in need, fostering a habit of giving that benefits the community and aligns with the philosophy of generosity. For example, if you save $5 a week, at the end of the month, you could use that $20 to buy groceries for a neighbor in need or contribute to a local charity.
- Start a "Skill Swap" board in your neighborhood or online community where people can offer and request skills or services, encouraging the sharing of resources and enriching others. This could be as simple as offering to teach someone basic computer skills in exchange for gardening tips, creating a cycle of mutual enrichment without monetary transactions.
- Implement a "Positive Input Challenge" where for one month, you ...
Get access to the context and additional materials
Create Summaries for anything on the web
Download the Shortform Chrome extension for your browser
