Join Australia's most dynamic and respected property investment community

Rich Habits Institute - Fact Binder

Discussion in 'Investor Psychology' started by Mac Fields, 1st Jul, 2016.

  1. Mac Fields

    Mac Fields Well-Known Member

    Joined:
    4th Jul, 2015
    Posts:
    167
    Location:
    NSW
    Hi all

    I fell upon Tom Corley's Rich Habits institute emails and they now trickle into my inbox on a daily basis. At first I thought about deleting them but I have found them easy to read and practical (many of the things he talks about aren't revolutionary but are things we probably know but just need to be reminded about).

    Part of today's email is about a 'fact binder' where Tom suggests while reading new information, jot down notes about what you are reading. Below is an excerpt from the email. Oh... one thing is taking action which may be something I'm missing out on. I love reading, but I've got to take the next step... :rolleyes:

    (I don't really remember how I got onto the daily emails but if you're interested, you could try through the rich habits website - Rich Habits Institute)

    Cheers,

    Fact Binder

    In my research, I found that self-made millionaires were dedicated to daily growth and daily self-improvement. Each day, they sought to increase their knowledge through reading, listening to audio books, listening to podcasts, watching educational video, attending seminars, webinars, tele-seminars, participating in formal or informal mastermind groups and asking questions of others to gain more insight and expertise. This enabled them to grow their knowledge each day to help them evolve into the person they needed to become in order to realize success.

    While reading is important, retaining important information uncovered in your reading is critical to learning new facts and information. One strategy to do this is the Fact Binder. In your Fact Binder create various topic sections that are meaningful to you. Each day, after reading, add any new facts or information to your Fact Binder. You can even add a section titled: “New Words” where you add any new words you come across in your reading. Writing down what you read has a way of reinforcing what you just read. Abraham Lincoln would write things down 3 times in order to commit them to memory. The physical act of writing somehow acts to create a new neural pathway that allows the new facts or information to stick. Once a week go over the new information you added. That will help reinforce the learning.

    Mistake Binder

    The Mistake Binder is a running list of every mistake you make in life. Each mistake is documented on one page. You want to document four things on that one page: WHAT went wrong WHY did it go wrong HOW to avoid repeating it in the future LESSON you learned The goal is to get into the habit of filling your Mistake Binder with page after page of mistakes that you make. Then spend a few minutes every other week reviewing your Mistake Binder. This helps make the learning stick and will also keep the mistakes in working memory, acting like a radar system, alerting them when you are about to repeat a mistake. The Mistake Binder will take the taboo out of making mistakes and will change your negative perception regarding mistakes. You’ll soon find yourself embracing your mistakes and the lessons they teach.

    Book Binder

    This is a binder where, in 1-2 pages, you summarize the key points of every book you read. This binder gives you immediate access to these key points at any time.

    Vision Binder

    The Vision Binder includes a picture of every dream that you one day hope to realize. It gives you instant access to each dream, allowing you to easily document and review each dream. By periodically reviewing each dream, you help consolidate it into long-term memory, allowing your subconscious to go to work behind the scenes to help you make your dream a reality.

    Goal Binder

    In this binder you list every one of the goals you want to accomplish in order to help you realize each one of your dreams. In my Goal Binder I put at the top of each page one dream. Then, on the same page, I list all of the goals I will need to achieve in order for that dream to be realized. In the Goal Binder each dream is your destination and the goals are your GPS – how you get there.
     
    Last edited: 1st Jul, 2016
  2. Omnidragon

    Omnidragon Well-Known Member

    Joined:
    17th Oct, 2015
    Posts:
    414
    Location:
    Victoria
    I don't think rich people read 'habits of rich people.'
     
    Joynz, Terry_w, spludgey and 2 others like this.
  3. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

    Joined:
    14th Jun, 2015
    Posts:
    2,098
    Location:
    Sydney & Adelaide
    Personally I spend my time generating wealth and not following cooker cutter mindset bs websites and spending a weekend writing out my "wealth binder"
     
    Ace in the Hole, MTR and Biz like this.
  4. Biz

    Biz Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,472
    Location:
    Sydney
    This reads more like "habits of autistic people"
     
    spludgey likes this.
  5. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,299
    Location:
    Perth, Melbourne, USA
    why not? most people do this don't they:p
     
  6. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,515
    Location:
    Sydney
    Seems like too much work....

    I think once you've got the mindset/attitude right, it stays with you for life.
    No need to keep pushing it if your well on the track of success, unless you want to be in the absolute elite category like BRW200 or similar.
     
  7. Mac Fields

    Mac Fields Well-Known Member

    Joined:
    4th Jul, 2015
    Posts:
    167
    Location:
    NSW
    Yep, I agree a lot of work, and for those well on track, this would seem like preschool stuff. The post was as much for us mere mortals who may be starting out or at a stumbling block and need to get going again.
     
  8. Bayview

    Bayview Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    2,716
    Location:
    Mornington Peninsula
    I think if you are person who would go to all the trouble of doing all those binders and religiously keep them up to date - you are already motivated and driven enough to succeed - and not need them.
     
    Perthguy, MTR and DaveM like this.
  9. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,299
    Location:
    Perth, Melbourne, USA
    I think this is the Oprah model of investing
     
  10. Ghoti

    Ghoti Well-Known Member

    Joined:
    10th Jun, 2016
    Posts:
    124
    Location:
    Melbourne
    Hmmmm.... Seems like one binder is missing. An index binder to help find things in the other binders. Particularly helpful for working out which dreams are missing from the goals binder to avoid making a mistske which would then be filed in the mistakes binder, and that's a fact....
    ....
    .....
    Aw heck. Too complicated for me!