For those of us in the 50s the word IRA can bring dreaded images! No, here I am not talking about the Irish Republican Army, I am talking of Income Reducing Activities or habits. For the next one week carry a small note book with you and classify your activities into the following:

a) Income Reducing habits

b) Income Increasing habits (Rich behavior or Rich habits)

You will soon realize what are the activities you should concentrate on and what you should give up. So let us see some of the things that you do…

I got up at 7.20am

I spend 2 hours on social media

I watched television for 90 minutes yesterday

I took a taxi to office as I missed my train

I ate one full chocolate – what I was craving for was a small piece!

I overate at the office canteen at 5pm

You get the drift?

Do not be judgmental at all. Just the facts.

Once you have recorded them classify them into IRA and Income Increasing activities.

Then compare it to your goals statement.

Did you say ‘I will go to the gym’?

Did you say ‘I will reduce my weight from 78kg to 67 kg in one year’?

then see what is at conflict and what is going as per plan. If you join a gym which you have to reach at 5.30 am, it is fairly obvious that you have to get up at 4.45! This is a far cry for a person getting up at 7.20. So be realistic. First aim for 6.50. Nice to break the 7am barrier. Slowly over a 6 month period make it 5.30 am.

Slowly you will realize which are the habits of rich people (rich habits lead to richness, not wishful thinking). So suddenly your goal lists are in congruence with your daily activities:

Went to the gym for 40 minutes.

Made a list of books to read

Bought 3 books as per Subra’s list (http://www.subramoney.com/2011/06/investing-books-the-must-read-types/)

Read 30 pages from ‘A Random walk down wall street’.

Watched 30 minutes of television (down from 43 minutes yesterday)

Said no to snacking at 5pm in the office (said no for 3 days in a row)

Did not have any white sugar today

Had a long leisurely dinner with family

Banned all screens – phone, laptop, kindle..at the dining table in the office and at home!

I did 3 things that I hate doing or was afraid to do

I walked to the railway station – this was 9th day when I did not take a rick!

You are getting the drift right?

You get rich as the number of ‘Income increasing activities’ aka rich habits increase and the ‘Income reducing activities’ reduce or vanish.

Important: the activity lists should be just pure observation.

The goal list should be clear, concise, achievable – SMART – specific, measurable, actionable, realistic, and you should TRACK them.