Welcome to another edition of the Introvert Millionaire Habits Newsletter!

This is where you’ll get up-to-date information on habits, productivity, solopreneurship, and financial independence. 

● 3 Steps to Take Control of Your Life

● How to Use Beeminder to Reinforce Habits

● The Impact of Fees on Your Investments

● 10 Steps to Launch a Side Hustle While Working Full-Time

● The Resource Roundup

● Unlock This Free Stuff

Let’s get to it…

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📈 3 Steps to Take Control of Your Life

Imagine you’re navigating through life, facing challenges and making decisions every day.

Do you feel like you’re in full control, constantly working toward your goals?

Or do you feel like a passenger, tossed around by external forces?

This fundamental difference in perception is what the concept of “locus of control” is all about.

Locus of control is a psychological term that describes how much control you believe you have over the events in your life.

If you have an internal locus of control, you likely believe that your actions, decisions, and efforts directly influence your outcomes. You’re the type who thinks, “I make things happen.”

On the flip side, if you have an external locus of control, you might feel that your life is shaped by luck, fate, or other external circumstances beyond your control. You might find yourself thinking, “Things happen to me.”

Understanding where you fall on this spectrum can be incredibly empowering. It can influence your motivation, how you handle stress, and ultimately, your success.

In today’s featured article, we’ll talk briefly about this concept and you’ll learn a simple 3-step process to take control of your life

The Locus of Control Framework (A Background)

The Locus of Control framework, first introduced by Julian Rotter in 1954, looks at how people view and give control over their lives.

Rotter's research, which spanned over a decade, described how the mindset of individuals falls into either:

● An Internal Locus of Control, believing they have the power to shape their future, or

● An External Locus of Control, believing that life’s events will simply happen, regardless of any contribution they do or do not make

In 1966, Rotter developed the Locus Scale test, which is still used today in psychological research. The set of 29 questions, which is answered by selecting the most agreeable statement, allows individuals to gain insight into their own Locus of Control.

The following question, used in a Locus Scale test, is a great example of an External (answer A) vs an Internal (answer B) Locus of Control:

A. Many of the unhappy things in people's lives are partly due to bad luck.
B. People's misfortunes result from the mistakes they make.

Those with an Internal Locus of Control understand that they have the power to make a difference in their lives. They believe in their own abilities, take responsibility for their actions, and are generally driven to make a difference.

On the other hand, having an External Locus of Control can lead to feelings of helplessness. Believing that life's events are out of our control can be a dangerous thought process, leaving us feeling like mere bystanders in our own lives.

The good news is, that by recognizing this mindset, we can work towards shifting our perspective to a more positive place. This may involve setting goals, seeking opportunities, and challenging ourselves to step out of our comfort zones.

With time and effort, we can develop an Internal Locus of Control that empowers us to take charge of our lives.

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3 Steps to Develop An Internal Locus on Control

Understanding the Locus of Control Framework is a valuable tool for personal growth and development. It enables you to understand how you view and interpret the events and circumstances in your life.

However, simply knowing the information isn’t enough - you now need to implement it into your life.

So let’s take a look at these 3 steps to develop your own Internal Locus of Control.

#1. Practice Self-Awareness

The first step is to become aware of your own thoughts and beliefs about how much control you have in your life. Think about your day or your week, and the events that happened during that time.

Some examples could be:

● A job opportunity - Did you apply for it, or brush it off, believing that you don’t have the right skills or experience?

● Hour-long queues on your way home from work - Did you check for traffic updates before you left or did you get in the car, without giving it a second thought?

● The local 5k race - Did you sign up and train, or dismiss the idea, doubting that you’d ever be fit enough?

● Meeting up with friends - Did you bite the bullet and arrange a get-together, or did you leave it, hoping someone else would sort it out because planning isn’t really your thing?

Look at how you did, or did not, contribute to those moments. Are you the kind of person who thinks that external factors control the outcomes?

Or do you believe that you have the power to pave your own path?

It’s important to take some time to reflect on how you view control in your life. By becoming self-aware, you can start to identify any limiting beliefs or patterns that may be holding you back from developing an Internal Locus of Control.

#2. Take 100% Responsibility

Once you’ve gained self-awareness, it's time to take 100% responsibility for your actions and decisions.

Instead of blaming external factors for your circumstances, shift your focus towards what you can do to create positive change. Recognize that you are in control of your own choices and that the outcomes you experience are a result of those choices.

This shift in mindset will empower you to take proactive steps toward achieving your goals and creating the life you want.

There are a few simple ways to shift your mindset. 

First, acknowledge that your choices matter. Every decision you make, big or small, contributes to your life’s direction. When you take full responsibility, you stop blaming external factors for your circumstances and start focusing on what you can control. This mindset shift can be liberating and motivating.

Next, evaluate your current situation honestly. Identify areas where you might be playing the victim or making excuses. This self-reflection can reveal patterns that hold you back. Once you see these patterns, you can begin to change them.

Lastly, commit to taking proactive steps towards your goals. Create a plan and take consistent action. Remember, taking responsibility doesn’t mean you’re at fault for everything that happens, but it does mean you’re committed to responding in a way that moves you forward.

#3. Build Resilience

Developing an Internal Locus of Control is not always easy, especially when things go wrong.

But, it’s important to remember that failures are just temporary setbacks, rather than the end of the road. And embrace the downfalls as opportunities to grow and learn.

Look for support from people who will uplift and inspire you to keep pushing forward. And know that despite the difficult days, they are just days and not a lifetime.

By building resilience, you’ll strengthen your Internal Locus of Control and develop the confidence to say “This is my journey, and I’m in control of where is going.”

Final Thoughts on Your Locus of Control

The Locus of Control Framework is a powerful tool that enables you to gain a deeper understanding of how to influence your future.

It encourages you to be confident in making decisions. And it enables you to become the driver of your destiny, navigating through challenges with determination and resilience.

The Locus of Control Framework is not just a concept, but a mindset shift that can empower you to take charge of your life, create meaningful change, and ultimately find fulfillment.

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Sanjay Says: A former VC and entrepreneur who now owns a bar and lives the good life, writes entertaining posts about how to avoid the mistakes he's made. Click this link to instantly sign up for the Sanjay Says newsletter. 

⚙️1% Better Life

Today’s 1% improvement comes from a database of ideas I am currently building. Here is a simple tool you can use to build and reinforce important habits in your life. 

Beeminder is a habit-building app on steroids.

Instead of relying on self-reporting to track your habits, Beeminder syncs with dozens of apps (like Garmin, Gmail, Fitbit, Duolingo, Slack and RescueTime) to make sure you follow through with your commitments.

If you fail to achieve a target goal, then Beeminder will charge you money.

Sounds hardcore, right?

As you can imagine, there are many uses for Beeminder. In fact, you can use it to build pretty much any habit.

In my opinion, the best use of Beeminder is to use the location app on your cell phone when you’re at the gym and then create a “commitment contract” with Beeminder where you promise to go to this location a specific amount of time each week.

If you don’t follow through, you’ll have to pay money to Beeminder.

How to Get Started

It’s simple to sync Beeminder with your phone.

First, set up a Beeminder account.

Next, use an IFTTT recipe for your phone.

Finally, turn on the notification the next time you’re at the gym and create a commitment contract with Beeminder for that location. This means you’ll agree to go to that location for a specific amount of time each week, otherwise you’ll get fined.

I recommend using this app for any important habit that you’re trying hard to build.

💲Wealth Building Wisdom

Investing can be a powerful way to grow your wealth, but understanding the impact of fees on your investments is crucial for maximizing your returns.

The article “Vanguard Funds and the Impact of Fees on Your Investment” provides a detailed analysis of how investment fees can significantly erode your potential earnings over time.

One of the key takeaways from the article is that even seemingly small fees can have a large impact when compounded over many years.

For instance, a 1% fee might not sound like much, but over the course of decades, it can result in losing a substantial portion of your investment gains.

The article uses clear examples to illustrate how different fee structures can affect your overall portfolio, emphasizing that lower fees mean more of your money stays invested and works for you.

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Step-by-Step: Building a startup, becoming a creator or building a successful career? Get actionable business & personal advice from someone who has actually done it. Transform the way you work. Click this link to instantly sign up for the Step-by-Step newsletter. 

💡 Solopreneurship Spotlight

Are you dreaming of starting your own business but feeling overwhelmed by the idea of quitting your day job?

 You’re not alone.

Many aspiring entrepreneurs face the daunting decision of whether to leap into their ventures full-time or to start small.

Noah Kagan, a successful entrepreneur and founder of AppSumo, offers some sage advice in a recent Tweet thread. 

Here, Noah breaks down a practical, 10-step process for launching a side hustle while maintaining the security of your current job.

His approach is designed to minimize risk and maximize your chances of success.

By following his steps, you can gradually build your business, achieve financial stability, and make a smooth transition when you’re ready.

Whether you’re looking to supplement your income or eventually become your own boss, then this thread is a good primer on how to start something on the side. 

🗂️ The Resource Roundup

🌱 30 Small Habits to Lead a More Peaceful Life – This article outlines 30 simple yet effective habits to incorporate into your daily routine, to help reduce stress and cultivate a sense of calm and well-being.

🛣️ My Failure Resume: The Many Mistakes Made on the Path to Success – This article from Accidentally Retired emphasizes the importance of learning from your missteps and how these experiences can shape your growth and achievements. Look at your failures as valuable lessons that contribute to long-term success and personal development.

🔦 12 thoughts on incentives – George Mack shares how understanding and leveraging incentives can solve problems effectively, whether it’s motivating individuals or shaping policies.

❓ A System for Asking Good Questions [My 5 Favorite] – Ben Meer says that asking good questions fosters deeper conversations and stronger connections. He suggests initiating meaningful dialogue by using open-ended questions, showing genuine curiosity, and listening actively to understand the other person's perspective.

📱 How to think about social media – In the podcast episode, Chris Bailey explores the concept of “novelty bias,” which makes social media enticing but distracting, and shares strategies to mitigate its negative effects. He suggests practical tips like setting boundaries and being intentional about social media use to extract more value and reduce time waste.

That’s it for today.

I will see you on Monday where we will talk about a framework you can use to create open loops that will help you achieve your goals. 

And have a great weekend!

Talk soon

Cheers,

Steve Scott 

P.S. Whenever you’re ready, here are a few ways I can help you:

#1. 90 Days to Your #1 Goal: How to Achieve a Breakthrough Goal in Under 3 Months: Whether it's starting a business, getting in shape, or writing a book, this course is your step-by-step framework to make it happen.

#2. Steve on Twitter: Get up-to-date messages and threads. I publish a few times a day on this platform.

#3. What is Your #1 Challenge?: Are you struggling with something specific? If so, can you take a few minutes to answer this one-question survey. It's a simple question, but your answer is a big deal. This will help me create reports, guides, and free content that tackle your biggest challenges.

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