There are many habits that successful people share in common; however, I believe there is one trait that stands above all others.  This single trait has the ability to transform all facets of your life from improving your career trajectory, to strengthening your relationships with friends and loved ones.  And if you are trying to reshape your life to chase financial independence then this mindset is essential to start you on the path.  What is it?

Taking Ownership Of Your Actions

What does “taking ownership” mean?

In a nutshell, it means taking pride in what you do, taking responsibility for your actions and being accountable for your mistakes.

Someone who takes ownership does not expect things to be given to them, and they do not make excuses based on their environment, upbringing, finances, etc.  They realize that they control their effort and attitude.

The impacts of taking ownership touch all facets of your life:

Your Career

If you are seeking a job or aiming for a promotion, taking ownership in your work product can demonstrate to your bosses your work ethic and passion.  Technical skills and knowledge can be learned or gained, but it’s your attitude and drive that will stand out from your peers.  The best part is that taking ownership in your work product requires no skill.  You don’t need college degrees or certificates, you don’t need connected friends, you don’t need to play office politics.  What it does require is a LOT of effort.

Taking ownership in your career can manifest itself as proactively seeking solutions to problems, planning ahead for future issues, being responsive, and, most commonly, just being downright helpful.

Here is an example I see that plays out daily that separates one who takes ownership from one who does not:  The receptionist gets a call regarding a project and is unsure which project manager can help.  They reach out to the first available manager who does not happen to be familiar with that project.  The manager either says:

• A. “It’s not mine.” and leaves the receptionist hanging, or
• B. “That’s not my project, but let me see if I can find out who manages that project or if I can help in some way”

Who is taking ownership here?  Do you think that receptionist is appreciative?  Do you think the company executives care that their client got quickly directed to the appropriate party?   You’re damn right!

Perhaps you are unhappy with your job.  Someone who takes ownership would not wait for management to take action, they would approach management with their concerns and seek change or they would seek a different job.

Your Health

So you want to lose weight or improve your fitness?  You already know this is a function of eating right and exercising.  Someone who takes ownership knows that buying and preparing healthy food and sticking with an exercise regimen is within their control.  And they do it.  They don’t bemoan their family genetics, their busy schedule, the weather, etc.  They. Do. It.

A common example is when you come home from work and know you should be working out but you are exhausted.  You can:

• A. Take the night off.
• B. Get off your lazy ass and push through a workout.

Option B is the path of someone taking ownership.  They will be thanking themselves in the future.

Your Wealth

Tired of living paycheck to paycheck?  Frustrated that your retirement is going unfunded?  (nodding your head?)  Well, then you need to increase your savings rate.  You know this.  It doesn’t matter what debts you’ve piled up, what medical bills you have stacked against you, what childcare costs you are faced with.  You very well may have some or all of the above working against you.  That’s OK.  But remember that excuses don’t fill up bank accounts.  What matters is how you address the financial choices you are faced with here and now and into the future.

So when you are tempted to buy your lunch everyday, or renew your golf club membership, or when you find yourself coveting that new iPhone, or when you really want to lease that brand new pickup truck, what do you do?

You say screw all of that! Then:

• You brown bag your lunch,
• You cancel your membership
• You keep your current phone
• You buy a used, sensible vehicle.

That’s what someone seeking FI does to take ownership of their finances.

Your Relationships

Our relationships are the most important facet of our lives.  Without the love of family and friends, what are we?  Taking ownership of your relationships may be the most critical component of living our best lives.  How do we do it?

• We help each other out.  Much like my corny receptionist example, we can be quickly dismissive or we can choose to shoulder some of the load to aid our family and friends.
• We don’t take them for granted.  Family and friends don’t exist solely to cater to your contentment.  There is a give and take in every relationship… and it’s better to be giving then taking.
• We empathize by listening and being supportive.  Allow someone to vent without judging or trying to push our solutions to their problems on them.
• We are thoughtful.  Understand what others value and look for opportunities to help bring value to them.
• We do the little things…. like changing the toilet paper roll, holding the door, helping with chores, etc.
• We admit when we are wrong.  We all say and do dumb things when our emotions take control.  Taking ownership means to keep our ego and pride out of the way and accepting responsibility for our mistakes.

Now, I don’t mean to come off as riding on a high horse here or to be too preachy.  I struggle with taking ownership daily just as much as anyone else. The truth is, we all suck at least a little.  But it is important to think about our goals in terms of what we CAN control.  When we establish a habit of taking ownership in the things we control, we stack good decisions which brings us closer to our goals.

So, how do you take ownership in your life?  Care to share your favorite examples of people who go out of their way to not take ownership?