Habits of a Successful Millionaire:- It turns out that what you do every day matters. The most successful people follow specific daily rituals and routines, or what he calls “rich habits.”
Building wealth takes years of smart decisions, both professionally and financially. Getting rich also means keeping certain lifestyle habits.
You could become overwhelmed with what tools, techniques or philosophies to imbibe while trying to get tips on the habits of a successful millionaire that would motivate you. At every click and turn on the internet, there are ‘how-to and quick-fix’ on how to become successful. You will find several courses, articles, videos and books on how to achieve financial success.
But what if I tell you it doesn’t have to be complicated as people made it out to be? What if you could achieve success by merely following the habits of a successful millionaire that can inspired you.
Habits of a Successful Millionaire You Can Adopt As Life Inspiration
1. Join a group, online or offline.
Self-motivation is tough. Think about going to the gym by yourself or when you tried to quit smoking. It was probably a whole lot easier when you had a partner in crime so that you could push each other.
Whether it’s joining an online forum, taking a class or joining a support, being with people who share the same goal will keep you focused and motivated. You can share advice, provide moral support and inspire each other to keep pushing forward when you feel like throwing in the towel.
2. Read Books for Personal Development
A daily habit I have discovered millionaires share in common is reading. For instance, if you are an entrepreneur, you need to read to become an efficient leader and a productive business owner. Reading helps you to grow and learn without going to a business school.
A research conducted by Thomas Crowley indicates about 85% of self-made millionaires read at least two or more books each month. Warren Buffett is one of these examples. He spends 80% of his day reading. In the early days of his investment career, he would read 600 to 1000 pages in a single day.
While millionaires sometimes read for pleasure, they also learn to improve themselves. They read topics on leadership, how-to, self-help, biographies, life hacks and also follow current events.
3. Establish Multiple Sources of Income
Another success habit I noticed about successful people is that they don’t depend on a single income source. Every millionaire possesses multiple sources of income. This helps them to manage economic challenges and also make more money.
They are passive income addicts. They earn interests from loans, rental income from real estate, royalties from intellectual properties, and dividends from investments. They also launch a side business or run a website or sell information products.
How income is made either passively or actively is what separates the successful from the wannabes. They are always learning ways to build multiple streams of income.
Habits of a Successful Millionaire
4. Develop gratitude.
Just by identifying the one thing every day that you’re grateful for is powerful enough in helping your achieve both mini-goals and your big goals since it develops the ability to look for a daily opportunity that you can grow from.
For example, if you’re grateful that you just landed a new client today, then use that feeling and experience to secure two new clients tomorrow.
5. Live on a Stipulated Monthly Budget
An average millionaire does not believe in luck and jackpot. They take the time to understand cash flow-income and expenses. Based on this, they establish a monthly budget and religiously stick to it.
The essence of the budget is to minimize unnecessary expenses. This will help you gain complete control of your financial life. Budgeting helps you to avoid overspending to achieve your financial goals.
6. Try To Discover your passion.
Obsession can be an extremely powerful motivator since it creates its own motivational might. In fact, the most successful individuals are those are who chased their passion and are doing what they love to do.
When you become passionate, whether if it’s at work, exercising, or volunteering, it no longer becomes laborious. It becomes something that you enjoy, look forward to, and want to get better.
7. Learn How Manage and Maximize Money
The most significant education for a millionaire is financial intelligence. Nobody attains financial freedom without gaining financial intelligence. This is the more reason millionaire, regardless of their income, keep their knowledge about tax strategies updated.
They always seek to reduce their tax bills. One approach they employ is by living or incorporating their business in states with no income tax.
8. Always Avoid Debt
Another habit that separates the millionaires from the rest of the world is how they manage debt.
They don’t live an extravagant lifestyle; instead, they only buy what they need and can pay for. They do not book hotels and flights by using their credit cards to pay for them.
They are conscious of the interest rates even when they use credits cards or take loans. If possible, they try to pay with cash because of its zero percent interest rate.
Habits of a Successful Millionaire
9. Set Daily Goals
It does not matter if they are setting up a business, a career, or financial projections; they have the success habit of setting short term goals. They plan daily and weekly goals to generate momentum in achieving their long-term goals.
Ensure you prioritize when setting daily goals. This will help you to achieve the most important to-dos on your list.
Setting priorities will help you to focus on highly rewarding activities. If you desire financial freedom, it is wise to pursue activities that earn you thousands of dollars rather than hundreds of dollars.
10. Don’t Act Rich
The goal is not to act rich but to be productive. Interestingly, Thomas Stanley buttressed in his book that for the most prestige brands of cars, about 86% percent are toys of the non-millionaires. While most believe that people with huge fortunes tend to drive exotic cars, in reality the largest consumers of pricey cars are aspiring millionaires.
According to findings by Experian Automotive Researchers, 61% of individuals who earn $250,000 or more rarely buy luxury brands. Instead, they buy Hondas, Toyotas, and Fords like the rest of the world. The reason is they are not ready to spend money on premium cars that tend to drop in value in a couple of years as it would cost money. Millionaires invest in assets that appreciate.
11. Have good etiquette
Bell found that remembering the little things, such as wishing people happy birthday or sending thank you notes, correlates with success.
Corley found a similar thing in his research. “Self-made millionaires have mastered certain rules of etiquette principles you have to master if you want to be a success,” he writes in his book. These include acknowledging important life events such as birthdays and weddings, having good table manners, and dressing appropriately depending on the social setting.
12. Own or Buy Businesses
In Robert Kiyosaki’s cashflow quadrant, he divided how you earn income into four quadrants. The E and the S quadrants take the left position while the B and the I are on the right side. According to Robert, it is possible to be on all quadrants, but the millionaires are not.
- E stands for employee – they work for others
- S stands for self-employed –they work for themselves
- B stands for a Business owner- employees work for them (500 or more employees)
- I stand for Investors – Money work for them like Warren Buffet.
Your goal is to move from the left quadrant to the right quadrants where you own big businesses or make money work for you.
It is possible to become financially successful by pursuing what you love. For instance, if you love writing, aspire to be the best seller. Wealth and passion work together.
13. Avoid The Idea Of Get-Rich-Quick Scheme
A millionaire holds patience as an essential virtue. It takes patience to become successful, not only in finance but in every aspect of life. While it is possible to become financially successful at an early age, most millionaires hit it at age 50. They live a moderate life, invest in their future and retire rich.
14. Change it up.
There’s an old saying: variety is the spice of life. Variety keeps your motivated to meet goals when you haven’t yet made much progress and risk falling into a rut.
Changing things up is like your workout routine. You can’t just work on your legs. Other parts of your body need some loving too. Keep doing the same exercises and you’ll soon plateau.
The same is true for any aspect of your live. Changing things up gives you chance to break-up the monotony, try out new skills, and have new experiences that can lead to new ideas or develop a new passion.
15. Make exercise a priority
Working out regularly clears your head and makes you feel more motivated, studies show.
Many successful business leaders make sure to workout. Billionaire Richard Branson, for example, says that his morning routine of waking up at 5 am to play tennis or bike has doubled his productivity.