In reality, it’s usually a few habits that distinguish the wealthy from those who struggle financially. Many of these successful individuals follow similar daily routines and beliefs. Here are seven habits of people who made their own millions:
1. They Read
Becoming rich often involves being a reader. The most important habit if you want to become wealthy. His research shows that 85% of millionaires read two or more books every month. They pick books that help them improve, covering topics like careers, success stories, self-help, health, current events, psychology, and leadership.
“The key to succeeding in life is expanding your knowledge and skills.” Dedicating at least 30 minutes each day to learning through reading books. Doing this will set you apart from most people, as many don’t make reading a regular habit.
2. They Pursue Things That Interest Them
Many choose careers for the stability they offer, but wealthy individuals follow their passions. “They put their ladder on their own wall.” When you’re passionate about your work, you tend to put in more effort.
3. They Find a Mentor
Self-made millionaires credit their wealth to having mentors.
“Getting a mentor for success is one of the easiest paths to becoming rich. It can speed up your journey to success.”
Identifies five types of success mentors:
1. Parents: Parenting plays a crucial role in becoming a millionaire. Your parents are your initial mentors. If they instill good daily habits for success in their children, it can make life’s challenges easier.
2. Educators: Teachers can support the guidance children get at home from their parents or step in to offer mentoring when it’s lacking.
3. Career Guides: Having a mentor at work whom you admire, trust, and respect can pave the way for success in life. Opt for someone at least two levels above your current position.
4. Literary Mentors: Mentors don’t always have to be real-life connections. Often, valuable insights can be found in books, especially those about successful individuals.
5. Self-Guidance: Also known as the “school of hard knocks,” you can be your own mentor by drawing lessons from your mistakes. This is a challenging route to success as errors and failures come with substantial costs in both time and money. However, it’s also the most potent form of mentoring because the lessons learned are deeply emotional and enduring.
4. They Use Dreams to Set Goals
Before millionaires identify goals, millionaires engage in a process that is referred to as “dream setting.” This involves jotting down their vision of an ideal life and converting it into a list of dreams. Goals are subsequently crafted around each dream.
“Picture dreams as a ladder, with the rungs being your goals.” Pose questions like, ‘What steps would I need to take for each wish or dream to become a reality? Do I possess the ability to carry out those tasks? Do I have the required skills and knowledge?’ Then, take action accordingly.”
5. They Write To-do Lists
Goals are truly goals when they possess two qualities: they are 100% achievable, and they involve physical activity. Millionaires break down their goals into practical steps that become their to-do lists, often organized as habits.
“Millionaires follow success processes. Creating processes eliminates the need for constant thinking, which saves energy and reduces decision fatigue. Habits are valuable because they free up mental energy for other tasks.”
6. They Create Multiple Streams of Income
Self-made millionaires don’t depend on just one source of income. Instead, they build multiple streams, with most having at least three.
“Sixty-five percent had three or more income streams that they developed gradually. Having diverse sources of income helps you withstand the economic ups and downs that inevitably happen in life.”
These income streams can include things like rental income from real estate, investments in the stock market, annuities, private equity investments, partial ownership in the side businesses, additional products or services, and royalties.
7. They Avoid Time Wasters
Millionaires believe that money can be regained, but the more significant concern is wasting time.
“When we invest our time in something, it’s gone forever. Despite having what seems like an abundance of time, it holds little value for us.”
Study found that 67% of self-made millionaires watch less than an hour of TV each day, and 63% spend less than an hour on activities like Facebook or watching YouTube videos.
“This extra time allowed them to chase their dreams, pursue goals, read, learn, exercise, volunteer, and network.”
Self-made millionaires share key habits that distinguish them from those facing financial challenges. They prioritize reading, pursue their passions, seek mentors, utilize dreams for goal-setting, maintain to-do lists, create multiple income streams, and value time over money. These practices collectively contribute to their success and financial well-being.