What do all millionaires have in common? Well, they have millions of dollars. They also have a list of habits that allow them to stick to their goals and continue to grow their wealth.
If you want to be a millionaire, you might want to take a peek into millionaires’ habits, and what it is that they are doing so well that led them to success. Knowing and implementing these habits doesn’t guarantee you success overnight, but they might help you get closer to achieving your goals!
Twelve Habits of Millionaires:
1. Having a budget
By either a monthly budget or a weekly budget, millionaires track their net worth through their income and expenses. This is something that you’re just going to have to practice over and over if you want to make it into a habit.
When I started keeping track of my budget, I noticed significant changes. You start understanding where your money is going and you become more conscious about your spendings. It’s also really fun to see your net worth grow!
2. Being proactive
Being proactive means taking responsibility for your life and actions. You need to make things happen instead of just waiting for them to fall from the sky. Miracles rarely happen. If you want to live a happy, successful life, you have to do things for yourself.
Be ready before something happens – fix all of the little details in your project before receiving feedback from your boss or your client. Don’t just wait for them to tell you what to do… think in advance and do your best to deliver the best work every time. This will definitely be noticed and will lead to more commission requests and business growth.
This applies to all areas of your life. For example, you can wash the dishes before they pile up to the ceiling, or actually ask someone out on a date instead of checking your phone a million times to see if they’re inviting you.
I cannot stress this one enough. I have read tons of books on success, psychology, business, and self-development, and it’s a huge reason for my personal success.
One common theme that I’ve seen amongst all millionaires is that they read a LOT of books. They love to fill their heads with ideas, because ideas are seeds for businesses, and businesses generate profit. If you want to increase your chances of becoming a millionaire, read more. Read more nonfiction and read more things that will make you a better person.
Social skills, business development, personal growth – almost anything that you can get your hands on, just start reading. Even newspapers will fill your head with all kinds of ideas, and these ideas will start to compound and make you more creative and successful!
This ties in with reading. Millionaires love to learn and gain new ideas. If you’re reading something that you’re not curious about, it’s not going to be fun. Millionaires are curious; they never stop learning new things or acquiring new skills. Millionaires love trying out new techniques to see if they can further improve their work. Curiosity is the key to development and growth.
5. Pursue the curiosity
You can have curiosity and questions, but you also have to be open and proactive enough to search for the answers to your questions. Many people like to just ask questions for the sake of asking questions so they look intelligent and make others think, but very few people actually go and search for the answers. Millionaires are people who don’t just ask questions – they find answers, too.
6. Find a mentor
A mentor is someone more experienced than you that you can learn from. Many millionaires take risks, make mistakes, and learn from those mistakes – but they also get mentors so that they can learn from their mentor’s mistakes. Why make some extra mistakes to learn from yourself when you can learn from someone else who made that same mistake already? Plus, since mentors are more experienced than you, you can learn a lot from what they tell you – and as we’ve already discussed, learning is something that millionaires love doing!
Goals are really important in any aspect of life because they help you with motivation and discipline. Setting goals and then achieving those goals is very rewarding.
For example, I love to be competitive. I love to have more YouTube subscribers than someone else; I love to make more videos than someone else – it’s motivating to me. Having these goals helps me to improve my YouTube channel and attain success at record speeds!
Your goals have to be congruent to what motivates you. They can’t be way out there, but they also can’t be short-sighted. My best tip is to come up with goals that are SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. If you keep this in mind and create good goals you will be motivated!
8. Daily lists
I write down three things that I want to get done today every morning when I wake up. It’s significant because I am motivated to do my next task every time I cross some previous task off of my list.
If I’m lying in bed at night and one of those things isn’t crossed off, sometimes I will literally get up at 11:30 at night and say, “Hey, I need to get this done. It’s making me mad and I can’t go to sleep until I finish it.” And then I will do it.
Daily lists really motivate me, and I think they will motivate you as well. Plus, in my studies, I’ve found that many millionaires do this, too! They like to make and organize lists to motivate them to complete their goals.
9. Have multiple streams of income
Having multiple streams of income feels amazing. It feels like money is raining from the sky. It gives you a feeling of security that no matter what happens to one of your jobs or your clients, you are still covered and you can continue to pay your rent and bills.
For example, if you’re an artist, instead of just relying on new jobs to cover your expenses, you could also receive royalties from everything that you made before – royalties are money that keeps coming to you on a regular basis, which you can use for your most basic needs. Everything that comes on top of that is like a bonus that you can use for leisure, holidays, or gifts!
10. Not diversify AKA Focus.
You’ve probably heard people say, “diversify your portfolio and you’ll get rich.” But there’s a catch: a lot of millionaires do not diversify their portfolio until after they’re a millionaire! To become a millionaire, these people typically put all of their eggs in one basket, and they take care of it to make sure none of the eggs break. So in the beginning, you have to focus on one thing, become really good at it, and succeed! Only then is it a good idea to move on to something else.
The point here isn’t that it’s bad to be well-rounded; the point is that millionaires become rich because they pour all of their focus into one thing (as opposed to putting some focus into many things).
If you look at Mark Cuban for example, he started one company and made a whole bunch of money. After that, he started another company, on which he focused his entire attention to make it grow. Then he made a whole bunch of money with that one as well and continued onward. The fact that he puts so much focus into one thing is what makes that one thing do so well.
It’s also safer to work this way. If you wait to diversify over time when you have one stable company or skill that has already given you reputation and a good flow of revenue, you won’t have to worry about your subsequent projects failing
Just remember that, if you try to focus on multiple things at once, you won’t be able to invest the proper amount of time and effort into each thing, and you may eventually start to confuse your clients with one another, too. The most successful names and companies are first known for one thing. After you’re already known, you can start and diversify your offers.
11. Avoid time-wasters
There are lots of things in this world that you can do that will literally just waste your time. One habit of millionaires is understanding the importance and value of their time. They will never get time back, and once you understand that, you will start valuing your time more.
Once you start valuing your time more, you’ll see it’s really easy to avoid a lot of time wasters. For example, take checking your Facebook for 30 minutes a day. Imagine how much more productive you could be if you used that time to work on project development or writing a book. If you spent 30 minutes a day writing books for a year, you could have two or three books written by the end of that year! Understanding the value of your time makes you re-evaluate all of the things that take time out of your day. It’s a good idea to eliminate all of the activities that just waste your time and don’t give you any value back.
12. Focus on your highest-earning activities
Instead of focusing on irrelevant things or things that drain your bank account, focus on the things that actually get you closer to your goals. Spend your money in ways that will help you make money or gain productivity. Buying a $10,000 car is not going to help you increase your income, and it will create more spendings with gas and maintenance.
If you waste 30 minutes of your life at the grocery store trying to decide which can of peas is going to save you three cents, you could just spend three extra pennies on the can of peas and have 30 extra minutes to work on your business, which is a profitable activity. The point is, your time is valuable, so only spend your money on things that will give you more time or will help you build your business!