Whenever you talk or think about millionaires, the first thing the majority of people (not all) think about is It seems so difficult and impossible! Maybe it’s not for me. Well, I’m here to tell you that that’s not true at all! By following these habits that millionaires do, you can become one too!
There are about 11 million millionaire households in the United States alone, according to Spectrem Group’s Market Insights Report 2017. And that number is growing rapidly!
Now, you’re probably thinking, that’s a lot of millionaires! How do I join that statistic and become one myself? It’s by simply emulating the behaviors of those that have made themselves into the millionaire status. Let’s take a look at the Top 10 Habits of Millionaires and that you yourself can start!
1. They read
To kick things off, here’s one of the greatest habits that millionaires have mastered. Now I’m sure this isn’t the first time you have heard this, but reading has a profound effect on the mind and mindset! When you imagine Millionaires reading, it’s probably business books or something. But on the contrary, they read a wide variety of books including Motivational books, biographies, self-help, and how-to’s. This is a good habit to start.
Reading is fuel for the mind, so always fill up!Tweet
If you’re like me and don’t like reading tens of pages, you can instead opt to utilize audiobooks! They are wonderful in that you could be driving to work, cooking, or just relaxing, and someone else can read for you!
2. They live on a budget
Having a budget is the secret sauce for success! Budgeting is creating a plan, and having a plan is the only way to succeed. If you’ve ever gone through a month and wondered Where did all my money go? It’s because you didn’t budget your money wisely.
This simple act of having a budget and following it can help you significantly improve the money you have leftover every month. By controlling your money instead of it controlling you, you can harness it and use it to become successful. It’s a habit Millionaires have perfected over time, but so can you.
3. They know delayed gratification
We live in a world of instant gratification. Doesn’t it amaze you that you could walk into a dealership today and walk away with a $40,000 car? Or buy a brand new 60 inch curved tv without spending all your money? Yes, you can do it all by utilizing debt! Bad move!
You don’t need it, you just want it. Avoid justifying things you really don’t need to get into debtTweet
Those that have become wealthy understand that this formula is a recipe for disaster! You have to learn to wait for what you want instead of being impulsive! It’s so easy to fall in the trap of spend spend spend, and to become a millionaire and be successful, you need to learn self-control and understand delayed gratification. With time, it will come.
4. They don’t go into debt
Continuing the point above, debt is the poison that has stunted so much growth amongst many many people that would otherwise have been successful.
Car payments, phone payments, and even student loans are what the very wealthy avoid at all costs. There are ways to buy a cheap car with cash, there are cheap Android phones you can buy without borrowing for the latest iPhone, and there are scholarships and in-state tuition options to avoid large student loans. It’s a mindset shift that should be made in order to become like the wealthy.
5. They rise early
This one is something I struggle with even today, but it’s an absolute fact that those that strive and achieve success wake up early in the morning! There is time to prepare yourself for the day before you are bombarded by everyday life, before emails, before phone calls. Read up on the financial news, your latest book, or even meditate!
Early bird catches the worm! So do millionaires!Tweet
You can start off by setting your alarm 5 minutes earlier and progressively set it earlier and earlier. Train yourself to do that, and learn to have a mental shift that will propel you into success.
6. They create streams of income
Instead of solely relying on a single source of income, successful people realize that one must create multiple streams of income instead. The majority of people only have a day job, and that alone will not help you become a millionaire.
Instead, you should find ways to create multiple streams of income that will propel you into further success. You can start small by using apps that earn you additional income, and gradually save up until you can invest in a rental property or even a business of your own.
7. They don’t act rich
Here’s a little experiment. I want you to go drive down a super-wealthy neighborhood near you and right after, go to an average middle-class neighborhood. Look at the cars that they drive. You might be surprised to see nicer cars in the average neighborhood. That’s exactly what They don’t act rich means.
Don’t act rich. Instead, live like you’re poor so you can actually become rich.Tweet
It’s easy to try and impress the next person by buying nice looking things when the bank account says otherwise. The wealthy know that things are just things, and almost always depreciate. You will end up being worth less and less by acting rich. Instead, don’t act rich and you will actually become wealthy.
8. They maintain their health
This one is simple chemistry. When you feed the body healthy food and exercise, it performs efficiently. The mind is a machine that needs nutrients for fuel. Imagine putting dirty gas in your car. Sure you can drive it, but it will eventually break down or run slower than it was designed to.
Same thing with the mind, the wealthy know that in order to make rational and calculated decisions, they must always remain healthy and feed the body healthy things in order to maintain maximum efficiency. This is one of the very top habits that millionaires have mastered, but can also be one of the hardest to do!
9. They give
This one might seem counter-intuitive to some, but the premise is wealthy people understand the importance of helping others and in turn sharing their wealth. Sure, there are some really stingy wealthy people out there, but most are some of the most giving people out there in the world. Spiritually, you gain wealth by sharing it with others. It’s that simple.
Learn to give, and your generosity will be rewarded.Tweet
10. They set daily goals
To finish off this list, this is a DEFINITE MUST if you ever want to become successful. If you want to drive from one city to another, you must set a course. You know you’re halfway when you reach a certain landmark. You know which direction to go, estimated time, and how much gas you need.
The path to success is a ladder. Plan every step and you’ll get there.Tweet
Same thing with the road to success and financial freedom. You MUST set daily goals that you must follow to achieve what you want in life. The path to becoming a millionaire is a ladder, and each and every single step is a day in your life. Make sure you know how to take each step to get there!
What most people imagine millionaires are like is completely incorrect. Millionaires aren’t out there driving Lamborghinis, wearing Gucci belts, and flying jets all over the world. Instead, they are average and modest people that follow these basic principals and get to the millionaire status! By learning the habits of millionaires and incorporating them in your own life, you can become one yourself.
If they can do it, you can too!
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