Top 30 Millionaire Habits for Incredible Success
There’s nothing special about millionaires, they’re not super smart, or great at math and many of them didn’t even grow up rich. You want to know what the big difference is? Their habits.
What you achieve in life is the direct result of how you spend your days. Spend all day on the couch and eat crappy food? Blow all your money buying shit you don’t need or on gambling? Don’t be surprised when you end up broke. You are the cumulative effect of your habits.
If that sounds depressing, it shouldn’t be. Because the real secret to life is that, if you don’t like where you are right now, it’s not because you’re somehow worth less than those who have what you want. They just have different habits, and habits can be changed. If you want to be a millionaire, all you have to do is shift your daily habits to the behaviors and actions that can help make you more successful.
Here’s how to get started:
Habit #1: Wake up early
I know. You’re not a morning person. But if you’re serious about achieving success, you have to be willing to do what millionaires do and that’s get up early.
It’s not that hard, all you need to do is to just give it a try. Get up early for a week, and use that extra time to improve yourself in some way, whether that’s studying, networking, reading, or something else. If, you really haven’t seen a difference, after a week, you have my permission to go back to your status quo.
Habit #2: Read
Millionaires tend to believe in the importance of continuing education and self-improvement, and they typically turn to reading to fulfill these needs.
What they read is just as important as how much: A millionaire’s reading material of choice is nonfiction (usually self-improvement). 88% of rich people spend at least 15-20 minutes each day reading on that subject.
Habit #3: Take Long Lunches
Many rich people take breaks of an hour (or more) for lunch. This may seem to go against the idea that time is money, but the rich also understand how to work smarter, not harder and taking breaks is an important part of that. A long, relaxing midday lunch allows you to refresh yourself, and return to work ready to put in more productive time.
Habit #4: Avoid Television
According to Corley, 67% of rich people watch television for one hour or less per day, while only 23% of poor people limit their TV intake. They also generally avoid reality shows – only 6% of the wealthy watch them, compared to 78% of the non-wealthy. Rich folks simply choose more productive ways to spend their time.
Habit #5: Look for Opportunities to Work during Downtime
Downtime is different from free time. I don’t mean to contradict what I just said about taking some time for yourself. I’m talking about when you’re waiting to board a plane, waiting at the doctor’s office, working out, etc. Find ways to get work done or to be productive in some manner. Five minutes here and there really adds up after awhile.
Habit #6: Set a budget
You might have not expected this one when you opened this blog post, thinking you’re going to learn about how one can become a millionaire by taking big, daring risks; going big, and then going home rich. Sure, that’s a part of it, and we’ll get to that later. But for now, what I want you to know & understand is that having a budget and actually sticking to it is one of the most common habits shared by the millionaires’ authors William Danko and Thomas Stanley studied for their popular book, The Millionaire Next Door.
Want to be like a millionaire? Then do what the millionaires do – and what they do is budget.
Habit #7: Track your spending
So now, how do you think you’re going to set a budget and then stick with it if you don’t know where your money is going?
You can give up this habit once you get rich. But for now, track every penny that leaves your pocket and where it goes. Spend time with your dough. Get to know your spending patterns and habits. Getting rich won’t solve your problems, if you can’t manage your money while you’re poor.
Habit #8: Watch the small costs
Pay special attention to little costs, things like a $39.95 per month research tool or a $19.95 per month subscription to a chatroom seem small, but they add up. Pick one option and stick with it.
Habit #9: Learn to differentiate between assets and liabilities
Thing that puts money in your pocket is an asset, and those that take money out of your pocket are a liability.
Since you get a positive amount after selling it, so house itself is an asset. But house bought on loan and kept as mortgage is a liability to you but an asset to your lender. And in the meantime you spend your lively years of life in debt. On the other hand house generating rental income becomes an asset to you.
A rich person knows the difference between the two, so should you.
Habit #10: Pay yourself first
While you’re setting your budget, make sure that some of your income is going to savings; most experts recommend 5-20%. Again, this isn’t exciting stuff, but remember that trades go bad. You might lose your job. You’ll need something to help you bounce back, and these savings will exactly do that.
Habit #11: Multiple Flow of Income
For example, the great Ambani Empire of India is diversified into different sets of business from clothing, jewellery to retail and petroleum, making multiple sources of income for the family. Creating multiple businesses helps to generate different sources of money.
Habit #12: Give Back
Philanthropy and charity are hallmarks of the rich. Those who are wealthy and successful tend to be generous with their wealth. Examples throughout history support this – from Andrew Carnegie and Nelson Rockefeller, to Bill Gates and Carlos Slim. Giving back to the community and improving the world is an important characteristic for the wealthy.
Habit #13: Find a mentor
If you’re serious about becoming rich, find somebody who’s done what you want to do and then learn from them. Whatever you want to do, there’s someone out there who can give you a leg up ear.
Habit #14: Get comfortable with risk
There’s risk involved in improving yourself in pretty much any kind of way. Want to start a company? There’s a big risk it’ll fail. Planning to become a millionaire by climbing the corporate ladder? There’s always a risk it’ll close or you’ll be laid off.
Life is risky you can’t avoid it. But you can make sure you’re taking calculated risks, not reckless ones. Just remember, that risks leads to rewards.
Habit #15: Define your success
Millionaires don’t just want to be “rich.” They have specific goals they’re working towards, whether that’s an exact annual income or a certain net worth, having enough money to buy a sports car, take a luxury vacation or do something else.
You need to understand what success means to you if you’re going to achieve it.
Habit #16: Set clear goals
You need clear goals to back up your own definition of success.
Want to have a net worth of $2 million? Make a plan to get there. If you’re starting with a portfolio of $2,000, how many trades do you need to make if you’re averaging 25-45% growth on each trade and winning 80% of your trades? When do you plan to hit specific milestones, like $50,000, $200,000 or $1000,000?
Be detailed. Make it real. The clearer your plan is, the easier it’ll be to follow.
Habit #17: Visualize results
Have some fun with this one. Invest some serious time visualizing what it’ll be like to achieve your financial goals, after setting them. Imagine what you’ll buy, where you’ll travel, or how you’ll give back.
Trust me. You’re going to go through some bad days. Putting this vision at the front of your mind is what’ll help you too keep determined.
Habit #18: Stop fearing failure
Quit getting your ego wrapped up in your failures. Accept your failures, learn from them and then move on. The more you do this, the less you’ll have to be afraid from failure and the less it’ll hold you back.
Habit #19: Spend time with millionaires
You’ve probably heard this “you are the sum of the five people you spend the most time with.” So ask yourself, do the people in your life help you or hold you back?
If you want to become rich, go find one to spend time with (Hell, find five of them). Watch what they do and emulate their habits. Believe me; you’ll learn more this way than you ever would in a few years at business school especially if you’re perceptive.
Habit #20: Listen More and Talk Less
Effective communication is another critical skill for the rich, and listening is an essential part of it. In general, rich people spend five minutes listening for each minute they speak. This enables them to truly understand where others are coming from, and to facilitate conversations that further relationships and foster success.
Habit #21: Control Emotions
There’s a general assumption that rich people can afford to be honest and blunt, but the rich understand that not every thought or emotion should be aired. Good relationships are a crucial foundation for financial success and speaking your mind can damage those relationships.
Habit #22: Stay healthy
I know it’s a hard thing not to compromise your health for your other goals, but believe me you can’t get rich from a hospital bed.
You only get one shot at keeping your body healthy. Make the decisions you need to to stay healthy, or that one show will be taken away from you.
Habit #23: Exercise Regularly
Coupled with healthy eating, rich people also believe in staying fit by exercising. Millionaires may be busy people, but they nearly always find time in their days to work out.
Habit #24: The willingness to not care what others think of you
When pursuing your goals, you can’t let your fear of people disliking you from stopping you from making the moves necessary.
Ray Dalio tested some of the world’s top leaders (like Bill Gates), with a personality test. All of them scored high on being willing to have people dislike them to achieve their goal. Along the journey, you will inevitably find people who don’t like you and that’s okay.
Habit #25: Know when to say when
It might seem odd to encourage yourself to say “no.” Negativity, we’re told, is an awful personality trait, and we’re also told there’s great virtue in saying “yes” to the unexpected. However, successful people realize that they can focus on saying “yes” to the things that deserve their time, their attention and, when the time’s right, a calculated risk by saying “no.”
Habit #26: Know When to Stop Working
Hard work is critical for rich folks, but they also understand the importance of personal time for relaxation and self-improvement. For this reason, they rarely burn the midnight oil.
Knowing that if you push yourself to continue working every waking moment, you’re only going to end up exhausted, inefficient, and unable to produce worthwhile results is essential to success. The wealthy typically walk away from work by 5pm or 6pm, and don’t return to it until the next morning, according to Inc.
Habit #27: Shoot for $10 million, not $1 million
Cardone writes “the single biggest mistake I’ve made financially was not thinking big enough.” “I encourage you to go for more than a million. There is no shortage of money on Earth, only a shortage of people thinking big enough.”
Habit #28: Don’t show off; show up
“I didn’t buy my first luxury car or watch until my investments and businesses were producing multiple secure flows of income,” writes Cardone. “when I had become a millionaire i was still driving a Toyota Camry. Be known for your work ethic, not the trinkets that you buy.”
Habit #29: Focus on your strengths
Focuses on mastering one thing don’t try to be a jack of all trades. If you can do that thing better than anyone else, you will have cracked the code to being successful. All millionaires know that they must focus on their strengths in order to achieve long-term success.
No one ever succeeds in doing something they aren’t good at. Don’t waste your time on something you’re going to be average at. It’s just not worth it. Give your 100 percent on the areas where you know you can kill it.
Habit #30: Don’t Retire
While the rich may have extensive savings and vast retirement portfolios, they generally have no intention of retiring or at least, not as early as others. According to a Gallup poll, the average retirement age for Americans is 61, but the majority of wealthy people don’t plan to retire until at least 70, not because they have to keep working, but because they want to.
The longer you continue to work, the more money you can make. The drive to stay healthy is connected to this goal. Rich people often choose not to retire, and since the majority enjoys what they do, the idea of continuing to work is both welcome and comforting.
Money is not the solution to every problem, but it’s often a sign of capability, passion, and drive in those who have acquired it. Try incorporating these strategies into your daily living and working routines, and put yourself in a position to increase your own riches, both in money and in life.