We all want to make a fortune in our lives. Having lots of money allows you to live a comfortable life. It also allows you to enjoy opportunities that you otherwise wouldn't have had access to. millionaires are people who have enough money to do all these things. Most of them have had to work hard to achieve their fortune. Do you want to know how they did it? Here are the 10 most common habits of self-made millionaires.
1. Readers are leaders
One habit that is common among literally all self-made millionaires is reading. This is the ultimate habit to adopt so as to join this elite club. Studies confirm that 85% of self-made millionaires read a minimum of two books every month. They are especially attracted to books that show them on how to grow better at what they do. Examples of topics that achieve this include current events, leadership, health and financial management. Simply dedicating half an hour every day to read a book will get you closer to your first or next million.
2. Pursue what interests you
Majority of people around the world choose careers depending on how stable they are. Self-made millionaires choose careers depending on how interesting they are. The wealthy around the world are fueled by passion. They choose activities that they are passionate about and pursue them to the fullest. In this way, they work harder than everyone else in that field and emerge successful.
3. They find mentors
A mentor who is already successful is a great source of guidance and knowledge on the path to millions. 93% of self-made millionaires have mentors. Therefore, if you want to be as successful as they are, pick a mentor and follow their principles. There are five distinct types of mentors. They include your parents, teachers, career professionals, book or media mentors and yourself. Mentors offer you guidance on the path to riches so that you don't waste time making mistakes.
4. Using their dreams to get goals
One of the activities that self-made millionaires do is known as dream-setting. This is where they write down their dream life and then identify the goals that will get them to that life in form of bullet points. After that, they come up with plans that will assist them to achieve each one of these goals. The dream is a ladder while these goals are the rungs. If there is any extra knowledge or skill that is required so as to accomplish these dreams, the self-made millionaires get it and learn it. Eventually, they are on the fast track to their millions.
5. Writing to-do lists
An activity qualifies as a goal when it has two main characteristics. It is achievable and it involves some physical activity. To get to your millions, first identify which goals you want. After that, identify the physical activities that you need to do so as to reach these goals. After creating a to-do list, convert it into a habit by doing it every day. This turns it into an automatic process that does not need any decision-making. Not only does this ensure that you accomplish what you set out to do every day, it also leaves you with enough mental energy to deal with the other activities in your busy day.
6. They establish many streams of income
Self-made millionaires do not rely on only one stream of income. They make up many of them. According to statistics, self-made millionaires have a minimum of 3 streams of income. This is a form of diversified investment. By doing this, they are able to survive financial hits that could occur in their lives. Examples of streams of income include rental properties, investments in the stock market, investment in private stock, being part owner in some side businesses and even royalties.
7. They stay away from time-wasting activities
Self-made millionaires have a strong belief that money can be regained but time cannot. Therefore, they throw their entire effort into ensuring that they utilize every second of their day in a constructive manner. According to recent studies, 67% of self-made millionaires watch less than 1 hour of television per day. They spend even less time on social media or watching videos on YouTube. By avoiding time wasters such as these, the self-made millionaires are able to utilize the time they have left in making more money.
8. Keeping statements simple
One of the activities required to be a millionaire is clear communication. When you are speaking to other people, ensure that you keep your statements simple and direct. If you need to improve your skills, you can join a public speaking club and learn how to communicate effectively. Diligently working to improve these skills will get you closer to your desired fortune.
9. Leaving old, negative habits and replacing them with new, positive ones
Becoming a millionaire is often a new experience for those who achieve it. It is brought about by adopting new habits that make them strong and capable of becoming rich. We all have some negative habits. The most effective way of getting rid of them is to replace them with positive ones. For example, you can develop the habit of rewarding yourself after working so as to eliminate the habit of procrastination.
10. Living below their means
A sure way to get to a million is spending much less than you make. This means that you should live well below your means. In this way, you have more money left over for savings and also for investment. A very good example of a self-made billionaire who did this is Warren Buffet. He is worth tens of billions of dollars and still lives in the Omaha house that he bought in 1958 for $31,500. It is also reported that majority of self-made millionaires in America drive used cars. This is all in an effort to live below one's means. Maintaining this activity turns it into a very profitable habit in the long run.
The Important Take Away
Being a millionaire is a way of life that is coveted by many around the globe. It indicates massive wealth but also indicates freedom. Self-made millionaires are motivated by the thought of having the freedom to live a life that they desire. By adopting and practicing these habits, you too can join this exclusive club.