Once you’re aware of the commonalities when it comes to the habits that millionaires share, you can work on developing those traits and activities within your own life to put you on track for financial success.
The word millionaire conjures images of luxury and comfort. Itâ€™s easy to fantasize about what you would do if you were a millionaire, but what about how you will become one?
As it turns out, wealthy peopleÂ have many common traits. If you want to become a success financially, read on to see which of these 10 habits that millionaires share thatÂ you need to learn or perhaps already even possess.
NEVER STOP LEARNING
88% of rich people read for at least 30 minutes every day, and I’m not talking about entertainment news or fiction. They read to gain knowledge about themselves or the world around them. Self-help books, biographies of other successful people, and history are popular choices.
Your body is a temple, right? It only makes sense that the better working condition your temple is in, the more successful you are capable of being.
A number of studies have found that more than 3 out of 4 wealthy people do aerobic exercise for at least 30 minutes every day. No matter what sort of exercise you do, remaining active is key. Combine, for instance, 30 minutes of jogging on a treadmill with 30 minutes of reading.
HANG OUT WITH OTHER MILLIONAIRES
We become like those we spend our time with. While on the road to financial freedom, it is important to surround yourself with other millionaires. You can draw inspiration from them, and seek out role models/mentors to help you achieve your own success.
To grow and nurture these relationships, millionaires do these six things: call just to say hello, wish people a happy birthday, call when big life events happen, volunteer, network, and participate in some sort of professional group.
GET UP EARLY
“The early bird gets the worm” is a popular saying for a reason, so it should be no surprise that this is another one of the habits that millionaires share. A five-year study on self-made millionaires found that almost half of the people studied get up at least three hours before their days are actually set to begin. Another study on CEOâ€™s found that they had a routine around sleep, that often involved sticking to a schedule for when they go to bed and wake up.
HAVE MULTIPLE SOURCES OF INCOME
There are many options for acquiring more sources of income. Starting an inexpensive side hustle while working your day job is a great place to start.
In the same five-year study from before, 65% of self-made millionaires involved had at least three sources of income. Most millionaires will tell you the same thing – invest early and often. Good sources included stock market investments and real-estate. If that sounds daunting, keep in mind that anyone can invest with any amount of money, and getting into real estate could simply look like renting out your place on AirBnB.
MANAGE YOUR MONEY
You should know your financial situation better than the back of your own hand: where your money is going, how frequently it is going to each expense, and how much you are making in relation to how much you’re spending. You should also employ self-control and save as much of your income as you can, using a â€śpay yourself firstâ€ť model, but keep it within your budget.
Whether it is goals for your personal growth or the growth of your bank account, creating clear, measurable goals for yourself will help you achieve financial independence. â€śBegin with the end in mind.â€ť Then break the big goals into smaller, actionable goals/steps and lay out a path along which you can track your progress.
TAKE CALCULATED RISKS
Self-made millionaires arenâ€™t free of fear, but they are able to push fear aside and take calculated risks. They arenâ€™t going â€śdiscount bungee jumpingâ€ť just for a thrill, but they are making informed moves that have an element of risk. If their risks flop, they learn from their mistakes and move on.
Asking others for advice can save you time and money on beginner mistakes. 93% of self-made millionaires give credit to their mentors. Most also stay in touch with their mentors over time. They arenâ€™t afraid to ask for help as they understand the benefits.
Millionaires don’t do everything by themselves; they delegate tasks out to other people that they trust. Growing a personal fortune takes vision, and many self-made millionaires have included hiring a virtual receptionist to help them manage their businesses and open up more of their time to put towards other ventures. As mentioned above in â€śHave Multiple Sources of Income,â€ť to really achieve your goals means intelligently adding new sources to the mix. A professional virtual receptionist can take a lot of tasks off your plate so you can focus on the bigger picture items that are necessary on your journey toward becoming a millionaire.