5 Habits of Millionaires That You Can Adopt Too

Hands up – who wants to be a millionaire? All of you? That’s what we thought. It might surprise you to know that most millionaires didn’t become wealthy as a result of trust funds or wealthy parents. Most of them earned their wealth, which means that you can too. Here we share five habits of millionaires that you can try.

  1. Read for self improvement

One thing that most self-made millionaires share is a love of reading, and in general they read books aimed at self improvement. Self help books, autobiographies of successful people, learning a new skill — they use their down time to continue their education.

  1. Create passive income streams

Most millionaire entrepreneurs have more than one income stream. That might sound like a pipe dream if you’re feeling broke, but the best income streams are passive. Consider dividends from investments, stocks and shares, rental income, or investing in a side business as possible avenues. Anything that doesn’t need your direct hourly time is your money multiplying itself.

  1. Live frugally and get enough sleep

In the movies, it may seem like millionaires live the high life, but in reality most of them live like the rest of us. Zappos CEO Tony Hsieh lives in an Airstream trailer and says that he “prioritises spending on experiences over things”. Also, most of the world’s wealthy don’t sit around watching TV late into the night. They go to bed and get 7-8 hours sleep, then they wake up early to get a headstart on the rest of the world. Spare time is used to exercise and read books, and they prioritise getting enough sleep so that they can give their best each day.

  1. Set goals, write to do lists and tick things off

Author of the Rich Habits series on wealth creation, Thomas Corley says that rich people set goals and write to-do lists. Specifically, he says that, “Goals are only goals when they have two things: 100% achievability and physical activity.” Without action, Corley says that goals are just dreams, but once you break down your dreams into actionable steps and then work through those actions, you can turn your dreams into reality.

  1. Save money and time

The very wealthy value time over money, but use their money wisely. Most live in modest homes, don’t drive the newest cars, and don’t take lavish holidays. Warren Buffet gets breakfast at McDonalds, and Jay Leno lived off comedy gigs, not touching his Tonight Show earnings. It doesn’t matter what you do to save money, but make sure you’re not spending it frivolously. They also understand that once you spend time on something, that time is gone, so use it wisely: avoid watching TV, get off Facebook and don’t get sucked into the YouTube rabbit hole. 

These habits are simple enough for anyone to get into. Consider this: if you focused each month on incorporating just one of them into your daily life — say, use March to work on getting to bed on time — before the end of the year, you could have them all integrated. Once you’re powered up at full steam, just imagine what’s possible in the future.

Sources:

  1. 7 Habits Of Self-Made Millionaires: https://www.fastcompany.com/3052770/7-habits-of-self-made-millionaires
  2. 5 frugal habits of millionaires and billionaires: https://www.cnbc.com/2017/09/21/frugal-habits-of-millionaires-and-billionaires.html
  3. 10 Habits of Self-Made Millionaires & Why You Should Adopt Them: https://knowledge-place.wealthmeethealth.com/individual/be-smart/article/10-habits-self-made-millionaires/
  4. Top 9 Money Habits of Self-Made Millionaires: http://richhabits.net/top-9-money-habits-of-self-made-millionaires/

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