8 Habits of Successful Millionaires
Everyone wants to be a millionaire but not all are lucky enough to inherit wealth or win the lottery to become one. Believe it or not, more than eighty percent of millionaires are self-made, according to the renowned millionaire researcher, Thomas J. Stanley. All these wealthy people have certain common habits that have assisted them to come all this way.
“Your habits are the reason why you’re rich or poor,” writes Tom Corley in his book Rich Habits: The Daily Success Habits of Wealthy Individuals. This is because our daily habits both shape and dictate if we’re going to be successful or unsuccessful in life. And the good news is that habits can always be adjusted or changed.
Here are eight rich habits of successful millionaires that you can start implementing as soon as today:
1.) Get Enough Sleep:
Early to bed, early rise, actually makes a man/woman healthy, wealthy and wise. Successful people do not binge on Netflix all night. They ensure to get adequate sleep for a more productive, active and definitely more pleasant day ahead. People who sleep well tend to have more creative minds than those who are sleep deprived, hence are more likely to succeed.
To make sure you can fall asleep at a reasonable time, get to bed earlier; make your bedroom sleep friendly and environment comfortable enough for sleeping; fix the temperature; cut out any caffeine, alcohol and cigarettes before sleeping and take your evening bath maybe an hour earlier than normal.
2.) Wake up on time
Most millionaires hit their alarm clock as early as six AM. In Corley’s study, about fifty percent of the millionaires woke up about three hours prior to when their actual work day began. Waking up early gives you the confidence of having your life under control.
It is actually a great strategy to deal with unexpected and inescapable daily disruptions such as long meetings, being stuck in traffic or having to pick up your sick child from school. These disruptions make one believe that they don’t have control over their life. But getting up early in the morning to plan/tackle our top priorities that we want to accomplish in the day, helps us direct our life.
It is as simple as this: Exercise is not just good for the body but also for the brain. And a healthier brain means a smarter you. “Seventy-six percent of wealthy people exercise at least thirty minutes every day. The exercises may include anything cardio such as walking, running, jogging, biking or even dancing. etc.” says Corley.
Having a consistent exercise routine calls for commitment, endurance, time and energy, which are quite the same characteristics required to achieve your seven-figure financial goals.
4.) Read books
Millionaires are readers and not the kind of reading which involves entertainment like on Facebook or Twitter but biographies of successful people, personal development, history books etc. The rich would prefer to be educated over entertained. As Corley puts it, “Millionaires spend thirty minutes or more each day to self-educate.” According to his study, about eighty-five percent of the world’s millionaires read two or more books a month. This habit automatically sets you apart from the competition as most people do not read.
5.) Have a Mentor
One common thing in almost all millionaires is that they all had someone strategically mentoring them and teaching them successful habits. In Corley’s study, ninety-three percent of self-made millionaires associate their wealth with having mentors. Finding a true mentor can actually put you on the fast track to success.
6.) Create ‘To-do lists’
Prioritizing goals and tasks and listing them down into smaller action steps is always a winner. Creating to-do lists is a well-known trait of successful and rich people as it prevents you from getting sidetracked. As stated in Corley’s study, “eighty-one percent of the millionaires, who do plan their day, maintain a daily to-do list. Less than one percent of the poor use a daily to-do list.” The key is to consistently cross off tasks at the top and add new ones at the bottom and secondly keep it at the forefront in order to stay focused. Make your to-do list and paste it somewhere you can easily see all the time. You can even put in on the background of your computer or mobile phone as there is no getting away from technology, hence your list.
7.) Have multiple streams of income
Millionaires don’t have a single source of earning. “Millionaires develop multiple streams…sixty-five percent had at least three streams of income that they created prior to making their first million dollars.” Corley writes. E.g. they would invest in a side business, buy shares in a company or save up and invest in real estate.”
Wealthy people do not thrive in isolation. Millionaires are social beings. They have the habit to go out and talk to people, exchanging their pool of information and resources with similar people.
“You are only as successful as those you frequently associate with,” Corley writes. Wealthy people make sure to call when a life event happens, network and participate in different kinds of interest groups to further cultivate relationships. At the same time they try to avoid negative over critical people who only derail you from achieving your goals.
Sarah Smith has been a personal finance author for the last five years. She is also an independent and a very passionate finance and investment advisor. She regularly posts at www.personalincome.org.
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