6 Habits of Self-Made Millionaires for Massive Wealth and Success
“You become what you think about most of the time.”
If you want to reach and achieve your financial goals, you need to start thinking and acting like a millionaire.
Millionaires have the habit of thinking in terms of financial independence most of the time.
From an early age, they’re constantly thinking about what they want and how to get it.
Then they discipline themselves to make whatever sacrifices required to achieve their financial goals.
They organize their financial lives, their earning, investing, and spending activities, in a way that helps them move toward reaching their financial goals.
This article contains 6 habits of self-made millionaires that will make you more successful in your life.
Ready? Let’s get started!
Take Charge of Your Financial Life.
One of the opposite millionaire habits most people have is spending every penny they get their hands on, and then whatever they can put on their credit cards.
In fact, 80% of Americans are in debt. To matter worse, even with being in debt, people wouldn’t take responsibility for their financial lives.
Many people are trusting to luck and the idea that somehow someone else will come to the rescue. They buy lottery tickets and gamble in the hope they’ll somehow become rich.
The fact is, serious money is long-term money.
Millionaires don’t get rich through get-rich-quick schemes or easy money. They discipline themselves to save and accumulate money over the course of many long years. They manage their money wisely and investigate thoroughly before investing their hard-earned money.
Eventually, their wealth increases every year until it passes the million-dollar mark.
Habits Of Millionaires
#1. The Habit of Setting Clear, Written Goals.
The clearer you are about your goals and objectives, the more efficient and effective you will be in achieving them. People with clear objectives, accomplish them faster than others who don’t have clear written objectives and goals.
For that writing your goals, be it small or big, in the short term or in the long term, is the most important step to achieve them.
When you write something down, you let it sink into your subconscious mind so you can figure out efficient ways to get them done.
« The average person starts life traveling through an unmapped and uncharted world with no road map. This is the equivalent of starting off in life with no goals and plans. He or she simply figures things out as he or she goes along. Often, ten or twenty years of work will go past and the individual is still broke, unhappy in his or her job, dissatisfied with his or her marriage and making little progress. And still, he or she goes home every night and watches television, wishing and hoping that things would get better. But they seldom do. Not by themselves. » ― Brian Tracy – Goals!
#2. The Habit of Positive Money Consciousness.
If you want to become rich, the first thing you need to do is to believe that it’s possible and that you deserve it.
Most people, find it hard to believe that it’s possible for them to enjoy wealth. Too often, they’re limited by their own beliefs about money and by the question of whether or not they deserve it.
These beliefs are usually held from childhood like “Money doesn’t grow on trees”, “There’s not enough money to go around”, “Money is the root of all evil”, “You can’t buy happiness”, “Rich people are selfish and self-centered”…
It’s important to identify any negative subconscious beliefs about money and replace them with more positive and empowering ones.
For example, if you believe that “money is the root of all evil”, argue with that belief by writing down new beliefs to challenge the old ones. Like writing down “money is the root of all philanthropy.”
#3. The Habit of Excellence.
One key to great success is to “go the extra mile”, by adding greater value to your work and achieving better results, you open up opportunities for yourself to be paid more.
Think about what more you can do, do your job properly and quickly and ask your subordinates for more responsibility.
Focus on your high-value activities, what you can do best, and what will give your work a greater value and do it first.
#4. The Habit of Frugality.
Wealthy people are careful with their money. They never buy new when they can buy used. They never buy if they can rent. They never rent if they can borrow.
In fact, Thomas Stanley and William Danko, in The Millionaire Next Door, explain that most self-made millionaires live in average neighborhoods, wear average priced clothes, drive used cars, and are very careful with their money.
Stanley and Danko point out that there are “Those who look rich and those who are rich.” If you want to become a millionaire you’ll need to spend less than you earn and save.
#5. The Habit of Saving and Investing Money.
Self-made millionaires develop the habit of saving and investing money from an early age. In fact, saving money is one of the keys to financial success.
By paying yourself first and saving 10% of your income before any expenditure for the entirety of your working life, you make sure you reach financial independence in no time.
When you develop the habit of saving, you’ll soon find yourself spending less, paying down your debt, and not incurring any new debt. Saving money helps you feel more positive about money, and worry less about making ends meet. You’ll have a security blanket in case of an emergency.
This positivity will form energy that begins to attract more money into your life and into your savings account.
#6. The Habit of Getting Good Financial Advice.
Wealthy people don’t become rich by following get-rich-quick schemes.
They save and invest their hard-earned money wisely. They make sure they get good financial advice before investing their growing account.
The rule is, “Spend as much time investigating the investment as you spend earning the money that you are thinking of investing.” Take your time and find out every detail of the business or investment before spending a dime.
Wondering what to read next?
- Think Like a Winner: 7 Ways to Think Your Way to Success
- 10 Laws of Success That Will Change Your Life
- 21 Success Secret of Self-Made Millionaires
- 9 Success Principles Successful People Live By
- How To Transform Yourself For Success: 12 Steps To Take Today To Change Your Life
- How To Use The Compound Effect To Succeed In Life
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