If you want to live comfortably, dream of having a great lifestyle, want to contribute and help others or make an impact in your life, developing Millionaire Success Habits and becoming a millionaire should be one of your goals.
All the above reasons are worthwhile reasons to learn the habits of millionaires, but the most important reason why everyone should become a millionaire is because of what it takes to become a millionaire.
In fact, it’s been said that the most wonderful aspect of becoming a millionaire isn’t what you get in terms of financial and material gains, but who you have to become in order to become financially successful.
Becoming a millionaire is simple, but it’s not easy. If it were easy, most people would be millionaires.
Here are the millionaire success habits, when understood and applied, that can put you in the millionaire ranks.
These top 10 millionaire success habits are based on the thousands of conversations I have personally had with financially successful leaders, executives, entrepreneurs and investors. Most of my research is primary, gained through first hand observations and insights gained through a thorough analysis into millionaire lives and lifestyles.
1. Millionaire Success Habit
To become a millionaire, you have to want to become financially successful and be serious about it. Whilst most people would like to have more money, fact is that most people merely hope or wish for it. Very few are serious enough to make financial success a goal and priority. If you don’t make financial success an absolute ‘must’, the odds of it happening are slim to none, unless you get “discovered” or “found”, the chances of which are rare or few and far between.
2. Millionaire Success Habit
To become a millionaire, you will need to learn the language of business and money. Learning the basics of economics, demand and supply, pricing, marketing, investing, risk management etc... will help you become more commercially astute and help you make smart financial decisions. This is important because not being financially savvy will cost you in terms of bad money decisions and missing out on opportunities, if you are not trained to identity them.
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3. Millionaire Success Habit
To become a millionaire, you will need to develop the love of learning. Millionaires enjoy learning their craft and place value upon knowledge. They proactively seek out the knowledge they need in order to become successful. They also prioritize education over entertainment.
4. Millionaire Success Habit
In order to maximize your odds of becoming a millionaire, you will need to develop long term orientation. What does that mean? It means being able to defer gratification. Millionaires understand that deferring consumption now, can lead to better outcomes in the future. They examine the impact of their decisions for their future and avoid impulsive or compulsive behaviors. This coincides with research by Dr Bamfield of Harvard University, who described ‘long term orientation’ to be one of the key predictions of financial mobility.
5. Millionaire Success Habit
As a wealth advisor, I have met many millionaires in my professional life and one thing that stood out about all of them is the fact that they all had a reasonably high level of discipline. In almost all cases, millionaires were consistent, punctual, and valued organization. They didn’t all make high incomes, but in all cases, they were careful and conscientious about their spending.
6. Millionaire Success Habit
I have never met a millionaire who resented financially successful people. Many people who are struggling financially tend to judge and think suspiciously of wealthy people. It’s hard to attract wealth when your belief system sees wealth or wealthy people as something negative. Developing a mindset that values prosperity and perceives wealth as positive, is a necessary trait of becoming a millionaire.
7. Millionaire Success Habit
People who become millionaires have a penchant for making decisions. They understand the need for due diligence, but they also know that excessive due diligence can be a disguise for procrastination. Financially successful people are pragmatic enough to know that life has risks. Instead of avoiding risks, they work on managing and minimizing risks.
8. Millionaire Success Habit
People who become millionaires are typically those who have worked out how to add exceptional value in the marketplace. Your financial compensation is determined by the amount of value you bring to the market. How does one add value? By solving problems. The bigger the problems you can solve, the higher remuneration you will attract. Millionaires understand that and seek to solve problems, not avoid them like the majority of the population.
9. Millionaire Success Habit
Millionaires are generally frugal with consumer spending and entertainment, but when it comes to developing expertise, seeking advice, professional development or building assets, they are prepared to play big. This is an interesting dichotomy because they have the money to put towards opportunities, however they are extremely discerning about how they allocate their money. Tom Corley, author of Rich Habits, found that 93% of millionaires credited their wealth to receiving mentorship.
10. Millionaire Success Habit
Millionaires set positive and productive habits that serve them. Habits such as working hard, valuing their health, managing their time, taking care of their priorities etc... that are conducive to success. Financially successful people understand that habits can make or break us. Instead of having to think about doing the hard things, millionaires set rituals and habits, so success conducive practices become automatic and effortless.
- Ron Malhotra
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