There is a critical difference between what most of us are doing and what millionaires do, which keeps us from reaching our financial goals. Studying the Habits of Millionaires can help you form strategies to acquire wealth. And I don’t want to waste your time with basics that all people discuss: read books, eat right, earn more. Sure, those are true, but those are the Habits of Millionaires.
This article is all about my five personal favorite Habits of Millionaires and actions that most people ignore. Each has significantly impacted my life, and I know they’ll do the same for you too. And to be honest, number three is a hard one to implement. But it is also probably the most powerful. Are you ready? Let’s get into it!
Top 5 Habits Of Millionaires That Can Make You Wealthy
You don’t have to come from a wealthy family to become a millionaire or have financial freedom. Only 18% of millionaires got their money from their parents. Just like many of us, they came from simple origins. They didn’t give up. They built their wealth by working hard and picking up some of these tried-and-true Habits of Millionaires. And you can too.
Habit #1: Simplify Your Life
“Decision Fatigue” is when you have to make so many decisions that your brain gets tired, and your ability to make the right decisions starts to decline. Because of this, you might start making bad choices, like Impulse Buying.
I found that the more I stopped wasting mental energy on decisions that didn’t matter, the more space I had to make clear decisions that mattered. I used to care about what I wore, and I had to think for way too long about what to put on every morning. But when I built my capsule wardrobe – which means all of my clothes go with my other clothes – I can grab any top and bottom and know they’ll look good together.
Or, you can take it one step further and eliminate your clothing decisions. For example, “Mark Zuckerberg” wears the same gray shirt daily. He once said,
“I really want to clear my life so that I have to make as few decisions as possible about anything other than how to best serve this community.”Mark Zuckerberg
“Steve Jobs” was also known for always wearing the same outfit. He was said to have owned more than 100 black turtlenecks. I’ve just learned that I have more energy to focus on what’s essential when I don’t have to worry about making decisions that don’t matter. The less I made my life complicated, the more I got done.
Habit #2: Know The Value Of Your Time, Delegate The Non-Essential
I didn’t understand this idea when I was younger. I had a challenging childhood, so as an adult, I still had a “Do-It-Yourself” attitude. I’d rather spend a whole day doing something than pay $20 to have someone else do it. But a few years ago, I decided that I needed to value my time if I wanted to do everything I wanted to do.
Now, I think that if I value my time at, say, $15 an hour, anything I can get someone else to do for less than that is worth it. I don’t have to do these things myself just because I can. It’s easy to waste hours of the day doing things we don’t like, don’t want to, or aren’t very good at.
I’m not very good at graphics, so spending hours of my day trying to make mediocre social media posts isn’t the best use of my time when an expert can do the same thing better in an hour. So, I have more time to do something only I can do, like writing this article.
Habit #3: Don’t Be Afraid Of Failure / Fail Forward Fast
Think of “Thomas Edison.” Edison’s teachers said he couldn’t learn anything because he was too dumb. He lost his first two jobs because he didn’t do any work. He didn’t give up, though. Even though no one had faith in him, he kept going. The world would have been much darker if he hadn’t done it. At the time, a reporter asked him, “What was it like to fail a thousand times?” Edison said:
“I didn’t fail a thousand times, The light bulb was something that took 1000 steps to make.”Thomas Edison
Most millionaires I know didn’t go to school, college, or work from 9 to 5. They take risks that they think are worth it, usually when they don’t have as many responsibilities. You don’t have much to pay for when you’re young, like a house or kids. It’s a great time to take a calculated risk and go all in on your business or whatever you’re passionate about and want to do with your life if you can.
I was following a prevalent path. I went to college, and then I worked at a job. And I realized that wasn’t the kind of life I wanted. I wanted to be able to do what I wanted with my time. I didn’t want someone else to be in charge of how I spent my time.
So I took that risk and left the company to start my own business. I thought that if I ran out of money, the worst thing that could happen was I’d get another job. Making that choice was the scariest thing I’ve ever done. But in the end, it was the best choice ever. It changed my life in every way.
Habit #4: Be Frugal
It’s simple math. Less spending means more money. The more you save, the more calculated risks you’ll be able to take because you’ll have money to back you up. You’re not getting by on what you make each week. And being cheap is the best way to keep your savings. I’ve mentioned it before, and I’ll repeat myself now: Being wealthy isn’t about how much you make but how much you SPEND.
If you keep leveling up your lifestyle, you’ll never be able to save money. It is apparent in places like restaurants. You can cook your food at home for free or go out to dinner and spend $40. If you save $40 twice a week by eating at home, you’ll save $160 per month or $1920 per year. We spend money on these things because we think they are essential. But are they? Nope. They probably aren’t.
Do what you need to live comfortably. But that doesn’t mean you need to have everything you desire. It means having less of everything, from clothes and shoes to furniture. It’s about maybe wanting more but being happy with what you have. But we don’t have to be sad because of this. Living Frugal is just a way of life that can help you save more money in the long run.
It’s okay to upgrade your computer or buy a new outfit once in a while. But it’s even better to take the bus to work instead of driving a car. If you can save money, you’ll get to a place where you can live a life of financial freedom. There are many ways to save money that won’t make you feel deprived or deficient in how you live. Take Warren Buffett, for example. Some say he is the best investor ever, and he still lives in the same “Nebraska” home he bought for $31,500.40 years ago.
Habit #5: Surround Yourself With Inspiring People
Motivational Speaker “Jim Rohn” once said – and it is often repeated –
“We are the average of the five people we spend the most time with.”
It’s essential to make sure that these five people are truly inspiring. Take any movie, TV show, or book about a person who gets more and more successful. Most of the time, they start at the bottom, with no goals and friends who all think the same way. A mentor shows up and tells them what they need to do. For Example:
This mentor sees the hero’s potential and helps them escape everyday life. Then, the hero doesn’t answer the call because they aren’t ready to start the adventure or because their friends are holding them back. Eventually, the hero realizes what needs to be done and starts the adventure. It is also valid outside of stories.
We might not all have this five-foot-six-inch tall wizard knocking on our door, forcing us to start a business, but we can surround ourselves with people who motivate us and who we look up to and respect.
I noticed that everyone thought they’d made it when I worked at a job. Everyone thought that, in the game of life, they had reached the last level: full-time employment! So when I said I was leaving to start a business, they couldn’t understand why. “Why do you want to stop?” they would ask. Even though they were brilliant, I could tell they weren’t happy at work, but they didn’t want to leave, which always confused me.
I thought that the more time I spent with them, the more likely I would become too scared to try anything new. So I had to leave. Once I quit my job and started growing my online business, I began meeting entrepreneurs, digital nomads, and other like-minded people who were truly happy with their lives and impacting people.
The truth is – and “Aristotle” talked about this –
“We are the result of what we consistently do.”Aristotle
Who we become isn’t so much a result of external factors but our regular daily habits and actions. If you want to change your life’s path or current situation, then adopting new Habits is the best way to make that happen.
And now that you’ve learned five Habits of Millionaires that they do in their own lives, you’re one step closer to building that life of financial abundance you may dream of. Of course, the bad habits keep you poor and in debt on the flip side.