More often than not, money is simply a bye product of doing something well. The most passionate individuals, artists, entrepreneurs and professionals love what they do. They build great habits that make them skilful in what they do and they keep moving up the ladder of success.
Most millionaires share common habits and traits that set them apart. These habits and routines help add value, which helps them acquire and sustain wealth. Here’s a look at the daily habits of the self made millionaires:
1. Right Investments
Millionaires make the right investments. They prioritise not just money and time, but also skills and relationships. Millionaires learn the right skills that give them the leverage over others.
Millionaires invest their time in doing things that yield great returns for them in the future. They learn things that make them valuable, build good relationships, prioritise self improvement and take a long term view of things.
By making the right investments, the millionaires set themselves up for a more successful life. According to a study by Corley, the millionaires read two or more books every month. They invest time in reading, improving their skills and learning.
2. Exercise
Countless studies show the benefit of exercise for your brain and body. The millionaires keep their body, mind and spirit in the best shape by exercising. A study revealed that over 76% of millionaires exercise over 30 minutes a day.
According to research conducted on 600 American millionaires by Sarah Stanley Fallaw, millionaires may have more time for exercise because they spend less time on social media. The average American spends 14 hours a week on social media compared to an average millionaire who spends 2.5 hours a week.
3. Work Hard & Create Value
Millionaires work harder than other people. Infact research shows that 86 percent of wealthy people who work full time put in 50 hours or more each week at their career.
The millionaires create value for others and themselves by doing things differently. A majority of the millionaires are into business and create value for others. They work hard and do things innovatively to create value for others.
4. Patience
On average it takes around 32 years to reach the millionaire mark. Yes, most of the people who get to the million figure mark get there after they are 50 years old. Infact, of all millionaires, only 4% of them became millionaires before they were 45 years old.
Millionaires are patient. They know it takes time to build things and they are prepared to fight things out. They are resilient and don’t accept defeat easily.
5. They are Frugal
The average millionaire is more frugal than non millionaires and doesnt spend money on unnecessary things. Even when they can afford luxury items and accessories, millionaires tend not to go overboard with their spending habits.
The average millionaire avoids credit cards, debts and depreciating assets.
As Warren Buffett says, “If you buy things you don’t need, you will soon sell things you need.”
6. Self Improvement & Learning
What you know today will have very little significance tomorrow. The only thing that counts is constant learning and growth. When it comes to millionaires, they spend quality time reading, learning and upgrading themselves to a better version all the time.
Corley’s research revealed 88% of the rich devote thirty minutes or more to self-education or self-improvement reading every day.
The habit of self learning, improving oneself and acquiring the skills needed in the competitive world puts millionaires on a different level.
7. Bounce Back
It takes time to become a millionaire. The average is approximately 32 years. Even if you started by 21, you will need to wait until 53 to be a millionaire.
Millionaires have an inherent tendency to bounce back after failures. They know how to handle pressure, tough times and bounce back stronger. They are gritty and learn from their mistakes.
Stanely’s research showed that the average millionaire goes bankrupt 3.5 times before they eventually succeed. It goes to show that the millionaires have higher commitment levels than most other people.
8. Hang Out with Successful People
Millionaires hang out with successful people. They know that the time they spend with people will have a bearing on their life. They build relationships and peer groups of people where they can learn things.
When you hang out with winners, you pick up their daily habits, strategies, and mindset. You know where the industry is headed and how you can prepare yourself for the upcoming challenges. People with strong networks are also able to get things done with relative ease.
Jim Rohn once said, “You are the average of the five people you spend the most time with.” For millionaires, “Your net worth is the average of five people you spend the most time with.”
