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Published on January 15, 2020

9 Millionaire Success Habits That Will Inspire Your Life

9 Millionaire Success Habits That Will Inspire Your Life

As technology evolves and information becomes more accessible, it has also become more challenging to define success. A lot of people are trapped in the rat race while trying to discover the actual formula for success.

You could become overwhelmed with what tools, techniques or philosophies to imbibe while trying to get tips over the internet. At every click and turn, there are ‘how-tos and quick-fix’ on how to become successful overnight. You will find several courses, articles, videos and books on how to achieve financial success.

But what if I tell you it doesn’t have to be complicated as people made it out to be? What if you could achieve success by merely following these 9 millionaire success habits?

1. Read for Personal Development

A daily habit I have discovered millionaire share in common is reading. For instance, if you are an entrepreneur, you need to read to become an efficient leader and a productive business owner. Reading helps you to grow and learn without going to a business school.

A research conducted by Thomas Crowley indicates about 85% of self-made millionaires read at least two or more books each month. [1] Warren Buffett is one of these examples. He spends 80% of his day reading. In the early days of his investment career, he would read 600 to 1000 pages in a single day.

While millionaires sometimes read for pleasure, they also learn to improve themselves. They read topics on leadership, how-tos, self-help, biographies, lifehacks and also follow current events.

2. Establish Multiple Sources of Income

Another success habit I noticed about success is that they don’t depend on a single income source. Every millionaire possesses multiple sources of income. This helps them to manage economic challenges and also make more money.

They are passive income addicts. They earn interests from loans, rental income from real estate, royalties from intellectual properties, dividends from investments. They also launch a side business or run a website or sell information products.

How income is made either passively or actively is what separates the successful from the wannabes. They are always learning ways to build multiple streams of income.

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3. Live on a Stipulated Monthly Budget

An average millionaire does not believe in luck and jackpot. They take the time to understand cashflow-income and expenses. Based on this, they establish a monthly budget and religiously stick to it.

The essence of the budget is to minimize unnecessary expenses. This will help you gain complete control of your financial life. Budgeting helps you to avoid overspending to achieve your financial goals. Here’re some tips to help you stuck to your budget: 32 Hacks for Sticking to Your Budget

4. Manage and Maximize Money

The most significant education for a millionaire is financial intelligence. Nobody attains financial freedom without gaining financial intelligence. This is the more reason millionaire regardless of their income update their knowledge about tax strategies.

They always seek to reduce their tax bills. One approach they employ is by living or incorporating their business in states with no income tax.

Do you know that about 60 companies paid $0 legally in the 2018 tax year? Some of these companies that ‘avoided'(note: not evaded) federal income tax include Chevron, Amazon, Halliburton, General Motors, Delta. The total income. Their total US income was totaled at $79 billion with an effective tax rate of -5%.

What’s the deal? They got a tax refund. How do they accomplish these?

An ITEP report indicated that they have the culture of throwing huge sums at tax experts who assist them in discovering creative, as well as convoluted means of paying little tax as much as possible. [2]

5. Avoid Debt

Another habit that separates the millionaires from the rest of the world is how they manage debt.

They don’t live an extravagant lifestyle and only buy what they need and can pay for. They do not book hotels and flights by using their credit cards to pay for them.

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They are conscious of the interest rates even when they use credits cards or take loans. They use those facilities for their advantage or pay with cash because of its zero percent interest rate.

6. Set Daily Goals

It does not matter if they are setting business, career, or financial projections; they have the success habit of setting short term goals. They plan daily and weekly to generate momentum in achieving their long-term goals.

Ensure you prioritize when setting daily goals. This will help you to achieve the most important to-dos on your list.

Setting priorities will help you to focus on highly rewarding activities. If you desire financial freedom, it is wise to pursue activities that earn you thousands of dollars than hundreds of dollars.

7. Don’t Act Rich

The goal is not to act rich but to be productive. Interestingly, Thomas Stanley buttressed this in his book that the most prestige brands of cars, about 86% percent are toys of the non-millionaires. People with huge fortunes tend to drive exotic cars but in reality, the largest consumers of pricey cars are aspirational. [3]

According to findings by Experian Automotive Researchers, 61% of individuals who earn $250,000 or more rarely buy luxury brands. Instead, they buy Hondas, Toyotas, and Fords like the rest of the world. The reason is they are not ready to spend money on premium cars that tend to drop in value in a couple of years as it would cost money. Millionaires invest in assets that appreciate. [4]

8. Own or Buy Businesses

In Robert Kiyosaki’s cashflow quadrant, he divided how you earn income into four quadrants. The E and the S quadrants take the left position while the B and the I are on the right side. According to Robert, it is possible to be on all quadrants, but the millionaires are not.[5]

  • E stands for employee – they work for others
  • S stands for self-employed – they work for themselves
  • B stands for a Business owner- employees work for them (500 or more employees)
  • I stand for Investors – Money work for them like Warren Buffet.

Your goal is to move from the left quadrant to the right quadrants where you own big businesses or make money work for you.

It is possible to become financially successful by pursuing what you love. For instance, if you love writing, aspire to be the best seller. Wealth and passion work together.

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9. Avoid Get-Rick-Quick Scheme

A millionaire holds patience as an essential virtue. It takes patience to become successful, not only in finance but in every aspect of life. While it is possible to become financially successful at an early age, most millionaires hit it at age 50. They live a moderate life, invest in their future and retire rich.

Bonus: How Can You Develop the Millionaire Success Habits?

Having learned these habits, the next question is,

How can I develop the Millionaire Success habits?

Here are six values you will need to develop:

Establish Your Life Vision

You need to be clear about what you want in life to set yourself for a life of success. Your vision has to go beyond becoming a millionaire to understanding why you want to become one. Any great entrepreneur you will ever find has a clear vision and an established mission.

Understanding why you are doing what you do will drive you to become the kind of successful person you want to be.

Make Your Passion a Profession

When your passion becomes your profession, work becomes pleasurable. Loving what you do enables money to flow to you and through you.

So what’s going to be? Wake up every morning by speaking positive words into your work, love what you do, and focus on the work that brings you joy.

Take a look at this article and learn how to make it happen: 5 Steps To Turn Your Passion Into A Career

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Focus on Solution

Focusing on the solution means establishing the problem that you or your business address. This will help you focus on the solutions when others are faced with challenges.

A millionaire has a mindset that is fixed on the solution. He or she knows there’s a way out, and that every problem is an opportunity in disguise.

Improve your problem solving skills with these tips: 6 Effective Ways to Enhance Your Problem Solving Skills

Develop Your Leadership Skills

Leadership skills are an asset that is indispensable if you want to develop a millionaire success habit. The more you hone your leadership skills, the more you will attract leaders who share your values.

Be Growth-Focused

Millionaire entrepreneurs prioritize self-improvement. Here’s how to achieve it:

  • Get a coach. Coaching will impact your life, and you will achieve peak performance in life and business when you have a life coach.
  • Be coachable. It is not enough to have a coach; you must be coachable. Sometimes, you need feedback and counsel to reposition your life and business. A coach has the wisdom and experience to counsel you from a higher perspective. The more you receive feedback and work on yourself, the more you become better at what you do and who you are.

Flip Your Thought Pattern From Acting To Being

It is not enough to have a millionaire success habit, you must also become a person of positive influence. This is how you can become significant. Bill Gates is not only rich; he is changing lives in Africa and different parts of the world.

If you want to become successful, you must first be and think like a successful person. This is how resources you need can flow into your life.

Here’s a final thought from me:

It is not enough to do something to have something; success is about being someone who possesses what is needed to take positive and inspired actions.

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Featured photo credit: Austin Distel via unsplash.com

Reference

More by this author

Leon Ho

Founder & CEO of Lifehack

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Last Updated on January 24, 2020

10 Good Habits To Have in Life To Be More Successful

10 Good Habits To Have in Life To Be More Successful

Habits are behaviors and patterns that you showcase by default. They enable you to carry out crucial activities like taking a shower, brushing your teeth, getting prepared for work.

Interestingly, you follow this routine every day without considering them. Your unconscious habits create room for your brain to perform more advanced activities like problem-solving and choosing what book to read.

Everyone has habits, and several of those habits are activated every day. I would classify them into three groups:

  • The first category includes the habits that you hardly notice as they have become a major part of your life- such as brushing teeth or wearing clothes.
  • The second category comprises good habits to have to be more successful-like eating healthily, exercising your body and reading books.
  • The last group consists of those habits that are harmful-like procrastinating, smoking or overeating.

Habits are fundamental to becoming successful in life — or probably ending up a failure. Yet, as significant as habits are, some lack the knowledge of their capabilities.

Habits are default activities that you engage in without giving an afterthought. They are automatic behavioral or mental activities. They help you carry out some actions without exerting too much energy. They simplify your life.

Several people aspire to break bad habits. For instance, some people diet to stop overeating. They exercise to reduce obesity. Habits can hinder or impact your performance and productivity.

That’s why I would share 10 good habits to have to be more successful in life.

1. Begin Your Day with Meditation

I recommend mindful meditation early in the morning. This practice helps you to be in the present moment. Consequently, it enables you to be mindful of challenging situations during the day.

Different stressors may trigger as you go through the day; meditation helps you to remain calm before taking on the challenges.

Personally, it helps me to devise strategies and think about ideas. Meditation is a good habit to have if you want to be connected to what’s significant in your life.

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2. Be Grateful for What You Have

Sometimes, you waste time thinking of what’s not enough. You become immersed in those daunting challenges. However, challenges justify the presence of hope. When you have life, you have expectations. You will be free from challenges when you are six feet under. The only strategy you have to stop focusing on your problems is to focus on what you have.

Gratitude is a time-tested pathway to success, health, and happiness. It redirects your focus to what you have from what you lack. Here’s what James Clear does every day,[1]

“I say one thing I’m grateful for each day when I sit down to eat dinner.”

3. Smile

Can you pause and smile before you continue reading this?

Now here is what just happened based on research conducted by the Association for Psychological Science; you set a pace for living a happier life when you smile. A genuine smile or what’s called a Duchenne smile is a good habit to have if you want to find spiritual, emotional and mental peace of mind.[2]

Smiling induces the release of molecules that function towards fighting stress. The physiological state of your body determines the state of your mind. When you slouch or frown, your mind takes cues relating to unhappiness and depression. But, once you adjust yourself by putting up a smile, you begin to feel a new level of excitement and vibrancy.

Can you smile again?

4. Start Your Day with a Healthy Breakfast

Starting your day with a healthy breakfast is a good habit to have and forms a crucial part of your life. Nevertheless, about 31 million Americans skip their breakfast each day.[3]

If you are fed up hearing that breakfast is a crucial component of your day, you are only fighting the truth. If you want to become more successful, you need to ‘break your fast’ with healthy foods every morning.

This habit is not difficult to form if you usually rush out the door every single morning. You can wake up earlier to fix yourself a meal so you don’t break down during the day.

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Get inspired by these 20 Healthy Breakfast Choices That Will Save You Time.

5. Exercise Daily

One of the good habits to have is to exercise your body and muscles every day. You don’t have to run a marathon or lift a weight. You only need to engage in less strenuous activities that oxygenate your blood and inject endorphins in your body.

Jack Dorsey, the CEO of Twitter, classified exercise as a good habit to maximize his already jam-packed schedule.[4] He said,

‘I wake up by 5, meditate for 30 minutes, seven-minute workout times three, make coffee, and check-in.’

He said on Product Hunt that he follows this routine every day as it gives him a steady-state that empowers him to be more productive.

6. Manage Your Time as You Manage Your Finance

Another good habit is the act of managing your time effectively. This goes a long way to impact your achievement.

Time management is what separates the successful from the rest of the world as we all possess the same amount of time. How you leverage time determines your potential to succeed in life.

So how do you manage your time effectively?

Here’s Jack Dorsey’s recommendation in one of the Techonomy events;

“I accomplish effective time management by theming my days and practicing self-discipline. These themes help me handle distractions and interactions. If a request or task does not align with the theme for that day, I don’t do it. This sets a cadence for everyone in the company to deliver and evaluate their progress”.

And this is Dorsey’s weekly theme:[5]

  • Monday – Management
  • Tuesdays – Product
  • Wednesday – Marketing and growth
  • Thursdays – Developers and partnerships
  • Fridays – Culture and recruiting
  • Saturdays – Taking off
  • Sundays – Reflection, feedback, strategy, and preparing for Monday

No wonder he was able to run two companies when others were struggling with one job.

7. Set Daily Goals with Intentions

Everyone has goals. It may relate to business or personal life. The truth is, we’re all tending towards a particular direction or another. Nevertheless, while long-term goals can offer you direction, it’s your daily goals that you establish that help you develop short-term goals that are essential for your success.

Long-term goals may not give you the motivation you need to keep on. But when you implement your short-term milestones daily, you become fired up, and you can overcome the challenges that come with taking on bigger tasks.

Here’s the main truth:Successful people don’t set goals without establishing their intentions. According to Jennifer Cohen of Forbes,[6]

“What helps you to achieve your desired expectation is ensuring intentions accompany your daily goals.”

Be intentional about your daily goals!

8. Seek Inspiration

It is usually difficult to be inspired for a considerable length of time. Sometimes, you become discouraged and feel like giving up on your goals when things are not working out as intended.

A practical approach to stay on top of the situation is to inspire yourself each day. When you wake up in the morning after meditation, watch some motivational videos, and let the story of great leaders inspire you.

Establish what Anthony Robbins called the ‘hour of power.’ Determine how many minutes you spend but make it count. Inspiration is the fuel for achievement because when you can conceive it in your mind, you can accomplish it.

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Michal Solowow, an investor and the founder of Mitex, a construction company puts it this way,[7]

“The problems I encounter in everyday life motivates me to find solutions. This is a self-propelling mechanism. becoming a billionaire was never a motivating factor.”

9. Save Steadily, Invest with All Prudence

I can exhaust the good habits to have without talking about saving and investing. Most times, you overlook the significance of saving for the future when you are living in your present moment. According to CNBC, a $1000 emergency will propel several Americans into debt.[8]

However, it is not enough to save, and you must invest your fund and be wise with it. If you pay attention to this now, you will set yourself for a life of success in the future. Ensure you save at least six months in your emergency account so you can be prepared for any future emergency.

10. Budget and Track Your Spendings

Benjamin Franklin warned of taking the precaution of little expenses. He said,

“A small leak sinks a great ship.”

It is easy to discard little expenses, but the truth is they always add up. This happens when you fail to budget.

Budgeting is a good habit to have, which can impact your financial life significantly. The money you spend on extravagant lifestyles can be saved and invested in your future.

The Bottom Line

Endeavor to cultivate these good habits to have to become more successful as you journey through life. The quicker you cultivate them, the faster you achieve your goals.

More About Habits

Featured photo credit: Andrijana Bozic via unsplash.com

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Reference

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