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Last Updated on June 11, 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 millionaires 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.

Here’re some recommendations for you: 25 Best Self Improvement Books to Read No Matter How Old You Are

2. Establish Multiple Sources of Income

Another success habit I noticed about successful people 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 cash flow-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, keep their knowledge about tax strategies updated.

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. Their 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; instead, they 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. If possible, they try to pay with cash because of its zero percent interest rate.

6. Set Daily Goals

It does not matter if they are setting up a business, a career, or financial projections; they have the success habit of setting short term goals. They plan daily and weekly goals 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 rather than hundreds of dollars.

7. Don’t Act Rich

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

Check out How to Start a Small Business with Little to No Money for tips.

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9. Avoid Get-Rich-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 to 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

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.

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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.

More Success Habits

Featured photo credit: Austin Distel via unsplash.com

Reference

More by this author

Leon Ho

Founder & CEO of Lifehack

What Are The Top 7 Priorities To Have In Life? Why Do I Procrastinate? 5 Root Causes And How to Tackle Them Why You Have the Fear of Failure (And How to Overcome It) How To Be Successful In Life: 13 Life-Changing Tips 11 Best Inspirational Books That Can Change Your Life

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Last Updated on February 17, 2021

50 Ways to Increase Productivity and Achieve More in Less Time

50 Ways to Increase Productivity and Achieve More in Less Time

If you feel like you don’t have enough time to do everything you want to do, maybe it’s time to check-in with your time management skills.

No one is born to be very good at time management, so that’s okay if you think you’re bad in it. But everyone can learn to boost their productivity and achieve more!

Here are 50 ways to increase productivity and add hours to your day.

1. Set a Timer

Estimate the time you need to tackle different tasks and set a timer for each of your tasks. How you go about this is up to you as there are many different ways. There is the Pomodoro technique where you focus on a task for 25 minutes followed by a five minute break afterwards.

In the event that you have a task that will take much longer than that, you can consider one of the many timer-based apps. One that comes to mind is Clockify. It’s used for freelancers and entrepreneurs alike, however it’s a good way to be setting yourself a timer. It provides reports and you can serve as a project manager of sorts too. Best of all, it’s free.

2. Eliminate All Distractions

Distractions include the phone, email notifications and having multiple web browsers open on the desktop. Just as it’s important to be organized offline, it’s key to have things organized online as well. This free guide End Distractions And Find Your Focus is a good tool to help you. With this guide, you’ll learn how to get rid of distractions and boost productivity. Grab your free guide here.

You can also learn more on how to get rid of all distractions in this guide: How to Focus and Maximize Your Productivity (the Definitive Guide)

3. Listen to Music That Boosts Productivity

Distractions should be avoided, but sometimes a bit of music in the background can help you focus.

Of course, it doesn’t need to be heavy rock music, but a bit of Beethoven may do you some good.

Here’s a complete guide to help you pick the right music for better productivity: How To Maximize Your Productivity With Music: A Complete Guide

4. Find Meaning in What You Do (And Love What You Do)

Enjoying what you do is the ultimate way to increase your productivity.

If you aren’t sure what you love doing yet, don’t worry. Leo Babauta has some unique ways to help you: How to Find Your Passion

5. Prioritize your tasks ahead of time.

By listing your tasks in order of importance, you can make sure that you finish all of your most important tasks during the day.

Learn a unique technique to Prioritize Right in 10 Minutes and Work 10X Faster.

6. Batch Similar Tasks into a Single Batch.

Tasks like blog writing, phone calls, email and errands can be grouped into a single batch. You will save time by completing similar tasks in one session. One way to help you with organizing all of those things is through the app Todoist. It’s an easy and simple way for you to plan out your day, set reminders, and group all of your most important tasks in a convenient spot.

7. Complete Your Most Dreaded Tasks First Thing in the Morning.

Whichever activity you are dreading the most is probably the one you need to complete first thing in the morning.

Many people tend to check emails in the morning because after checking a list of emails, they feel fulfilled. But that’s just an illusion of having achieved more.

Doing simple tasks like checking emails first in the morning is bad for you. Instead, do the difficult tasks because you have more energy in the morning to tackle them!

8. Reward Yourself for Finishing a Big Task

To stay motivated for whatever you do, reward yourself every now and then.

Keep track of your small wins and milestones and celebrate them. So whenever you struggle about your progress, you see how far you’ve come!

Find out more about this 2-Step Approach to Self-Motivation: Track Small Wins and Reward Yourself.

9. Don’t Multitask

Research has shown that multitasking is not productive. If you think you can multitask, think again.

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For optimum productivity, focus on one thing at a time.

10. Step Away from the Computer

The Internet has become one of the number one distraction. To increase your productivity, try to do as much of your work offline as possible.

I do this a lot when I try to brainstom new ideas and have found it to be very beneficial to simply unplug.

11. Use Focus Tools

Make good use of apps and technology to help you remove distractions.

Here’re 18 Best Time Management Apps and Tools to help you stay focused. This way, you’re not distracted by the web, e-mail, or IM.

Also, join the free Fast-Track Class – Overcoming Distraction, and you’ll learn the one simple method to work even when you’re surrounded by distractions. Join the free session now!

12. Just Start

Often times, starting is the hardest part. People tend to wait for the perfect time with perfect condition to start. But there’s no perfect condition.

Once you get going, you will quickly get into a rhythm that could last for hours.

13. Find out Your Productive Hours

Everyone has a certain time of the day in which they are more productive than others. For me, it’s the morning.

Find out when your prime time is for productivity and optimize your work schedule accordingly.

14. Keep a Notebook and Pen on Hand at All Times

This way, you can write down your thoughts, to-dos and ideas at any time. The key is to get everything out of your head and onto paper. Your subconscious mind won’t be reminding you about it every other second. Another consideration is getting the app Evernote. Not only does this save you on ink and paper, Evernote is a convenient place for you to jot down notes and thoughts and then share them with the team. In certain circumstances, this can prove useful if you’re the type of person that has a lot of ideas that you want to share.

15. Write a Blog to Chronicle Your Own Personal Development and Achievements

The blog keeps you accountable and always working towards self improvement and personal growth.

When you write down all the small achievements you’ve been having, you’re also more motivated to move forward.

And you know what, this is how I started Lifehack too! What also helped me in starting Lifehack is WordPress, which allows people to set up a website for free. WordPress has simplified a lot of the process of building a site to the point that virtually anyone can build a website now.

16. Write out a To-Do-List Each Day

I like to plan my day the night before. This way, I can get started on my most important tasks as soon as I wake up. The Full Life Planner is a nice tool to help you organize your days and get things that matter done. Check out the planner here and start to plan your day ahead easily!

Make sure you don’t make any of these common to-do-list mistakes!

17. Write Your Most Important Tasks and To-Dos on a Calendar.

The key to good time management is knowing where to be and what to be doing there at any given time. Effective calendar management goes hand in hand with good task list management.

Learn here How to Use a Calendar to Create Time and Space.

18. Reflect on Your Productivity Constantly

As you go throughout your day, repeatedly ask yourself:

“Am I currently making the best possible use of my time?”

This one simple question can be an excellent boost to your productivity.

19. Get up Early Before Anyone Else

I know it could be difficult for some to wake up early in the morning but nothing beats a quiet house!

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Here’s How to Start Your Day at 5:00 AM and some Simple Things Early Risers Do to make waking up early easier.

20. Get Plenty of Sleep

When you work online, sleep can become a long lost memory. However, it’s important to get plenty of sleep so that your working hours can be as productive as possible.

Try out this night routine which I highly recommend for productivity: The Ultimate Night Routine Guide: Sleep Better and Wake Up Productive

21. Exercise

Research has shown that midday exercise boosts productivity and morale in the workplace.

Take a short walk at lunch or do some simple stretches during your break to maximize your productivity.

Here I have some exercises recommendations for you:

22. Outsource as Much as Possible

If you want to achieve more in less time, learn to delegate or outsource work. Here are just a few of the companies that will help you outsource your everyday tasks:

Also, read this guide to learn how to delegate effectively: How to Delegate Work (the Definitive Guide for Successful Leaders)

23. Set Some Exciting Goals

Without worthy goals, you will never be motivated to get things done.

Set goals that are challenging and achievable. The best goal setting framework is a SMART goal. That said, there are other tools that can help you out as well. For example, The Dreamers’ Guide To Reaching Your Goal is a great guide to help you set and reach goals effectively. Grab your free guide and learn how to make your goals happen this year!

24. Tell Other People About Your Goals

When you tell others about your goals, you will instantly be held accountable.

25. Listen to Podcasts

Listen to educational podcasts or audio books while you’re driving to work, cleaning the house, exercising, or cooking dinner.

Audio learning has the power to add hours to your day. Not to mention, your cranium is sure to thank you for it.

Some recommendations for you: 11 Podcasts To Inspire Yourself

26. Read David Allen’s best-selling book Getting Things Done

This is one of the most important productivity books you will ever read. Read it, apply the tips in your daily lives and get more things done.

Here’re more great books about productivity too: 35 Books on Productivity and Organizational Skills for an Effective Life

27. Learn to Speed Read

When you can read faster, you will read and learn more! Check out these 10 Ways to Increase Your Reading Speed.

You can also make use of the app OutRead to help speed up your reading speed!

28. Learn to Skip When You Read

When you’re reading a book, just read the parts that you need and skip the rest. But you have to read with a purpose.

Learn how to make it work here: How to Read 10X Faster and Retain More

29. Focus on Result-Oriented Activities

Pareto’s law (also known as the 80 20 rule) states that 80% of the outputs result from 20% of the inputs. This means that 20% of our actions result in 80% of the results.

We must find the 20% that is creating the 80% of our desired outcomes and focus solely on those activities.

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30. Take a Break

You can’t always be working at optimum productivity. Instead, you should shoot for working in short bursts at your most productive times.

31. Start a Polyphasic Sleep Schedule

What is polyphasic sleep?

Polyphasic sleep is a sleep pattern specification intended to compress sleep time to 2-5 hours daily.[1] This is achieved by spreading out sleep into short (around 20-45 minute) naps throughout the day. This allows for more waking hours with relatively high alertness.

While you can learn more about it here, you’re recommended to take some naps during the day to recharge your energy too.

32. Learn to Say “No”.

We can’t do everything and therefore we must learn when to say no in order to save our sanity.

Learn the Gentle Art of Saying No from Leo Babauta.

33. Go on an Information Diet

Most of the world lives on information overload. We must eliminate mindless Internet surfing.

Stop reading three different newspapers a day and checking your RSS feeds multiple times a day. Otherwise, you’ll never get anything done.

The key is to limit yourself only to information that you can immediately take action on. Here’re some simple tips you can try: 10 Simple Productivity Tricks To Manage Overloaded Information

34. Organize Your Office

The piles of paper around your desk can be a huge barrier on your productivity. Optimize your time by organizing your office, setting up a system and dumping the junk.

Check out these 21 Tips to Organize Your Office and Get More Done and 20 Easy Home Office Organization Ideas to Boost Your Productivity.

35. Find a Mentor

By modeling after those who have already achieved success, you will save yourself a lot of time and energy.

A good mentor is hard to find, so here’s a guide to help you: What to Look for in a Mentor

36. Learn Keyboard Shortcuts

With technology’s help, you can double your work efficiency. Even better, you learn all the shortcuts when using technology, for example keyboard shortcuts.

When you use keyboard shortcut, you gain 64 hours every year!

Not sure what shortcuts to lear? Check out these 22 Tricks That Can Make Anyone A Keyboard Ninja.

Besides learning the shortcuts, you can also create keyboard shortcuts with AutoHotKey.

37. Improve Your Typing Speed to Save Time

Do you know you can save 21 days per year just by typing fast?

You don’t really need to take some serious courses to type faster, try these typing games online:

38. Work from Home and Avoid the Daily Commute

If your job is a flexible one, consider working from home. This saves you the commute time and you’ll find yourself more energetic throughout the day as you have saved the long ride.

Take a look at these tips to help you stay productive while working from home:

How to Work from Home and Stay Ultra-Productive

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39. Get Rid of Time Wasters

Common time wasters include Instant Messenger, video games, Flickr, checking your stats 10 times a day, television and extraneous Internet surfing.

Don’t rely on your willpower, make use of some of these useful tools to help you stay focus: 10 Online Apps for Better Focus

40. Plan Your Meals in Advance

Plan out all of your meals a week ahead and make your grocery list accordingly. This allows you to focus on the necessary – saving you time and money. You can also save yourself even more time through a wide variety of apps. One app that I find helpful is Mealime. It’s an app that provides you with a wide selection of recipes and also a convenient spot for your grocery list as well.

Considering the fact that over 4 million users have this app, it goes to show that there is a good selection of meal plans that you can follow and that the app is friendly to use.

41. Cook Your Meals in Bulk

When you cook your meals in bulk, you will have plenty of leftovers. This can avoid having to cook everyday.

Find out more about how to make cooking in bulk works: Once a Month Cooking: Productivity Hack or Overrated Time Suck?

42. Protect Yourself from Unnecessary Phone Time with Caller ID

The minutes you spend on picking up unnecessary phone calls are time wasted. You can prevent that from happening.

Check out this detailed guide how you can deal with those unnecessary phone calls: How To Lose the Useless Items that Weigh Down Your Day – Cellphone Calls

43. Take Shorter Showers

This one may sound silly but it’s actually something I struggle with. I spend up to 30 minutes in the shower. Think of the time I could save simply by speeding up a bit.

44. Save the Trips to Bank by Taking Direct Deposit

Many employers now offer direct deposit. If yours does, then be sure and take advantage of it and save yourself from a number of trips to the bank.

45. Auto Pay Your Bills

How many times have you been worried about whether you missed the bills deadline?

Auto paying your bills will save you time and eliminate late fees and increased interest rates.

46. Shop Online

Whenever possible, avoid going to the store. When you shop online, you can be more focus about what you’re getting.

47. Speed up your Internet With a Broadband Connection

Many people are aware of the slow speed of internet but aren’t doing anything about it. In fact, this is the number one Internet time-saver!

If you must use dial-up, then you can use accelerators like Propel and SlipStream to double or even triple your speed.

48. Keep up the Speed of Your Computer

If you’re a Windows user, use Windows hibernation feature to avoid the slowdown of exiting and restarting Windows.

Or maybe, consider switching to Mac as there’re plenty of Advantages You Probably Don’t Know About Switching To Mac From PC.

49. Turn off the TV

The average American watches more than 4 hours of television every day. Over a 65-year life, that’s 9 years glued to the tube.

For better health and productivity, turn off the TV. Here’re 11 more reasons to tell you to stop watching TV so often.

Turn off the TV and you are sure to get more out of life.

50. Use a Tivo or DVR

This can help you cut an hour-long television show down to just 40 minutes. You can save time while not missing the fun.

So, here’s the ultimate list of techniques you should learn to boost productivity. Pick the techniques that work for you and make them your daily habits. As time goes, you’ll find yourself being a lot more productive.

More Time Management Tips

Featured photo credit: Pexels via pexels.com

Reference

[1] Medical News Today: What is biphasic and polyphasic sleep?

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