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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

FIRED to HIRED with the Fortune Formula Why Having a Goals Strategy Can Help You Achieve More How to Be More Assertive and Go After Your Goals How to Achieve Goals and Increase Your Chance of Success Having Trouble Reaching Goals? This Could Be Why

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Last Updated on May 7, 2021

Productivity Boost: How to start your day at 5:00 AM

Productivity Boost: How to start your day at 5:00 AM

I have been an early-riser for over a year now. Monday through Friday I wake up at 5:00 AM without hitting the snooze button even once. I never take naps and rarely feel tired throughout the day. The following is my advice on how to start your day (everyday) at 5:00 AM.The idea of waking up early and starting the day at or before the sunrise is the desire of many people. Many highly successful people attribute their success, at least in part, to rising early. Early-risers have more productive mornings, get more done, and report less stress on average than “late-risers.” However, for the unaccustomed, the task of waking up at 5:00 AM can seem extremely daunting. This article will present five tips about how to physically wake up at 5:00 AM and how to get yourself mentally ready to have a productive day.

Many people simply “can’t” get up early because they are stuck in a routine. Whether this is getting to bed unnecessarily late, snoozing repetitively, or waiting until the absolute last possible moment before getting out of bed, “sleeping in” can easily consume your entire morning. The following tips will let you break the “sleeping in” routine.

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Relocate your alarm clock.

Having an alarm clock too close to your bed is the number one reason people simply cannot get up in the morning. If your alarm clock is within arms reach of your bed, or if you can turn your alarm clock off without getting out of bed, you are creating an unnecessarily difficult situation for yourself. Before I became an early-riser, there were many times that I would turn off my alarm without even waking up enough to remember turning it off. I recommend moving your alarm clock far enough away from your bed that you have to get completely out of bed to turn it off. I keep my alarm clock in the bathroom. This may not be possible for all living arrangements, however, I use my cellphone as an alarm clock and putting it in the bathroom makes perfect sense. In order to turn off my alarm I have to get completely out of bed, and since going to the restroom and taking a shower are the first two things I do everyday, keeping the alarm clock in the bathroom streamlines the start of my morning.

Scrap the snooze.

The snooze feature on all modern alarm clocks serves absolutely no constructive purpose. Don’t even try the “it helps me slowly wake up” lie. I recommend buying an alarm that does not have a snooze button. If you can’t find an alarm without a snooze button, never read the instructions so you will never know how long your snooze button lasts. Not knowing whether it waits 10 minutes or 60 minutes should be enough of a deterrent to get you to stop using it.

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Change up your buzzer

If you use the same buzzer day in and day out, you begin to develop a tolerance to the sound. The alarm clock will slowly become less effective at waking you up over time. Most newer alarm clocks will let you set a different buzzer tone for the different days of the week. If you change your buzzer frequently, you will have an easier time waking up.

Make a puzzle

If you absolutely cannot wake up without repetitive snoozing, try making a puzzle for yourself. It doesn’t take rocket science to understand that the longer your alarm is going off, the more awake you will become. Try making your alarm very difficult to turn off by putting it under the sink, putting it under the bed, or better yet, by forcing yourself to complete a puzzle to turn it off. Try putting your alarm into a combination-locked box and make yourself put in the combination in order to turn off the alarm — it’s annoying, but extremely effective!

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Get into a routine

Getting up at 5:00 AM is much easier if you are doing it Monday through Friday rather than sporadically during the week. I recommend setting an alarm once that repeats everyday. Also, going to bed at about the same time every night is an important factor to having a productive morning. Learn how much sleep you need to get in order to not feel exhausted the following day. Some people can get by on 4-6 hours while most need 7-8.

Have a reason

Make sure you have a specific reason to get up in the morning. Getting up at 5:00 AM just for the heck of it is a lot more difficult than if you are getting up early to plan your day, pay bills, go for a jog, get an early start on work, etc. I recommend finding something you want to do for yourself in the morning. It will be a lot easier to get up if you are guaranteed to do something fun for yourself — compare this to going on vacation. You probably have no problem waking up very early on vacation or during holidays. My goal every morning is to bring that excitement to the day by doing something fun for myself.

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As I previously mentioned, I have been using these tips for a very long time. Joining the world of early-risers has been a great decision. I feel less stressed, I get more done, and I feel happier than I did when I was a late-riser. If you follow these tips you can become an early-riser, too. Do you have any tips that I didn’t mention? What works best for you? Let us know in the comments.

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