Advertising
Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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

7 Reasons Why a Life Without Purpose is Unfulfilling What Should Be Your End Goal In Life Above All Else? 35 Top Productivity Apps for iPhone (2020 Updated) How To Make A Vision Board That Works How to Push Yourself to the Next Level and Achieve Success

Trending in Smartcut

1 50 LinkedIn Influencers To Follow, No Matter Your Industry 2 11 Reasons Why We Fail to Achieve Our Goals 3 22 Best Habit Tracking Apps You Need in 2020 4 How to Break Bad Habits (The Only Effective Way) 5 How to Break Bad Habits: I Broke 3 Bad Habits in Less Than 2 Months

Read Next

Advertising
Advertising
Advertising

Last Updated on November 27, 2020

15 Office Design Tricks That Will Increase Your Productivity at Work

15 Office Design Tricks That Will Increase Your Productivity at Work

Where you work has an enormous impact on how you work – on your ability to focus (and stay focused) and your overall ability to be productive. That means the design of your office, whether you work at home or in a larger company environment, is of supreme importance. This isn’t just about Feng Shui, this is about producing results and getting things done.

According to studies done on workplace and productivity, the most significant factor in determining an employee’s ability to focus is their physical environment. In fact, it’s been said that a well-designed office can increase your productivity about 20%. However, despite the studies and statistics, nearly half of the employers interviewed don’t consider workplace design a good business investment.

So what is a productivity hack to do? What if you work in an environment that doesn’t promote focus?

Check these 15 factors and make changes where you can. A little adjustment can produce a lot of impact.

Lighting

Lighting is one of the most important factors in staying focused and feeling inspired to create, yet it’s one of the most overlooked and least invested in. Bad lighting can cause fatigue, eyestrain, headaches and overall irritability. Dark spaces can actually produce depression.

If you work in a company office:
You probably have no control over your general lighting so bring in your own, if need be. Consider using natural light bulbs or a light therapy device.

If you work from a home office:
Open the windows and doors and let natural light in. Using lamps in a variety of areas for cloudy days or when it’s dark.

Chair and Table

If you’ve ever sat at a desk to do work but found yourself adjusting, stretching and moving too often to actually stay focused, then you’re aware of the importance of having a correctly fitted table and chair. In today’s work environment where so many of us are sitting for most of our day, it is critical that your throne fits your body probably.

Consider these quick ergonomic checks:

Advertising

  • Eyes 24-36 inches from the computer screen. The top of the monitor should be below or at eye-level.
  • Feet should be on a foot rest or resting on the floor.
  • A slightly reclined chair posture is best to reduce pressure on your spine and minimize lower back pain.

If you work in a company office:
Ask for an adjustable chair. Add pillows for your lower back or bum, if you need it. Many companies will also provide risers for computers to adjust the height of your computer screen (and a separate keyboard to keep your hands and wrists in the ideal position)

If you work from a home office:
Invest in a decent chair or at least use a few pillows to make the chair more comfortable. If the table is too high, add pillows to your chair. If it is too low, consider buying leg risers from your local hardware store and using books beneath your computer to raise the screen. Use a separate keyboard.

Clutter

Your mama was right, it’s important to clean up your room. Clutter may help the creative mind create, but it isn’t necessarily helpful for focus and productivity.

If you work from a company office: While you can’t control the cleanliness of the office at large, do keep your own environment around you clean. Spend 10 minutes every morning or evening making sure things are put away, filed, organized and generally out of sight so you’re not distracted by it later.

If you work from a home office: Because you work from home, the entire house or apartment is potential for distraction. If you can afford it, hire a professional cleaning service to keep your home clean. If not, schedule a specific day and time to clean your home. Commit to doing daily pickup at a specific time. And spend at least 10 minutes every day making sure your office  is organized and tidy.

Room Color

The colors around us all have an effect on our moods and brain function. It evokes both a physical and emotional response. So choosing the right colors for your work space has the ability to affect your productivity. For instance, blue has been said to illicit productivity. Mind you, too much of anything can be overwhelming, even color.

If you work from a company office: Bring in items from home that are a certain color that inspire you and keep you focused. Use postcards, magazine cutouts, even just blocks of color will do.

If you work from a home office: If you work from home, you have much more control over the colors around you. Consider repainting a wall, adding color to the table you work at, or hanging pictures that are dominated by a specific color.

Room Temperature

Most offices keep their temperatures around 65-68 Fahrenheit but it turns out that this might not be good for productivity. Warmer rooms actually make people more productive.

Advertising

If you work from a company office: Most offices are regulated by somebody else, so bring a space heater, sweaters and blankets to your work space.

If you work from a home office: Depending on the season, open the windows or adjust the heat or a/c so that you’re more comfortable and warm. Pile on the sweaters in the winter or add a space heater to your feet.

Room Scents

Like the color of the space you work in, our sense of smell can powerfully affect our mood, mindset and thus our productivity. Consider adding scents to your work space to jar your mind into focus when you start to notice yourself drifting off.

Try using these scents to stay focused:

  • Pine – Increases alertness
  • Cinnamon – Improves focus
  • Lavender – Helps to relax you during a stressful work day
  • Peppermint – Lifts your mood
  • Citrus (any) – Wakes you up  and lifts your spirits

If you work from a company office: Most people will not appreciate added scents to their work environment so you’ll need to keep it subtle. Keep essential oils in your bag or drawer and when you’re in need of a boost put a few drops on a handkerchief or cotton ball.

If you work from a home office: Use candles, incense or essential oils. You can also simmer herbs and spices in the kitchen to fill your home with a warm scent.

Noise Level

The noise level in a work environment can vary greatly depending on the size of the team you work with, the office design and company culture. But make no mistake, the noise around you affects your ability to stay on task. Not only can it be distracting, it can also raise stress levels making your ability to sustain productivity far more difficult.

If you work from a company office: Bring in noise cancellation headphones and use music services like Spotify or Songza and choose concentration boosting sounds, like white noise.  Find out if your office offers quiet work spaces for times when you need the utmost focus.

If you work from a home office: Sometimes the complete quiet can be as distracting as an office. Use a service like Coffivity to mimic the noise of a coffee shop, which has been said to help with concentration.

Advertising

Air Quality

Air quality can drastically affect our ability to focus and think clearly. Get this: OSHA estimates that the total annual cost of poor air quality in office environments costs employers $15 billion “due to worker inefficiency and sick leave.” Yeah, it’s serious business.

If you work from a company office: Talk to them about installing air filters. If there is a way to bring in fresh air through windows or doors, arrange to have them opened for at least a portion of the day. If nothing else, get a personal air filter to have on your desk or nearby.

Also, get a plant (or better yet, have the company buy and use more plants in the office!). Plants are great at filtering the air and providing clean, purified oxygen.

If you work from a home office: Open windows and doors and let in the fresh air. Install an air filter or get a portable air filter to keep near your desk. And, yes, you too should get a plant.

Different Spaces

If you can manage it, give yourself more than one space to work from. Putting yourself in a new space with different qualities and things to look at quite literally shifts your brain and helps you stay focused.

If you work from a company office: Many offices offer a variety of environments to work from: your personal space, lobbies, break out rooms, conference rooms, kitchens and eating areas and, if you’re lucky, they also provide lounge areas. Use all these spaces to vary your routine. Make sure your supervisor knows so they don’t think you’re slacking off and know tat you’re actually getting more done!

If you work from a home office: If you work at a desk, add a comfortable couch or chair to the room. If your space is less flexible or ultra tiny, think about more creative ways to change your work space. Rotate the pictures on your walls every couple of days. Sit on the other side of your desk. Get a lamp and multiple colored bulbs. Or go work at a café, the library or in a park.

Organization of People

Most employers organize employees around job function or in specific divisions. Instead, studies show that people are more creative and productive when they are sitting with colleagues that share the same goal or client. Not only are you able to get answers and generate solutions quicker, but because you’re directly accountable to the people around you, you’re more likely to stay on task and productive.

If you work from a company office: Ask your employer if you can experiment by clustering your group together in a conference room for a day or a week. Get feedback from everybody involved. Show the results. If your company won’t make permanent adjustments, perhaps they’ll allow you to work together a couple times a week when the conference room or lounge area is free.

Advertising

If you work from a home office: This is a little bit more difficult because when you work at home you’re not with colleagues. You can recreate a similar space digitally, however. Create a Skype group and have everyone logged in during working hours. You can do morning accountability and check-ins while remaining available for questions, solution-finding and general banter that promotes creativity.

Idea Storage

Ever been working hard when you’re suddenly distracted by a great idea? At first you try to push it away, but then the next thing you know you’re 20 pages deep into an online search on the topic. Ideas should be encouraged and cultivated, but when they come right in the middle of another task it can be incredibly distracting. Instead, create a place to store your ideas that’s easily accessed from your work space.

For both a company and home office: Keep pads of paper around, have a chalk wall, get a white board – when you have a spark of inspiration write it down right away to get it out of your head then return to the task at hand. Then, at the end of the day or when you have free time, collect all the ideas and review them. With a little time and space you can better decide if it’s worth pursuing or better to leave it on the back-burner.

Refreshment

Our brain needs nourishment to keep going, especially when we’re driving hard and staying focused. You can let a rumbling stomach go on for only so long before the brain shuts down. Assuming your different is like wanting your car to keep driving without having to stop and fill it with gas. A novel idea, but not realistic.

If you work from a company office: Pre-make snacks for the day and/or week. Or, bring in prepackaged snacks. Keep in mind that junk food has properties of diminishing returns so if you’re buying your food prepackaged think nuts, fruit, unsweetened yogurts, and hummus and crackers. Likely, your company provides coffee, tea and water so you don’t have to worry about supplying that for yourself.

If you work from a home office: If you work from home, this can be a key distraction. Try to reduce the number of times you walk into the kitchen each day. To do this, keep quick and   easy snacks pre-made or prepackaged ready and near your desk. Keep a water bottle nearby. And consider bringing a kettle into your office and stocking tea and coffee so you’re   not tempted to wander around the house and lose time poking through the pantry.

Bring in Nature

We are biological creatures, first and foremost. So we are deeply affected by our access to (or lack of) the natural world. It’s important for our psychological and physiological functioning, which directly affects our ability to be productive.

If you work from a company office: If you don’t have windows in or near your work space, bring in pictures of the outdoor world. Keep a picture of something natural as your screensaver and/or desktop wallpaper. Take walks outdoors at lunch or in between major tasks. Just a few minutes outside in the fresh air and sunshine can boost our mood and shake out the doldrums. Be sure to add a plant to your desk, too!

If you work from a home office: Keep the shades open and, if you can, let in fresh air. If you can’t see anything natural out of your window, keep pictures of the natural world as your screensaver and/or desktop wallpaper. Take walks. Or, just step outside and put your feet on the ground. Put plants in your office – research shows that having live plants in your office makes you more productive, happier and less stressed.

Digital Space

For most people, our primary work is housed within our laptops and our physical environment simply the backdrop to our digital lives. Make sure your computer has software that helps you sculpt the digital environment that best elicits productivity. Use focus apps like this one or this to decrease distractions. Or design your day using intervals with an app like this one to keep you at your peak focus throughout the day.

Featured photo credit: Phil Desforges via unsplash.com

Read Next