With the progress in technology, the information becomes more and more accessible. At the same time, it has become harder to define success. So many people are trapped in their daily routine trying to find the formula for true accomplishment.
The number of tools and techniques that are promising instant success is truly overwhelming. On the Internet, you’re constantly surrounded by such ‘how-tos and quick-fix’, as well as courses, articles, videos, books…
However, this isn’t that complicated in reality. Read on to learn about seven millionaire success habits that are sure to help you succeed. Maybe not overnight, after all, these are habits, so they should stick around for a long time to work.
1. Read, read, read!
A habit that millionaires seem to have in common is reading. For example, in order to be a good entrepreneur, you have to read a lot and learn how to be a leader and an efficient business owner. Books enable you to grow, and if you read enough, they might even replace a business school.
Thomas Crowley’s research shows that about 85% of self-made millionaires finish no less than two books every month. Warren Buffett is no exception: he spends most of his day reading. According to the interviews, in the early stages of his career, he used to read 600 to 1000 pages in just one day.
While it’s a great idea to read for pleasure if you want to improve yourself and your business, prioritize business literature and topics like leadership, how-tos, biographies, and so on.
2. Have several sources of income
Successful people don’t depend on just one income source. Multiple sources of income help them to cope with economic challenges and earn more money.
Millionaires are passive income enthusiasts. They get money from interests from loans, real estate, dividends from investments, and royalties from intellectual properties, and so on. They usually have more than one business, too.
Self-made millionaires don’t rely on luck. They make sure to understand their exact cash flow-income and expenses. Using this information, they then decide on a budget and stick to it.
The main reason why you need a budget is to reduce unnecessary spending. This will enable you to take control of your financial life and achieve your financial goals.
4. Manage your money properly
The most important knowledge a millionaire can have is financial education. It’s impossible to achieve financial freedom if you don’t gain financial intelligence. This is the reason why millionaires, no matter what their income is, always learn something new, especially if it helps them to decrease their tax bills.
By the way, as many as 60 companies paid nothing legally in the 2018 tax year? The list of such companies includes Amazon, Halliburton, Chevron, General Motors, and Delta.
5. Avoid being in debt
One more habit that divides the millionaires from others is the way they manage debt.
Millionaires don’t live an over-the-top lifestyle; rather, they buy only what they really need and, what is even more important, can pay for. They don’t just think that their credit cards will solve all the problems; they don’t buy something now and think about how to pay for it later.
And when they do take a loan, they thoroughly study the interest rates and conditions.
6. Have daily goals
Short term goals are essential in all spheres. They set daily and weekly goals that help them achieve long-term goals.
Make sure you prioritize the most important stuff when planning for the day. Otherwise, procrastination will make you waste time doing everything other that you actually should be doing.
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 like you’re very rich
The goal here is not to show off but instead to spend money in a smart way. Interestingly enough, Thomas Stanley mentions in his book that about 86% percent of prestigious cars belong to non-millionaires. And of course, buying an exotic car you can’t afford is a huge financial mistake.
The Experian Automotive Researchers found that about 61% of individuals who make $250,000 or more buy products of luxury brands very rarely. The reason is why they don’t do it is quite simple: expensive cars tend to decrease in value with time. And rich people invest in things that appreciate well.