With technological advances, information is becoming more easily accessible. At the same time, it becomes more difficult to define success. So many people are trapped in their daily routine trying to find formulas for true achievements.
The number of tools and techniques that promise instant success is truly extraordinary. On the internet, you continue to be surrounded by ‘how-tos and quick-fix’, as well as courses, articles, videos, books …
However, this is not complicated in reality. Read on to learn about the seven successful successful habits of millionaires that will definitely help you succeed. Maybe not overnight, this is a habit, so they have to last a long time to work.
- Read, read, read!
The habit that seems to be owned by millionaire is reading. For example, to be a good entrepreneur, you have to read a lot and learn how to become an efficient business leader and owner. Books allow you to grow, and if you have enough reading, they might even replace a business school.
Thomas Crowley’s research showed that around 85% of homemade millionaire completed no less than two books every month. Warren Buffett is no exception: He spends most of the reading days. According to the interview, in the early stages of his career, he used to read 600 to 1000 pages in just one day.
Although it is a good idea to read for pleasure if you want to improve yourself and your business, prioritize business literature and topics such as leadership, how-to-biography, and so on.
- Have several sources of income
Successful people do not only depend on one source of income. Various sources of income help them overcome economic challenges and get more money.
Millionaire is a fan of passive income. They get money from interest from loans, real estate, dividends from investment, and royalties from intellectual property, and so on. They usually have more than one business too.
3. Budget
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.(*)
