Habits of Self-made Millionaires
Last Updated on July 9, 2021
Did you know that most millionaires (approximately 80%) are self made? Meaning they earned their $1 million or more net worth on their own, without a trust fund or inheritance money.Tom Corley, author of Rich Habits: The Daily Success Habits of Wealthy Individuals studied millionaires for 12 years, and he noted that many of them share the same habits and practices. If you are on your road to become a self made millionaire you need to adopt these habits.
They Read
According to a study by Tom Corley (author of Rich Habits: The Daily Success Habits of Wealthy Individuals) 85% of millionaires read two or more books a month, they read books on topics such as personal developent, biographies of successful people, self-help, health, and other topics that help them grow.Did you know that if you read one book a month on a specific topic for 5 years you can will become one of top 5% experts in the world on that topic?
They set goals and plan how to acheive them
If you don’t know where you’re going, any road you take is the right one. You need to set yourself clear goals and than come up with a plan that will help you achieve them. Set SMART (specific, measurable, attainable, relevant and time-bound) goals. Then plan the steps you must take to achieve your goal.
They are willing to sacrifice
Self made millionaires are willing to make the sacrifices required to achieve their dreams. They are willing to live in a 1 bedroom apartment and eat ramen noodles, give up on going out and getting wasted on the weekend , so they will have the time and resources to pursue what’s important to them. Just read about what Mark Cuban (whose net worth is around $3.5 Billion) had to do to get through college.
They Surround themselves with Successful People
By surrounding themselves with People whose footsteps they want to follow, they create a positive environment in which they can develop and grow, create joint venture and get inspiration from one another. One of my favorite quotes by the great Les Brown is: “If you’re the smartest one in your group- You need to find a new group”. In that regards successful people also know to forgo negative people in their lives or minimize their presence.
They know what their most valuable resource is
Self made millionaires know their most important resource is time. They know that time is the only thing you can’t recoup. So they are very selective on how they spend their time. They don’t waste hardly any time on useless activities such as watching TV and checking friends statuses on social media. This attitude is freeing up their time to pursue their dreams, goals, to read, exercise, volunteer, and network,
They Diversify
They have multiple streams of income, they make sure they don’t put all their eggs in one basket, or in other words they are very good in risk management. If one business go down they make sure they have 2 others to keep them in good shape till they build another one. They invest in real estate, in the stock market and in other businesses. This way they weather the economic and personal downturns that always occur in life.
They Give Back
Successful people spend some of their time to give back to their community or causes they find important by working with charities, volunteering and donating. Tom Corley, author of Wealthy Habits: The Daily Success Habits of Wealthy Individuals, found that 73% of the 233 wealthy people he studied for 5 years volunteer 5+ hours a month. Read about how much money billionaires like Bill Gates, Oprah Winfrey, Mark Zuckerberg and Warren Buffet donate.
We truly believe that adopting these habits will put you on a fast track to success.
How many of these habits have you embarrassed? how many are you planning to embrace after reading this?
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