Do you want to be a millionaire? Building wealth takes a lot more than just making a good income or having a flashy, high-profile job. There are steps you can take every day that bring you closer to achieving a millionaire status; some of which may surprise you.
The truth about becoming a millionaire is that it’s not rocket science and there is no secret method. Most millionaires build their wealth over time by cultivating consistent personal habits and choosing to take charge of their life choices. It does not happen overnight and for most it requires discipline, persistence, and mental fortitude but if you are willing to put in the effort, there’s no reason you can’t achieve that millionaire status too.
Studies done over the years have investigated the rich and wealthy to determine what they do that leads them to countless successes over time. The research shows that there are many things that a majority do on a regular basis. We’ve compiled a list of 5 millionaire habits you can start right now that will set you up for success in the future.
- Create a budget and stick to it.
This might not come as a surprise, but creating a budget is one of the quickest ways you can start working your way towards millionaire status.
It helps you understand your money flow; how it comes in and goes out. When you take control of how you make and spend your money, you can set goals you are more likely to achieve down the line.
Plus, it keeps you organized and disciplined to follow personal timelines for things such as building savings, eliminating debt, and controlling spending — all of which are key financial milestones to becoming a millionaire.
- Find ways to bring in multiple streams of income.
Another attribute that millionaires have in common is that they have multiple sources of income, most importantly, passive income. Passive income allows you to earn a profit without needing to produce a product or complete a service at the time of that sale. Some examples of passive income that can bring in extra income are investments, real estate, gigs, and side businesses. These are all ways that you can earn interest on your money while also increasing your monthly income. The key to really making this process work is to find ways to get that money without needing to exert a ton more effort while doing it.
One of the best reasons to do this, besides the fact that it increases your income, is because it makes you less dependent on one source of income. This ensures that if the economy dips, or you lose your job, you already have other sources of income to fall back on which can counteract that disturbance in your life.
- Set Daily Goals.
Setting daily goals is quite common amongst millionaires and entrepreneurs.
Taking time to set personal goals puts you in a mindset that you have the power to make things happen. Instead of just thinking of what you want to accomplish but never getting there, setting a daily goal enables you to take practical steps towards actually achieving that goal.
These don’t have too necessarily be financial, they can be personal too. The idea is to practice visualizing yourself achieving something, working out the plan to complete it, and then basking in that feeling of accomplishment once it’s done.
As you accomplish multiple goals over time, you’ll begin to see just how much control you have over your choices and in-turn, your self-confidence will grow.
Some millionaires engage in a goal-like practice called “dream-setting”–this is when they imagine their ideal future life and self and picture their dreams coming true. They “dream up” a clear mental picture of how they want their life to be, then write it all down in a document.
If you set up your goals to align with your long-term dream, you’ll have a very clear picture of where you want to be, with a practical, realistic journey to follow.
- Engage in Regular Exercise.
76% of rich people regularly exercise for around 30 minutes per day with aerobic exercises such as running, biking, or walking. This is a great habit to instill right away because the benefits are something that you will start to notice almost immediately. Regularly exercising is a discipline that not only keeps your body healthy and your mind fresh, but it ultimately improves your ability to learn new things and grow. Engaging in regular exercise has shown to double productivity for many millionaires.
- Read often.
88% of millionaires out there are active readers and schedule at least 30 minutes per day to read. Many of them reportedly read 2 or even 3 books per month although most do not read for entertainment. Most books they read are usually to learn new things or skills. They seek knowledge and education to learn from others and to better themselves. The type of content that most millionaires read are biographies of successful people, self-help, personal development and history.
It’s important to set aside time for reading books to help YOU improve yourself just like millionaires! Even if you can’t devote 30 minutes a day to reading at the beginning, any small improvements you can make will benefit you in the long run.
What if reading isn’t exactly your favorite activity? Well, the good news is Audio Books count too! Try downloading some to your device and listen whenever you get the opportunity. You could even listen to a few chapters while you are engaging in 30 minutes of aerobic exercise (see #4)!
Surprisingly, many of the tips just mentioned didn’t really have anything to do with money. That’s because building wealth isn’t just about the dollars and cents. It involves a lot of mental discipline which takes constant effort, practice, goal setting and growing.
If you have a long-term goal of wanting to become a millionaire one day, make a point to start with these tips. Create a plan, work on disciplining yourself to track your money, build other streams of income, read books, and set goals. Many have done it before you, and you can do it too!
