Believe it or not, most millionaires weren’t born with a silver spoon in their mouth. (although some were of course)
I was surfing today and ran across some interesting stuff over at Nerd Wallet . Here are some of the surprising habits of the wealthiest that you can incorporate in your own life.
1. Make a budget and stick to it
Sounds boring, but self-made millionaires yawn their way to the bank by diligently attending to their bank accounts. That habit doesn’t end when the number of zeros in their ledger increases. As I’ve stated in other articles, BUDGETING is very important in your financial journey.
2. Pay yourself first
Self-made millionaires don’t see money as something to spend but as a tool for savings or investment. A trick that everyone could emulate: Come rain or shine, put at least 10% (or much more if you’re SERIOUS about saving) of what you earn into your LOW COST INVESTMENT ACCOUNT. I recommend index funds at Vanguard. Just like credit card spending can slowly rise into an ocean of debt, the reverse is true with habitual saving. SAVE LIKE A MANIAC!
The rich just do this better: The average millionaire saves or invests 20% of his or her income.
3. Have a goal
Wealthy people are list-makers. 81% of millionaires maintain a to-do list, compared with just 9% of poor people, defined as those earning $30,000 or less a year, according to author Thomas Corley’s research on the daily habits of the very rich.
4. Live below your means
Most self-made millionaires play the game that got them there, even when they can afford to buy more. Most of America’s millionaires buy USED CARS, according to authors Stanley and Danko. The most popular brand? Toyota.
Conspicuous consumption is not a common trait for most of America’s wealthy. “It is seldom luck or inheritance or advanced degrees or even intelligence that enables people to amass fortunes,” they write in “The Millionaire Next Door.” “Wealth is more often the result of a lifestyle of hard work, perseverance, planning and, most of all, self-discipline.”
5. Work for yourself
Worldwide, about half the world’s millionaires own their own businesses, and around 16% inherited their cash.
“The really rich never depend on one flow of income but instead create a number of revenue streams,” writes GrantCardone, author of “The 10X Rule.”
6. Be comfortable with uncertainty
Wealthy people become rich through sensible risk-taking and resilience. Uncertainty will always be there. What’s important is how you handle the uncertainty.
7. Hang out with successful people
It is advised that if you want to become successful in business, you should spend time with people who are successful in business. Just as musicians hang out with fellow musicians and authors gravitate to other writers, the wealthy wannabes spend time with the wealthy. Moreover, they genuinely want to learn from others so they can emulate their success. “You can’t learn how to make money from someone who doesn’t have much,” Cardone says. “You need to know what people are doing to create wealth and follow their example. What do they read? How do they invest? What drives them? How do they stay motivated and excited?
8. Make money a by-product, not the goal
The wealthy don’t get rich by desiring things but by striving for more intangible gains. The money follows. “For the rich, it’s not about getting more stuff. It’s about having the freedom to make almost any decision you want.
Loving what you do matters. “Oftentimes passion for a career is not love at first sight,” Stanley writes in his book, “The Millionaire Mind.” Just over half of millionaires he surveyed enjoyed their career at the start; but over 80% said caring about their vocation is what ultimately built their wealth.
It’s always nice learning what others do to achieve their financial freedom. It’s not always so easy for us blue collar average income earners. We have to really buckle down and SAVE. We don’t have any millionaire contacts or magic “door openers”. We have to cut out all the WASTEFUL SPENDING if we EVER want to have anything in life or a future. We actually control the “future us”. The decisions we make today will definitely impact our tomorrow!
Regardless of your age it’s imperative that you put aside money each week for your future! What’s holding YOU back?
IT ISN’T SAVING UNTIL YOU SAVE IT!
MOVE THE NEEDLE!
Thanks for reading,