Almost every single person dreams of becoming rich and achieving the millionaire status. But for you to achieve this, you first have to understand that building wealth has everything to do with your mindset and daily habits. If you want to lead a wealthy and comfortable lifestyle as millionaires do, you will have to cultivate healthy habits that will guide how you spend your time and whom you spend it with. Here are five habits that will definitely move your financial needle in the right direction!
Habit #1: Collaborating With Other Driven People
The most successful people share their ideas and forge relationships with value-driven individuals, whether of equal caliber or those they aspire to emulate. Ultra-rich millionaires tend to commit their time to positive networks of success-minded folk, which emphasizes the fact that you are who you associate with. Wealthy and affluent individuals are incredibly selective of who they come into contact with, and those that are allowed into their inner cliques.
Truth is, spending your time with people who push you to become the best version of yourself is one of the first steps for cultivating a rich mindset. If you ever feel like any aspect of your life is stuck in a rut, then you need to check your circle. Aim to surround yourself with positive people who strive to do better and it doesn’t have to be all about money.
Because relationships are not necessarily about money, but more about mindset, life aspirations, sharing ideas and helping each other achieve great dreams. Cultivating a winner’s mindset is only possible if you surround yourself with winners. Aside from pushing you to achieve big dreams and goals, such driven individuals will not shy away from correcting your wrongs and helping you get back on track. On top of that, positivity makes you a problem solver rather than a problem finder.
Don’t work in a silo environment if you aspire to become a millionaire, go and expand your pool of wisdom and resources by collaborating with like-minded individuals. Begin by accessing your favorite millionaire through their podcasts, on Ted Talks, or by reading their books to create a mindset for a successful, vibrant relationship. And as Billionaire investor Warren Buffett puts it, always push yourself to achieve your wealth goals by moving in the direction of those you will associate with.
Habit #2: Harnessing Your Mornings
Almost all millionaires are known to be early risers; which brings us to the next point. Another millionaire habit that you need to start using is harnessing your mornings. Even though productivity peaks are bound to differ from one individual to the next, you’ll notice that most millionaires prefer to get things done in the morning. This is because it’s easier to attain a productivity burst when your brain is still fresh and before the day to day distractions start to trickle in.
I mean, what better time to harness your highest potential than when you’ve just freshly woken up? Even before attaining millionaire status, the rich have a common history of putting in long working hours that spanned early mornings to late nights.
Waking up early in the morning shouldn’t be just another cliché, and since Rome wasn’t built in a day, neither will your wealth. You have to work towards building a schedule that capitalizes on early morning hours, whether directed towards your physical health, your business, or your professional field. And if you are having a difficult time waking up early and making good use of that time, working with a written plan will help you cut it.
The wealthy and successful create to-do lists that are slotted to start as early as 4 am, and this is a day plan you need to cultivate on a daily basis. Research has proven that less than one percent of poor people use a to-do list each day, and it’s vital that your list is prioritized and stuck to. You can maximize mornings and not get sidetracked by checking up the list from the minute you wake up to the time you get into bed.
Only a handful of people realize that the secret to success can be as easy as setting your wake up alarm an hour earlier than before. In fact, millionaires have confessed that their days begin three hours earlier than their workdays. Apple’s CEO Tim Cook is usually up by 4.00 a.m. to go through his emails, read, exercise, and grab a stimulating cup of coffee before making headway into his workday.
If you are not the type of person that loves to read, you can create a sustainable workout routine instead. A morning workout routine is perfect for harnessing your mental, physical, and spiritual wellbeing, and billionaires like Oprah Winfrey exercise for at least an hour after waking up. Flexible resistance training followed by a run makes up her itinerary, while millionaire Arianna Huffington prefers yoga and meditation. To back that up, studies have shown that just harnessing 20 minutes of your morning on light exercise will significantly improve your memory for the rest of the day. Therefore, if you want to be rich, get up early and get to work!
Habit #3: Spending Time Alone
Apart from spending time around people who inspire you, spending some time alone is another millionaire habit that you should emulate. Alone time is critical to sparking creativity and recharging after a stressful workday. For most millionaires, this time is usually directed towards setting new goals, re-evaluating past progress, and managing stress. Being comfortable alone is an indication of massive progress at an individual level, and since social time is bound to be limited as you climb the financial ladder, this is something you need to start getting used to.
A good work out by yourself or a sprint across the park will not only clear your head, but it’s also bound to improve your health and ignite your motivation. Studies indicate that alone time while walking, biking or jogging is a habit that many millionaires start their days with, and so should you. Sir Richard Branson, a well-known billionaire, thrives on having solo workout sessions early in the morning. The Virgin Air tycoon swears that biking and playing a solo game of squash after waking up doubles his productivity, and I can totally see why. Taking some time to escape from life’s endless hassles will help you relax, think or feed your spirit with positive thoughts, and this is why Apple’s founder Steve Jobs enjoyed an early morning meditation routine. Meditation is a strictly solo event that is known to instill a sense of inner peace and calmness, both of which are important for living a fruitful life.
Besides guided meditation, you can also indulge yourself in yoga, artwork, reading a powerful book, or listening to some inspiring music. Make it a habit to set aside a few minutes of your day to reflect on your health, personal relationships, and career goals. With time, you’ll be surprised by how much it will contribute to catapulting your performance at work or managing emotional stress. Besides, some of the most brilliant inventions in the world were birthed from solitude; hence, you should never underestimate the power of being alone. Sleeping enough is also an alone-time habit of millionaires that you should start taking seriously. Most millionaires sleep seven to eight hours every night, citing that a well-rested individual is a creative thinker and their memory functions effectively. We can go on and on about the countless benefits of listening to your thoughts and creating a safe space for your mind, but at the end of the day, the buck starts with you.
Habit #4: Continuously Working On New or Existing Skills
Here’s the truth, a large percentage of the wealthy individuals you see today weren’t born rich. If you talked to a millionaire and asked them about the skills they’ve gained over the course of their lives, the answers will amaze you.
If you are focused on attaining financial freedom, it’s important that you keep up with the constantly evolving business scope, which is only possible through obtaining new skills. Aim to stay equipped with skills that are both within and out of your career line.
It, therefore, comes as no surprise that millionaires are always working on sharpening their skills set and gaining knowledge. It could be through taking up a marketing course, reading an emotional intelligence book, or attending seminars, you’ll always find them up to something. This curiosity is what keeps them on top of their game even when times get tough.
Besides skills, current events and news are also on every millionaire’s need-to-know list, since business leadership in a global economy requires that you keep yourself updated. Looking at market trends, reading the paper, and listening or watching the news are some additional millionaire’s habits that you need to use now.
For you to take up this habit, you need to prioritize and plan your schedule such that it allows you enough time to work on your goals and improve your skills at the same time.
Habit #5: Not Leaving Money On The Table
One financial lesson you need to learn early is that careless spending and building wealth do not go hand in hand. If you really want to see yourself ditching your current lifestyle and hopping onto a more comfortable one, start checking your spending habits as early as now. Start with cultivating a sustainable saving culture that will leave enough room for your long-term financial goals. You’ll find millionaires opting for home-prepared meals, buying cheaper cars, and making smart real estate investments just so that they can pump up their savings accounts.
As a rule of thumb, always work with a budget, and while at it, make sure you take advantage of even the slightest opportunity that can help you save money. Be on the lookout for big sales at stores, cash discounts, and don’t shy away from bargaining your way to cheaper prices.
For you to become rich, you will have to bring this same energy to your investments. Millionaires have the habit of making calculated investment moves, which guarantee superior returns in the long term. Instead of get-rich-quick schemes, choose to invest your money in valuable ventures like real estate, stock market, or tax-free retirement funds. By contributing a percentage of your pre-tax salary to such a retirement fund, you will maximize your monthly income while still exploiting the power of compounding. Investing also paves the way for diversifying your income portfolio. When you have more than one source of income, you’ll find it easier to budget, save, invest, and realize your financial goals. Even when buying a car, make sure you are getting your money’s worth. Instead of going for a brand new car that will be drained of its value in an instant due to depreciation, opt for used cars instead. This way, you will have rid yourself of depreciation costs, and you’ll be in a better position to buy your car on a cash basis, and as a result, you won’t have to worry about exorbitant interest rates.
There you have it, 5 habits you must employ to see your own financial success!