I have been reading a lot lately about money and mindset, particularly around those people who are highly successful. This includes the practises of millionaires. Looking at millionaire habits is very eye opening, and if works for them then why can’t it work for the rest of us!?
That being said, it is extremely unlikely that we will ever be millionaires. Just to put that here before starting! However, these millionaire habits are things that I am trying to incorporate into my daily life.
Here are 7 millionaire habits that will change your life.
Live below your means.
It is so easy in the current age to spend every single penny you earn. There are so many temptations around! But, one of the simplest millionaire habits to adopt is to live below your means. Learn how to stick to a budget and not to indulge in lifestyle creep. If you get a pay rise (yay!) then make sure it doesn’t just disappear into your everyday spending. This will pay off – literally – in the long term.
Set high goals.
More specifically, set high goals and achieve them through productive, actionable processes. I try and set myself monthly goals to help me stay on track. You are much more likely to meet a goal if you write it down! But, a millionaire habit to get into is to set goals and a plan of how you can achieve that goal.
Good at failing.
A millionaire habit that many of us might struggle with is that they are good at failing. They are good at getting back up when having failed at something. Most millionaires seem to see failure as an opportunity to learn and improve. This can include failing at something multiple times! It teachers perseverance at the same time.
Pay yourself first.
I have written an entire blog post about this method but one of the staple millionaire habits to try is to pay yourself first. Treat your savings and investments as a bill which goes out on payday. Then live on the rest. This is one of the key principles to building wealth.
Power of investing in the long term.
Millionaires tend to be investors for the long term. In fact, if you are thinking of investing then that should be the only way to think about it! This millionaire habit will building wealth steadily but surely. It can also create lots of passive income in the form of dividends.
Understand the difference between liabilities vs assets.
This is to do with cash flow as well. An asset you have will make you money. A liability will cost you money. Millionaires limit the amount of liabilities they have and focus on growing assets.
Surround yourself with the right people.
This is something I have been focusing on a lot recently; through what I consume on social media to who I surround myself with in my day to day life. A millionaire habit is to surround yourself with the right people. Those who are motivated and driven; who will push you to achieve the goals you have set yourself. You tend to emulate the habits of the people you interact with regularly, so choose wisely!
So there you have it. 7 millionaire habits that will change your life. Even implementing these over time will help, no end!
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What do you think to these? Is there anything else you would add?
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Thanks for sharing! One additional item which we found very beneficial is to stop watching television – something we did as a family 15 years ago.
This leaves you ton of free time for personal development, improvement and quality time with your loved ones.
And whenever you want to get the latest news, you can always do that at relevant sites – when you choose and for the topics that you are interested in.
Great tips all around, thanks for sharing!
I’m curious though. Why do you say “it is extremely unlikely that we will ever be millionaires”? I just read your article about your 2020 dividends and in it, you said that you invested 8,100 in 2020. If you’re in your 30s and you keep that up, you should be a millionaire well before retirement. Have I missed something?
Loving the articles, keep sharing!
I think it’s because it doesn’t feel like we’ll manage it on our small incomes? Although it that happens, that will be VERY exciting! And thank you 🙂
By my math, 8k per year at 8% interest for 30 years will get you there! Plus, you already have a head start since you’ve already got investments. You’re definitely going to make it!
Now that is a very exciting thought!
Most millionaires learn that setbacks are part of the process. Nothing is straight line to being a millionaire.
Very true!