Eight Important Success Habits I Learned from Five Years of Studying the Habits of Making Wealth
In my book, Rich Habits and Easy Wealth, I highlight some of the habits that will have the biggest impact on your financial life.
Below I share 8 of these habits.
#1 Self-made millionaire passionate about making his dream come true
It’s never too late to dream. Grandma Moses started painting when she was 80 years old. Colonel Sanders was in his early 60s when KFC was born. Ray Kroc was 55 years old when he founded McDonald’s.
You’re never too old to pursue your dreams. Take 30 minutes out of your life today to plan your ideal life. In 1,000 words or less, describe the ideal and perfect life you desire ten years from now.
#2 Self-made millionaires read at least 30 minutes a day to learn
The types of reading material millionaires read are often related to their careers or the dreams they pursue.
#3 Self-Made Millionaires Build Relationships with Successful People
Rich, successful people are very particular about who they associate with. Their goal is to develop relationships with other success-minded people. When they stumble upon someone who fits the bill, they invest a lot of time and energy into building a strong relationship. They grew this relationship from a sapling into a redwood tree.
Relationships are the currency of the rich.
#4 Skill-Based Self-Made Millionaires Spend 20 Minutes a Day Developing, Maintaining or Improving Their Skills
Rich, successful people all have one thing in common: continuous self-improvement every day. Everyone has a comfort zone called a comfort zone. Being in that circle is something you feel comfortable with. Ordinary people will do whatever they can to stay in their comfort zone. Discomfort occurs when you do something outside of your comfort zone. But every time you engage in an activity that causes discomfort, your circle expands; you grow as an individual.
Start expanding your circle today. Never be afraid of growing pains. It’s this pain that makes you stronger and helps you grow into the person you need to be in order for your visit to be successful.
#5 Self-Made Millionaires Focus on Health
The self-made millionaires in my study exercised at least 20 minutes a day. They also eat healthy, nutritious food and sleep at least seven hours a day.
Exercise has many beneficial effects on health. Aerobic exercise, in particular, increases the amount of oxygen and glucose delivered to the brain, helping to nourish brain cells. It also aids in weight loss, increases muscle performance, and improves digestion.
But, perhaps more importantly, aerobic exercise has a profound impact on your mental outlook. Research shows that daily aerobic exercise can foster a positive mental outlook. It increases positivity, optimism, confidence, happiness, and has a calming effect on the amygdala.
#6 Savings investors and self-made millionaires all have one thing in common – a frugal mindset
Being frugal requires three things:
- Awareness – Be aware of how you spend your money
- Quality – spend your money on quality products and services,
- Bargain Shopping – Spend the least money, shop around and get the lowest price.
By itself, being frugal will not make you rich. This is just one piece of the financial success puzzle, there are many more. But being frugal allows you to increase the amount of money you can save. The more you save, the more options you have for making money. Putting money into savings allows you to take advantage of opportunities.
Without savings, opportunities will pass you by.
#7 Self-Made Millionaire Limits Entertainment Screen Time to Less than One Hour a Day
Time wasted comes in many forms: TV, Facebook, Twitter, Pinterest, Snapchat, Instagram, watching YouTube videos, surfing the Internet, watching Netflix streams, video games, etc. Too much screen time can pull you away from pursuing your dreams, goals, reading, exercising, working, and other productive or creative activities that move your life forward.
Limit wasted time, especially entertainment screen time.
#8 Self-Made Millionaire Savings Investors Track Their Spending
Do you know where your money goes? Some are like this. They are called saver investors, self-made millionaires. If you want to follow in the footsteps of saver investors, self-made millionaires, one of the steps they take is to focus on where their money is spent. Spend awareness can help you spot errors or excessive vendor fees. It also forces you to think about where your money is going.
It only takes 30 days to track all your spending. Where does your money go after the 30-day review ends. You’ll be surprised by what you might find.
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