There's a reason you are not a millionaire already. And that's because you haven't developed a millionaire's mindset or millionaire habits. And I hate to break it to you but you'll need both to join the 7 figure club.
Having a millionaire's mindset alone won't guarantee that you'll become a millionaire. You'll need the right habits to back it up.
But all hope is not lost. Once you know what millionaires do, you can start to implement it in your life. No need to buy a new wheel when the old one is working just fine. So if you want to be a millionaire study millionaires.
Millionaires are millionaires for a reason. And the main reason is because they've developed habits that ensured they would reach that millionaire status.
So what's their secret? What is it that they do that makes them millionaires? Well today, we are going to find out. Let's take a deep dive into the 28 habits that make millionaires millionaires.
Millionaire Habits
Spend Less Than You Earn
This millionaire habit may be a no brainer but shockingly a large amount of us don't live by it.
Naturally, spending less than you earn is vital if you want to be a part of the millionaire's club. Because spending more than you earn is the fastest way to get yourself into debt.
And debt ( especially high interest rate consumer debt) will drag you down financially. Which, sadly, would put a damper on your dreams of one day becoming a millionaire.
Millionaire's know this and make it a point to live within their means and avoid such debt at all cost. And so should you.
Save More Than You Need To
If you listen to most of the financial gurus out there today, they will probably tell you saving 20% of your salary is really good. But is it?
Millionaires always save more than they have to because it is always better to have more money than not enough.
You may feel comfortable with way your savings or 401ks are going but why not save more? You never know what life may throw your way. And maybe that amount of money you planned on living off in retirement, won't be enough.
It would be good to know that you have more than enough money if the ish does, in fact, hit the fan. Because as they say, better safe than sorry.
Increase Your Cash Flow
Cash may be King but cash flow is queen and it is the life force of your finances. Having money is great but having more money coming in is better. Way better.
Because without cash flow, you got nothing.
This millionaire habit entails always being on the look out for ways in which you can increase the amount of money you have coming in. While at the same time decreasing the amount of money you have going out.
That is, after all, the key to building wealth.
Don't Let Your Emotions Pull Your Purse Strings
I'm sure you have a sister, mother, brother, or friend who seems to let their emotions control their wallet. A break up with bae will have them at the nearest mall blowing through their latest check. Or buried under mounds of butter pecan ice cream.
While others, who hate their jobs or feel overwhelmed, decide it's best to cheer themselves up with daily treats of Starbucks coffee and massages.
In both cases, you aren't in control. Your feelings are. But if your feelings are running the show, how likely is it that you'll be able to be consistent in the pursuit of your financial goals?
Instead of letting emotions dictate their finances, what millionaire's do is prioritize spending based on their core values. If family is important to them, they will use their fun money to spend time with the fam.
If creative expression is important to them, maybe they will invest in some art classes.
The key to this millionaire habit is using your money to enrich your life. Not to drown your sorrows.
Review Your Spending Regularly
If there's one thing I know for sure, it's people that have money know where their money is coming from and where it is going. Reviewing your spending regularly just might be the number one millionaire habit you need to learn.
When you don't know where your money is going, you're more likely to find yourself in debt and have no idea why.
You can only figure out where you are going when you know where you are. So make it a habit to check in with your spending every once in a while. And see if you are on track for your financial goals.
By doing so, you can catch bad habits early and figure out which expenses you can't live without and which ones you can.
Set Goals Regularly
Another habit of the rich is to have clear, financial goals and to set them regularly. After all, if you don't know where you are going, you definitely won't get there.
So if becoming a millionaire is your big goal, break it down in to smaller financial goals that you can use as benchmarks on your journey. Having something to measure yourself against will keep you on track and focused on your goal.
Study Money and Wealth
Most millionaires did not become so through inheritance or winning the lottery. They did so by learning all they could about money and how to use it to build wealth.
They understood that if you didn't understand money, you could never make money consistently. And if you never learned how to use money, you'd never be able to build wealth
So if you're serious about being a millionaire one day, then this is one habit you'll want to add into your rotation ASAP.
Crack open a book or head over to youtube. In this day and age, there are many ways in which you can get the knowledge you seek.
Give Yourself Permission to Learn From Your Mistakes
One millionaire habit that is crucial to success no matter your age or career path is giving yourself permission to learn from your mistakes.
This means you need to know that mistakes are inevitable. Better yet, mistakes are critical to your success in any endeavor.
Millionaire's know this and see every mistake, every failure as a lesson to be learned from. So they make it a habit to get out of their comfort zones, take a few chances, and fail a lot.
Because they know that each failure will put them closer to success. So you too should give yourself the permission to fail and the permission to learn from them.
Respect Money
I find the reason most people don't have money is because they don't respect it. They throw it away on things they don't really want or need.
Everyone wants to look rich but no one knows what it really takes to be rich.
Did you know that most millionaires don't build their house from scratch? Or live in million dollar homes? Nor do they buy new cars. Why?
Because they have enough respect for money not to spend it frivolously on things they don't need.
Instead, they use that extra money to make sure they always have a fully stocked emergency fund and a nice nest egg for the future. And, most importantly, they use it to enhance their lives and the lives of the people around them.
So embrace this millionaire habit because the better you treat money, the longer it'll stick around.
Millionaire's know money. So make it a habit to study it and learn how to build wealth the right way.
Automate and Delegate
Millionaires know what they are good at and what they are not. They fully understand their capabilities and the capabilities of those around them. Not to mention, they understand the importance of time.
So, they make it a habit to delegate or automate the things which are not their specialty. Because they know their time would be put to better use elsewhere.
This habit might be hard to implement at first, especially for those of us who like to be in control of everything, but, with time, it will get easier. And soon enough you'll be happy you made the leap.
Pay Yourself First
The golden rule of all things finance and building wealth - Pay Yourself First.
This means when you get your salary the first thing you do with it is put some in your savings, your abundance fund, your retirement accounts, and other investments before you even get around to paying for your bills.
So many millionaire's got to where they are now by doing just that. They made sure that they were well prepared for their future first. Then they used what was left to pay bills and have fun.
Go Above and Beyond in Everything You Do
As Les Brown always says, "How you do anything is how you do everything." If you make a point to slack off on the things you don't like doing, you will not be able to do your best when it counts because you've become so accustomed to mediocrity.
But if you treat every task as important and worthy of your time and effort, then people we begin to see you as someone they can always rely on.
People will think highly of you and recommend you to their friends. Your boss might even put you at the top of the list for the next promotion.
In life, you never know who's watching or where your next big break might come from. So do everything as if it is the most important thing you are doing right now. Because it is.
Pay Your Bills as Soon as They Come
After all your desired savings and investments are squared away, the next thing you should do is pay all of your bills. No need to wait around and delay payment. Why? For what purpose?
Millionaire's know that it is better to take care of these kinds of things quickly. You don't want to come home to a dark house because you forgot to pay your bill and spent a little too much money going out with friends.
Falling behind in your bills lead to debt and more debt. Which will not help you on your path to becoming a millionaire.
Paying the bills in a timely manner is a responsibility. Your responsibility. So make sure you induct this millionaire habit into your life and start prioritizing those bills.
After you take care of your savings and investments that is.
Listen More, Talk Less
A lot of us are in the habit of talking way too much. And not just about small nothings but about ourselves and our opinions. We barely even give the other person enough time to get a word in edge wise.
This will not do. Not one bit. Especially if we hope to make the connections we need to increase our wealth and our social standings.
What millionaires have realized and many of us have failed to notice is that listening is the most important skill we need in life.
Everyone loves good listeners. Why? Because they make them feel like they've been heard. And everyone wants to feel heard.
Good listeners always make the best friends, the best employees, and the best CEOs. So it is no surprise that they are typically the ones who climb that corporate ladder rather quickly. And it's time you join the party.
Exercise Regularly
Millionaire's know the importance of exercise and you should too. They have a habit of getting in some form of exercise on a daily basis. Because when your body is in tiptop condition, so is your mind.
You'll be able to make better decisions faster. And your capacity to deal with stress will increase. So you'll be able to deal with unexpected crises with grace.
Your health is vital to your success. And regular exercise is a big part of it. So be sure to add regular exercise to your to-do list.
Prioritize a Good Night's Sleep
An important yet often overlooked millionaire habit is being sure to get a good night's sleep. Whether it is 6, 7, or 8 hours for you, making a point of getting it each and every night is key.
Not just for your health but also for your ability to function the next day. Making good decisions is greatly affected by the amount of sleep you did or didn't get the night before.
Also, if you wake up feeling like you've been hit by a Mack truck because you didn't get much sleep last night, it's likely you won't be very productive that day.
Millionaire's know this. So in order to keep their mind's sharp, they make it a priority to get a good night's sleep each and every day.
Persevere. Focus on Achievement.
Do you want to know something about quitters?
They never succeed. Why? Because they quit of course!
Perseverance is probably the most important millionaire habit that you will ever need to know. It is the habit that have allowed them to reach the heights they have. And it will grant the same for you.
Because when you have the persistence to see things through, to do something until you get the result that you desire, you will never fail. Ever.
Being persistent ensures your eventual success.
Get Up Early
Just about every self made man or woman have professed to being an early riser.
Getting up early gives you more time in the day. It allows you to get a jump start to your day. And getting up before everyone else, offers you some peace and quiet to really get some work done.
In addition to getting up early, be sure you have a morning routine. Most millionaires have a ritual or two that they do every morning whether it's going for a run, doing meditation, or reading a book.
They all have something to get their day started off on the right foot. And you should too.
Volunteer
Everything in life cannot be about what's in it for you. There has to be a time when you give back.
If you spend your life always taking and never giving back, you'll find that, eventually, the well you've been taking from has run dry.
So make it a habit to always take some time to volunteer and give back. It doesn't matter how. You may decide to volunteer your time, money, or resources.
Donate money to a local charity. Volunteer to read a book to children in elementary. Send clothes to orphans in India.
The thing that matters most is that you understand that life is not about what you can get but what you can give.
Envision Your Dream and Write It Down
Millionaire's don't just have goals or dreams but they envision it. They imagine what it would be like to accomplish their goals and live the life of their dreams.
Then, instead of just letting those dreams disappear into the atmosphere, they write them down. So let's take our cue from them.
Don't just have a dream, envision it, then write it down. Because it is in the act of writing it, that it becomes real.
Eat Healthy
Healthy living starts with making healthy choices. One of the most important of those being what we put into our mouthes.
You may wonder why it is that the rich always seem to be looking good even as they age. And yes, some of it has to do with the ease that money provides (though money can brings lots of stress too. Don't forget that).
But for the most part it is because they make the choice to eat the things that would nourish their bodies and not destroy it. So when meal time rolls around make it a habit to think before you eat.
And don't forget to drink your daily dose of water!
Be Intentional With Your Time
We all have the same amount of time in a day but some of us don't know how important that time is. Time cannot be earned, bought, or taken back. Once it is gone, it is gone forever.
But when you know how important your time is, you start to use your time more wisely. You begin to use your time with purpose.
When you become more intentional in how you spend your time, you will be able to get a lot more done in much less time. And, eventually, that time well spent will pay dividends.
Take Responsibility for Everything
"I am the captain of my ship. The master of my fate." - William Ernest Henley
Taking responsibility for the things that happen in your life is not admitting that you are wrong but recognizing that you have the power in your life. You can control how you feel and what you do day in and day out. No one else.
And, because of this, it is also you that must face the music when the ish hits the fan. Not because it is your fault, because it might not be, but because whatever happens, how you respond and what you do is always your choice.
If you are always blaming someone else for your troubles, you will never have true control over your life because you are always giving your power away.
And without control over your life, you will have a hard time steering it towards the things that you want.
So embrace this millionaire habit and reclaim your power daily.
Choose Your Focus Wisely
The things that you focus on expand in your life. So if all your attention is on the chaos that is going on in your life, more chaos is sure to follow. You have the power to choose what you focus on.
So what will you choose?
No clue where to start? I'll let you in on the secret of what millionaires choose to focus on.
Instead of focusing on problems, they focus on opportunities. After all, why waste your time focusing on the things that are going wrong, when there is so much going right?
Also, millionaires don't make excuses for why they failed. Instead, they focus on the results they want. Then they go out and achieve them one way or another.
It is this habit of focusing on the things that count, that make and keep them in the millionaire circle. So get in the habit of focusing on the things you want instead of the things you don't.
Keep Things Simple
It's very easy, especially in this fast paced, excitement driven world, to make things overly complicated. We may think life is complicated but when you visit the jungles of Thailand, you'll quickly learn that life doesn't have to be.
You may not need 5 houses, 4 boats, 6 cars, and a million acres to be happy. One house, one car, and a loving family just might do the trick.
Learn to cut through the riff-raff, the things that are not important or necessary, and get to the things that truly count.
Network Regularly
"It's not what you know, it's who you know. "
No truer words have ever been spoken when it comes to making money and building wealth. Your connections are the key to your success and millionaires know this.
It is your connections that may get you your next job, that big promotion, or let you in on an investment opportunity that no one else knows about just yet.
But be careful. Not all connections are good connections. The goal here is not to talk to any and everybody but to only connect with the people you gel with and who have something to offer.
Which brings us to the next millionaire habit - Good Vibes ONLY.
Surround Yourself with Good People
I just recently got back from my sister's wedding. It was such an amazing time and probably the best day I've had in a long time. Why? Because all of the people there were AMAZING.
They were kind, caring, thoughtful, and positive. And it made for a wonderful wedding with not a hiccup in sight.
This made me think about what would my own wedding be like. Will my friends and colleagues be just as awesome? I sure hope so.
When you make it a habit to only keep company with people who support you and push you to do better, you don't have to worry or wonder about the future.
You'll know that you've chosen good people and that with those good people by your side, nothing is impossible.
Read Everyday
A habit that can compliment your need to learn about money, reading is something that the world's elite do on a regular basis.
When you read, you are not only settling in to some quiet, reflective time, but you are also expanding your mind with the knowledge that others have gained over their lifetimes.
This means you are constantly learning and growing and with that kind of growth, success is sure to come.
Know When to Take a Break
What's more important than being on the grind? Knowing when to take a break.
What millionaires know is that you can't hustle 24/7. Well, you could but it's definitely not good for you now or in the long run.
Burning out will squash your dreams fast. But learning when to take a break, will give you the energy and the strength to keep pursuing your dreams.
So make it a habit when you are planning your month, day, or week, to pencil in some R&R time. It will give you the energy you need to keep going.
In the world of high achievers, having good connections is key. So be sure to network as much as you can.
All in All
In the hustle and bustle of trying to become part of the 1%, we sometimes forget that it isn't just hard work and the grind that will get us there. It is the little habits that we've picked up and nurtured along the way.
So take inventory of your habits now. Are they what they need to be? If not, choose some of the millionaire habits listed above and start adding it into your daily or weekly routines.
You don't have to try and force all of the habits listed above on yourself right this instant but instead you can take it slow and add them one by one.
What you don't want is to have a wishy-washy habit that won't stick around for the long haul. Because with such an ambitious goal of becoming a millionaire, you're going to need all the stick-to-itness you can get.
*DISCLAIMER: The Information provided in this post is simply the opinions of the blogger and is given in the spirit of educational fun. It is not investment advice. Please do your own research and decide what is right for you before investing in any asset. If necessary, seek the help of a certified professional in discussing your options.