Our habits are what makes us, and you'll find that what most of what you do and say on a daily basis is habitual; if you change your habits, you can change your life. By adopting the right habits, you can become a millionaire.
Get this: as of this writing, there are 8.6 million Millionnaires in the United States. Being a millionnaire isn't such a big deal anymore. Billion is the new million. But for now, let's start small. Here are a few habits that most millionnaires have.
- Read every day and never stop learning
There is undoubtedly a direct correlation between how much you read and how much money you make. In his book, Time Power: A Proven System for Getting More Done in Less Time Than You Ever Thought Possible, Brian Tracy encourages us to read for an hour each day in our fields to expose ourselves to new ideas. He gives us his Guaranteed Formula for Getting Rich:
"Invest as much in your mind each year as you do in your car. The average driver spends $600 per month on his car... In the first year of practicing this formula, you income will increase 25 percent to 50 percent, or more, and your entire career will take off."
- Step outside your comfort zone
If you want to grow as a person, you need to go beyond your comfort zone. The reason why the comfort zone is so comfortable, is because it is safe, secure, easy, and there are no surprises. But for those same reasons, you have nothing new to learn there, no new skills to acquire. When you step out of your comfort zone and try something radically different from what you are normally accustomed to, that is when you are forced to learn new things and thus, grow as a person.
"We cannot become what we want by remaining what we are" -Max DePree
- Start every day before sunrise
Millionaires never sleep in. You will rarely find a millionaire who sleeps past 8:30 AM. A recent study conducted by Christoph Randler, a biology professor at the University of Heidelberg backs up the idea that early risers have a more proactive- and thus, productive- mindset:
"Biologist Christoph Randler surveyed 367 university students, asking what time of day they were most energetic and how willing and able they were to take action to change a situation to their advantage. A higher percentage of the morning people agreed with statements that indicate proactivity, such as “I spend time identifying long-range goals for myself” and “I feel in charge of making things happen.”"
- Understand your finances
Take an hour every week or every two weeks to assess your finances. This means keeping track of how much you made since the previous week, and how much you spent, and what you spent it on. This is the time when you determine whether or not you successfully stuck to your budget and how much you were able to save after all of the spending. Get an overall picture of your finances, then determine where you can cut costs in order to have the most impact, depending on where you think you're overspending.
- Avoid the Earn-to-Spend mentality
This is the mentality of people who live paycheck to paycheck. They spend all or most of their entire paycheck in the time it takes for the next paycheck to arrive.
Rich people didn't become rich by earning money just so they could spend it. Rather, they earned to invest. They lived frugally in the beginning of their working lives and saved up money so that they could invest and make their money make more money. Rather than spending your hard-earned money on luxury items, spend it on income-generating assets. Once you've done that, you can use the income from your assets to buy luxuries.
"Rich people buy luxuries last, while the poor and middle class tend to buy luxuries first." -Robert Kiyosaki
- Make more money
This sounds obvious, but people who are rich became rich by always looking for ways to make more money. Rich people are rich because they have multiple streams of income, whereas poor and middle class people only have one, or at best two, ways of making money; namely, their day jobs.
- Stay motivated
If you want to be rich, you'll need to work very very hard, and to work hard, you'll need to stay motivated. Without motivation, you'll get lazy and slack off. Initially, you'll need a strong purpose to work towards. After a while, you'll need to maintain your motivation through other things, and there are a lot of different ways to do that. Reading about your feild, spending time with people who with common goals, and occasionally rewarding yourself every time you reach a milestone are all great ways to maintain your motivation.
"People say motivation doesn't last long. Well, neither does showering. That's why I recommend it daily." -Zig Ziglar
In order to make these habits a part of your daily life, you'll need some time and discipline. I would suggest that you take them one at a time, and when a habit truly becomes a habit - meaning, when you do it merely out of habit, without having to exert your willpower- only then, you should move on to developing the next habit. That way, you may not get everything right away, but in the long run, you'll have a lot of success.