Today’s post is Develop Millionaire Habits. If you study the lives of millionaires they leave clues as to what habits they’ve ingrained in order to acquire wealth and become a millionaire. One of those habits is to always be learning, growing and getting better in all areas of their life. A lot of millionaires have a constant obsession to always be improving.
As I noted in my last post, Affirmations for Personal Growth and Abundance, it is something that Tony Robbins calls CANI. That is Constant and Never-ending Improvement. That obsession to always be moving forward has propelled many folks to millionaire status.
Before proceeding with the post I’ve included a new video that uses the Affirmations for Personal Growth in that previous post. I’ve also speeded up those affirmations so you get more of them in the 10 minute video. In addition, I’ve added in a subliminal audio layer of Abundance Affirmations. They are the same abundance affirmations you’ll find in our post 33 Abundance Affirmations to Attract Success.
And, as a disclaimer, please do your own due diligence before deciding to invest in any opportunities. What you find here is not to be considered as financial advice.
Automatically Develop Millionaire Habits Video
So, if you want to automatically start to train your mind to take on one of the big habits that push many folks to become millionaires just watch the video below on a regular basis. You may find yourself doing more to improve yourself and your life every day. You may also start taking concrete actions to improve your financial well being. And, hopefully, start developing that one millionaire habit that can get you on the road to building more wealth starting today.
Develop More than Just One Millionaire Habit
While being on a quest to constantly learn, grow and develop your mind is a fantastic habit to get into and one shared by many millionaires, there are a number of others as well. Plus, there are many very smart individuals who are learning and growing every day, but may not be building wealth. And, there is nothing wrong with that. But, if developing millionaire habits is your goal you’ll want to start doing the things that millionaires have done to put money in their pockets. We have a great article here on Wealthvibes called 22 Wealth Tips for Living a Better Life. Check it out when you’re done here if you want to start putting more money in your pocket.
Living Below Your Means Combined with Time
As Thomas Stanley, the author of the Millionaire Next Door series, notes, a lot of the folks he interviewed just used the standard old “live below your means and invest the excess” formula. If you don’t care how long it takes you this formula has worked fantastically well for many folks who live in ordinary neighborhoods and who you may not suspect are millionaires.
Say, you decide when you are 20 years old to save $500 a month every month for 40 years. Also, let’s say you decide to invest that money in the stock market. Now, the average rate of return in the stock market for rolling 30 years periods has been between 5-8%. With an average return of 7% you would have $1,235,771.00 when you reached the age of 60.
So, that habit of living below your means is another great habit of millionaires you should develop. At least, until you’re so wealthy that it doesn’t really matter. One of the ways you do this millionaire habit is by delaying gratification and paying yourself first. We have a nice article and video filled with affirmations to ingrain the thought of delayed gratification into your brain. Check it out when you get time: Delayed Gratification Quotes for Success in Life
But, what if you don’t want to wait all that time? There are many stories of folks breaking through the millionaire barrier in record time. What it usually takes is a dedicated ethic to put in the time, combined with being in the right area and working smart. Then just a single-minded will to accomplish what you set out to accomplish.
Develop Millionaire Habits – Learn about Investing and Business Opportunities
Many millionaires took the time to study investments and ways to get rich. They don’t just hand their money off to someone else and hope for the best. The more they learn the more they see all the different ways there are to get rich. But, they also know that some of those different ways entail more risk than others. Which brings us to the next habit of millionaires – the willingness to take risks.
Develop Millionaire Habits – Be Willing to Take Risks
For those of you seeking a faster than 40 years approach, you’ll want to be willing to take risks. But, if you do so and you are in the right field you may just become a mega-millionaire. Of course, research those risks so you know exactly what you are getting into and what you could lose. Never risk more than you can afford to lose.
Check out the second half of my article How to Manifest Money and Get Some Big Wins for the bios of just a couple of young people who have reached multi-millionaire status.
Now, taking more risks might entail starting your own business or learning some new skill that pays particularly well. If you have the job of a Wall Street banker or Doctor or Lawyer and you start saving early you can really knock down the time-frame required to hit millionaire status. Say, you decide to save $2,000 a month for 20 years. At the end of that time you’ll have $1,015,072.00 provided you make a 7% return. And, $6,000 a month gets your over the million dollar hump in just 10 years.
Now, if you’re thinking that $6,000 is a lot to save every month I would agree. Having said that, there are a lot of folks online who are making 10, 20, even 50,000 or more every single month. As I noted in the How to Manifest Money article, Pewdie Pie on Youtube is making north of $8 million a month as the top earner on Youtube. Yes, that’s a lot of cheddar. But, really in this day and age the sky is the limit as far as potential is concerned. That is no guarantee of course, but just knowing about all the different avenues of wealth creation should get you excited to push the envelope.
Go Viral if You Can
If you present job is not paying enough think about getting into a field or job that pays more. Also, look at using your free time to do some side hustles that you may be able to turn into a full-time business with viral potential. In other words, something that can pay you a lot more than just trading dollars for hours. Again check out our Manifest Money article for areas that have great viral potential. Just to list a few areas where there is potential to scale up what you earn:
Your own Business
Develop Habits of Millionaires – Be Frugal
A lot of folks who became millionaires developed the habit of frugality early on and then just carried that over even after becoming wealthy. If you can increase your income while spending less, you’ll reach millionaire status much faster than someone only doing once side of that equation.
Frugal people look for sales on items they need. They also don’t spend money on items they don’t need. They enjoy saving their money and investing it rather than on frivolous spending. Many millionaires don’t care about keeping up with the Jones’s so they may drive older vehicles or live in simple homes.
See Opportunities Everywhere
The more you save and invest and learn about different ways to make money the more opportunities you will see. And, as your money starts to grow and earn more money you’ll be able to take advantage of some of those opportunities.
Maybe you research stocks and see an interesting opportunity. Or, it could be that you find a good deal on a real estate opportunity and decide to make the plunge into rental real estate. Whatever the case may be, the opportunities will start to present themselves once you have some extra capital to invest and know what you are looking for. So, start learning and looking. Make a plan to get to financial independence or millionaire status or whatever works for you.
Develop Millionaire Habits – Hustle
The final millionaire habit I have for you today is to hustle. The millionaires I’ve studied are all hustlers (in the good sense). They know what they want and are just relentless in going after it. They hustle and hustle and just keep hustling. The dominoes start falling and soon the money starts coming their way – in a big way. They don’t stop. They keep pursuing, keep getting better and better at what they are doing and keep building greatness.
The Millionaire Habits to Develop Summary
So, to sum up there are certain habits that many millionaires share and I’ll list them below.
- Be obsessive about your personal growth – always be improving.
- Live below your means.
- Delay gratification.
- Study and learn about investments.
- Invest your excess capital.
- Be willing to take researched risks.
- Get into something that can go viral.
- Be frugal.
- See opportunities everywhere.
There you go. I hope you enjoyed today’s post Developing Millionaire Habits. If you any comments please let us know in the comments section below. We’ve got some more great stuff at Wealthvibes. Just check it out below.
Hope you are enjoying a splendid day!
P.S. Have you seen the New Magical Mind Formula Affirmations Audio Series yet? Check it out!
If you haven’t checked out my new Money Diary series give it a shot.
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