11 Habits of Self Made Millionaire
“Success is the product of effectiveness more than efficiency, and effectiveness is doing the right things repeatedly” Aristotle
It is a common desire among us all to become financially wealthy. But as long as our idea/s remain a dream, the reality of financial success will never be. There is an endless amount of money to be made, and with the right mindset, habits, and attitude, you too, will soon gain access to the vault.
If we are to become wealthy, then we must not only dream and delay our success but instead, we must condition and set our minds and our daily practices toward the achievement of that goal. If you are ready for financial transformation, you need to develop habits, practices and put in place systems consciously, that will allow you to make and keep the money.
Self-made millionaires tend to accumulate wealth because they save, invest and manage money wisely.
The following habits will set you up on the right road to wealth. So stop hoping for a “get rich quick” scheme for your financial problems, and start planning for the future.
Self-Made Millionaire Habits
1. They Set Goals
Goals are the foundation of your success. Self-made millionaires are goal-oriented. It is almost impossible to achieve anything if you don’t set determined goals. Setting clear, realistic goals will help put things into perspective and give you a clear sense of direction.
You will never get to where you want to be if you don’t have a clear idea of exactly what you want to achieve. That’s the reason you set goals. Your goals are your vision for your personal and financial success that you will create.
Make sure to set SMART goals:-
T- timely goals.
When you make SMART goals, you’ll find your objectives more accessible and attainable. SMART goals are not only attainable, however, but you will be more driven to follow through and achieve them. Goals must be clear, precise and action-oriented. Identify the goals for all areas of your life and work hard to make them a reality.
2. They Are Internally Driven
Self-made millionaires have their minds made up about where they want to be in the next year, in the next three years, etc. They are focused and remain driven even in uncertain economic times and through great setbacks. Their drives are stronger than their ego.
3. They Are Frugal
To become a self-made millionaire, carefully consider every major purchase you make. No, millionaires don’t have to be cheap, just financially wise. If they can’t afford it, they don’t get it. They spend less than they make and they don’t spend extra.
They know where their money is going at all times. When a person is frugal, this means that they are value-conscious. They make sure they are getting value in exchange for the money they are spending. A millionaire’s mindset is not “the more you make, the more you spend”. They know how to save money and allocate their funds to the appropriate priorities carefully. It makes sense to be financially smart. Self-made millionaires didn’t get rich by spending their money. They got rich by saving their money and making smart money decisions.
The most successful millionaires invest their money wisely and never falls in the trappings of “get rich quick” schemes. Self-made millionaires grow and maintain their wealthy status by practicing good money management.
4. They Are Intent On Learning
Successful people are always learning. They see life as a journey in which they are constantly learning. Self-made millionaires seek out those learning opportunities and they read books consistently to improve themselves in all areas; whether it be personal development or business guides. This is how they keep themselves motivated too.
They are early adopters of new technology and new ways of thinking. They realize that knowledge has a short half-life today. They keep learning to stay ahead. Spending time each day, learning something new, is a great way to keep the mind focused and create new neural pathways in the brain. Educate yourself in terms of building your financial literacy and understand your personal weakness when it comes to money matters.
5. They Save; Don’t Spend
Self-made millionaires don’t surrender to instant gratification. They resist the urge to spend money on the things they merely want. Self-made millionaires make sure to avoid increasing their standard of living so as to match their increased income. Instead, they focus on savings and investments that grow in value and provide financial resources in the long run.
They make their own financial decisions and they stay in control of their dollars. They practice budgeting their money and controlling their expenses. They create weekly, monthly, yearly, and lifetime budgets and goals, and they know before spending, exactly how much they can afford to spend on every expense they will incur.
To become a millionaire, think like one. Take the time and create a budget and stick to it. Make sure your money is doing what you want it to do. Track exactly how much you spend on everything: food, drinks, clothing, housing, gas, utilities, and entertainment.
6. They Are Highly Disciplined
Discipline a way of living. It is a habit of successful people who can control their behaviors and attitudes. Self-made millionaires are able to discipline themselves well enough to keep their attention focused on the most important task ahead of them.
As a result of being so self-disciplined, they are soon able to realize that there is virtually no goal that they cannot accomplish and no task is too difficult for them to complete. They are focused on staying ahead and are not easily distracted by short-term projects.
7. They Are Time Chasers
There is a lot of room for distractions in our noisy world, but self-made millionaires train themselves and they are so goal-oriented that they understand that distractions are the devil’s advocate that will prevent them from success. They don’t spend time on trivial matters and they don’t waste hours in the day looking at television.
They spend long hours trying to develop their business but they also understand that rest and breaks are important for efficiency. They are self-disciplined even with their time and they make time for what matters. Admittedly though, some money chasers don’t make time for anything important like family and rest, BUT breaks and relaxation and family time are certainly necessary. (ENERGY MANAGEMENT). You will come back feeling recharged and re-energized with a whole lot of extra energy. There must be a balance.
Related: 7 Habits of Highly Successful People
8. They Are Visionaries
The truth is, anyone can be a visionary.
The self-made millionaire has great vision and sees something they desire in the future and then immediately starts making plans for it to become a reality. Instead of seeing one single step, these visionaries are able to see the whole process.
As a result, they enjoy the journey through the process and are patient while their goals unravel. They are aware and understand that risks are always present, but they calculate in their minds that these risks may just be incredible opportunities for them to grasp. Visionaries are able to recognize risks and transform them into beneficial opportunities.
9. They Are Not Afraid Of Failure
Self-made millionaires don’t waste time on failure. Failure is not the opposite of success. Rather, it is a part of success. Self-made millionaires are not afraid to fail.
They see failure as an opportunity to learn. They accept that failure is merely feedback to a previous action taken. Just as they incorporate what works into their practices, they use failures as stepping stones to other experiments and they exploit what is working. These millionaires understand that risks need to be taken, but they analyze these risk carefully and it is more so an act of bravery when they take calculated risks.
Self-made millionaires know how to deal with self-doubt and failure. They don’t allow themselves to be shut down by these two agents of negativity. Instead, they study their failures and the failures of others so as to avoid making costly mistakes in the future. The money makers evaluate their performance all the time, analyzing their mistakes and identifying what they’re doing right and they make and keep notes.
10. They Have Multiple Streams Of Income
You can’t make your millions on only a salaried job. Most self-made millionaires started with a side hustle and ventured out into some type of entrepreneurial project.
By having multiple income streams, you not only create a safety net for yourself as you work towards your goals, but you can also reap the benefits of multiple income streams, especially if some are more passive than others.
11. Self-Made Millionaires Identify Rewarding Opportunities
These moneymakers carefully decide what to invest in and they study and understand what investments will reduce the amount of taxes they are already paying. Self-made millionaires take the time to conduct thorough research into investment opportunities on their own.
Additionally, when they do decide to invest, they invest long-term.
Of course, this list can go on. But it’s enough to get started. Activate your Money Mindset and set your self up for financial success beginning with this list. Mingle with the money makers you know. Self-made millionaires know that there are no secrets to success but routine habits, daily practices, and observation. Spend time in the company of millionaires and successful persons. Observe them. Look at what they do, how they act and try to understand why. Be close to them and learn from them.
These moneymakers are powerfully willful, intensely focused and extremely smart because they are learning every day. Their drive is what makes their money. Persistence has shown that wealth can be created by anyone. Just keep going!
Note: Cherise Castle-Blugh is the Author of THE TIMELY ENTREPRENEUR & the Key Educator at Downer’s Educational Institute in the field of Business and Entrepreneurship.