“Motivation is what gets you started. Habit is what keeps you going.” – Jim Ryun
- They Love to Read
Most millionaires read 30 minutes or more per day for self-education or self-improvement. They tend not to read fictional books. Books read by millionaires consist of biographies of successful people, self-help or self-development books, and history books.
I usually rotate between these three categories. Right now I’m reading “Good to Great” which is about what sets apart “great” companies from “good” companies, and “13 Bankers” which is about what happened on Wall Street to cause the last financial crisis. I’ll admit, this has very technical writing and may be good to read if you’re having trouble falling asleep at night, but I am trying to persevere through it.
- They Get Up Early
I wrote about this in a previous post, but this is a very common theme among millionaires. Most of them get up around 3 hours before their workday.
- They Have a Mentor
A mentor is a great resource and a wealth of information for your journey to become a millionaire. A great mentor is somebody you look up to and who you think has been successful in life.
I have 3 mentors that I utilize for advice and life lessons. My parents, my realtor, and my boss. All of those people have accomplished in their lives what I hope to one day achieve so I am very fortunate to have them to guide me along the way.
- They Rarely Watch TV
Only 23% of millionaires watch more than an hour of tv per day, compared to 77% of non-millionaires. Of those 23% who watch television, only 6% watch reality tv, compared to 78% of non-millionaires.
- They Surround Themselves With Other Successful People
- They Are Frugal
Millionaires typically do not play the lottery. As Dave Ramsey would say, “the lottery is a tax on the poor”.
A significant amount of millionaires have lived in the same house for more than 20 years.
Over one-third of millionaires buy used cars, which tend to be a typical domestic brand. 86% of luxury vehicles are bought by non-millionaires.
- They Live Healthy Lifestyles
It is reported that many millionaires exercise for 30 minutes or more every day and are healthy eaters.
- They Have Multiple Sources of Income
Most millionaires have at least 3 different sources of income. Some examples include rental property, a salary, a business, or investment income.
9. They Never Stop Learning
As mentioned earlier, millionaires love to read. 63% also listen to audiobooks or podcasts on their commute to work.
- They Write Down Goals
I’ve previously written a lot about goal setting, but it is a recurring theme among millionaires and successful people. If you write down your goals, you are much more likely to achieve them.
In addition to writing down goals, many millionaires also make daily to-do lists.
- They Make Their Children Read & Volunteer
I remember when I was younger my parents would sign me up for so many activities, some of which included volunteering. I used to think they were making me do too much but now I’ve grown to appreciate having the opportunity to be involved in so many experiences.
I think I always enjoyed reading so they didn’t have to “make” me do it.
A good childhood memory of mine is on Super Bowl Sunday, my dad would be watching the game, but my mom created “Super Book Sunday” where she would read my sister and I all the books we wanted while the game was on. Not surprisingly, my very first sentence was “Read the Book”.
- They Stick to a Budget & Pay Themselves First
It is hard to become a millionaire if you don’t know where your money is going. Little expenses can add up very fast and before you know it, the money that could have gone toward savings or an investment has been squandered away.
At the top of your budget, you need to allocate the amount of money you want for saving or investing. I do this, and then at the end of the month if there is any leftover money in another category, I move it over to the saving/investing category to pay myself even more.
You need to give every dollar a name so that it has somewhere to go, otherwise, you won’t know where it went! Track every single expense. After a few months, you’ll be so used to doing it that it won’t be a hassle any longer.