5 Powerful Habits Of Self Made Millionaires
Do you dream to be a millionaire? Have you ever wondered how millionaires are made? Today, I will share with you 5 powerful habits of self made millionaires. So, you can start walking on the path today.
Think about where you are in your life…
Your present state is the result of your past decisions and habits compounded over time. And the decisions and habits you form now are going to result in your future.
Did you know that 86% of millionaires said they made their own wealth? They didn’t inherit it.
Current projections are that 1,700 new U.S. millionaires are made every day.
Self made millionaires are not made by an event or chance. They are made by a process.
And what determines that process?
Your habits. Things you do on a daily basis.
If you fix the small bad habits that you have, the easier it will be to achieve success.
Here are the 5 powerful habits of self made millionaires…
1. They Add Value First
This is a habit that all self made millionaires share. But, it is quite often overlooked.
I learned this one through experience.
So, I am going to share with you a story from my younger days.
When I was starting out…
I had a lawn mowing business. And I was struggling to get new clients.
So, I knocked on every door in every neighborhood and said: “Hey, can I mow your lawn?”.
Guess what everyone had to say in response? That’s right. They all said “No”.
One day I saw this lawn and it was full of tall and unkempt grass. It was really messy.
After checking, I realized that the owners weren’t home. And I did something dramatic. I mowed the lawn for them.
Then I sat on the porch and waited for the owners to come back. When they came back, they drove by the house. They didn’t even recognize their own house at first.
When they finally did, I heard a lady shout: “What the hell is this?”.
She looked at the lawn and saw me on the porch, and asked me, “Oh, did you do this?”.
“Yes. I saw that the lawn was very unkept. I just did it for you. Thought you were busy.”
I added that I’m just a young kid trying to get started in the business.
She was surprised but was so grateful that she paid me my first $100.
When you add value first, it’s easy to get business.
2. Choose Their Company Wisely
You may have heard: A person is known by the company he keeps.
Winners are attracted to winners. We become like the people we associate with.
Self made millionaires live by those words.
People who are more successful can expand your thinking and catapult your income.
So, consider spending time with people with more money.
Self made millionaires know the importance of building contacts.
The right people can make the difference between a life of average success and one filled with uncommon opportunity.
Thomas Corley wrote a book Rich Habits: The Daily Success Habits Of Wealthy Individuals.
He spent five years monitoring and analyzing the daily activities and habits of the wealthy and the poor.
He wanted to find what rich people look for in their company.
Here are a few traits he found:
- Good habits
- Positive mental outlook
- Encouraging attitude
- Financial stability
- Hard work ethic
- Individual accountability
- Strong willpower and discipline
- Passion and enthusiasm
Who do you surround yourself with? Do they add something to your life or not?
Do they waste your time?
That leads me to the next habit…
3. Self Made Millionaires Value Their Time
Let me ask you a question…
What is entrepreneurship?
I define it as a conversion process. Conversion of your knowledge, talents, guts, intelligence, experience, through the investment of time into money.
So the very first thing you have to do is… Don’t think of time as just time.
Think of time is an investment.
And how do you manage your time?
It is about managing emotions, priorities, and knowing what to do at any given moment.
You cannot manage your time if you cannot manage yourself. The big thing for me is eliminating the non-essential items from my to-do list. And have just a few key items to focus on.
Self made millionaires consider time as their most valuable asset.
And if you want to emulate that, you can’t be willing to give it away to others freely.
Giving away your time prevents you from prioritizing your own wants and needs. It’s like making deposits in everyone else’s bank accounts.
One of the biggest mistakes you make in life is having a poor use of your time.
Put a Stop To Interruptions
Research shows the average business owner is interrupted once every eight minutes. And the more successful you become, the more you get interrupted.
How many of you can relate to that? The more successful you become, the more people want your time, and the more you get interrupted.
And here’s the challenge…
In the current time of technology, everybody is expected to be instantly accessible.
Thanks to smartphones, it’s expected that we answer an email or text as soon as it’s received.
That’s just unacceptable. We all need time to disconnect.
We can’t be “on” all the time without losing our edge. Hence, establish boundaries.
How to do that? Well…
Learn To Say “No”
If you accept every request that comes your way, you’re putting other people’s priorities ahead of your own.
Start saying “no” more often. It’s the simplest way to start accomplishing your goals.
It’s easy to get distracted.
Tell me if I am wrong…
You’re in the middle of deep work when you receive a call or an email on your office door.
What do you do? You immediately stop what you’re doing.
The distractions add up. Schedule specific times throughout the day to block out distractions.
Turn off your phone and close the door.
Imagine how productive will you be…
If you can work with no interruptions. Work with no distractions.
Stick To A Schedule
Plan your day. Create a schedule. Follow it.
And stay within time limits.
If you have a meeting scheduled for 30 minutes, keep it that way.
What happens if you go over the scheduled time? Your next activity gets delayed.
Have others respect your time too. When others disrespect your time, you lose time to work on your goals.
Self made millionaires spend their time on activities that:
- Helps them become better
- Gives them new experiences
- Expands their knowledge
- Improve their lives in emotionally fulfilling and purposeful ways
4. Invest in Self Education: Never Stop Learning
One of the most essential habits of self made millionaires is that they never stop learning.
If you stop learning, you stop growing.
The most important skill I’ve learned is the need to adopt the mindset of a student.
Even though I have had 20 years of experience, I continue to learn every day.
Have you ever noticed the behavior of a child?
They always question things. Always looking to touch and play with everything. They’re curious. This is how they learn about the world.
But, as you grow older, this natural curiosity fades. You become rigid in your thinking.
Keep your childlike curiosity alive. At all times.
Books are a gateway to learning and knowledge.
But, self made millionaires don’t just read anything. They are highly selective about what they read. I read one book a month at least.
When you read books, you want to be educated and not entertained.
For his book research, Thomas Corley also found:
- 89% of rich people read for education
- 85% of rich people read two or more books per month
- 94% of rich people read news publications including newspapers and blogs
Self made millionaires are avid readers. They read about how to improve themselves.
Hence, your focus should be on self-improvement books, biographies, and books about successful people.
Find the opportunity to learn and expand your horizons.
Bill Gates reads about 50 books per year. Mark Cuban reads more than 3 hours every day.
Find a Mentor
A mentor is someone who has been there. Someone who has made it. Someone who has experience. A mentor can cut years of struggle from your life. Fastrack you on the path of success.
Self made millionaires are made by mentors. 93% of them claim their mentors were responsible for their wealth.
Yet, most people never have a mentor. Why?
Because they think they don’t need one. Or they never looked for one.
Great teachers lead you to find your own answers. They will always enable you to do things that you would never do otherwise.
If you can find that one person to guide you, your life will change.
Do you know that 71% of Fortune 500 companies have mentoring programs?
According to the Harvard Business Review’s study on CEOs who were mentored:
- 84% said mentors had helped them avoid costly mistakes
- 84% become proficient in their roles faster
- 69% were making better decisions
Can you see the power of having a mentor?
Mentorship is an investment. It can help you get to the next level of financial success.
Here’s how you can find a mentor to change the course of your life.
Develop The Right Skills
Self made millionaires don’t waste their time on low-income skills.
Not all skills are created equal.
There are low-income skills and then there are high-income skills. Most people spend their time majoring in skills that make little to no difference.
High-income skills are skills that make you at least $10k a month. These are the skills you need to focus on – skills you should strive to master.
And the best part is that these skills are only dependent on you and your ability to produce results.
You bring results to the marketplace – You get paid. Simple.
Self made millionaires have the ability to generate income regardless of the economy.
When you are financially confident you only rely on your own skills. No matter what happens in your life, you are financially secure and stable.
Here’s a list of high-income skills that you should consider adding to your skillset.
This is what I call the Power Stage of self made millionaires.
You attain a certain power. Become the most powerful version of yourself.
What do I mean? You have the power to do what you want. And live how you want to live. In other words, you have full control of your income.
5. Multiple Streams of Revenue Generation
Self made millionaires have multiple streams of income. 65% of them have at least three sources.
To diversify and reduce their dependence on just one stream.
Once they have a powerful high-income skill, they don’t stop.
But, self made millionaires do not go into business without proper planning, right perspective, and the right skills.
They know they could lose all their money. Just like that.
So, what happens after the Power Stage?
Equipped with a high-income skill, they enter the next two stages of wealth:
The Profit Stage – This is the stage where you can predictably and steadily increase your income. If you feel like it, you could start a scalable business that is suited to your skillset.
What is a scalable business? A scalable business is a business that does not require much investment to grow.
The Possibility Stage – This is the absolute elite level. This is the last stage. The stage where you multiply your net-worth and your significance.
This is where you learn to make high-return and low-risk investments. Create true wealth.
The three stages are what I call the Wealth Triangle.
Just follow the wealth triangle to walk the path of self made millionaires.
And how do you walk the path? You should…
Copy The Habits of Self Made Millionaires
Becoming a millionaire is simple. But, it’s not easy.
All you have to do is follow a step-by-step and proven formula.
Ten years ago, I wrote a book called FU Money.
This book has sold hundreds of thousands of copies and has helped a lot of people.
Since that book, I’ve built several other multi-million-dollar businesses.
It’s been an incredible decade. This decade has taught me that it’s my legacy to help other people become millionaires.
This is why I wrote a new book called “Unlock It”.
In this book, you will learn all the habits of self made millionaires. That will help you develop that unshakeable confidence and change your life.
l take you step-by-step through all the stages. You will learn actionable strategies that you can start implementing right now and achieve success.
Most importantly, you will learn to unlock long-lasting wealth.
The book will also teach you to:
- Start or scale a side income so you can set your own hours, make as much as you want, and work from anywhere you want to.
- Leverage your natural strengths to reach higher levels of success.
- Achieve wealth, success and significance – for the rest of your life.
The question is…
Do you have what it takes to become a millionaire?