We might all view success differently, but at the end of the day, we want to have enough money to allow us to live debt-free, stress-free, and with a positive retirement ahead of us. While we’re not advocating that being a millionaire is the be-all and end-all, we are looking to them to see what small changes we can implement into our lives to better steer our own financial paths.
A few basic principles of self-made millionaires
Below we explore 5 habits that the average millionaire does, according to a plethora of data collected by Tom Corley. Over five years he asked 233 millionaires 20 broad questions (and 144 sub-questions) concerning their daily activities. These were the results.
1. They never stop learning
U.S. President Harry Truman is known for saying, "Not all readers are leaders, but all leaders are readers." Self-made millionaires prioritise learning and self-improvement, with 49% saying that they spent a few minutes every day learning new words. 61% said that they spent at least two hours a day practising new skills.
Reading plays a vital role in this process, with 71% often reading self-help books while 63% said they listened to audiobooks during periods of commute. It was noted that most of the case studies admitted to reading biographies of successful people, typically wealthy people who had built something from the ground up.
Health was another top priority.
2. They are aware of their weaknesses, and delegate accordingly
86% of the millionaires interviewed worked an average a minimum of fifty hours a week. While the hours are impressive, these millionaires committed time to build and surround themselves with great teams. They focused on their strengths and outsourced their weaknesses.
No one is a jack of all trades, and these successful individuals honed in on identifying and accepting their weaknesses. Most millionaires noted that if they didn't possess a particular skill, they delegated the task to someone that did, freeing up their time and energy.
3. They're not afraid to dream big
Millionaires are not confined to small-space things and actively work on setting and implementing their dream lives. While financial moves are calculated, and rarely based on instant gratification, they also allow space to think outside the box and pursue dreams that others might try to deter them from.
With a solid mindset and the right determination, most of these millionaires were able to achieve their dream goals. According to Corley's data, many of the participants in the study used the "Dream-Setting" strategy where they sit down and write out what they want their day-to-day life to look like in 10 years' time. The results didn't arrive overnight, but for many, it did materialise in the years to follow.
This strategy is used by coaches around the world to assist their clients with building wealth and ultimately reaching a million dollar net worth. While people tend to associate rich people with lavish lifestyles, the reality is that a lot of them can be found living in a modest neighbourhood wearing inexpensive clothes and driving modest cars. It's the money habits that matter.
4. They listen more than they talk
Over the course of the study, several strategies kept appearing. One of them was the "5:1 listening rule". This involves listening for five minutes for every one minute that you talk. This strategy is known to provide a variety of perspectives and strengthen work relationships.
In fact, 81% of the participants said they make a daily habit of actively seeking feedback from others within and outside of the workplace.
5. Millionaires create their own opportunities
The Roman philosopher Seneca is attributed with saying, "luck is what happens when preparation meets opportunity." While 94% of the participants firmly stated they would never gamble, most of them had the skill to see what others couldn't, and act on it. Whether it be through innovative routes to success or creative solutions, these millionaires were able to build their own "luck".
Eventually, with consistent effort comes immense opportunity. If you keep pursuing your goals and never give up on your dreams, luck will eventually find its way to you.
The habits of wealthy people
If your goal is to build wealth, whether to retire comfortably or impact future generations, consider these habits that self-made millionaires have adopted and consider incorporating some or all of them into your daily living. While wealthy people might not be the greatest role models, self-made millionaires certainly know a thing or two.
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