Learning the friendly way

There are plenty of certainties in life, and trading is no different. Whether you’re a novice trader or a professional, one of the few guarantees when it comes to any market is that there will be bear markets, and there will be bull markets.

It’s easy to get caught up in the highs of a bull market, but when it comes to navigating bear markets one needs to keep their wits about them. Below we outline 8 trading strategies to take with you through times of dropping price movements. 

Only commit resources you're prepared to let go of.

The golden rule of investing: never invest more than you can afford to lose. It might sound grim, but the reality is that no market or asset is ever guaranteed to succeed so be wise with your investments. Whether in a bear market or a bull market, this golden rule should never be skipped.

Once you’ve set up your budget and determined your living expenses (rent, groceries, insurance, etc), only then can you establish how much money you can invest. Bear markets and price corrections can have a significant impact on your finances, never take a chance with your living expenses or by underestimating the importance of establishing what your risk tolerance is.

Embrace dollar cost averaging

Economic cycles will inherently go up and down, and a great way to minimize risk is to implement dollar cost averaging into your trading strategy. Ideal for traders with a 10+ year timeline, dollar cost averaging involves buying the same asset on a consistent basis no matter the price. With the varying price differences, investors typically accumulate more for less over a long period of time. 

The technique of dollar cost averaging comes into play notably during bear markets, a period when asset prices often find themselves in a state of undervaluation. This brings us to the succeeding topic.

Find undervalued assets

During a bear market, asset prices are often described as being pummeled and underpriced, presenting an excellent buying opportunity for the savvy investor. The trick here is to know what you’re looking for and to conduct adequate research. In a bear market, both good and poor companies have hammered down asset prices, ensure you do your research to determine the one from the other. 

Bear markets tend to also be a great time to accumulate more from the companies/assets you are already invested in, accumulating the assets for less than they’re worth. This is a common strategy used in the stock markets when stock prices are undervalued.

Market timing can mean everything whether you're in bear market territory or not, so make sure you have adequate information before engaging in declining markets.

Branch out with diversification

Bear markets are a great time to implement an asset allocation strategy and broaden your investment horizons. When asset prices are low (even during market volatility) it creates an excellent buy-in opportunity for investors to spread their portfolios across alternative investments such as bonds, different asset classes, cash, and stocks.

Regardless of whether it's a bear market or a bull market, always consider your risk tolerance and financial goals, and as always conduct your own research, as you explore different markets and determine whether they would be a good fit for your portfolio. 

Explore non-cyclical stocks on the stock market

Non-cyclical or defensive stocks are a type of investment that usually do well even when the overall stock market is down. These stocks are from companies that make things like toothpaste, toilet paper, and soap, items that people still use even during tough times and market downturn. They usually pay regular dividends and have stable earnings, which can make them a good choice for investors who want to reduce risk during stock market decline.

Treat bear markets like you would a bear

During a bear market sometimes the best thing to do is exactly what you’d do if faced with a real bear in the woods: play dead and don’t make any sudden moves. In the financial sense, this means moving your money to safe places and not making any sudden, irrational buy/sell trades.

This typically involves putting more of your money into safe investments that you can easily access, like certificates of deposit (CDs) or U.S. Treasury bills. By doing this, you can ride out the market's ups and downs without losing too much money

Leave your emotions out of it

On Wall Street, there's a saying that 'The Dow climbs a wall of worry,' which means that even when things seem bad, the stock market can keep going up. Applicable across all markets, as an investor, it's important to not let your emotions guide your decisions. Sometimes big problems turn out to be not so bad in the long run. Fear can make it hard to think rationally, so it's best to stay calm and carry on with your investment strategy.

Short selling

If prices are falling, there are ways to make money from the situation. One way is through short selling, where you borrow shares in a company, ETF or asset and sell them with the hope of buying them back at a lower price. Another option is using put options, which increase in value as stock prices fall and limit your potential losses. 

Inverse exchange-traded funds (ETFs) also let you profit from a falling bear market by increasing in value when major indexes go down. These can be easily purchased from your brokerage account without requiring margin accounts or advanced trading skills.

Not ideal for beginner traders, only implement these strategies if you feel confident to do so or have contacted the necessary professionals. 

In conclusion

Bear markets are an inevitable part of trading, and it's essential to be prepared with strategies to minimize losses and even profit from the situation. By only investing what you can afford to lose, embracing dollar cost averaging, finding undervalued assets, diversifying your portfolio, exploring non-cyclical stocks, leaving emotions out of your decisions, and potentially using short selling or inverse ETFs, you can weather the storm of any bear market. 

It's crucial to remember to stay calm, do your research, and seek professional advice if needed. With these strategies in mind, you can navigate a bear market with confidence and come out on top.

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Considering going on a last-minute travel adventure? While we’ve been programmed to think that last-minute travel equates to more expensive, this isn’t necessarily always the case. In this article, we’re dishing out the top 5 last-minute travel tips and ways in which you can score big and tap into great last-minute travel deals. 

From tips on how to google flights to finding hotel rooms with perks and everything else you might need for your last-minute bookings, we've got you covered right here.
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1) Be flexible

Flexibility is key to saving on any last-minute travel needs you may have. And the number one way of doing so is by being f.l.e.x.i.b.l.e.

Whether it’s with your travel dates, flight times, or destination, flexibility can save you a lot of money in the long run. Accommodation and flight prices depend on a plethora of factors such as whether it's in-season or off-season, if you're only looking at popular destinations, or if there are events taking place nearby at the same time, i.e. a conference.

Be sure to check out a range of options before deciding on a specific date and time, just a day’s difference can equate to hundreds of dollars. You might end up surprised by how much money you can save on your last-minute travel adventure by just going with the flow.
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2) Fly wise, fly cheap

The most significant savings come from hotel deals and package deals—not airplane tickets. Flight prices usually go up in cost as the date of departure gets closer, but there is hope for last-minute travel deals. If you want to fly out of town within the same week that you book your seats, try buying your tickets on a Sunday or Tuesday, airlines frequently discount their fares on these days and offer the best deals.

You'll be saving some decent money by avoiding flying on Fridays and Mondays as fares are expected to be higher since they're the most popular days for weekend travelers. Opt for mid-week travel if possible.

Another top tip that many individuals are unaware of is that their browser keeps track of the terms they search for on a regular basis. If the platform notices that someone is searching for anything related to holidays or last-minute flights, the price will rise.

To avoid paying more for the same thing, make sure to open your browser in an incognito window before you google flights and thus prevent being tracked or leaving a history of your searches. The same applies to airline websites and online travel agencies. Not just a last-minute travel hack, but one to use across all varieties of travel.
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3) Be on the lookout for perks

If you're looking for a more affordable way to vacation, then pay attention to the perks and benefits offered by travel companies and accommodations, especially when it comes to last-minute travel. Consider booking accommodation that includes free breakfast and/or complimentary parking, every little bit helps. 

You will be surprised at how much money some of these perks can save! For instance: free breakfast could save you about $20 to $25 per day while parking can easily range from anything between $30 to $45 a day if you opt to get a rental car.

Always do the math before deciding if a specific accommodation is worth it. Check out platforms like Booking.com, Travago, and a specific hotel website you like for the best deals and last-minute travel options, as well as travel apps for any last-minute deals.
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4) Read the fine print

When it comes to a last-minute trip, be aware of the fine print when booking your flight, adventure, or accommodation. Make sure to read up on their cancellation policies as many airlines now offer relaxed rules for changing plans at short notice which means you may be able to change dates without penalty if necessary.

While last-minute deals and spontaneity are exciting, sometimes life has a way of getting in the way so be sure to know the specific terms of your flights and hotels.
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5) Prep like a pro

If you're looking to travel on a budget, there's more to think about than just withdrawing cash from an ATM. With a little planning ahead, you can become a savvy traveler and save yourself some money - even with last-minute travel!

Many of us have been abroad and had to pay outrageous ATM and credit card fees. And all because we didn’t do our research and plan ahead. By taking your Tap card with you, you’ll save a substantial amount of money on your ATM withdrawal fees and foreign exchange fees thanks to its low to zero fees plans compared to that of traditional banks. 

All operated through the app, you can stay up to date on your transaction history and your balances in real-time, and easily - and instantly - transfer funds between accounts. The card also allows you to swipe at merchants worldwide and make quick payments no matter where in the world you might be.

It's also worth doing your research on whether the place you are traveling to prefers guests paying cash or if it is more card transaction based. You would hate to have to travel around with a wad of cash that is difficult to get rid of.

Be wise

Booking for a honeymoon, anniversary, or simply a romantic getaway? Last-minute travel might not be appropriate for you if you’re set on a particular type of accommodation at a particular location or must go during specific travel dates. 

If everything has to be in harmony with your plans, we would strongly recommend you book ahead of time instead of opting for a last-minute trip. You wouldn’t want to cut corners to save money on your once-in-a-lifetime memories. 

Travel smart to travel far

Embrace all that life has to offer by exploring different corners of the globe and get more bang for your buck with these 5 travel tips. From saving a few bucks here and there, you could end up saving big on your last-minute trip.

Be sure to switch to incognito mode and start searching for your dream holiday, it might be just around the corner! 

Investors looking to establish a passive income stream often turn to a dividend investing strategy as it provides regular payments from their investments. While dividend investing might sound intimidating to beginner investors, the truth is that with adequate research and understanding it is very simple to tap into.

Dividends are a portion of a company's earnings that are distributed to its shareholders and can provide a reliable source of income (also referred to as dividend income) over the long term. However, not all dividend-paying stocks are created equal, and investors need to carefully evaluate the companies they invest in to make sure that they are making sound financial decisions.

In this article, we will provide six tips for dividend investing that can help investors choose the right stocks and maximize their returns in terms of dividend payments.

Look to mature companies

When implementing a dividend investing strategy and looking at which stocks pay dividends, it is generally advisable to focus on established, mature companies rather than start-ups. Established companies have a proven track record of stability and success, which can provide investors with a sense of security and confidence. Investors will also often research a company's dividend yield to confirm their decision.

A dividend yield is a dividend per share divided by the price per share. It can also be calculated as a company's total annual dividend payments divided by its market capitalization if the number of shares is constant. A good dividend yield is anywhere from 2% - 6%, the higher the better. Lower dividend yields can make a stock appear less competitive relative to its industry.

Mature companies typically have a more predictable revenue stream, which makes it easier to forecast their future earnings and dividends. They also tend to have a history of paying dividends consistently, which is a crucial factor for dividend investors.

Ultimately, it is important for investors to carefully evaluate the financial health and stability of any company they are considering investing in, but for those seeking consistent dividends, established, mature companies are typically a safer and more reliable option.

Look at the company’s dividend payout ratio

The dividend payout ratio represents the proportion of the company's net income that is distributed to shareholders as dividends. This ratio is expressed as a percentage of the company's earnings that are paid out to its shareholders in the form of dividend income.

The payout ratio gives investors a look at how much income is being paid to investors and how much is being retained and used by the company. If a company with high-yield dividend stocks has a high payout ratio (i.e. paying out a large portion of its income to shareholders) this should raise red flags as if this income stream diminishes the dividend income will too. 

Stability pays out in the long run

When looking for dividend-paying stocks, it is important to prioritize stability over quantity. This means choosing companies with a proven track record of steady earnings and consistent dividend payments, rather than simply seeking out the highest dividend yield. 

By selecting quality investments, investors can minimize their risk exposure and reduce the likelihood of unexpected drops in dividend payouts or stock value. Additionally, companies with strong financial health are better positioned to weather market volatility and economic downturns, which can help to protect investors' portfolios in the long term. 

Ultimately, prioritizing stability over quantity is key for any dividend investing strategy.

Always establish your financial goals early on

When looking at buying dividend-paying stocks, first establish a few key goals, like whether growth investing or value investing is a priority for your investment strategy. This will help you determine which companies to seek out, and whether your portfolio can incorporate younger companies. While mature ones will offer consistent and steady payouts, newer ones might present impressive dividend yields in the short term.

By establishing your financial goals before investing you will be able to create a formula to follow that allows you to explore a potentially wider range of options. Always be sure to look at past and present returns and consider the company’s future potential. This will help to establish how profitable the company might be in the future from a dividend growth perspective. 

Know when to cut your losses

Investing in dividend stocks requires a balance between patience and knowing when to cut your losses. While waiting for an investment to pay off can be tempting, holding onto a failing stock can result in significant losses. Recognizing when a stock is underperforming and taking action is crucial to successful dividend investing. 

It's important to monitor the financial health and performance of a company and reevaluate the investment if it fails to meet expectations. Knowing when to cut your losses and sell a stock that is no longer viable can protect your portfolio and help to prevent significant financial losses. Being aware of market trends and the performance of the companies you invest in is key to making informed investment decisions.

Don’t put all your eggs in one basket

Diversifying your portfolio is crucial when investing in dividend stocks to minimize risk and maximize returns. Putting all your money into one or a few stocks exposes you to significant risk if any of them fail. 

By diversifying across multiple companies and sectors, you can spread your risk and minimize the impact of a single stock's performance on your portfolio. Investing in companies with varying levels of financial health and dividend yields can help to create a more balanced portfolio.

Diversification is a key strategy for long-term dividend investors who want to build a stable and sustainable source of passive income while mitigating the risk of significant financial losses.

Additionally, some investors opt to implement a dividend investment strategy that looks to increase dividend yields over time. This process centers around dividend reinvestment which essentially means reinvesting the dividend payout one received. This over time will contribute to dividend growth, in the same way as compound interest works.

In conclusion

Investing in dividend-paying stock is an excellent way of building passive income streams while still building an impressive investment portfolio. With the right approach and adequate research, this can contribute to significant gains for your greater financial goals. 

The golden key is to gauge which stocks, in this case, dividend stocks, provide the strongest returns with minimal risk, and which stocks have the highest dividend growth potential. Implement these 6 golden rules above to better position yourself for success.

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With rising inflation rates and economic downturns around the world, there's plenty of speculation that we're headed for another global recession. While the media tends to paint the darkest picture, it's always worth being prepared. In this article we're providing five action points you can do now to ensure that your finances remain recession-proof.

The National Bureau of Economic Research defines a recession as “a significant decline in economic activity that is spread across the economy and that lasts more than a few months. It's worth noting that these are a natural part of the economic cycle and are completely unavoidable. The best thing you can do is be educated and prepared with a reliable plan in place to overcome any economic downturn.

According to a study conducted by Empower and Personal Capital, 74% of consumers in the U.S. are concerned over an impending recession. While some analysts believe the recession has already started, Goldman Sachs has predicted there is a 30% chance of one materializing while UBS has forecast "no recession".

Whichever side of the fence you sit on, it can't hurt to be prepared. While it sounds dark and gloomy, we're here to help you prepare for a recession.
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Anxious about an incoming recession?
Here are 5 steps to get yourself recession ready

1. Try to eradicate debt

The first step of most financial plans, paying off high-interest debt is a valuable practice. The recent increase in interest rates by the Federal Reserve has seen credit card rates rise over 17% for the first time in two years. Analysts are predicting that these interest rates will continue to rise in the coming months. Avoid credit card debt and the high-interest rates associated with them.

If you are carrying high-interest-rate debt, your best port of call would be to strategically manage this, with the intention to pay it off as soon as possible. With recessions oftentimes come job cuts, and if this happens to you paying off your debt now will be a worthy exercise. Known that in times of recession, interest rates will increase.

2. Lessen your expenses

Consider your monthly living expenses and what you spend money on and see where you can make cuts in order to prepare for the "worst case scenario". Consider what would happen if you were to receive a lower salary, if you were to lose your job, or if you were suddenly faced with an emergency (more on emergency savings next).

While these can take place at any stage, having a plan will help you to be prepared should you come face to face with this. Monitoring your monthly expenses is, either way, a great opportunity to stay on top of your finances and improve your financial situation.

3. Establish your emergency savings fund (and bulk it up)

If you haven't already done so, establish an emergency fund. Financial advisors define an emergency fund as three to six months' worth of living expenses. This emergency fund is to be used for unexpected expenses like home repairs, a car issue, a medical emergency etc. This is separate from your retirement account, and acts as a cash cushion should you need it.

As you prepare for a recession, it's advised to bulk up your emergency fund to be at least six months' worth of expenses/salary. This personal budget will act as your financial safety net should you need it, a rainy day fund. For bonus points, try to keep this in interest-generating savings accounts. 

4. Update your resume

In the unfortunate event of losing your job in a recession, it will bode well to build your resume up before the time so that you can immediately start searching for a new job. During recessions, the job-seeking market tends not to favor job seekers so being prepared beforehand may work out to be to your advantage.

Alternatively, if you were considering advancing your education or going back to school, this could be a prime time to do so. This will not only improve your chances of employment in the future but also allow you time to emerge when the job market is more favorable.

5. Adhere to your long-term investment plan.

During economic recessions, the temptation to scale back on retirement savings or liquidate investments can be strong. However, it's crucial to stand firm. These investments are designed for the long haul and prematurely pulling out can lead to significant losses, particularly in the stock market. Focus on managing your emotions and consider the extended benefits.

When the recession transitions into its next economic phase, weigh the advantages of maintaining your long-term investments versus starting anew. This is especially relevant if your investments are tied to a retirement portfolio. For peace of mind, historical data reveals that bull markets tend to outlast bear markets.

Whether you're invested in gold or the stock market, sticking to your long-term strategy and avoiding decisions driven by fear is important. Such decisions rarely yield positive results.‍

Closing thoughts on surviving economic downturn

Recessions tend to carry a lot of fear mongering news, however, did you know that the recession in 2020 only lasted for two months? While they're times of little to no economic growth, they are just as quickly corrected and allow new innovations, services, and economic activity to ignite. Consider it a breeding ground for new opportunities.
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Use the time beforehand to prepare for a recession by managing your expenses, freeing yourself from high-interest rates, and building an appropriate savings account to see you through. If in doubt, consider speaking to a financial advisor who can professionally guide you in building a solid financial plan. 

Whether you're trying to navigate the world of Crypto Twitter or preparing for Web 3.0, understanding the lingo is imperative to understanding the information available and fitting in. You might be very familiar with the English language, but don't let that fool you, crypto slang on social media is a language of its own.

While you might be familiar with concepts such as mining and smart contract, here we upgrade you to the next level of crypto jargon content. Below we run you through the 20 biggest acronyms and terms you need to learn when embarking on your Crypto Twitter journey. Good luck!

20 Top crypto terms and acronyms

Apeing In 

Apeing in refers to buying a token or more commonly an NFT right after launch without doing the necessary research. Also sometimes expressed as "I aped", this is usually a result of being fearful you're going to miss out on potential gains. Always DYOR. 

Bag Holder 

This term refers to an investor that is holding a cryptocurrency or NFT that they cannot sell for a higher price, and cannot sell at the current price (as it is too low). While this isn't entirely negative, it's not very positive either. Bag holders will simply need to wait out the market dip.

BUIDL

First made famous by Ethereum founder, Vitalik Buterin in 2018, buidl is an obvious typo of the word build and refers to "build useful stuff". The concept revolves around developers utilizing blockchain technology, to hopefully, provide a solution to the industry as a whole. 

BTFD 

Standing for Buy The F** Dip, BTFD has been described as a "prominent lesson in strategic engagement". Buying the dip is when investors accumulate cryptocurrency during a bear market when the prices are trading at less than their value. Quoting Warren Buffet, "be fearful when others are greedy, and greedy when others are fearful."

DAO

DAO stands for decentralized autonomous organization and acts as a form of venture capital funding, replacing a board of directors with open-source coding. Operating entirely automatically, everyone is granted ownership and is involved in the decision-making. DAO essentially describes the structure of Web 3.0 companies. 

dApps

You may be familiar with this term already, decentralized applications are any digital apps built on top of a blockchain network. Instead of operating off of a centralized computer system, dapps harness the power of blockchain and are maintained and operated by the network on which they're built. 

Ethereum, Solana and Cardano are popular platforms on which developers built their dapps, with no limit to what industry these dapps can be built for, from payments to entertainment to supply chain management.

Diamond Hands

This term refers to an investor who will never sell. Diamond hands push through the losses, gains and volatility, resisting the dips and the peaks. These are hardcore hodlers who strongly believe in a project's vision. 

DeFi

Another term you're likely to have come across is decentralized finance, DeFi. DeFi is a sector of the crypto industry that provides traditional financial products and services only using blockchain technology, like lending, borrowing and providing liquidity. The aim of DeFi products is to remove the centralized nature of banking and make things more accessible to the masses. PancakeSwap, Aave and The Graph are examples of DeFi platforms. 

Degen

Degen is short for degenerate risk-taker, someone who makes highly risky bets without due diligence. While this is typically frowned upon in the real world, in the crypto world this is a badge of honour. Being a degen and making money fast is the ultimate flex. We still recommend that you DYOR beyond just the project's website. 

DYOR

Possibly the most important phrase when it comes to navigating cryptocurrencies and NFTs: always do your own research. Never follow anyone's guidance blindly, regardless of their financial gains. Instead, always thoroughly investigate a project before engaging with it. DYOR takes a firm stance in emphasizing that you hold accountability and responsibility for your engagement decisions.

GMI

A term of endearment in the crypto space, GMI stands for Gonna Make It, used to reassure someone that they're on the right track. Often thrown around on Twitter and Discord, GMI offers someone an affirmation in their decisions. 

On that note, NGMI stands for Not Gonna Make It. Usually used when someone makes a mistake or does something crazy, or when someone makes ignorant comments about the crypto space when they know little about it. It can be brutal out there, but DYOR and you'll be ok.  

Genesis Collection

Similar to how the first block on a blockchain is referred to as the genesis block, a genesis collection is the first NFT collection created by an artist. Buying items from a genesis collection is a symbol of early support and usually comes with some added benefits. Following the transaction for the digital currency, holders might be treated to early releases, insider info or concert tickets.

HODL

While we're familiar with what HODL refers to (holding onto a cryptocurrency for a long time in order to tap into possible future gains), many might not be aware that it has been gifted an acronym of its own. We say gifted because the term originated from a typo in a Bitcoin forum. HODL has affectionately been expanded to Hold On for Dear Life, encouragement for when markets dip and weak hands consider selling.

Metaverse

A hot topic at the moment, but do you know what it means? The metaverse refers to an alternative reality that exists in the digital realm. This digital space allows users to work, play, socialize and do business, interacting with others as they do. The metaverse can be described as a combination of VR (virtual reality), AR (augmented reality) and 3D worlds.  

NFT 

This is a big one. It stands for Non-Fungible Tokens and refers to anything that someone can create store and sell on the blockchain but is not fungible. Each NFT is unique and cannot be used interchangeably like most other cryptocurrencies. Also note that an NFT is a token standard and can be built on various blockchains, while ETH for instance is the native token to Ethereum and cannot be used by other blockchains. 

Shill

Shill refers to someone promoting a particular cryptocurrency to create excitement for it, usually to their own financial benefit. The purpose of shilling a coin is to generate hype that will hopefully lead to mass buying. Most platforms frown against shilling as it's essentially part of the same family tree as pump and dumps. 

Paper Hands 

The opposite of diamond hands, paper hands are quick to sell, often too early. Giving in to pressure and volatility, paper hands sell when the financial risk is too high (as opposed to waiting out the dip). 

P2E

P2E stands for play to earn and is a concept in gaming where players can earn an in-game asset that holds value outside of that ecosystem. Axie Infinity, for example, is a game in which users can earn AXS, which is traded on many big exchanges. Gods Unchained and Evaverse are other P2E games.

RUG

Sometimes referred to as a "rug pull", rug is used to describe a situation where the founders of a project run away with the raised funds. These scams are not uncommon in the unregulated world of cryptocurrencies, however, they have become much fewer and far between since the earlier days. Their actions often send the crypto price plummeting to zero and cause huge losses among investors. 

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. 
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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 prioritize 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 practicing new skills.
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Reading plays a vital role in this process, with 71% often reading self-help books while 63% said 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.
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Health was another top priority. 
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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. 
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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 time and energy. 
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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.
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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 materialize in the years to follow.
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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 neighborhood wearing inexpensive clothes and driving modest cars. It's the money habits that matter.
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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. 
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In fact, 81% of the participants said they make a daily habit of actively seeking feedback from others within and outside of the workplace. 
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5. Millionaires create their own opportunities

The Roman philosopher Seneca is often quoted as saying, "luck is what happens when preparation meets opportunity." Surprisingly, 94% of the participants held a resolute stance against gambling. However, a majority of them possessed the acumen to perceive what others couldn't and took decisive action. Whether through unconventional paths to achievement or imaginative solutions, these millionaires were adept at constructing their own "luck."

Over time, relentless diligence creates substantial openings. By persistently pursuing your aspirations and maintaining unwavering commitment to your dreams, fortuitous moments will inevitably present themselves.

The habits of wealthy people

If your goal is to build wealth, whether to retire comfortably or impact future generations, it might worth 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.