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We all want to make a fortune in our lives. Having lots of money allows you to live a comfortable life. It also allows you to enjoy opportunities that you otherwise wouldn’t have had access to. Millionaires are people who have enough money to do all these things. Most of them have had to work hard to achieve their fortune. Do you want to know how they did it?
Here are some common habits of self-made millionaires:
- They have a rich mindset:
There is indeed something known as a ‘millionaire mindset.’ To become wealthy, you need to elevate your thinking, focus on abundance, and ditch your poverty mentality. If you are going to become a millionaire, you need to start seeing yourself as one, and then work to make it a reality.
- Millionaires are readers:
One habit that is common among literally all millionaires is reading. This is the ultimate habit to adopt so as to join this elite club. Studies confirm that 85% of self-made millionaires read a minimum of two books every month. They are especially attracted to books that show them how to grow better at what they do. Examples of topics that achieve this include current events, leadership, health, and financial management. Simply dedicating half an hour every day to reading a book will get you closer to your first or next million.
- They find mentors:
A mentor who is already successful is a great source of guidance and knowledge on the path to millions. 93% of self-made millionaires have mentors. Therefore, if you want to be as successful as they are, pick a mentor and follow their principles. There are five distinct types of mentors. They include your parents, teachers, career professionals, book or media mentors, and yourself. Mentors offer you guidance on the path to riches so that you don’t waste time making mistakes.
- They establish many streams of income:
Self-made millionaires do not rely on only one stream of income. According to statistics, self-made millionaires have a minimum of 3 streams of income. This is a form of diversified investment. By doing this, they are able to survive the financial hits that could occur in their lives. Examples of streams of income include rental properties, investments in the stock market, investments in real estate, being part owner in some side businesses, and even royalties.
- They stay away from time-wasting activities:
Self-made millionaires have a strong belief that money can be regained but time cannot. Therefore, they throw their entire effort into ensuring that they utilize every second of their day in a constructive manner. According to recent studies, 67% of self-made millionaires watch less than 1 hour of television per day. By avoiding time wasters such as these, self-made millionaires are able to utilize the time they have left in making more money.
- They live frugally:
Live well below your means. It may be surprising, but many of the really rich people are also some of the most frugal. You can grow your wealth by:
- Using credit wisely.
- Not living to impress others.
- Saving money until it hurts. Save/invest at least 20% of your income
- Buying a home you can afford
- Avoiding lifestyle inflation
Having a frugal lifestyle does not necessarily mean you would be pinching pennies. You only need to increase your income to the point where your frugality means a very comfortable lifestyle.