No, I am not a self-made millionaire… yet, but I have studied a lot of individuals who are self-made millionaires. A good number of them were once in the same shoes you and I are in now – asking ourselves “What are the everyday habits of the average millionaire?”
It’s important to take note that most millionaires start from somewhere. By this, I mean that most aren’t born into wealthy families or handed their status to them. Most had to work long and hard to achieve the status of being a millionaire.
After researching some of the world’s most successful and wealthy individuals, I want to share with you some of the habits of the average millionaire and what separates them from the “average” individual.
P.S. I don’t think anyone is average. I just think that some don’t see their potential and don’t know how to use their differences to their advantage.
Everyday Habits of the Average Millionaire
1. Millionaires consume as much knowledge as possible.
Did you know that the average CEO reads 52 books per year? That’s because millionaires would much rather use their spare time doing something meaningful like expanding their knowledge as opposed to doing something as unmeaningful as watching reruns all night long.
Studies show that 88% of all millionaires devote at least thirty minutes or more on a daily basis to “self-education and self-improvement reading” and that “most did not read for entertainment.”
What types of books should you be reading? How about reading books from individuals you aspire to be. Find books from those who have found success in the field you are wanting to become successful in and read about what worked for them. Maybe if you pick up on some of the habits that they share, you will find yourself writing a book of your own someday.
2. Millionaires have multiple income streams.
Most millionaires are known for one or two of their businesses, but most have far many more than that. While one income stream may be their primary source of income, it’s what they do with that income stream that can really help them to grow their money. Do they put it all into a low-interest savings account like I do? Probably not. Instead, they look for ways to invest their money so that they can sit back and watch it grow over the long run.
One of my favorite examples is YouTuber Graham Stephan. Stephan started out as an investor right out of high school. He bought properties, fixed them up, rented them out, and made a ton of money. Now, he teaches others how they can do the same while also sharing other investing tips on his YouTube channel that is making him more than $1.2 million per year. Lastly, he also has courses he teaches and gets additional income from sponsorships.
What I am trying to say is that you can’t rely on one source of income. What if that source no longer existed? Do something with your spare time to create an additional source of income so that you don’t run into as many financial issues.
3. Millionaires don’t waste money.
There is a difference between buying things you worked hard for and just flat out wasting money. Most millionaires do good with their money and donate a hefty amount. That’s because they believe that money is abundant and the more you do good with what you have, the more you will receive.
This doesn’t mean that millionaires aren’t frugal. Actually, I shouldn’t say frugal. Millionaires are just smart with their money. They are going to look for ways to save whether that’s by following a budget or avoiding spending $6 on a latte that costs probably no more than $0.50 to make.
Everybody has things that they can cut back on. If you want to become a millionaire, just start by asking yourself what are some of your largest expenses that you don’t need or utilize enough. Save that money and do something that will help it grow into more money.
4. Millionaires spend time with other millionaires.
As bad as it may sound, it’s a status game. Millionaires are going to spend more of their spare time with other millionaires instead of spending time with those who are bad at managing their money. That’s because you attract more of what you surround yourself with.
Think about it in your life as well. Let’s say you want to find more happiness and joy in life. If so, you aren’t going to spend your time with those who are constantly down on life and make you feel bad, are you? Of course not. You are going to spend your time with those who share the same values as you and reflect the person you are trying to become.
This is exactly what millionaires do as well. We become the average of the 5 people we spend the most time with. If you want to become a millionaire, start spending your time with successful individuals who are going to help you create better habits.
5. Millionaires are also goal-setters.
Have you ever tried driving a car from Point A to Point B while blindfolded? For the sake of your well-being and others who are sharing the road with you, I sure hope not. Instead, you probably have a destination in mind for where you want to go and keep your eyes on the road until you reach that destination.
In order to get to your desired destination, you need two things. First, you need to first have a destination in mind. Second, you need to keep both eyes on the road until you reach that destination. You are going to make a few pitstops along the way, but pitstops are nothing more than short-term goals – they help you to refuel and re-energize while helping you progress to your destination.
Millionaires are also goal-setters because goal-setting is much like driving a car. They don’t drive blindly hoping to stumble upon success. They have a destination in which they want to reach and create smaller, more attainable goals that are ultimately going to help them reach that destination.
So, in summary, don’t drive through life blindly. Know what that destination is that you want to reach and set smaller and more attainable goals for yourself that are going to help you reach that destination.
6. Millionaires have high levels of self-belief
Now you might be thinking to yourself “Well duh, they are millionaires. Of course they are going to have high levels of self-belief.” But you have to remember that most didn’t start out as millionaires. It’s the belief that they had in themselves before they became millionaires that ultimately led to them becoming millionaires.
Nobody achieves any level of success by doubting their abilities. Everything we are good at in life stems from the very belief that we have in ourselves. You are good at your job because you believe you are. You are a good person because you believe you are. You achieve success because you believe you can. Believing helps you to start acting intentionally, so if you want to become a millionaire, then start believing in yourself and your actions will soon follow that belief.
Before You Go
Millionaires don’t have any special superpowers. They are people, just like you and me. Anybody who has the desire and works hard enough can become a millionaire. While that desire and amount of work are going to look different for each and every person, there is only one way to achieve the status of being called a millionaire… it’s by keeping your eyes on the destination and working hard until you get there.
- Millionaires love learning
- Millionaires have many sources of income
- Millionaires don’t waste money
- Millionaires surround themselves with other success individuals
- Millionaires constantly set goals
- Millionaires believe in themselves – even when others don’t