Earn More MoneyOctober 19, 2020November 16, 2020

Millionaire Habits That Can Help You Become Wealthy

Since the dawn of time, people have developed habits. Whether they’re good or bad. However, many people aspire to either change or gain new ones. This can be quite advantageous. However, there are many times where developing certain habits can deem detrimental. For example, think of a habit you currently have. After you’ve thought of it, question yourself whether it’s a useful habit. Some of you may say yes while others say no. Point is, everyone has them, including millionaires. However, there is an ongoing question. That question is, what habits do millionaires share?

Many people assume that the habits that these people have are directly correlated to how well they do in life. While this can be true, it really depends on the person. However, there are many habits that do and can help you become wealthy. Both financially and health-wise. With that being said, I thought it would be a good idea if we were to analyze these habits. Some will be easier than others. However, there should be at least a few habits that anyone can pick up and do right away. With that being said, let’s get right into it.

What Is A Habit?

First, I want to talk a bit about habits, why we have them, and how they can impact our life. A habit is something that you do, conscious or unconscious. Everyone has habits for many different reasons. For example, a popular habit is nail-biting. I myself have gained this habit. However, two people may not have this habit for the same reason. For me, I usually bite my nails when I’m thinking. However, many people bite their nails when they’re nervous.

Above is a short exert from Npr.org on what a habit is. You can click the picture above to be taken to the website. There you’ll get a more in-depth analysis of what habits are and how we develop them. Before we go into what habits millionaires have, I want you to think of your own. I know I asked this already. However, now I’m asking you to think in a most direct manner. Specifically towards habits that cost you money. A common habit that people possess is buying coffee. I always thought coffee was a waste of money. However, I do understand the need for it. Although, have you ever thought of the amount of money you’re spending over-time? How about the amount of money you could be saving. Well, you’re in luck because I’m going to show you.

Using the Tangerine savings calculator at a 2.5% interest rate, you’re able to calculate how much money you’d save if you didn’t spend the $3 on coffee per day.

$3 a day may not seem like much. However, if you look at the picture above, you can see that it can add up to quick a large sum of money. Can you think of a few things that you would do with over $2,000? I guarantee you that whatever you do with that money will satisfy you more than coffee. Furthermore, if you really need to make coffee, you can make it at home and save more money on average.

Millionaire Habits

Now, onto the habits that millionaires have in common. However, I do want to preface this section by saying that there is no guarantee that you’ll become a millionaire from doing these things. However, you will become more organized and possibly put yourself in a better financial situation. There are many ways to become a millionaire. However, doing a few habits will only contribute, it’s not the deciding factor.

Daily Goals

The first habit that many millionaires set for themselves are creating daily goals. These goals don’t have to be large or small. It can be literally anything that you need to do or want to accomplish during the day. You can start this by creating it the night before. As soon as you start your day, start checking off things on your list. For example, say you want to start reading a book. On your daily goal list, you can put that you want to read for at least one hour. Many of us have jobs and are busy. Keeping a goal list will help keep you on track. Trust me, every time I finish my daily list, I feel infinitely more productive.

Write Everything Down

Having a daily goal list and writing everything down go hand in hand. You can’t do one or the other. However, many people, include me, overlook how advantageous writing information down is. The human mind is not perfect and unless you’re Mike Ross from the show Suits, chances are you forget quite often. Writing things down mitigates the risk of forgetting crucial information. Doing this will change your life and you’ll realize that you will be able to get more things done. Furthermore, if you write information or tasks down in an organized fashion, you’ll be able to complete your taste more efficiently.

Track Finances

Much like creating a goal list, I’ve talked about this before. Tracking your finances is absolutely critical in more aspects than one. If you track your finances, you have complete control. You know what money is going out, why and when it’s coming in. If you track your finances, any budgeting adjustments you make will be easy, as you know how much money you’re already spending. However, tracking your finances will help you save money. Knowing how much money you’re keeping after all your expenses are paid will give you a good idea of how much you can save or invest. If you meet any truly wealthy person, they’ll tell you that tracking finances are critical for success. Furthermore, tracking your finances will increase your financial literacy which is all-around positive.

Reading

The reason why reading is a habit among millionaires is simple. They’re always after the pursuit of knowledge. For most millionaires, learning is an integral part of who they are and how they got to be so successful. Furthermore, they’re under the impression that there is always more you can improve on. Therefore, millionaires are always looking to read self-help or self-improvement books.

Avoid Debt

Avoiding debt is an amazing rule to live by. You don’t need to follow a millionaire’s advice to know that this is a useful piece of information. Having debt can be detrimental to your success and will throttle the way you want to live. Of course, there are certain types of good debts. However, for the most part, if you have a debt you’re most likely paying interest. This means you’re paying money for simply having the debt. Think of credit cards. having a credit card can build your credit score. However, if you have too much debt, the interest rates may get out of hand. This is how people get stuck in a constant cycle of debt. Furthermore, the amount of money that you spend on interest can be used to invest or save.

Avoid Unnecessary Spending

Avoiding unnecessary spending go hand in hand with avoiding debt and tracking finances. Earlier we used an example with coffee. We showed that saving your money and investing it can garner you quite a considerable amount of money. This is also true for buying new cars and expensive designer clothes. Simply put, avoiding unnecessary debt will ensure that you’re keeping your finances on track and mitigate the risk of falling into further debt.

Final Thoughts

These are a few of the many habits that millionaires share. If you want to know more, there are a multitude of websites that explain what other habits they have. Of course, you won’t become a millionaire from just these habits. However, following these habits will help you on your road to financial literacy and organization.

Shameed Chris Khan

Shameed is just a man on a mission to help those around him gain financial success. Obsessed with writing about all things finance, this GTA native is constantly learning and sharing his experiences with others.