At some point, we’ve all fantasized about winning the lottery, telling ourselves it will be a quick assurance to financial security and an “in” with membership into the millionaire club. The truth is, most millionaires are self-made millionaires; they earned their millions as opposed to inheriting them. Their net worth didn't magically appear in their savings account, they earned their money using a millionaire mind set.
Tom Corley, an accountant and author of “Rich Habits: The Daily Success Habits of Wealthy Individuals” spent years studying the lives of the American millionaire as well as average income households. “Your habits are the reason why you’re rich or poor,” Corley writes. “From my research, I discovered that daily habits dictate how successful or unsuccessful you will be in life.”
If your goal is to become a millionaire one day, start thinking and taking actions like a millionaire. Money doesn't appear out of nowhere, after all. You have to develop a high net worth and wealth over a long period of time. It's a long-term investment, but the increase of millionaires across the country offers hope. According to the Spectrem Group Markets Insights Report, there are 10.8 million millionaires nationwide.
It's not too late for you to join the world millionaire ranks. Here are a few habits that millionaires have in common:
1. They get up early.
Studies have shown that early risers tend to have a more productive day. In Corley’s study, almost 50 percent of self-made millionaires woke up three hours prior to the start of their workday. It’s a strategy that offsets daily disruptions like getting stuck in traffic or having to tidy your one-bedroom apartment. In waking up early, you have more time to accomplish things that you want to do for yourself. You’re able to tackle more and have a better feeling about the productivity and flow of your day. You'll realize over time that these little time savers have huge effects on your capital gain and millionaire status.
2. They set daily goals.
Highly successful people write down their goals. They create daily to-do lists, even if they're short. These go-getters usually have a plan and they write down steps to make that plan come to fruition. Those that live on millionaire row are experts at this. It may take time for some of the things to happen, but that doesn't mean you should give up. Suze Orman, a financial advisor, author, motivational speaker and TV personality has stated “no one’s ever achieved financial fitness with a January resolution that’s abandoned by February.”
3. They read often.
According to Corley’s study, 88 percent of wealthy people spend 30 minutes or more reading every day — whether it's biographies of other successful people or career-related material. The wealthy enjoy expanding their knowledge and garnering inspiration, which they use for future business ventures or to learn from other successful people. Reading is fundamental to obtaining wealth.
4. They keep a positive perspective.
Having a positive outlook on situations has been proven to boost productivity, which leads to an increase in one's net worth. Entrepreneur Lori Greiner, who can be seen on ABC’s "Shark Tank," has said “when I had challenges, it taught me to be more on top of it for the future. Things go wrong all the time when you are running your own business but it’s how you perceive it and deal with it that matters.”
5. They have multiple streams of income.
“Self-made millionaires do not rely on one singular source of income. They develop multiple streams,” states Corley. In Corley’s study, 65 percent of millionaires had three sources of income prior to making their first million dollars. Some income sources can include real estate investments, investments in the stock market and part ownership in business ventures.
6. They stay away from time wasters.
Time is a valuable resource for the wealthy. Those who are affluent believe that time is money. You can always recoup lost money, but you can’t get back your time; it's not an investable asset. Utilize your millionaire mind at work by eliminating unnecessary meetings or by keeping them concise. It has been proven that meetings are big time wasters, so this will help your team be more productive.
It’s also a great idea to cut back on binge-watching some of your favorite programs. In Corley’s study, 67 percent of self-made millionaires watched less than an hour of television per day. They also minimized use of social media. (Sorry, Facebook and Instagram!)
7. They save!
Millionaires — especially self-made millionaires — are super savers. The average millionaire saves or invests 20 percent of their income. Either way, millionaires keep their money instead of spending it. As Suze Orman has said, “true financial harmony is achieved when your pleasure in saving money equals or exceeds your pleasure in spending it.”