We are the most competitive species on earth, but also have an innate desire to be comfortable. We spend our lives looking for happiness in material things – homes, cars, gadgets and more. But what about money?
Money is a currency that has been used for centuries across many different continents and cultures. It is one of the driving forces of our civilization but can end up controlling us. The more you have, the more you want. It is never enough, and there is always something better to buy or do than spending quality time with your family or enjoying what nature has to offer.
Today we are going to look at 10 habits that millionaires practice every day in their lives that help them towards their goals of financial stability and security. Maybe you could pick 1-2 to follow today!
1. They are frugal with their time
Millionaires are very aware that there are only 24 hours in 1 day. They know this, because they make an effort to keep track of how they spend their time and compare it with what they earn. They know the value of 1 hour’s salary and make sure not always to get caught up in wasteful pursuits such as spending too long on social media or watching less than stimulating TV shows.
2. They are frugal with their words
This might seem like a strange habit to follow, but millionaires practice this quite often. When you think about it logically, why wouldn’t you want to be careful and respectful with your words? Do you really want people regretting lending you money off the back of your careless words? Or even worse – owing other people because of careless things that come out of your mouth! It also helps build relationships quickly and correctly when you avoid small talk and get straight to the point, whether it’s about work or personal life.
3. They prioritise wealth building over wealth displaying
Millionaires understand that there is more than one way to display your financial success – it doesn’t have to involve bragging rights and impressing others with an outrageous car or house! For example, many millionaires choose not to be on social media such as Facebook in order to keep their lives private and also spend time investing in their own knowledge of topics which can then turn into money-making opportunities through writing books or articles, free from any influence from social media. Many extremely wealthy business people are well known for spending time learning before doing – this is because they know that knowledge is power and it is something that they can use to their advantage.
4. They set a goal and then work toward it
For every millionaire, there has been a time at which they have clawed their way out the ‘rat race’ of working for money and instead focused on creating systems or ways of earning money so that you don’t need to work another day in your life! It does take time, but millionaires know how important it is to focus on where they want to be in 10 years and work backwards from that goal, rather than just focusing on the here and now. You might feel like you will never get there if you do not see results straight away – which is why billionaires everywhere encourage people to trust the process!
5. They have a financial plan
The richest people in the world don’t just earn money without thinking about what they are going to do with it. Many millionaires use the same advisors as billionaires, because they understand how important it is to have a bank of knowledge behind you regarding your investments and savings plans. Even if you are only interested in saving money for the short-term or long-term goal – that’s fine! There are plenty of institutions that offer services whether you want to save for something specific or generalise your savings into retirement providers, so be aware of all available options before committing yourself.
6. They set themselves goals every day
It might sound silly, but millionaires believe that setting one goal each day could change their life in 30 years. It’s true! If you think about it, setting yourself goals every day will help keep things simple and also encourage you to start thinking outside of the box when it comes to your daily habits, which could then turn into an unexpected opportunity that may lead to success one day. Even if they are small goals or tasks, millionaires understand the importance of working toward visible targets – just like how many people might set themselves a goal to run 1 mile instead of not running at all.
7. They take responsibility for their financial situation
Millionaires don’t play the ‘victim’ when something goes wrong with their finances because they know that this keeps them stuck in an unhappy place where they can never make improvements. Instead, they take responsibility for everything that happens to them and keep an eye out for opportunities that they can turn into positive things. There’s a reason why only 1% of the population accounts for 80% of the money in circulation worldwide – it takes work! You might not become a millionaire overnight, but millionaires understand the importance of consistency when it comes to working toward their goals and always appreciate what they have.
8. They learn from their mistakes
Millionaires know that you cannot be successful without making mistakes along the way and they don’t think twice about making bad decisions because they believe that we all need to experience failure in order to grow. It is important not to dwell on your past failure though – simply try again with a different approach and make sure that you learn from your mistakes so that they don’t happen again.
9. They plan their day the night before
Just like millionaires know the importance of planning their financial goals, they also know that planning out what you need to do during the next day is just as important. After all, if you go into each and every day without a plan – how can you expect to succeed? Millionaires and billionaires alike always spend some time thinking about what tasks and goals they want to reach by the end of each day, so why not give it a try too?
10. They exercise every single day
Millionaires understand that happiness does not come from money or possessions – in fact, studies have shown that an active lifestyle is one of the best things you can do to improve your overall mindset. Millionaires understand that investing time in their health and wellness is a lifestyle choice, which will benefit them for life – not just something they do to look good on the outside.
There you have it! If you follow these simple rules every day, there’s no reason why you cannot become a millionaire too.