Eight Important Success Habits I Learned From My Five-Year Rich Habits Study
In my books, Rich Habits and Effort-Less Wealth, I highlight some of the habits that have the most impact over your financial life.
Below I share 8 of those habits.
#1 Self-Made Millionaires Engage in Dream-Setting
It’s never too late to dream. Grandma Moses began painting at age 80. Colonel Sanders was in his early 60’s when KFC was born. Ray Kroc was 55 when he founded McDonalds.
You are never too old to pursue a dream. Take 30 minutes out of your life today and script out your ideal life. In 1,000 words or less, paint a picture, with words, of the ideal, perfect life you desire ten years from now.
#2 Self-Made Millionaires Read to Learn a Minimum of 30 minutes every day
The type of reading material millionaires read are typically related to their job industry or some dream they are pursuing.
#3 Self-Made Millionaires Build Relationships With Successful People
Wealthy, successful people are very particular about who they associate with. Their goal is to develop relationships with other success-minded individuals. When they stumble onto someone who fits the bill, they then devote an enormous amount of their time and energy into building a strong relationship. They grow the relationship from a sapling into a redwood.
Relationships are the currency of the wealthy.
#4 Skill-Based Self-Made Millionaires Devote 20 Minutes a Day in Developing, Maintaining or Improving Their Skills.
Wealthy, successful people all have one thing in common: ongoing, daily self-improvement. Each individual has a circle of comfort, called their comfort zone. Inside that circle are the things you are comfortable doing. Average people do everything humanly possible to stay within their comfort zone. When you do things that are outside your comfort zone it causes discomfort. But each time you engage in an activity that causes discomfort, you expand your circle; you grow as an individual.
Start expanding your circle today. Never fear the pain of growth. It is that very pain that makes you stronger and helps you grow into the person you need to be in order for success to visit you.
#5 Self-Made Millionaires Are Focused on Being Healthy
The self-made millionaires in my Study exercised a minimum of 20 minutes every day. They also ate healthy, nutritious food and slept an minimum of seven hours a day.
Exercise has many beneficial health effects. Aerobic exercise, in particular, increases the volume of oxygen and glucose delivered to the brain, helping nourish brain cells. It also helps keep the weight off, improves muscle performance and improves digestion.
But, perhaps even more important, aerobic exercise has a profound effect on your mental outlook. Studies have shown that daily aerobic exercise fosters a positive mental outlook. It increases positivity, optimism, confidence, cheerfulness and has a calming effect on the amygdala.
#6 Saver-Investor Self-Made Millionaires All Share One Thing in Common – A Frugal Mindset.
Being frugal requires three things:
- Awareness – Being aware of how you spend your money
- Quality – Spending your money on quality products and services and
- Bargain Shopping – Spending the least amount possible, by shopping around for the lowest price.
On its own, being frugal will not make you rich. It is just one piece to the financial success puzzle, and there are many pieces. But being frugal will enable you to increase the amount of money you can save. The more you have in savings, the more options you have to make money. Having money set aside in savings allows you to take advantage of opportunities.
Without savings, opportunities pass you by.
#7 Self-Made Millionaires Limit Recreational Screen Time to Less Than One Hour a Day.
Time wasters come in many forms: TV, Facebook, Twitter, Pinterest, Snapchat, Instagram, watching YouTube videos, trolling the Internet, streaming Netflix, video games, etc. Excessive screen time takes you away from pursuing dreams, goals, reading to learn, exercising, work and other productive or creative activities that move your forward in life.
Limit your time wasters, particularly recreational screen time.
#8 Saver-Investor Self-Made Millionaires Track What They Spend
Do you know where your money goes? Some do. They’re called Saver-Investor, self-made millionaires. If you want to walk in the footsteps of Saver-Investor, self-made millionaires, one of the footsteps they take is paying attention to what they spend their money on. Spending awareness helps you uncover erroneous or excessive vendor charges. It also forces you to think about where your money is going.
Spend just 30 days tracking everything you spend. At the end of the 30 days review where your money went. You’ll be surprised what you may find.
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Tom Corley is an accountant, financial planner, public speaker and author of the books “Rich Habits: The Daily Success Habits of Wealthy Individuals” and “RichKids: How to Raise Our Children to Be Happy and Successful in Life“. Corley’s work has appeared on CNN, USA Today, The Huffington Post, SUCCESS Magazine, and many other media outlets and podcasts in the U.S. and 27 other countries. Tom is a frequent contributor to Business Insider and CNBC.