Habits of Millionaires

The habits of millionaires have been a topic that has been studied, written and presented in multiple types of media. I've always wanted to know what makes a person more successful than others. After reading many different books and could possibly write a dissertation of the wide varieties and ideologies of wealth, I've finally came across something that felt comfortable AND do-able for me. Some may find other habits that work best for them. Please do share!!!

The source of this information came from a simple, easy to read book I came across at the bookstore. This isn't necessarily a review, because I will add my own insights, but please feel free to check it out. It's definitely worth the money!

The Top 10 Habits of Millionaires by Keith Cameron Smith

10) Millionaires think long-term - Millionaires tend to focus their financial attention and plans from year to year or as far as five years into the future. Others barely survive from paycheck to paycheck! By looking from a broader viewpoint, one can see the true perspective of each action taken day by day. Setting annual goals and implementing plans to accomplish those goals tend to boost millionaires to higher levels quickly and oftentimes easier than many who either have no plans at all or who only can focus from month to month.

9) Millionaires talk about ideas - Many ideas and thoughts and unique concepts easily flow through a millionaire's mind. Rarely does the latest gossip and criticisms of others come up in discussions, simply because they view them as unimportant. A millionaire also rarely rejects an idea that is off the beaten path. In fact, those are the best ideas! Thinking like the masses tends to be limiting, but viewing everything as a possible solution nets a millionaire unlimited wealth.

8) Millionaires embrace change - As a science teacher, I often surprise my students when I tell them every day everything is changing. Energy, which everything is made of (E=MC2), is constantly moving and shifting and changing. Millionaires not only welcome change, but quite often are the catalysis behind change. Being willing to stay current with world events, technology or in your field of interest can offer many opportunities that others easily miss.

7) Millionaires take calculated risks – Millionaires understand that complacency is a killer to success. They keep their minds open to opportunities and evaluate the best means to fully make use of these gems. They don’t look for “get rich quick” schemes because they know those are the riskiest ventures. For them, it’s all about creating long-term wealth that will be passed on to the next generation.

Each venture is analyzed and the pros and cons are weighed, but each decision is made quickly and concisely. Staying stuck in analysis paralysis is the same as doing nothing. When success calls, one must be ready to analyze and decide quickly and then go to work with the inspired action needed to make that dream come true.

6) Millionaires continually grow and learn – I was the strange kid always reading a book. I wasn’t smart enough to be considered a nerd, but I was quite often embarrassed when my friends asked me what I was reading. Think and Grow Rich wasn’t as popular as Teenage Mutant Ninja Turtles. I would always get the look of someone who just saw an alien from Mars for the first time.

I’m still an avid reader, just ask the folks at the bookshop. I study how millionaires think, their investments, their lifestyles, which isn’t always as lavish as portrayed on TV. I have also enjoyed and profited from e-books, CDs, mentor programs and seminars. Sometimes, they tend to be pretty pricey, but if resources are limited, I will just buy something less expensive and a portion of whatever profits I make will go towards paying for the seminar or mentor program. This also allows me time to research to make sure it’s valuable and not just another “get rich quick” scheme.

I’ve found excellent resources for free at the library and online. Take a look at the links on the right. As I find freebies, I’ll post them to add to your collection.

5) Millionaires work for profits – Millionaires don’t typically work for wages, they’re the ones paying wages to their employees. Wages are limited to whatever the boss wants to pay out and is considered the most costly expense in a company. Many times you’ll see the company’s stock go up after a publicized lay-off because stockholders believe the company is watching the bottom line.

Profits, however, are based on ideas and the willingness to make those ideas useful for as many people as possible. A person’s ability to profit can be unlimited and is controlled on the person’s decisions. Many find that a part-time business typically outperforms the entrepreneur’s full-time wages. This is how millionaires are made.

4) Millionaires believe they must be generous – Millionaires don’t believe in limited resources, despite everything you hear on TV. They believe and follow that the more they give, the more that comes back to them. However, that is not their primary motivation. Being a millionaire allows you to share wealth and help in many more ways than if you’re struggling to pay the bills every month. How amazing would it be to really make a difference in the world!

Oprah Winfrey created a way for girls in South Africa to have a quality education. Richard Branson, founder of Virgin Airlines, is making a huge dent in solving the global warming problem. Many have helped in improving the health issues we once thought was incurable. Even making a difference in our own backyard can increase the quality of living for those who feel trapped by unfavorable circumstances. The morale of children is easy to uplift from just a simple act of kindness.

What would you do or give today if you knew money was unlimited and a non-issue?

3) Millionaires have multiple streams of income – Donald Trump, a billionaire, is the icon of multiple streams of income. Hotels, golf resorts, a modeling agency, books, partnerships, condos, TV show. I’m sure I haven’t covered everything, but you get the idea. Millionaires don’t believe in putting all their eggs in one basket – it’s way too risky.

An ideal business is one that specializes in a particular market and finds multiple ways to tap into that market. For example, let’s say I love animals – I have two Zen masters in cat form! I could create a website that specializes in cat Zen. I could write books or sell someone else’s book, create videos, offer how-to classes, etc. If the book doesn’t sell, I still make money from my other sources.

2) Millionaires focus on increasing net worth – Because millionaires create profit and acquire assets, their attention is geared towards acquiring more assets while decreasing liabilities. Assets can include rental properties, businesses, paper holdings such as stocks and bonds. Liabilities can be from their businesses and/or personal liabilities.
Robert Kiyosaki from Rich Dad Poor Dad puts it this way:

Assets make you money. Liabilities cost you money.

The key to net worth is generating more income-producing assets while keeping an eye on the money going out. This is what builds wealth for millionaires.

1) Millionaires ask empowering questions - Questions are the key to success. Information Overload is a term that is popping up frequently, but information is useless if one doesn't know the right questions to ask. Empowering questions allows us to expand our thinking and creates possibilities. Dis-empowering questions tend to limit us and make us feel helpless.

"Why is it so expensive?" vs. "How can I afford it?"
"How can I get a raise?" vs. "How can I double my income this year?"
"How can I get this all done?" vs. "How can I outsource this, thus freeing up my time?"

If you feel yourself feeling low or not sure what to do, consider listening to the questions you ask yourself. Can they be turned into more empowering questions? By considering this you just may find the best answers to put you on the path to millionaire status.

Thank you so much for your precious time! Until we meet again, may everyday be one of joy, happiness and prosperity.

Millionaire Helena