10 Habits of Self-made Millionaires That You Must Imbibe
I love to play “ who wants to be a millionaire” on my iPhone. It’s so much fun anticipating my progress as I attain the million-dollar mark. The adrenaline surge as I confirm the answer to that million-dollar question and hope for my own good that I am right. Unfortunately, a progress in the game doesn’t translate to cash in real life. Poor me.
Like that popular game and TV show, the voice of money is constantly ringing out in the market with screams of “who wants to be a millionaire”.
Becoming a millionaire is certainly not as easy has it sounds. It takes a carefully worked out plan and commitment. Little wonder we can count the number of millionaires in the community.
We can, however, learn from the few that have attained that fit and see what habits they have imbibed on their way to the top.
It’s time to change some of our old practices and embrace the habits of self-made millionaires.
10 habits of self-made millionaires that you must imbibe:
1) Decide to be rich: This is probably the most important step to becoming a millionaire. Self-made millionaires have envisioned a life of riches and have decided to go for it.
Pretend for one minute that you are the richest man in the world and try to envision the possibilities and how you can make a real difference in the world. I wouldn’t suggest imagining the opposite; it just isn’t fun down that road.
This decision is important, as it will be your drive and a constant source of inspiration at all times. When you see yourself as you have envisioned, you will work hard to achieve your goal.
2) Set to work immediately: Having made your decision, set a financial goal and develop a workable plan. Self-made millionaires don’t engage in wishful thinking. Rather, they work their way up the ladder of wealth. They spend time thinking and researching how they can attain their goal of financial freedom. They understand the power of information, so they invest much time in seeking out solutions to their questions. And when they have found answers, they get to work.
3) Dish your lottery mentality: Never expect a jackpot. Don’t be deceived into believing that you will someday pick the winning numbers. Or maybe a kind-hearted idiot will simply look you in the face and write a check of 10 million in your name. Self-made millionaires don’t think lazy. They believe in work and its reward, which is more money.
4) Don’t be afraid of failure: You are going to fail along the way. Why should that be a problem? Just learn and move on. You will surely succeed at the end if you are determined to stick around the millionaires club. Failure is just an opportunity for growth.
5) Understand the concept of Monopoly: Millionaires have come to understand the lessons from the game of Monopoly. Monopoly is a board game and it teaches a very important lesson: Invest in assets. When you invest, your money does the dirty jobs. It works while you spend time on other important income avenues.
6) Create value: Simple. Create value and people will buy. Don’t set out to create a product that will make you money. Instead set out to solve a problem that you can make money from. Self-made millionaires understand the difference between the two and that’s why they are living the dream life.
7) Time is worth more than money: Self-made millionaires understand this more than anyone else. You can’t afford to sit around idle, that’s for the poor. You have to work harder and smarter than everyone else. Have allotted time for the important things in your life and follow through on your schedule.
8) Think long term: You aren’t allowed to make decisions simply because they bring you immediate comfort or a facade of wealth. Think in term of returns. How will this affect my finances on the long run? Will this decision align with my goal for the future?
9) Spend Less Than You Earn: Avoid debts like a plague except it will pay for itself and bring profit along the way. You don’t have to show off at the onset, there will be plenty of time and money for that. Deprive yourself of certain unnecessary pleasures and divert the fund instead.
10) Keep a company of successful like-minded people: Study what millionaires do and follow after. Like-minded people who are still in your current position will help you to measure your progress along the way to financial freedom while mentors and other successful self-made millionaires will encourage and guide you in this quest.