Well who doesn’t? In my mind there are two ways of looking at the path to becoming a millionaire: personal habits and the financial checklist. You can research “how to become a millionaire” or “financial habits of millionaires” but what most people are missing is that becoming a millionaire is not about checking off a list of financial achievements. It has everything to do with you.
According to Thomas C. Corley, an internationally recognized authority on the topics of wealth creation and habits of successful people, much of the transformation from ordinary to seven-figure status can be attributed to specific daily habits. Corley spent five years researching the daily habits of 177 self-made millionaires in which he discovered that “daily habits dictate how successful or unsuccessful you will be in life.”
Well, I’ve got good news for you. You can become a millionaire—and it has nothing to do with your family’s money or your education. It has everything to do with you. Here are a few daily habits of self-made millionaires that you can start developing today!
1. They read consistently.
Corely wrote that 88% of rich people “devote thirty minutes or more each day to self-education or self-improvement reading” and that “most did not read for entertainment.” The most popular types of books amongst the group was biographies of successful people, self-help or personal development books, and history books.
Examples: Steve Jobs: The Exclusive Biography, Thrive: The Third Metric to Success, The Power of Habit
2. Hang out with other successful people
If you’re the smartest person in the room, you’re in the wrong room.” – Lorne Michaels
You are only as successful as those you frequently associate with, therefore it is important to surround yourself with individuals who are goal-oriented, optimistic, enthusiastic, and who have an overall positive mental outlook.
There are so many benefits to surrounding yourself with people who are smarter or more successful than you. Check out this article on the Executive Forum for a deeper dive.
3. They have multiple sources of income.
Corely reported that 65% of self-made millionaires “had at least three streams of income that they created prior to making their first million dollars. “
Examples: real-estate rentals, stock-market investments, and part-ownership in a side business.
4. They’re positive.
According to Corley’s research “positivity was a hallmark of all the self-made millionaires.” The problem for most individuals is that they are unaware of their thoughts, positive or negative. To be successful with the implementation of this habit awareness is key.
5. They seek feedback.
“Fearing criticism is fearing progress.” – Marsha Egan, CSP, PCC
Feedback is essential to learning what is working and what isn’t working. Good or bad, it is a crucial element for learning and growth. According to an article on the Harvard Business Review, to improve performance, people need three things:
- A clear goal
- A genuine desire to achieve that goal
- Feedback that indicates what they are doing well and what they are not doing well
