5 Habits of Self Made Millionaires

d7d9fac23a04e9cc73c2eb74412da5afIf you actually look at the lifestyles and work habits of millionaires, you’ll soon discover it’s not about frivolous spending and endless parties.  Obviously they are hard workers, but here are 5 habits of self made millionaires that you can replicate on your journey to financial freedom.

Start a Business

It’s really hard to grow your income if your employed by someone else.  The single best way to become a millionaire is to start a business.  And if you’ve always dreamt about starting a business but keep putting it off…. it’s never been cheaper and easier to get started.  Thanks to the internet which gives you access to hundreds of millions of potential customers practically anyone can start a business.

Set Financial Goals

How much money do you want to make?  How much money will your ideal lifestyle cost?  It’s good to set yourself something to work towards.  This might be a monthly income figure or an annual target.   It’s up to you and what motivates you the most.  Just remember, it’s both important to think big but not to think completely unrealistically.  Don’t just set a goal of $100 million dollars.  Break it down into how much you want to earn per month.  Start with a reasonable goal and increase it as you get closer.

Live below your means

Getting into debt is surefire way of destroying your chances of becoming a millionaire.  Many self made millionaires have been in debt but they often use debt as a way to increase overall net worth.  This doesn’t mean wracking up giant credit card bills on things you can’t afford.  Don’t fake it until you make it.  Make it first and then live the lifestyle you’ve dreamed of.

Embrace Uncertainty

Learn to love uncertainty.  Entrepreneurs need to live in a constant state of uncertainty.  You never know when things will change.  So learn to to not only live with it but embrace it.  Use the uncertainty as motivation.  And believe that tomorrow will always present new and exciting opportunities.

Read More

You can’t live in your own little bubble.  You need to broaden your horizons.  The best way to do this?  Reading.   Reading is a common habit amongst self made millionaires.  Why?  Because they never believe that they know it all and are always willing to learn more.

 

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