Here are 13 habits of self-made millionaires you could adopt today
There are 46 500 millionaires, 2060 multi-millionaires and 639 ultra-high net worth individuals (+R30 million) in South Africa, according to Knight Frank’s Wealth Report 2016.
This number is at an all-time high, which means it’s more possible than ever to become a millionaire. Reaching that first million is no longer an unrealistic dream and becoming a self-made millionaire is within your grasp. But, only if you’re willing to make the necessary sacrifices and changes to reach this financial goal.
Habit 1: Hard work can outfox natural talent
If you’re not prepared to work hard, be aware that you probably won’t achieve millionaire status. Even luck needs hard work to succeed; at the very least you’ll need to develop hardy work habits to keep your wealth. Around 44% of lottery winners spend all their winnings within five years because they don’t put in any effort to maintain it.
Stephen King says:
“Talent is cheaper than table salt. What separates the talented individual from the successful one is a lot of hard work.”
Don’t fall for the misconception that successful business owners are “born” to be entrepreneurs. Truly successful entrepreneurs are the ones who consistently outwork their competition.
Related: Are Toxic Habits Holding You Back?
Habit 2: Nurture limitless enthusiasm
Millionaires know what they’re passionate and enthusiastic about, and are not afraid to pursue it. Why? Because they’ve chosen a direction that they’re passionate about, they are often self-motivators. Tom Corley, author of Rich Habits: The Daily Success Habits of Wealthy Individuals, says “When you’re passionate about what you’re doing, you work harder.”
Walter Chrysler says:
“I feel sorry for the person who can’t get genuinely excited about his work. Not only will he never be satisfied, but he will never achieve anything worthwhile.”
There are those millionaires that are only motivated by financial success, but they have figured out a way to navigate the trying times that inevitably show up when you least suspect them.
Habit 3: Follow your gut
Your intuition can help you clear out all the noise from your competition and the industry. “Intuition is always right in at least two important ways,” says Gavin de Becker, author of The Gift of Fear: Survival Signals That Protect Us from Violence.
“It is always in response to something. It always has your best interest at heart.” Keep your gut in mind when something feels off, or when it’s telling you to go for it.
Oprah Winfrey says:
“Follow your instincts. That’s where true wisdom manifests itself.”
Your gut is unbiased, doesn’t have an agenda and can’t stab you in the back. Have the courage to follow it to millionaire-level success.
Habit 4: Multiply your revenue streams
65% of millionaires have three or more streams of income created over time, according to a survey conducted by Fidelity Investments. If you’re following your passion (Habit 3), you’ll know that your passion can have multiple applications, which allows you to have multiple revenue streams. These multiple streams that you develop overtime can assist you in growing your wealth simultaneously in multiple places.
Warren Buffet says:
“Never depend on single income. Make investment to create a second source.”
Habit 5: Make knowledge a priority
85% of millionaires read two or more books every month, says Rich Habits: The Daily Success Habits of Wealthy Individuals by Tom Corley. But, it isn’t just any reading material, these books focus on promoting growth through psychology, business, science, leadership and inspirational biographies.
There are countless examples of millionaire entrepreneurs promoting reading, learning and gaining knowledge such as Mark Zuckerberg initiating an online reading book club called “A Year of Books”, where followers read two books a month and discuss them on the Facebook page.
Bill Gates says:
“These days, I also get to visit interesting places, meet with scientists, and watch a lot of lectures online. But, reading is still the main way that I both learn new things and test my understanding. The one thing I love about reading is each book opens up new avenues of knowledge to explore.”
Habit 6: Seek guidance
A mentor can help you navigate previously uncharted waters and offer your experience and knowledge to help you achieve your goals and results. Mentored businesses increased their revenue by 83%, while non-mentored businesses only increased by 16%, according to MicroMentor, a mentorship community. You can clearly see the difference between having a mentor and no. You’ll need one to guide you if you’re going to reach the coveted millionaire title.
Steven Spielberg says:
“The delicate balance of mentoring someone is not creating them in your own image, but giving them the opportunity to create themselves.” You don’t have to be like your mentor, but you can learn your mentor’s better habits and traits to improve on your own unique way of doing business.
Habit 7: Fake it, till you make it
Millionaires act differently to the ‘Average Joe’. They also think and feel differently, which is why you’ll need to mimic their behaviour until it becomes second nature to you.
Millionaires tend to be resilient when compared to the average person, they don’t give up easily and are able to delay gratification, and they always keep their eyes open for more opportunities.
Elon Musk says:
“I think it is possible for ordinary people to choose to be extraordinary.”
Habit 8: Keep your eye on the prize
Entrepreneurs reaching the million-rand mark tend to have clear, defined goals and priorities, which help them stay on task and reach their goals.
“If you don’t know where you are going, you’ll end up someplace else,” says Yogi Berra. You will need to be willing to go the extra mile and do what’s necessary to achieve our goals.
You will need to not only work hard (Habit 1), but work smart and spend considerable time evaluating whether your actions are helping you make progress or not.
Norman Vincent Peale, author of best-selling book The Power of Positive Thinking, says:
“All successful people have a goal. No one can get anywhere unless he knows where he wants to go and what he wants to be or do.”
Habit 9: Time is money, know where yours is going
You won’t achieve your goal (Habit 8) if you don’t have control over your time. Your time is valuable, and what you do with your time will determine your level of success. John Lee Dumas, for example, goes for a 35 minute power walk at the start of his day, while Ken Blanchard rides his exercise bike, while reading inspirational texts.
Steve Jobs said:
“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice, and most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.”
Habit 10: Failure is only the opportunity to begin again only this time more wisely – Henry Ford
Everyone wants to achieve success, but there are very few who will continue even after they’ve failed. You learn little from success.
“I have not failed. I’ve just found 10 000 ways that won’t work,” said Thomas Edison. You’ll need to consider failure as a part of your growth; it is a great teacher and provides you with an opportunity to find the ultimate solution.
Wesley Woo, musician, says:
“To succeed you must first improve, to improve you must first practice, to practice you must first learn, and to learn you must first fail.”
Habit 11: Say what you mean, and mean what you say
There will come a time in your professional career where you’ll be asked to sacrifice your personal values to reach professional goals. Don’t do it. “In matters of style, swim with the current; in matters of principle stand like a rock,” says Thomas Jefferson. Stay true to your own principles and beliefs and don’t allow others to influence you into crossing lines you don’t want to cross.
Something to keep in mind: “If ethics are poor at the top, that behaviour is copied down through the organisation,” says Robert Noyce.
Dr EO Wilson says:
“Companies that are willing to share, to withhold spending recklessly in order to further the growth of the company, willing to try to get a better atmosphere through a demonstration of democratic principles, fairness and cooperation will win in the end.”
Habit 12: Stay humble
Practice humility and patience and continue to improve quietly, before a competitor finds your idea and creates a better and faster version of it.
“Work hard in silence, let your success be your noise,” says Frank Ocean. If your competitors don’t know what you’re doing they can’t get in the way of your success, on the other hand, if you’re shouting from the rooftops every time you make a break through, you’re keeping them informed and they’ll quickly overtake you.
Ingvar Kamprad, Ikea Founder, says:
“The most dangerous poison is the feeling of achievement. The antidote is to, every evening, think what can be done better tomorrow.”
Habit 13: Become a master in your field
To stand out, you’ll need to know more about your field than anyone else. You need to immerse yourself and constantly be aware of what is happening in it and what the disruptors are.
“Focus alone is not enough, putting in the time to commit is also crucial to achieve success,” says Warren Buffett. You need to put in the time, effort and practice, otherwise you’ll be passed over by someone who knows more and who dedicated more time.
Tony Robbins says:
“Most people have no idea of the giant capacity we can immediately command when we focus all of our resources on mastering a single area of our lives.”
Next slideshow: 20 Things Millionaires Aren’t Sharing With You
The 3 Decisions That Will Change Your Financial Life
There’s nothing worse than a rich person who’s chronically angry or unhappy. There’s really no excuse for it, yet I see it every day. It results from an extremely unbalanced life, one with too much expectation and not enough appreciation for what’s there.
Without gratitude and appreciation for what you already have, you’ll never know true fulfilment. But how do you cultivate balance in life? What’s the point of achievement if your life has no balance?
For nearly four decades, I’ve had the privilege of coaching people from every walk of life, including some of the most powerful men and women on the planet. I’ve worked with presidents of the United States as well as owners of small businesses.
Across the board, I’ve found that virtually every moment people make three key decisions that dictate the quality of their lives. If you make these decisions unconsciously, you’ll end up like the majority of people who tend to be out of shape physically, exhausted emotionally and often financially stressed. But if you make these decisions consciously, you can literally change the course of your life today.
Decision 1: Carefully choose what to focus on
At every moment, millions of things compete for your attention. You can focus on things that are happening right here and now or on what you want to create in the future. Or you can focus on the past.
Where focus goes, energy flows. What you focus on and your pattern for doing so shapes your entire life.
Which area do you tend to focus on more: What you have or what’s missing from your life?
I’m sure you think about both sides of this coin. But if you examine your habitual thoughts, what do you tend to spend most of your time dwelling on?
Rather than focusing on what you don’t have and begrudging those who are better off than you financially, perhaps you should acknowledge that you have much to be grateful for and some of it has nothing to do with money. You can be grateful for your health, family, friends, opportunities and mind.
Developing a habit of appreciating what you have can create a new level of emotional wellbeing and wealth. But the real question is, do you take time to feel deeply grateful for your mind, body, heart and soul? That’s where the joy, happiness and fulfilment can be found.
Consider a second pattern of focus that affects the quality of your life: Do you tend to focus more on what you can control or what you can’t?
If you focus on what you can’t control, you’ll have more stress in life. You can influence many aspects of your life but you usually can’t control them.
When you adopt this pattern of focus, your brain has to make another decision:
Decision 2: Figure out, What does this all mean?
Ultimately, how you feel about your life has nothing to do with the events in it or with your financial condition or what has (or hasn’t) happened to you. The quality of your life is controlled by the meaning you give these things.
Most of the time you may be unaware of the effect of your unconscious mind in assigning meaning to life’s events.
When something happens that disrupts your life (a car accident, a health issue, a job loss), do you tend to think that this is the end or the beginning?
If someone confronts you, is that person insulting you, coaching you or truly caring for you?
Does a devastating problem mean that God is punishing you or challenging you? Or is it possible that this problem is a gift from God?
Your life takes on whatever meaning you give it. With each meaning comes a unique feeling or emotion and the quality of your life involves where you live emotionally.
I always ask during my seminars, “How many of you know someone who is on antidepressants and still depressed?” Typically 85% to 90% of those assembled raise their hands.
How is this possible? The drugs should make people feel better. It’s true that antidepressants do come with labels warning that suicidal thoughts are a possible side-effect.
But no matter how much a person drugs himself, if he constantly focuses on what he can’t control in life and what’s missing, he won’t find it hard to despair. If he adds to that a meaning like ‘life is not worth living,’ that’s an emotional cocktail that no antidepressant can consistently overcome.
Yet if that same person can arrive at a new meaning, a reason to live or a belief that all this was meant to be, then he will be stronger than anything that ever happened to him.
When people shift their habitual focus and meanings, there’s no limit to what life can become. A change of focus and a shift in meaning can literally alter someone’s biochemistry in minutes.
So take control and always remember: Meaning equals emotion and emotion equals life. Choose consciously and wisely. Find an empowering meaning in any event, and wealth in its deepest sense will be yours today.
Once you create a meaning in your mind, it creates an emotion, and that emotion leads to a state for making your third decision:
Decision 3: What will you do?
The actions you take are powerfully shaped by the emotional state you’re in. If you’re angry, you’re going to behave quite differently than if you’re feeling playful or outrageous.
If you want to shape your actions, the fastest way is to change what you focus on and shift the meaning to be something more empowering.
Two people who are angry will behave differently. Some pull back. Others push through.
Some individuals express anger quietly. Others do so loudly or violently. Yet others suppress it only to look for a passive-aggressive opportunity to regain the upper hand or even exact revenge.
Where do these patterns come from? People tend to model their behaviour on those they respect, enjoy and love.
The people who frustrated or angered you? You often reject their approaches.
Yet far too often you may find yourself falling back into patterns you witnessed over and over again in your youth and were displeased by. It’s very useful for you to become aware of your patterns when you are frustrated, angry or sad, or feel lonely. You can’t change your patterns if you’re not aware of them.
Now that you’re aware of the power of these three decisions, start looking for role models who are experiencing what you want out of life. I promise you that those who have passionate relationships have a totally different focus and arrive at totally different meanings for the challenges in relationships than people who are constantly bickering or fighting.
It’s not rocket science. If you become aware of the differences in how people approach these three decisions, you’ll have a pathway to help you create a permanent positive change in any area of life.
7 Steps To Achieve Financial Freedom
Achieving financial freedom doesn’t necessarily mean becoming filthy rich – not that that hurts.
In this video, Entrepreneur Network partner Brian Tracy explains the seven steps you need to take to achieve financial freedom. Now, financial freedom doesn’t mean becoming filthy rich – lottery winners go bankrupt all the time. Instead, financial freedom is about becoming disciplined and using your money in a way that ensures you can live the sort of life you want both now and in the future.
That’s why the first step isn’t about getting a lot of money. Instead, it’s about teaching yourself to think positively about money. That way, you’ll be in the right mindset to move forward.
Click play to learn more.
This article was originally posted here on Entrepreneur.com.
4 Ways To Become A Millionaire Even When You Start With Little
It costs nothing to take advantage of the limitless opportunities online.
The hardest part of becoming successful is getting started to begin with. But despite the challenges ahead of you, there’s a way to become a millionaire when starting with little. I’m going to show you four reasons why you can become a millionaire with just a small investment.
1First focus on learning, not big gain
Education is your greatest weapon. Focus on learning in the beginning. Don’t make the mistake of focusing on making huge gains in the beginning. Learn everything you can because this is how you build the foundations for long-term gains.
They say that if a millionaire goes bankrupt they’ll nearly always be able to get it back. And that’s because they might have lost their money, but they have the knowledge of how to get back to where they need to be.
2You can learn loads about any topic online
I’m grateful for the internet. It’s the single biggest library in the world. You’re reading this article right now and you’re acquiring knowledge you wouldn’t have been able to acquire 40 years ago. Use the internet to its fullest extent, whether that’s through reading books, browsing articles or watching video tutorials.
Set some time aside every day to learn something online. It could be a video series or a favorite blog. When you get into the habit of learning regularly you’ll find that you advance much faster.
3Focus on the niche you love
These days you can learn about anything and target the niche you’re passionate about. This is what I was able to do with penny stocks. I found a gap in the market and provided knowledge to people who wouldn’t have otherwise being able to access this sort of information.
You can do that with absolutely any niche. When you find a niche you’re passionate about and you use the reach of the Internet you start to make huge gains.
4Prove your expertise by creating free content
Your reputation as an authority is the new business card. There’s a reason I created a penny stock guide and made it free for all. You may have already seen ads for it on social media. The way to succeed with little is to create a reputation through your content.
It’s the gateway to success because through free content you start to build relationships with others who value your work. And from there everyone gets richer.
You can do lots with a little
The days when you needed a huge investment to become successful are long gone. These days you can do so much with just a little. Find what you love, advance your knowledge in that area, and create a product that fulfills a need. Finally, work on building up relationships through portraying yourself as an authority on your subject.
Combine everything together and you can accomplish anything.
This article was originally posted here on Entrepreneur.com.
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