Most Self-made millionaires achieve financial success through the power of habits.
Their success is a product of conscious application rather than passivity.
But the good thing is, the rules of success are the same anywhere, so anyone could copy those same millionaire habits to achieve similar results.
In this article, we’ll take a look at 7 self-made millionaire habits that can help you achieve financial success in whatever endeavor you find yourself in.
Let’s take a look at them.
They Develop a High-income Skill or Competency
Skill and competency is the foundation of any sustainable financial success.
Because self-made millionaires start from scratch, they have to lay the foundation right, which means developing a High-income skill.
There are so many High-income skill you could develop, such as:
- Computer programming
- Music production
- Stock Picking
They Create a Base Income
You need money to make money right?
Or at least, you need money to survive until you become a millionaire right?
So, self-made millionaires create a Base Income from which they create, invest, or build their financial success.
Without a base income, it would be difficult to do a lot of things. That’s why the rule of investing says to start from an earned income.
That is why self-made millionaires first develop a high-income skill to enable them to create a reasonable base income.
They Use Time to Their Advantage
Time is money, and most Self-made millionaires recognize this.
You can’t achieve anything worthwhile if you don’t utilize time in building the kind of success you desire.
Self-made millionaires have the habit of using time to their advantage by either selling their time for the most money, or using time to create leverage for future success.
They Don’t Chase Quick Money
Self-made millionaires don’t chase quick money. They chase big money.
And that is a whole world of difference.
Speed is different from momentum and carries different advantages.
Even though most Self-made millionaires are ruthless with their time, they are not anxious about making it quick.
Rather, they are focused on hitting big targets and spending their resources where they can have the most impact.
They Invest in What They Can Control
When it comes to making money and investing, most millionaires are not delusional.
They Invest in what they can control instead of what promises the most returns.
I’ll even dare to say that most self-made millionaires are control freaks. They want to have the power to move, exchange or liquid their investments whenever they can.
This is the reason why most millionaires invest in either their own businesses or in preference shares of high-growth companies.
Others invest in public stocks and pyramid schemes.
They are Driven by Production Rather Than Consumerism
Self-made millionaires are constantly creating. New ideas, new products, new strategies.
They spend most of their time creating value rather than consuming it.
They are not obsessed about many of the distractions of today’s consumer-driven world, because they create those distractions in the first place.
Many of the products, media contents, and frenzies that are consumed by the general populace today are created by millionaires who are taking advantage of the growing consumerism to make money for themselves.
They Create a Network of High Net Worth Individuals
Self-made millionaires understand that their network could influence their net worth.
Even though they are self-made, they desire to attain a level where they can leverage the influence of others to get things done.
Self-made millionaires are constantly active in their pursuit of growing their network with people of influence in different spheres of life.
Apart from leveraging opportunities from their network, they can create a mastermind for sharing ideas, validating strategies, and utilizing a wide-range of competencies to achieve their financial success.
Remember, teamwork makes the dream work!