Here are a few habits that I've noticed that average people like you and me do on a daily basis to change away from negative thoughts to positive thoughts and become millionaires.
1. They read for self-improvement.
I’ve always been an avid reader. I’ve noticed, however, that reading wasn’t just something I enjoyed. It was probably one of the biggest influences on why I became successful.
For example, as an entrepreneur, my reading habits helped me become a stronger and more effective business owner and leader. For the average millionaire, reading can help them grow and learn. In fact, according to research from Thomas Crowley, 85 percent of self-made millionaires read two or more books per month.
3 Unexpected Ways Reading Personal Development Books Changed My Life
2. They create multiple streams of income.
The average millionaire doesn't just rely on one source of income. They have multiple streams of income. This way they can handle any economic downturns, as well as make even more money.
In most cases, this involves having a passive income. This could be in the form of interest from loans, dividends from investments, capital gains, royalties, or rental income. Other types of multiple sources of income could be from starting a side business that doesn’t involve active work, such as running a website or selling information products.
3. They live on a monthly written budget.
Millionaires didn’t earn their money by luck. They’ve taken the time to understand what’s coming in and what’s leaving their bank account every month. In other words, they create and stick to a monthly written budget. Additionally, monthly budgets prevent overspending allow millionaires to achieve financial goals that they’ve established.
4. The don’t leave money on the table.
You can’t accumulate wealth by “leaving money on the table.” That’s why millionaires, no matter what their salary is, are aware of tax-avoidance strategies. As explained by Philip Van Doorn on MarketWatch, “If you work for a company or organization with a 401(k) or similar tax-deferred retirement plan, chances are your employer makes matching contributions.”
So “if the employer matches up to five percent, it means that if you contribute five percent of your pretax salary to your retirement account, the employer will also put in five percent. Boom -- you just realized a 100 percent gain on your investment during the first year, and set aside the equivalent of 10 percent of your salary.”
5. They avoid debt.
The wealthy avoid debt at all costs. They live a frugal lifestyle and only make purchases for items that they can actually pay for. They don’t book a vacation and use their credit card to pay for the entire trip. This way they’re not paying those hefty interest rates.
If they do use a credit card to make a purchase, they’re certain that they have enough money to pay off that bill when their statement arrives.
6. They set daily goals.
Whether they’re setting financial projections, planning weekly tasks, or looking for ways to have multiple streams of income, millionaires are known for setting daily goals. This helps keep them focused and build momentum.
When establishing daily goals, make sure that you prioritize. This means doing the most important thing first. For example, if you want to make more money, then you should pursue activities that can make you thousands, instead of chasing actions that earn you hundreds.
7. They don’t act rich.
Thomas Stanley, author of “Stop Acting Rich: ...And Start Living Like A Real Millionaire,” says “that most prestige makes of cars — 86 percent -- are driven by nonmillionaires. Stanley adds, “These are people who think they are acting rich via their adoption of prestige brands, but in most cases they are only acting like each other.”
8. They’re patient.
Even though we hear those stories of the person why became a millionaire overnight, the reality is that that’s few and far between. The average millionaire lives by the motto that patience is a virtue. That’s why the millionaire next door doesn’t achieve that status until they’re 50 years old. They earn a modest salary, invest wisely and focus on living below their means instead of searching for get rich schemes.
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