15 HABITS OF A MULTI-MILLIONAIRE

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There have been quite a few articles and newsletters I’ve seen recently about the habits of millionaires and the especially wealthy.

There are many paths to wealth, but somehow those who are wildly successful have more in common than you might guess. Successful people obsess about every aspect of life, often even the smallest things.

They recognize that the effective implementation of certain habits can create or accelerate their path to wealth.

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1. Constantly Learning

The smartest and most successful people are always curious. Typically, the topic doesn’t even matter. In many cases, the source is irrelevant.

If there is something to be learned or there is a spark of interest, the questions flow and the learning commences.

Whether via a book, podcast, or conversation with other successful people, the process and act of learning is always a high priority.

2. Read Consistently

Biographies to learn from the great people of history seem to be especially popular. In some cases, it is non-fiction work to accumulate the best theories of other individuals. In the end, it doesn't really matter.

Simply reading regularly is a unique way to enhance focus and creativity, while exposing oneself to the values and ideas of exceptional people. Many of the world's wealthiest individuals share their favorite reads in an annual summary or in a monthly book club/update.

Books stir the imagination in a way that little else is able to - the wealthy are always in search of additional edge and perspective.

3. Explore New Ideas

It is easy to praise routine and consistency. Because of this, new ideas and innovations are sometimes ignored in favor of the standard, currently held beliefs.

It takes courage to traverse new territory or adopt a new-to-you idea. Most people are hesitant to try new things or build their point of view on something unknown. Exposure to new things allows you to keep a fresh perspective and be different from the status quo.

Wealthy folks are in search of new ideas and opportunities because it allows for learning that may not have occurred otherwise.

4. Willing to Listen

Many of these habits go hand in hand. If you want to learn or explore new ideas, the best way to do so is listen to others.

Being a good listener is a unique and exceptional skill. It opens doors and allows for conversations that would not have happened otherwise.

Like any other ability, it grows and develops with time and intentional practice. Wealthy people focus on listening to what is said rather than worrying about what to say.

5. Optimize Health

Being in good health provides the energy and drive to be successful in other parts of life.

Although some aspects of health are complicated and better left to medical professionals, some components of health and wellness are remarkably simple.

Optimizing just two facets of health can be hugely beneficial: a) lifting weights a few times a week and regularly walking outdoors, b) eating less and/or eating whole, healthy foods. By doing these things alone, it is relatively easy to capture 80% (or more) of the benefits.

Wealthy people understand this, prioritizing their life and future by making healthy decisions in the present.

6. Be Intentional with Time

There is little pointless waste. They are able to retake control of the hours many spend on non-productive tasks or activities.

This doesn’t mean that all wealthy people are robots with no room for leisure or free-time, but there is always effort put towards maximizing productivity and the return on one’s time.

They understand the value of time and attempt to use it to create value in their own life.

7. Save and Invest Aggressively Early On

It is difficult to create wealth without leveraging the impact of time. The effects of compounding can quickly take hold when given the benefit of a long time horizon.

The most effective people don’t waste the early part of life, ignoring valuable years to begin the process of building wealth.

8. Be Intentional with Money

Once the initial steps of saving and investing are in place early on, wealthy people focus their dollars on high value activities.

In the same way that successful CEOs are concerned about the bottom line, eliminating waste, and selecting high ROI projects, the wealthy are conscious of their spending habits and investing activities.

There is little room for fluff or waste - every dollar has a purpose.

9. Give Quietly

The recognition to be gained from philanthropy and strategic giving can be enticing. The name on the building, accepting an award, or any other way to be acknowledged seem valuable.

There is something to be said for anonymous giving without the added benefit of social recognition.

A cheerful, quiet donor maximizes personal satisfaction and societal impact.

10. Mentor Others

The multi-millionaire finds many ways to give back.

Chances are excellent that their own career and success can be (in part) attributed to mentorship given to them by others.

To be mentored and to be a mentor is at the center of the success flywheel. It may require time and thought to be an excellent mentor but investing in the next generation is a high value activity and a priority.

11. Open to Coaching

Every successful person wants to optimize and reach the next level. It is sometimes difficult to do so without the benefit of someone else’s insight and knowledge.

In many cases, leveraging a coach’s or mentor’s experience and expertise is a fast track to gain additional edge and perspective. An excellent coach who can apply their knowledge efficiently and effectively is invaluable.

It requires humility to take the criticism often required to improve.

12. Understand Delayed Gratification

The ability to pause and hold out for a better reward in the future is an essential life skill.

Studies have shown (please see The Marshmallow Test) that those who are able to endure any temporary struggle and delay gratification have higher levels of competency.

There is much to be gained through applying thoughtful persistence.

13. Spend Time with Other Successful People

There are some things you cannot do alone or accomplish by yourself. The multi-millionaire is acutely aware of their circumstances and understands how to leverage the knowledge and success of others.

They don’t take advantage of people but know that there is much to be learned and gained from conversations with others.

The saying, “You are the average of the five people you spend the most time with,” remains true even for the wealthy. The influence of others can be a hugely positive force in life.

14. Master the Schedule/Calendar

For most people, there is an immense amount of drudgery and waste in a daily schedule. Because of this, those who optimize their schedule have a distinct advantage.

Often, the facetious view of the wealthy and their schedules looks something like, “Wake up at 3 AM, read two books before 4:30 AM, work out from 5 AM to 7 AM, etc.”

This exaggeration fails to recognize the benefits of truly being in control of one’s schedule/calendar. There is much opportunity in the daily, weekly, and even monthly rhythms of life.

Wealthy people realize the benefit of taking control of each day, maximizing their time and effort.

15. Take Action

Many of these habits are centered around thought and exploration. Learning or exploring is essential, but without action, these habits lose value.

Success comes not from the idea alone but from its effective implementation.

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TL;DR

No single habit can create wealth or make someone a millionaire. It is the mash-up and coordination of a few small habits that you follow with sincere dedication.

With time, small actions and habits can lead to great change.

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Which of these habits would you like to adopt in your own life? What habit do you believe would be most impactful in creating wealth?