1. Being an early riser. You’ve heard the saying that time is money. You’ve also heard the saying that the early bird gets the worm. Mash these adages together, and you can distill both down to the idea that the earlier you wake up, the more money-making time you can maximize.
There are countless benefits to waking up early. Me, I like to wake up early so that I can answer emails, consider what will go on during the day and do reading and research for the day ahead. Basically, I use this time to deal with things that might get in my way throughout the course of the day, so that by the time the market opens, I’m mentally prepared.
2. Know where your money is going. Do you track your expenses and know where your money is going? If you do, then keep it up: it’s a key millionaire habit. If you don’t, cultivate this habit immediately.
If you want to get rich, you’ve got to learn how to handle your money now–not later. Learning financial responsibility will mean that you’ll be able to enjoy the money when you make it, rather than just falling into irresponsible habits with increasingly larger sums.
3. Good time management. People love to talk about how little time they have. They don’t have time to go to the gym. They don’t have time to attend networking functions. They don’t have time to study and learn how the stock market works. They don’t have time to succeed.
These are limits that people put on themselves. Watch a little less TV; take your focus away from Facebook for a while. You’ll be amazed at how the time will open up for you to advance in business.
4. Save responsibly. If you’ve read this blog before, chances are that I am sounding like a broken record. But, it bears repeating. Longtime millionaires aren’t out there blowing every penny that they make. They know that to continue advancing in their career, they need to save money.
Saving money might not sound sexy–in fact, it might sound downright boring. But, the benefits that can come your way from saving are anything but boring. Saving money means that you can improve your position in the market. It also means that you can invest in a greater variety of stocks. Over time, if you’re being responsible, this means that you will start making more and more money as you go. The bar will be raised, so to speak.
Additionally, on a practical level, saving also ensures that if you do have a business deal that doesn’t go as planned, you have a safety net.
5. Know what’s going on in the world. It’s alarmingly easy to live a fishbowl existence. Resist that temptation. Make concerted efforts to know what is going on in the world. The best way to do this? Be a voracious reader.
Read magazines, the paper, anything that you can get your hands on. Know what is going on in your backyard and in the world at large. Not only can the news help inform your investments and keep you inspired, but it also keeps you current. It will make you better able to interact and network with others when you have an idea of what is going on in the world.
6. Keep up on your education. A common habit among millionaires? Lifelong learning. Just because someone has made a bunch of money doesn’t mean that they don’t have a thing or two (or ten) to learn.
7. Revisit your goals frequently. It’s extremely important to make goals. But, simply making them isn’t enough. To transform your goal-making into millionaire material, you need to revisit these goals frequently.
How frequently is up to you, but let me give you an example. Say that you set an initial goal of making $50,000, so that you could pay off your student loan debt and that you reached that goal four months into your trading career. Awesome! But, at the same time, it’s time to adjust your goals, making them bigger and better so that you still have something to work toward.
Goals are part of what keep us going and keep motivating us, so revisit yours often, so that they remain a manageable “carrot” dangling in front of you.
8. Believe in your success. Don’t dream it; be it. If you don’t believe that you are worthy and deserving of success, then any that comes your way will be pure luck.
By shifting your mindset to a place where you believe success is not only possible, but within your reach, you will be taking a huge step toward it. This transforms success from a faraway dream to an attainable goal, and allows you to set specific milestones to get where you want to go.
9. Connecting with others. Technically, you could become a millionaire alone. But, quite frankly, it’s going to be a longer–and lengthier–journey without a little help from some friends.
First and foremost, seek out a great mentor. Your mentor, who is further along in their career than you, can help guide you and help you through growing pains. It’s difficult to overstate the importance of a mentor!
Networking with peers is also invaluable. Not only does it give you a sounding board with people who can totally understand, but it also creates relationships with people who can help raise you up (and vice versa). Connecting with others, whether they are at your level, above your level or even below it (for now), has a huge impact on your career trajectory.
10. Evaluate what is going well (and what’s not). Millionaires aren’t characterized by being self-destructive. They’re not running around in circles, agonizing about what they could have done differently. However, they are imbued with a healthy amount of self reflection.
Millionaires are able to constructively look at the past and see how it can inform the future. Things not going well with some investments? Look at why and how you could change that going forward. At the same time, if certain things are going well, they have the ability to look at that and try to take it further forward.
11. Test your limits constantly. A millionaire isn’t one to rest on his or her laurels. Never content to let the last accomplishment define them, millionaires are (in a good way) addicted to the game. They constantly want to challenge their limits, so that they can go further and do more good.
What is your relationship with risk and trying new things? If it is not so good, then it might be time to work on that. Becoming more comfortable with risk and testing your limits is vital if you want to attain true financial success.
12. Give back to others. Maybe, right now, you’re coming from a place of scarcity. If so, the idea of giving back might seem ludicrous. But, trust me, the more you make, the more you should give.
Just like millionaires save quite a bit of what they make, they also give plenty. This is a habit that you can get into now.
Even if you don’t have money (yet), there are ways in which you can give back. You can act as a mentor to someone less fortunate than you. You can donate your time or a service as a volunteer. Giving back actually makes the world (and your trading base) steadier and healthier. Giving back is not just what is right, but something that can contribute to your bottom line in the long run.
Your habits are a huge part of what defines you. So, by choosing to cultivate habits which millionaires share, you are taking a proactive step to joining that “tribe.” Making a concerted effort to make these millionaire habits yours will have a huge effect on your success and moneymaking potential!
How many of these millionaire habits do you have?
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