7 Habits of Self made millionaires

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“We are what we repeatedly do.Therefore Excellence is not just an act but a habit.”

We all must have heard about the above quote by aristotle, in which he clearly desciibes what a habit is- Its what we repeatedly do, its not just a single act but a collection of acts repeated consistently over time.

And to breed success, we must adopt to some daily habits which people who have already achieved success inculcated in their lives.

“Your habits are the reason why you’re rich or poor,” says Tom Corley, author of Rich Habits: The Daily Success Habits of Wealthy Individuals.

In corley’s researching over past 12 years in “what it takes to become a self-made millionaire” he noticed some of the common habits all of them shares, which i am gonna articulate here.

7 Habits of Self made millionaires

1 They read a lot

Developing a habit of daily reading is one of most important habits you need to develop if you want to become  a millionaire.

Corley noticed that 85 percent of self made millionaires read 2 or more books a month that help them grow and become more in life topics covering over self-help, money, health, leadership, management, business and skills they are pursuing.

“The key to success in life is growing your knowledge base and skills,” says Corley.

Reading only 10 pages per day will eventually lead you to reading 300 pages in a month which will itself be able to move you out of the heard because most people do not read.

 

2 They do what they love to do

“You’ve got to find what you love. And that is as true for your work as it is for your lovers. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.”

We all must be familiar with the above quote stated by the legendary self made millionaire Steve JobsIts really true when we look into the lives of most of the other self made millionaires too. its really crucial to pursue what you truly love, that will not bore you and you will eventually be able to produce more than others in your competition in a better way, that will lead you to success in your endeavours.

3 They find a mentor

93 % of self made millionaires in Corley’s study attributes their success to having mentors in life.

“Finding a success mentor in life is one of the least painful ways to become rich,” says Corley. “It can put you on the fast track to success.”

According to Corley, there are five types of mentors:

Parents”:  Parents are your first mentors. Beliefs set in our childhood plays a major role in carving out our lives.If they teach children good daily success habits, they’ll struggle less in life.

Teachers”:Teachers can fulfill the vacancy of mentoring provided by parents at home.

Career Mentors”: Finding a mentor at work you admire, trust, and respect can lead to success in life. Choose someone who is higher than your rank and have already achieved what you want to achieve.

Book Mentors”:  Sometimes the best source are found in books, particularly books about successful people, says Corley.There are many legends who are not here with us anymore, but we can connect with them through their books and lecture available with us.

Yourself”: Also called “the school of hard knocks,” you can mentor yourself by learning from your own mistakes. “This is the hard path to success, because those mistakes and failures carry significant costs in both time and money,” says Corley. “But this is also the most powerful type of mentoring you can get, because the lessons you learn are infused with intense emotion and never forgotten.”

 

4 They use Dreams to set goals

Before millionaires identify goals, they do something that Corley calls “dream setting”.

Most of the self made millionaires first imagine how their lives would look like in next 5 or 10 years with the techniques of creative visualization which will be discussed some other time in my next blog.

Then on the basis of their sight of life they want to have in next 5 or 10 years they write their dreams list, and then set goals to achieve them.

Believe me personally i have tested this and its one of the most crucial element you could ever learn if you want to elevate your life.

“Think of dreams as a ladder, and the rungs are your goals,” he says. “Ask yourself, ‘What would I need to do in order for each wish or dream to come true? Am I capable of performing those activities? And do I have the necessary skills and knowledge? Then take action.”

5 They write a To-do list

Most of the self made millionaires write a to do list a night before, which help them clear out clutter from their lives and focus only on most important tasks in their lives.

Goals are only goals when they have two things: 100% achievability and physical activity, says Corley.

100 % achievability here means setting realistic goals ( will be discussed later in my other blogs) backed by discipline to do the work for it.

Goals can be broken down into small daily steps towards your main goal or dream life.

“Millionaires process success,” says Corley. “When you create processes, you don’t have to think, which takes energy and contributes to decision fatigue. Habits are valuable because they brain fuel that can be used doing something else.”

6 They never depend on single source of income

Mostly of the self made millionaires we see around do not depend on single source of income.They develop multiple source of income and mostly have at least 3.

“Sixty-five percent had three or more streams of income that they created over time,” he says. “Diversifying your sources of income allows you to weather the economic downturns that always occur in life.”

Multiple source of income can be develop from reting properties, investing in other’s businesses, buying stocks, Real estate or side businesses.

7 They avoid time wasters

Time is the most important commodity we have. We all must have read self made millionaires commenting on the value above everything else, even money cuz money can be regained but not time, time once lost, lost forver.

Sixty-seven percent of the self-made millionaires in Corley’s study watch less than an hour of TV each day, and 63% spent less than an hour a day on the Internet in activities such as Facebook or watching YouTube videos.

“This freed up time for them to pursue their dreams, goals, read, learn, exercise, volunteer, and network,” he says.

 

 

Thankyou for your valuable time you invested here reading this blog post and helping us in our mission to inspire people to achieve more in their lives.

I believe there are no set rules for success and we all are learning. You too know a lot about the topic which i would love to listen to. Please comment in below.

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4 COMMENTS

  1. Everything is correctly prompted so it and is actually….. as we spend a lot of time for trifles… and we have a light and wonderful life presented to GODS…. we only needed to go his precepts……. and your councils and everything will be O-KEI

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