7
HABITS OF SELF-MADE MILLIONAIRES
MOST
MILLIONAIRES MADE THEIR MONEY WITHOUT A TRUST FUND OR INHERITANCE. HERE ARE THE
HABITS THAT HELPED GET THEM THERE.
Most
millionaires aren’t born; they’re self-made. In a survey by Fidelity Investments, approximately 80% of people
who have a net worth of $1 million or more did it without a trust fund or
inheritance. As the classic Smith Barney commercial from the ‘70s used
to say, "They make money the old-fashioned way . . . they earn it."
They
also have habits that help them accumulate wealth: "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 fact, it’s often two or three habits
that separate the wealthy from those who are financially challenged."
Corley
has studied millionaires for 12 years, and says many of them share the same
daily practices and beliefs. Here are seven habits of self-made millionaires:
1.
THEY READ
Self-made
millionaires are readers, and Corley says this is the number one habit to adopt
if you want to become wealthy. According to his study, 85% of millionaires read
two or more books a month, and they choose books that help them grow, including
topics like careers, biographies of successful people, self-help, health,
current events, psychology, and leadership.
"The
key to success in life is growing your knowledge base and skills," says
Corley. "Devote 30 minutes or more each day to learning by reading books.
If you do, it will set you apart from the competition, as most people do not
read."
2.
THEY PURSUE THINGS THAT INTEREST THEM
People
often enter careers for the stability factor, but wealthy people pursue their
interests. "They put their ladder on their own wall," says Corley.
"When you’re passionate about what you’re doing, you work harder. "
3.
THEY FIND A MENTOR
Ninety-three
percent of self-made millionaires in Corley’s study attribute their wealth to
having mentors.
"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."
Corley
says there are five types of success mentors:
Parents. Parenting is very
important when it comes to being a millionaire. Parents are your first mentors.
If they teach children good daily success habits, they’ll struggle less in
life.
Teachers. Teachers can
reinforce the mentoring children receive at home from their parents, or step in
to provide the success mentoring absent at home.
Career
Mentors.
Finding a mentor at work you admire, trust, and respect can lead to success in
life. Choose someone at least two levels above your rank.
Book
Mentors. Mentors
don’t have to be real relationships. Sometimes the best source are found in
books, particularly books about successful people, says Corley.
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"—they write down what their ideal life would look like, then use
this script to create a bullet-point list of dreams. Goals are then built
around each dream.
"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 TO-DO LISTS
Goals
are only goals when they have two things: 100% achievability and physical
activity, says Corley. Millionaires break down goals into physical action steps
that make up their to-do list, and many have lists that follow a habit.
"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 CREATE MULTIPLE STREAMS OF INCOME
Self-made
millionaires do not rely on only a single source of income, says Corley.
Instead, they develop multiple streams, and most have at least three.
"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."
Revenue
streams include real estate rentals, stock market investments, annuities,
private equity investments, part ownership in side businesses, ancillary products,
or services, and royalties.
7.
THEY AVOID TIME WASTERS
Millionaires
believe money can be recouped, but the bigger risk is wasting time.
"When
we invest our time in anything, it’s lost forever," says Corley.
"Yet, because we are all given what seems to be an abundance of time, it
has very little value to us."
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.
BY STEPHANIE VOZZA
http://www.fastcompany.com/3052770/how-to-be-a-success-at-everything/7-habits-of-self-made-millionaires?utm_source=mailchimp&utm_medium=email&utm_campaign=fast-company-weekly-newsletter-featured&position=1&partner=newsletter&campaign_date=11202015
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