(TNO) Daily habits are the key to success. Almost every self-made millionaire believes that their success is due to the secret habits they have discovered or learned from their family and predecessors.
 Self-made millionaires have many habits that set them apart – Photo: Reuters |
Thomas C. Corley, a writer for Business Insider and Credit.com, has studied the daily habits of 233 self-made millionaires worldwide. He found that they share 300 common rich habits.
Corley says habits can be changed. Therefore, anyone can learn these habits to become wealthier. Here are 5 typical habits of self-made millionaires who have built their careers with their own hands.
1. Create multiple sources of income
Millionaires do not rely on a single source of income. They build multiple streams of income. Not “put all your eggs in one basket” is a way to soften any financial changes that may occur in life.
According to Corley’s research, 65% of millionaires surveyed have three or more sources of income. Some ways millionaires often use to make more money are: renting real estate (each rental property is a source of income), investing in stocks, owning shares in several businesses, financial investing, seasonal services…
2. Build the dream before setting the main goal
64% of millionaires in Thomas C. Corley’s study said they always pursue one dream.
To determine the dream, in 500 words or less, you write down everything you want in your ideal life in the next 10, 15, or 20 years. Include specific aspects such as: personal income, the house you own, the car you drive, the amount of money you have saved… The bullet points above represent your desires and dreams.
After identifying the dream, you set goals. 55% of millionaires surveyed set goals around their dreams. To build goals, you need to answer two questions: “What do I need to do, what activities do I need to participate in to make my desires and dreams come true?” and “Do I have the ability to complete these activities? Do I have the necessary skills and knowledge?”.
If you answer “yes” to the second question, what you just wrote is your goal. A goal only exists when you have the ability to achieve it.
3. Don’t waste time
While many people think about financial risks, such as risks in business investment, playing stocks, bonds, gambling, or lending money to someone. But finance is not the biggest risk. You can always make money and earn them back.
In contrast, time that has passed cannot be regained. It is a risk that everyone has to face. When we invest time, time will pass forever. Therefore, Thomas C. Corley writes that viewing time as the greatest risk can help you realize how to invest it properly.
67% of self-made millionaires watch less than 1 hour of TV per day, and 63% spend less than 1 hour per day on the internet. They spend their time pursuing dreams, goals, reading, learning, exercising, building relationships, and volunteering.
4. Find at least one successful advisor in life
The average wealth of 233 rich people in Corley’s study is $4.3 million. 93% of millionaires who have been asked say they have become wealthy thanks to their advisor. 68% of millionaires say the advice they receive from others is an important factor in their success.
According to Corley, mentors, advisors contribute positively to your success by showing you what to do and what not to do, sharing valuable experiences and lessons.
The best advisors are always around you: parents, career mentors, teachers, books, and yourself. 58% of self-made millionaires say they have read biographies of successful people.
5. Never give up on your dreams
Self-made millionaires are persistent. They would rather sink with the ship than abandon it. 27% of millionaires surveyed say they have failed at least once in business. But they still get up and continue.
Persistence in goals helps millionaires learn flexibility and how to adapt, discover what doesn’t work, and continue to experiment with new things. According to Corley, persistence contributes the most to luck. Those who are persistent will eventually be lucky.
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