(TNO) Daily habits are the key to success. Almost every self-made millionaire believes that they have achieved success because of secret habits that they discovered or learned from their family and predecessors.
 Self-made millionaires have many habits that make them different from the masses – Photo: Reuters |
Thomas C. Corley, a contributor to Business Insider and Credit.com, conducted a study of the daily habits of 233 self-made millionaires worldwide. He found that they share 300 common habits of wealth.
Corley says that habits can change. Therefore, anyone can learn these habits to become wealthier. Here are 5 typical habits of self-made millionaires who built their careers with their own hands.
1. Create multiple income streams
Millionaires don’t rely on a single source of income. They build multiple streams of cash flow. Not putting “all your eggs in one basket” is a way to mitigate the financial risks that can occur in life.
According to Corley’s research, 65% of millionaires surveyed have three or more income streams. Some ways that millionaires often use to earn extra money are: real estate rental (each rental unit is an income source), stock investment, owning a partial stake in several businesses, financial investments, seasonal services for rent, etc.
2. Build the dream before setting the main goal
64% of millionaires in Thomas C. Corley’s study said that they always chase after a single dream.
To identify the dream, you write down everything you want in your ideal life within 500 words or less, in the next 10, 15, or 20 years. Include specific aspects such as: personal income, the house you own, the car you own, the amount of money you have saved, etc. The headline goals on the list represent your desires and dreams.
After identifying the dream, you set the goal. 55% of millionaires surveyed set goals around their dreams. To build goals, you need to answer two questions: “What should I do, what activities should I 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 accomplish it.
3. Don’t waste time
While many people think of financial risks, such as investing in business, playing stocks, bonds, gambling, or lending money to someone, financial risks are not the biggest risk. You can always make money and earn them back.
In contrast, time cannot be recovered. It is a risk that everyone has to face. When we invest time, time keeps going forever. Therefore, Thomas C. Corley writes that seeing time as the greatest risk can make you realize how to invest it correctly.
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 time pursuing dreams, goals, reading, learning, exercising, building relationships, and volunteering.
4. Find at least one successful mentor in life
The average wealth of 233 rich individuals in Corley’s study is $4.3 million. 93% of millionaires stated that they became wealthy thanks to a mentor. 68% said the advice they received from others was crucial to their success.
According to Corley, mentors always contribute positively to your success by showing you what to do and what not to do, sharing experience and valuable lessons.
Great mentors are always around you: parents, career guides, teachers, books, and yourself. 58% of self-made millionaires said that they have read biographies of successful people.
5. Never give up on your dreams
Self-made millionaires are persistent individuals. They would rather sink with their ship than abandon it. 27% of millionaires surveyed said that they had failed at least once in business. But they still got up and continued.
Persistence in goals helps millionaires learn flexibility and how to adapt, discover inefficiencies, and continue to try new things. According to Corley, persistence contributes the most to the manifestation of luck. Those who persist will ultimately be lucky.
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