Here are some habits and tips on becoming a self-made millionaire.
Many self-made millionaires maintain a to-do list and set SMART goals. SMART stands for:
An example of a SMART goal would be: I will create an e-commerce store with Shopify selling custom potato chips within 1 month allowing me to make money from my hobby. In six weeks, I will have 3 different kinds of potato chips and aim to sell 10 containers per week.
Self-Made millionaires on average wake up earlier than average people. 4:00 – 5:00 AM is traditional in their eyes. To wake up earlier, they go to sleep earlier. Also, many self-made individuals tend to sleep 7 hours per night, but this depends on your field of work.
They are voracious readers with many of them reading more than 30 minutes per day, listening to audiobooks during their commute, and may be reading a book per week.
Self-awareness and asking questions about yourself is a key to becoming a millionaire. Questions to ask: What did I do well in this situation? What can I do better?
There are no “overnight successes,” so not being persistent is one way of never achieving success. Get up and work hard everyday if you want a taste of glory. Follow J. Paul Getty’s “Formula for success: rise early, work hard, strike oil.”
Although they have big dreams and lofty SMART goals, they are reality based and make plans to achieve their goals. Keeping focused throughout and staying proactive directly contributes to their success.
Life is hard, so staying positive in difficult times and never doubting themselves is gold. They are self-starters and self-reliant when it comes to getting what they want. The only way to become a Self-Made Millionaire is to take 100% responsibility of your life.
Selecting the right field for you is important. If you can find out what you love to do and make money with it, it will feel like you aren’t really working at all.
You should have the ability to cooperate with others and have good social skills. This comes in handy when dealing with customers and networking. Also, network at least 5 hours per month.
View failure as an opportunity to grow not a stopping block. You can learn from each failure and apply what you learned to your next opportunity and business. Remember, it’s always a journey on the path of success.
Learn how to create value in your business. Focus on solving actual problems for other people. Problems and opportunities are everywhere, keep your eyes open. Some of the most profitable opportunities are when people are panicking.
Build multiple streams of income. The average Self-Made Millionaire has 7 different sources of income.
What Self-Made Millionaires Don’t Do
- Watch reality television
- Play the lottery and gamble
- Spend more than 10% of their net income per month on entertainment
- Spend more than 25% of their net income per month on housing
- Spend more than 5% of their net income per month on auto loans
- Eat more than 300 calories of junk food per day
The Entrepreneur Millionaire Way
Pick 12 hours out of the day to work on yourself and your business, spend the other 12 hours of your choosing.