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Becoming a millionaire won't happen overnight.
It is a slow progress to reach those 7 numbers.
(Unless you are one of the lucky few to win the lottery and more than likely it will be blown just as quickly as it came.)
Because that number – $1,000,000 – seems intimidating and too hard to reach, most people don't even try. They give up before they even try. They are stuck in the money mindset that reaching a million dollars or financial independence or financial freedom isn't in the cards for them.
Let me tell you…
That is not true.
Anyone can become a millionaire! Just by implementing these millionaire habits in your life.
While it make to a little persistence and willingness to save money along with a few other habits will we discuss shortly, you can make it happen. Just by picking up these millionaire habits in your life.
There have been countless studies on millionaires and how they reached monetary success. They have been studied by many different people to understand the characteristics that make them different from everyone else.
It all boils down to the same millionaire success habits over and over.
The millionaire habits are simple, yet powerful enough to have significant impact in your life.
Let's dive into them, so you can transform your financial future.
Mindset will determine every facet of your life. Period.
- If you have negative thoughts, then your outcome will be negative.
- If you have positive thoughts, then you will move in a forward direction.
When it comes to finances, your money mindset is critical for long term success – especially if you plan to become a millionaire sooner than later.
Do you have the right money mindset to become a millionaire? What thoughts or attitudes are holding you back?
Another facet of mindset is mind clutter. The more stuff in your mind the harder, it is to focus on the task at hand. It can derail your plans, goals, and mindset.
Take control of your mindset and also take the time to organize personal finances.
Action Step: How do you need to change your mindset?
2. Money Goals
Those who have reached millionaire or billionaire status knew all along where they wanted to and what they wanted to accomplish. It didn't just happen overnight.
A millionaire habit is to set money goals and review them often.
A money goal will help stir up the desire of what to do next. This is not something to decide on and put it on the shelf.
You need to review your money goal daily because that is a millionaire habit. And that is what you desire to become!
Action Step: What are your money goals? What steps to you need to take to reach millionaire status?
3. Save Money & Invest
A millionaire has saved enough money over time that they can earn investment or portfolio income through investing.
For many, that above concept seems overwhelming and complicated. Plus spending money is so much easier.
However, this is a core millionaire habit. It is the basis of finding financial success and reaching that 7 figure number.
In the Money Bliss Steps to Financial Freedom, the foundational steps are based on saving money. It is a plain and simple fact that saving and invest money will lead to financial independence and success.
Save Money Resources:
- How to Save Money Fast – Save $1,000 in a Month
- 9 Habitual Things I Do To Save Money
- Handpick the 52 Week Money Saving Challenge for You
- 12 Painless Ways to Save Money on a Tight Budget
So, stop ignoring the fact you need to learn how to save money and invest.
Action Step – Save Money: Figure out your savings percentage ASAP. Figure out ways to increase the amount you are saving each month.
Action Step – Investing: Be literate in basic investing terms. Pick up one of these top investing books today.
4. Living Below Their Means
Millionaires spend less than their income, and in many cases, they spend way way less than others.
This millionaire habit is as simple as making sure your expenses are less than your income.
No overspending is allowed to become a millionaire! Look at those public figures and sport stars who made millions of dollars just to file bankruptcy.
The further you live below your means the sooner, you can become a millionaire.
Budgeting is a crucial piece to make sure you are living below your means. If you aren't sure about the concept of budgeting, check out the advantages of budgeting to get convinced.
Through budgeting you learn how and where you are spending your money. But more importantly, what you discover what things you find important and want to spend money on. Then, you can easily eliminate unnecessary spending from your budget.
- How to Budget Money and Still Enjoy Life
- The Best Methods of Budgeting You Need to Know
- Do You Know the Ideal Household Budget Percentages?
- How to Make a Budget in 7 Simple Steps
Action Step: How can you start living like a millionaire? What is one item you can cut from your life and not miss it? How does your budget need to look like to include these millionaire habits?
5. Saying No to Debt
Millionaires will avoid debt like the plague. They prefer to be lending money and collecting those interest payments. With debt, you are unable to make progress on your financial independence journey. For every two steps forward, you take a few back with those debt payments.
Debt is a shackle around your ankles and you can't move anywhere with it holding you back.
Saying no to debt is another millionaire habit.
That means saving money up in advance for big purchases. Not maxing out credit cards. No taking full advantage of every business loan available.
If you are currently in debt, then learn how to get out of debt faster. You can't get ahead with your finances when you are paying those interest payments.
- How to Get Out of Debt in 5 Easy Steps
- Debt Snowball vs. Debt Avalanche – Which Method is Best?
- Best Debt Apps To Payoff DEBT
- 7 Things to Give UP to Pay Off Debt Faster
- Are You Making One of these Common Debt Payoff Mistakes?
6. Lifestyle Creep Avoidance
Oh, the temptation is real!
A lifestyle creep means slowly over time your expenses increases and cost of living rise as your discretionary income increases. The things that were before luxuries are now a part of daily living. Sometimes is can be correlated with the keeping up with the Joneses' mentality. Other times it just happens without realizing it.
A rise in income doesn't equate to a need to increase expenses.
Just because you receive a promotion doesn't mean you need to move to another house or buy a new car or entertain on a boat.
The lifestyle creep can delay or push you of course to becoming a millionaire.
Reflection Question: Review your life and lifestyle choices. How has a lifestyle creep affected you? What can you do right now to stop the creep from derailing your financial plans.
Related Reading: Avoid the Trap of Lifestyle Creep and Reach Financial Freedom
7. Avid Learner
Lastly, millionaires are avid readers and chose to constantly educate themselves.
In order to transform yourself, you must constantly be changing, growing, and learning. Stretch your current limits and make new limits.
This millionaire habit will help you learn from the best of the best as well as learn from other's money mistakes. Then, you can create an action plan with solid guidance as well as not make silly mistakes along your journey.
You can't be willing to sit on the sidelines saying you know it all. Because you don't and I don't. But, you can chose to become an avid learner like I have.
Also, it is really good on your brain to constantly be learning because it slows down the aging process. Learned that from my dear great aunt who was constantly expending her knowledge throughout her life.
Reflection Question: Is what you are reading helping you to transform into the life that you want? What do you want to learn more about?
Best Get Rich Books of All Time
To further your knowledge and understanding, these are the books that lay out all of the millionaire habits.
What is the purpose to read more on the subject when we just broke down the millionaire habits into a quick and simple read?
Simple… It is about motivation. Motivation to reach millionaire status.
Pick and choose which will help you motivated through your money journey. This is your life. Decide what you want to learn more about now and then come back for your next pick.
Simple Path to Wealth by J.L. Collins
This is the #1 personal finance book I recommend all the time.
It is simple enough for anyone to comprehend. Plus, life changing for anyone's personal finance situation.
The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich by David Bach
What’s the real secret to getting rich? What’s the one thing I need to do? Learn how with this book.
The Millionaire Next Door by Thomas Stanley
If you have every wondered what it takes to become a millionaire, then this book is for you. Pick up the seven common qualities it takes to become a millionaire.
Think and Grow Rich
This is an old classic personal finance book. While, yes, some of it is outdated. There are some sections that are timeless. If you are trying to break out of living paycheck to paycheck, getting out of debt, and changing your family's history with money, then you need to read this book for a change in money mindset.
The Five Lessons a Millionaire Taught Me About Life and Wealth
Learn those influential lessons with personal stories from everyday people. Money should not be the preoccupation of our lives. Rather, if you follow the five principles, we will be free to focus on the true part of life.
The Richest Man in Babylon
To bring your dreams and desires to fulfillment, you must be successful with money. This book shows you how to amass personal wealth by sharing the secrets of the ancient Babylonians, who were the first to discover the universal laws of prosperity.
Millionaire Habits Secret Sauce
Honestly, there is no secret sauce to reach millionaire status. No special formula to drink. No magic pill to take. Not a powerful recipe.
It is applying basic principles to reach financial success.
Anyone is capable of implementing these millionaire habits in your life.
You just have to be willing to make sacrifices and choices along your personal finance journey.
Also, if you stick around Money Bliss for awhile, you will pick up tips and tricks to help you on your path of becoming a millionaire.
This is your journey to reach a million dollars. If that is your money goal, than you can achieve it. You just have to believe in yourself.
You got this!
How to you plan to start living like a millionaire?