10 HABITS TO START IF YOU WANT TO
BE A MILLIONAIRE IN YOUR 20S
Often,
building wealth comes down to adhering to a
few smart habits, and the sooner you establish them, the
better your chances of reaching
seven figures.
Here are 10 habits that have worked for the wealthiest, most
successful people and could work for you too.
1.
Automate
Your Finances
Self made millionaires that crossed the $1 million threshold
at ages between 25 and 35 and retired at 37 applied the simple strategy of automating
their finances. Putting your financial plan on autopilot will not only help you
build wealth — it’ll save you time and mental energy, when you automated your
money, the benefit is you don’t have to make decisions about where your money should go, how much to should invest,
what you can spend, do you have enough savings, and so on,.
2.
Read
Research has proved that reading dramatically correlates with
higher education and income, as well as overall happiness as proved by a 25
years of studying success for. Those who read seven or more books per year are
more than 122 percent more likely to be millionaires as opposed to those who
never read or only read one to three books.
The richest man in the world, Bill Gates, reads 50 books a year, and Warren Buffett spends as much as 80 percent of his
day reading.
3. Focus On Earning
No one gets rich without multiple flows of income, Starts with
the income you currently have. Increase that income and start adding multiple flows.
Developing multiple streams of income could mean starting a side hustle, generating passive income or picking up a high-paying side job.
4. Hang Out With High-Achievers
The reality of the old saying remains unaltered. Tell me who
yo move with and I will tel you what you are and of course what is your worth. The
community you immerse yourself in every day matters. So much so that it could
affect your net worth, this is corroborated by Steve Siebold, self-made millionaire and author of
“How Rich People Think”: He said “In most cases, your net worth mirrors the level
of your closest friends. … We become like the people we associate with, and
that’s why winners are attracted to winners.”
5. Think big
To be a millionaire, one must be creative. This is proved in
the work that x-rayed on 10 distinctions between millionaires and the middle
class. Successful people spend time
thinking about new ideas.
While the masses talk about cars and movies, millionaires own
the car companies and produce the movies. They understand that ideas are the
most valuable asset in the world.
6.
Invest
This is the highway to get super rich. Invest your money . The only reason to save money is
to one day invest money.
In fact, how much you save and invest can be more important
than the size of your paycheck. personal finance experts posits on average,
millionaires invest 20 percent of their household income each year. Their wealth
is not measured by the amount they make each year, but by how they’ve saved and
invested over time.
7. Plan
What is your financial plan? Do you have one at all? Have you
thought of it? Do you know what is financial plan? “Those who maintain both a
calendar and to-do list are 289 percent more likely to be millionaires, as
compared with those who have no real set schedule, it is also a fact that that
successful people “document insights.”
Self-made billionaires Bill Gates and Richard Branson are devoted note-takers. “It doesn’t matter how you record
your notes — as long as you do,” says Branson. “When inspiration calls, you’ve
got to capture it.”
8. Wake up early
In a five-year study of 177 self-made millionaires, it was found that nearly 50 percent of them woke up
at least three hours before their work day actually began.
It’s a strategy to deal with inevitable daily disruptions,
such as a meeting that went too long, and still have time to accomplish
everything you set out to do that day. The book, “Change Your Habits, Change Your Life ”: says “Getting up at five in the
morning to tackle the top three things you want to accomplish in your day
allows you to regain control of your life. It gives you a sense of confidence
that you, indeed, direct your life.”
9. Create Specific Money Goals
The number one reason most people don’t get what they want is
that they don’t know what they want,
If you want to build wealth, you have to have a clear goal,
specific plan and hard deadlines. And when you’re setting goals, don’t be
afraid to think big. The rich set their expectations exceptionally high and are
up for any challenge. No one would ever
strike it rich and live their dreams without huge expectations.
10. Get Comfortable
With Discomfort
If you want to earn more or get ahead in life, you have to be willing to step outside of your comfort
zone.
This includes negotiating what you want to earn. It is one of the simplest ways to
boost your earning potential, since those who ask for more usually get it. Yet most people don’t even try.
Though negotiation can be a tricky business, but not getting paid what you are
worth could mean the difference between an average life and a rich one. After
all, the number one thing that will dictate your future earning potential and
get you to the million position the fastest is how much money you are earning
today.
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