wanna make a million?

Posted on March 9, 2014

keep-calm-and-make-millionsI’ve just finished writing an article for a client on the habits of the rich. You see surprisingly, those with a high income or a whopping inheritance aren’t necessarily more likely to build wealth than those with mediocre incomes and no family wealth.

What then is the key to financial success?

The answer is, quite simply, behaviour.

First-generation self-made millionaires have created regular, consistent habits that build wealth. Researching these habits proved interesting, largely because so many of the habits cross-over with what I write about all the time… eating well, staying fit, writing lists, being meticulously organised, being driven by a goal, giving back and volunteering, reading and learning…

Becoming aware of these habits and introducing them into your lifestyle might just be the beginning of your own million(s).

According to Tom Corley, the bestselling author of Rich Habits:

  1. 70% of wealthy eat less than 300 junk food calories per day whereas 97% of poor people eat more than 300 junk food calories per day
  2. 23% of wealthy gamble vs. 52% of poor
  3. 80% of wealthy are focused on accomplishing some single goal vs. 12% of the poor
  4. 76% of wealthy exercise aerobically four days a week vs. 23% of poor
  5. 63% of wealthy listen to audio books during commute to work vs. 5% of poor people
  6. 81% of wealthy maintain a to-do list / 19% of poor do same
  7. 63% of wealthy parents make their children read two or more non-fiction books a month vs. 3% of poor
  8. 70% of wealthy parents make their children volunteer 10 hours or more a month vs. 3% of poor
  9. 67% of wealthy write down their goals vs. 17% of poor
  10. 88% of wealthy read 30 minutes or more each day for education reasons
  11. 6% of wealthy say what’s on their mind vs. 69% of poor
  12. 79% of wealthy network five hours or more each month vs. 16% of poor
  13. 67% of wealthy watch one hour or less of TV every day vs. 23% of poor
  14. 6% of wealthy watch reality TV vs. 78% of poor
  15. 44% of wealthy wake up three hours before work starts vs. 3% of poor
  16. 74% of wealthy teach good daily success habits to their children vs. 1% of poor
  17. 84% of wealthy believe good habits create opportunity luck vs. 4% of poor
  18. 76% of wealthy believe bad habits create detrimental luck vs. 9% of poor
  19. 86% of wealthy believe in lifelong educational self-improvement vs. 5% of poor
  20. 86% of wealthy love to read vs. 26% of poor

Another researcher, Charles Duhigg, the author of The Power of Habit: Why We Do What We Do in Life and Business, claims that life’s millionaires greatest habits are totally possibly to emulate.

They are:

  • Saving discipline. If you’re not already saving at least 20% of your income, start now!
  • Create budgets. And stick to them! Do you know exactly what you spend per year on all your major expenses? Start tracking them all and start to see patterns emerge.
  • Have financial goals. What’s your wealth strategy? How much of your income are you saving and what are you doing with it? How much time do you spend planning and reviewing your investments? It doesn’t matter if your portfolio is small… what matters is that the seed has been planted and it’s growing…
  • Minimise major expenses. Yes, the millionaires around us often live in modest homes and live modest lives.

 So there you go… a little insight into what makes a millionaire.

If you’ve yet to get there, it’s not too late… it only takes 21 days to create a habit after all!

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