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Nine habits of self-made millionaires

Habits of Self-Made Millionaires

According to John Maxwell, “If your habits don’t line up with your dream, then you need to either change your habits or change your dream.” So, if you dream of being a self-made millionaire, you need to consider developing the following habits or maybe just say goodbye to your dream.

Multiple streams of income

Most self-made millionaires have at least three sources of income. Think dividends, royalties, rental income, freelancing, a side business and even starting your podcast to add to your sources of income.

Even if your day job is demanding, once you are disciplined and utilize your time well (including weekends), you will find starting to write that book that you always wanted to or working with a business partner on your dream project is not that difficult.

Set goals

Millionaires don’t waste time being someone else or chasing someone else’s dream. They dream big, set their goals and then commit themselves to achieving them.

As Walt Disney, the founder of Disney, said, “Doing the impossible is fun.”

Make saving money a habit

“Successful people are simply those with successful habits” and saving money is one of them. When you get your salary, pay yourself first. On an average try saving at least 10% of your income. Make sure you save a substantial portion of your bonus instead of wasting it on buying frivolous things. Invest your savings in a diversified portfolio and see them grow over time.

Start small if you find saving money difficult. With Savewallets you can start saving with as little as £1. Savewallets helps you save automatically whenever you spend or earn making saving money efficient and hassle-free. Just promise yourself never to touch your savings unless you reach your financial goals (for example money saved to buy a house) or there is an absolute emergency (you lose your job etc.).

Spend wisely

Making a budget and sticking to it is an integral part of “spending wisely.” A good rule to live by is the 50/30/20 rule which suggests that you limit spending 50% of your after-tax income on necessities such as mortgage payments, 30% on your desires such as that impromptu beach trip and 20% on your savings and to pay off debt.  Here are some more tips to help you create a budget that you can stick to.

Automate your finances

Have a checklist of all that you need to ensure your financial well-being and then automate your finances. Just half an hour of your time on a weekend can go a long way in helping you achieve your dream of becoming a millionaire.

Set up direct debits for household bills, mortgage, and credit card payments to avoid late payment penalties. Apps like Savewallets helps you save and invest money regularly and also provides insights into your expenditure, income and saving patterns so you can keep a tab on your finances anytime, anywhere.

Control your emotions or your emotions will control your finances

People who can reflect before responding rather than just react to their emotions are more likely to be financially successful according to research carried out by The Carnegie Institute of Technology.

Splurging on that expensive electronic item that you don’t need or selling your investments impulsively when the stock markets are red could ruin your finances. These six steps can help you achieve emotional mastery according to Tony Robbins, an American author, entrepreneur and life coach who has worked on an individual basis with the likes of Serena Williams, Justin Tuck, Pitbull and Hugh Jackman.

Read a lot

Bill Gates reads 50 books a year. Mark Cuban reads more than 3 hours every day and Warren Buffett reads between 600 and 1000 pages per day.  You get the point, right?

The kind of books you also read matters.  Successful people tend to choose educational books, biographies, and publications over novels, tabloids, and magazines. Here are the 13 most recommended books by some of the most successful people to get you started.

Worried if buying so many books will leave a hole in your budget?  See how to make reading a sustainable habit for your bank account.

Surround yourself with successful people

Renowned businessman Jim Rohn once said, “You’re the average of the five people you spend most of your time with.” So, it’s time to surround yourself with motivated, intelligent people who will challenge you and make you a smarter, wiser person.

Seek out ways to meet and spend time with successful people if you don’t know them already. Go to hackathons, meetups that align with your interests, business and technology conferences, trade groups and seminars.

Finding a good mentor can put you on the fast track to success. Have a dream mentor in mind? Here are some ways you can get him to talk to you.

Invest in yourself

The best return that you can get is by investing in yourself. So, whether that’s by reading books, networking more, learning a new skill, exercising regularly or just meditating often chalk out time for self-improvement in your calendar.

Become a slightly better version of yourself every day, and you will be unstoppable no matter what the circumstances are.

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