Have you ever wondered what separates the mega rich from average people? I’ve been studying millionaire habits for 2 years now and the one thing that stood out to me is that millionaires live their lives very differently from the average person.
My husband and I have been on a financial journey for a while now and when we started implementing the millionaire habits that I learned over the years, we got BIG results in our bank accounts.
Millionaires work smarter
That’s right. Millionaires don’t work harder, they work smarter. One of the most fascinating things that I learned is the mega rich don’t work for money as much as they make money work for them."If you don't find a way to make money while you sleep, you will work until you die" – Warren Buffett Click To Tweet
I can’t believe I didn’t research this before because honestly who doesn’t want to work less and get paid more. Millionaires have multiple sources of incomes that are making them money at all times.
Millionaires don’t follow social norms
Ever met someone who barely makes any money yet they always have a new phone, nice car, nails done, taking trips, etc? I certainly have and i’m a little embarrassed to admit that I used to do those kinds of things.
Society makes it seem like having a nice house, car, the latest tech, and brand name things makes you an upper class person. But after doing lots of research (and learning the hard way myself) I found that these kinds of people are living above their means and it’s not cool.
Millionaires make smart decisions with their money and spend well below what they could be spending. They find things on sale, they use miles earned from credit cards for flights, they buy houses that they can afford, and they aren’t frivolous spenders. They find ways to save money everywhere they go.
Related Post: 10 insanely easy ways to make money
Millionaires read- a lot
If there’s one thing that I want you to take away from this post, it is the importance of reading. OMG. I just have to say that this is one of the first things that I discovered on my quest for financial success. It did take a little convincing for me to start reading because I just haven’t read a book in so long.
But that was actually the problem. My time wasn’t spent educating and growing as a person. My time was mostly spend scrolling IG and binge watching Gossip Girl and Desperate Housewives.
Once I started reading, it literally changed my life. And that is kind of an understatement. My mind felt healthier because I was feeding it good positive knowledge, and once I started implementing the things that I was reading it really made a huge impact. It is so important to read. Listen to an audio book on the way to work or while you are doing your chores, read a book before bed. I promise it will change your life
Millionaires are organized
Trust and believe me when I say that organization is one of the main keys to financial success. It is so important to understand where your money is going at all times. This is another lesson that I learned the hard way.
You wanna hear a short story?
Once upon a time, my husband and I didn’t have an organization system for our money.
Every month when it was time to pay the bills, we would never pay them on time because we didn’t have their due dates written down
After sitting down to create a financial plan, we realized that we were paying up to $60 a month in LATE FEES.
Once we saw this and realized how utterly irresponsible we were being, I immediately put a financial plan in place and BOY does it save so much money, stress, and helped our credit scores also.
Related Post: How to organize your finances
Millionaires avoid debt
Debt is honestly the worst. There are few things in this world I hate more than debt. In fact, my husband and I really don’t finance things because we just don’t like being in debt. We pay for our cars in cash and don’t purchase things we can’t afford.
But that’s not how a lot of people think. Yesterday someone actually said to me: “I can’t wait to pay off this car so that I can get a new one.”
I’m sorry what????
You have a perfectly functioning car (that is much newer and nicer than mine) and you are close to paying it off and being debt free but you want to immediately buy another?
I CAN NOT!
You need to treat debt like the plague if you want to become rich. Do not welcome debt. Avoid financing unless you absolutely have to.
Millionaires have good credit
Credit scores have a major impact on our lives when it comes to big purchases. Even purchasing a cell phone plan requires a good credit score. Millionaires keep their credit score high to score great interest rates on their investment properties and other large purchases. If you have great credit already, good for you! Make sure you maintain it. If you don’t have good credit right now, it only takes 6-9 months to greatly improve your credit score so start that journey now!
These are the top habits I learned from researching Millionaires and Billionaires and I know if you implement these habits in your life then you can create a whole new life of financial abundance!