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.
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.
Millionaires invest their money
Instead of wasting money on liabilities and things that are going to take money from their pockets, millionaires invest their money so it can grow over time.
This is different from what I was taught as a child. I was always taught to save my money. The problem with saving money is that it does not grow over time. Investing your money protects you from losing money to inflation because your investments grow steadily over the years.
Millionaires understand this and instead of putting their money into a regular savings account, they build a solid investment portfolio that is going to grow with inflation over time.
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!