“9 Keys- How to Be a Self-Made Millionaire” written by Bren Koger.
How to Be a Self-Made Millionaire
Most American millionaires weren’t born into money or win the lottery. They are self-made millioniares according to a study by BMO Private Bank released this month.
This is an increase from previous years. In a survey by Fidelity Investments, approximately 80% of people who have a net worth of $1 million or more did it without a trust fund or inheritance.
So what separates these people from the rest of the population if it’s not a silver spoon?
Daily action steps
Their daily habits look a lot different than the person who is struggling financially.
There are no overnight success stories. It’s all about consistent daily actions steps that add up over time.
Here are the top nine daily action steps of the self-made millionaire.
- They are willing to be different: No lemur mentality here. They don’t follow the herd. Basically, they don’t’ care about what others think about them. While others are sitting in a cubicle thinking about the next big promotion the rich are designing their next big product launch.
- They are entrepreneurs: They work for themselves. Instead of driving to work everyday on the same commute they work for themselves from home or wherever they might be traveling.
- They hang out with other successful people regularly: They know the value of mentorship and they network regularly through group training and masterminds. They know that “If you hang out with 10 millionaires, you’re going to become the 11th.”
- They read: According to Rich Habits Institute, 88 percent of wealthy people read for no less than 30 minutes a day for self-education and career growth, while only 2 percent of the less wealthy do the same. They practice daily motivation through reading.
- Daily exercise: they know the value of the mind-body connection to keep themselves in top physical health.
- They have measurable goals and a plan to get there: They write their goals down and monitor and revise them regularly.
- They work hard and live within their means: They don’t overspend and avoid debt. Especially credit card debt. They save 20% of their income and live on 80%.
- They know about Scaling and leverage: You can’t possibly work enough hours in the day to earn millions of dollars. They use their money to buy the time of others and have them work for them, instead of exchanging their hours for money. Since time is the most precious commodity, the wealthy preserve their time and thus increase their value.
- They take inspired action: They are action takers. If they don’t know how to do something they learn and take action even though they don’t feel 100% prepared. They are builders of the airplane as they are flying it.:)
Success requires persistence and consistently taking small, deliberate actions If one of your goals is financial freedom take a cue from the rich and incorporate these positive habits into your life on a daily basis.
It can be the difference between hoping for a life of your dreams and actually living it.
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