6 Life-Changing Millionaire Habits

In this article I want to give you 6 millionaire habits that can change the trajectory of your personal finances, if you decide to follow them.

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First, when we use the term "millionaire" we are referring to people with a net worth over one million dollars. Also, whenever there is a discussion about millionaire habits, it is always important to note that many studies have been done over the years to research and document the habits of millionaires.

Wealth X, Fidelity Investments, Thomas J. Stanley's book The Millionaire Next Door, and Ramsey Solutions have all conducted studies over the years showing that anywhere from 75% to 88% of people with a million dollar net worth, did not inherit any money. What that means is, it is still possible for anyone one of us to join the ranks of "millionaire". This means the odds are in your favor, if this is your desired outcome with money.

Here are 6 millionaire habits that could have a tremendous impact on your wealth building, if you decide to employ these habits in your life:

Please leave a comment below and let me know what you would add to this list. Thanks so much.

1. Information, Information, Information - Millionaires are information seekers and readers who are serious suitors of continual knowledge. They ask questions, research answers, take in new knowledge, and then make well-informed decisions. Millionaires attend the conferences, go to the workshops, enroll in the courses, and gather information from sources they trust. They gladly purchase opportunities for self-development because they realize that it turns skills into money. They are lifelong learners who are not afraid of learning and utilizing newly acquired information.
2. Consume Less and Create, Build, and Produce More - Millionaires are not massive consumers, despite what you see on television and social media. They consume information about their craft, finances, and hobbies, but they do not tend to be hyper consumers for the sake of consuming. It is no accident or coincidence that most millionaires are self-employed business owners who are accustomed to building and producing. They know that much of their wealth is in their ability to create and build and bring value to the market. They understand the criticalness of curbing their appetite to consume and increasing their ability to give something of value back to others. Millionaires also understand that their First Business Is Their Own Personal Finances.
3. Be Organized With Money - Millionaires tend to focus on their wealth building strategies, and spend time every month organizing and planning their personal finances. They manage their money with intention, and they know what comes in and what goes out. Millionaires get organized by utilizing the services of CPA's, financial planners, and other professionals, when making financial decisions (see number 4). The adage is true that if you are unable to properly manage and steward over small amounts, you won't be able to manage large amounts. The Benefits of Creating a Written Monthly Budget
4. Build Networks - Millionaires understand that success is a team sport, not a solo event. They understand that success requires help and assistance along the way from competent smart people. They tend to surround themselves with people who support, encourage, and motivate them to get better. Millionaires tend to have a team of people who have expertise in areas they are less competent in, and are not afraid to admit it. They willingly bring people on board, through networking groups and websites like LinkedIn , who can help them steer their financial ship.
5. Delay Gratification - Millionaires do not try to keep up with the Joneses. In fact, the Jones family is not even in the peripheral view of most millionaires. They have fun with money, but they tend be patient with spending on wants and other discretionary expenses. They understand the importance of saying "no" to themselves and have developed a tremendous amount of self-discipline with money.
6. Avoid Debt - Millionaires are not typically swimming in debt up to their eyeballs. Most millionaires avoid debt on assets that are going down in value. Millionaires tend to only carry debt on appreciating assets like real estate, businesses, and stocks, and do not pedestalize debt as "how I built my wealth". The truth is, most millionaires avoid debt, and understand that debt is only a tool, but if misused, can be a very dangerous tool and a hinderance to the wealth building process. The wrong type of debt is a destroyer of wealth. They understand that avoiding debt and investing instead, is what grows wealth.

Click here to see the Debt Snowball Method Breakdown.

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The bottom line: Becoming a millionaire is not a far-fetched fantasy.It is a practical and attainable goal for most people. But there are some clear distinct habits that you must adopt if it is what you want.

Please leave a comment below and let me know what you would add to this list. Thanks so much.

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