Table of contents
- Keeping Housing Costs Low
- Save a Large Amount of Income
- Gambling Online
- Listen to Others More Than Speaking
- Making Time for Health and Fitness
- Making Time for Passionate Projects
- Giving Free Advice to Young Entrepreneurs
- Travel for Free
- These Habits All Point to Self-Improvement for the Aspiring Millionaire
Millionaires and billionaires understand it’s not all about making more money as time goes on, but many other things as well.
To be a millionaire, you must develop the habits of a millionaire and continue to work on yourself. Follow these habits of the average millionaire and experience better self-improvement.
Keeping Housing Costs Low
Sure, millionaires may have mega-mansions and other unbelievable real estate properties all over the world. However, many of them have lived well below their means at some point even if they could have afforded it already. Some could have luxury real estate and still live below their means.
You may have heard the standard of not having your housing costs exceed 30% of your gross income. Well some millionaires and billionaires are living off of a very small percentage of their income. Warren Buffett still lives in the same house he bought decades ago at $31,500 and he happens to be one the wealthiest billionaires in the US.
Keeping housing costs low while building wealth can help achieve milestones much faster but keeping costs low overall for a while gives a significant advantage to building wealth.
Save a Large Amount of Income
Successful millionaires will tell you to live a frugal lifestyle in the early stages and sometimes even afterward. The main reason for being frugal is to reinvest as much as possible. Some of the wealthiest people in the world have some modest habits that saves them a substantial amount of money. Just ask Mark Zuckerberg, the founder of FaceBook who wears the same outfit daily to not only save money on expensive designer clothes, but also time getting dressed.
Growth cannot happen without reinvestment and reinvesting is not just about money. It’s reinvestment in time and energy as well.
This one may or may not catch you by surprise, but online gambling could be very lucrative for a gambler that can afford to play at higher stakes. Gambling online is a convenience for millionaires as most tend to travel frequently.
Lottoland for example is an international online gambling platform with multiple lottery draws. The platform has been known to have large payouts to players and currently holds a Guiness World Record for the largest payout on an online gambling platform. Gambling is a different experience on this platform and is currently active in 15 markets. This is why the average millionaire that is always on the go could prefer gambling through Lottoland.
Listen to Others More Than Speaking
Remember we all were born with a mouth, but we were born with two ears. Gaining knowledge and learning is permanent throughout your life and doesn’t end at grade school. It is important to continue seeking wisdom throughout your working years more than trying to educate about what you do know at the moment.
Establishing credibility or wealth is best built by focusing on improving oneself. Build your reputation and achieve milestones in your particular industry, then be the mentor or the speaker.
Making Time for Health and Fitness
The idea that your health is your wealth wasn’t made up because it’s a catchy phrase. A person cannot be successful or maintain success if their health takes a turn for the worse and they are not practicing any healthy habits.
Millionaires invest in their health in many ways because they want to be physically at their best to maintain or improve work performance. Many want to be around for a long time to see their businesses and families grow.
Making Time for Passionate Projects
What keeps a millionaire getting up every single day to achieve goals? Mainly passion and other motivators such as their families normally does the trick. Millionaires always tend to follow passions that lead to building wealth, even if they have other streams of income not directly related to their passion.
The point is having a reason to keep building your wealth even after achieving so much. Working on things you have a passion for will keep you striving for more.
Giving Free Advice to Young Entrepreneurs
Successful millionaires are the highly preferred mentors that young entrepreneurs want to hear from. However, many young entrepreneurs are in the beginning stages and may not be able to afford one-on-one conversations and coaching sessions.
Once you reach an expert level in your industry or field, provide some free and valuable information that others may need it as guidance. This builds trust in your audience or platform which could lead to others investing in your mentorship. Sometimes when people claim to be very successful but fail to give any free valuable advice at leats seldomly, it causes distrust or speculation due. And the idea of giving away value for free is highly respected by those willing to follow the guidance you give.
Travel for Free
Millionaires seem to always be on the go whether nationally or internationally. Therefore, they spend a lot of time on planes and jets which could mean a lot of miles in the air.
So how do millionaires travel for free or at very low costs? Well, if they aren’t using flyer miles they redeemed then the costs could classify as a business expense.
Racking up those flyer miles can be an advantage if you ever have to travel as much as the average millionaire. There are business credit cards out there that offer travel rewards such as frequent flyer miles. The key is to understand when traveling can qualify as a business expense.
Therefore, millionaires earn lots of frequent flyer miles using business credit cards and accounts since travel more than the average person. The business credit card payment is a tax deduction for the business so it’s a win-win scenario when millionaires or those headed to that level decide to jetset.
These Habits All Point to Self-Improvement for the Aspiring Millionaire
Millionaire habits can be very general and overlooked, but with the right amount of consistency these same habits can be life changing. Incorporate these habits if you haven’t already and make more progress in your journey to wealth.