Becoming a millionaire is a dream of most people, but they take it forgranted and think it will come on a silver platter. It is not so, it is rather a continuous effort of following some laid down procedures. Here are seven habits of millionaires.
7 Habits that Aspiring Millionaires must Have:
1. Have respect for your money
This is a hard thing but it is achievable. Any aspiring millionaire values every cent, knows how money is made and thus uses it wisely. This is called the right culture of money. Since all successful millionaires have a story, many of their stories relate how they started from humble beginnings showing a great value for the little earnings and profit as they keep in mind that much is achieved by taking care of the little. That is to say they practice the wise saying, “Take care of the pennies and the pounds will take care of themselves”. Additionally, they show awareness of the money they have and thus know devise ways on how to multiply it.
2. Make a budget for your money
If you want to know that you can be a millionaire, just try to track your spending. Here I mean you should plan on every penny that you receive. This exercise is uninteresting and boring, but trust me it pays off greatly. To build your wealth, planning is a key step and as always, it is not a mind thing. You have to write it down on paper and keep the records safe. This will help you analyze potential improvements on your budget by avoiding careless spending and unnecessary spending. Start practicing it, by tracking all your income in the previous month and then plan on how to spend this month’s income, taking accountability of every coin.
3. Start your own business
This is what your employer cannot tolerate but it is a sure way to becoming a millionaire. It is impossible that by being employed you will make it to be wealth and more specifically a millionaire. It can’t happen! Your employer is using you to become a millionaire. The best thing ever to do is to have a side engagement that brings in returns after every month besides your salary. Otherwise by just remaining an employee you embrace the vicious cycle of money and you will remain at the same level with just few hundreds of dollars in a month.
4. Pick a mentor and role model
It is pretty simple to acquire a mentor. You may make the same mentor your role model also. You don’t have to meet these mentors physically; electronic media has made several advancements such that we can get in touch with these people by listening to their audio or video clips and inspirational books. Notice how they do their stuff and don’t forget to borrow some of their recommendations, this way you will have associated yourself with winners and at last you will become as one of them.
5. Learn to take risks
A risk involves many uncertainties and any successful entrepreneur knows that the greater the risk, the high the profit. Money doesn’t ‘look for somebody’, rather people go out to search for it. So, make decisions out of your comfort zone. This may mean working on your business a little longer, expanding your business to areas where there is market or starting a witty competition with some other manufacturer. However, don’t take blind risks that can plunge you to debts. Even though risks are wrapped in uncertainties, figure out the opportunity and the profit before taking the risk.
6. Create a culture of reading
All billionaire beginning from Jeff Bezos of Amazon, Warren Buffet of Berkshire Hathaway, Bill Gates of Microsoft and Mark Zuckerberg of Facebook, all have a well-established culture of reading. These guys read continuously to upgrade their knowledge and enlighten themselves with new ideas. They gather information from different field and not only in business and commerce, but also personal development and motivation. Remember knowledge has power.
7. Practice time management
Time is the most precious non-renewable resource. Every second counts for an entrepreneur. There is no rich person who wakes up before 5 A.M. Why relax in bed lazily and die poor, go out and make millions. Most billionaires wake up at four and plan their day. Waking up late will result in a chaotic day with many duties unfulfilled. Wasting time in restaurants, games and entertainment will kill your dream of becoming a millionaire. My advice is, take care of every second if you are aiming success.
For one to become a millionaire, they have to adhere to certain practices. They have to be keen on the value they ascribe to money. Every coin in the live of an entrepreneur counts. Since a every penny is vital, lay down a good budget and follow it alongside making follow-ups for the previous budget. Thus, enables you to save and seal holes for unnecessary spending. Millionaires have mentors and read in all their lives, so make an effort of reading every day as well make sure you manage time effectively. If you begin your business and take risks you will surely find success one time.