Last updated on November 19th, 2022 at 02:15 pm
“Success usually comes to those who are too busy looking for it.”
— Henry David Thoreau
Most common millionaire myths
With so much speculation over rich individuals earning money, many people have some mythological beliefs that may not be true. Some common mistakes are made about millionaires: They inherit the money; this was likely true many generations ago, though self-made millionaires are now the dominant form of the population.
Just 11% of self-made millionaires today have more than 10% of their assets in their estates.
Although business success definitely means being in the right place at the right time, most self-made millionaires and billionaires don't just gain wealth or have a lucky break from their long-term gambles.
They create their own wealth using a lot of the tools and success habits outlined in this blog post.
Most millionaires are self-made millionaires
There are over 1,700 self-made millionaires created each day and over 10 million millionaires in the United States alone. On top of that, 80% of current millionaires are self-made, meaning they do not come from affluent family backgrounds.
All self-made millionaires start just where you are right now. They have a passion and are certain that what they have to offer to the market has value. They all have a vision, or WHY, that they hold dear to their hearts and follow that calling to generate their first million.
They do not always know the HOW, but as we will discuss throughout this post and other blog posts on this site, all you must be concerned with in the beginning is your WHY (destination).
If you want to become a self-made millionaire, or simply develop self-made millionaire success habits, then you have to be willing to try something new.
Millionaire success habits
Maxwell Maltz discusses this concept in his best-selling book, Psycho-Cybernetics. Your brain works as a GPS where your goal serves as the destination.
Taking inspired action and keeping your mind focused on what you want to accomplish, and not on what you don't want to accomplish, is the key.
If you have dabbled in the Law of Attraction side of the internet, then this concept isn't new to you. However, this goes beyond the Law of Attraction and into the scientific discovery of how success is created.
Successful people create their own success and they do so intentionally.
Even if your goal is not to become self-made millionaires (yet), the tips outlined in the current blog post serve as a guide for anyone with goals, and since you are reading this post, I'm assuming that's you!
Starting in your 20s is the best time to start developing these millionaire success habits because (1) there is a thing called "compound success" which is similar to compound interest (hence the benefits of starting to invest earlier in life), and (2) this is the PERFECT time to try new things and fail often.
And if you decide to read Psycho-Cybernetics then you will understand why failing early and failing often is necessary as you pursue your goals and how you can redefine the word "failure" as "course correction" in your mind.
Let's get started discussing which millionaire success habits you should start developing in your 20s!
related blog posts
What Are 10 Habits That Millionaires Have?
1. Read As Often As Possible
You may meet a millionaire or billionaire who hasn't gone to college (Tony Robbins, Bill Gates, Les Brown, Lisa Nichols, to name a few), but you will never meet an uneducated millionaire.
Most successful people are self-educated and read books on financial literacy, or take courses from people who have already obtained financial freedom.
Millionaire success habits are cultivated over time through constant exposure and practice. Reading transforms your mindset. How will you ever become a millionaire if you do not think like one?
Read for personal development
Self-made millionaires read it all day. You can change your life with the right tools. Those who are entrepreneurs need to learn how to be effective leaders and productive business owners. Reading helps people grow without attending business schools.
Millionaires spend more time reading than the general population, about 5.5 hours per week compared to 2 hours for everyone else. Millionaires read for fun, they learn about improving themselves and always apply the knowledge they learn to their own personal growth.
What's the difference between someone who succeeds and one who doesn't: their mindset. Wealthy people have wealthy mindsets. Once you realize that everything you need to be successful is already inside of you, you begin to speak and act differently.
Self-help books become a hidden treasure for you. Your performance depends on it!
Learn to be successful from successful people
The best millionaire success habits include reading. If you want to learn how to become successful, then learn from those who have created success in their own lives and have the income to back it up.
2. Take ACTION toward your goals
What is the point of reading all of this information if you never use it? Habits are developed through exposure and through practice. The best habits are those that get us to take consistent action.
If you want to learn how to increase your income then start practicing the success habits that you have learned about through books like Rich Dad Poor Dad and Millionaire Success Habits. Develop these habits by first putting them into action.
Fear stops action. Action cures fear.
Fear keeps a lot of people from taking action towards their goals, but not you. You are constantly working on yourself and realizing day by day just how powerful you are.
It is easy to see how you can change your life just by showing up and taking consistent action, even if it is a "tiny" action.
3. Develop A Morning Routine That Fits Your Schedule
If you don't remember anything else from this article, I hope you remember this: never check your phone first thing in the morning.
Even if your mourning routine is non-existent (trust me, I understand), then you want to at least make sure that you are intentional about leaving habits behind that hinder your success.
Mornings are sacred
Most self-made millionaires have morning routines and almost all of them include not checking their phones as soon as they wake up. Your mornings are sacred and should be treated as such.
The best habits generally include getting rid of anything that leaves you feeling depleted. If social media is the first thing you check when you wake up, then you are thrown into the day comparing your life to someone else's or feeling like you could be doing more.
Use your mornings to set intentions for the day. What do you want to accomplish? What is a part of your daily performance that can be improved?
Start taking the time to become intimate with your deepest thoughts and goals in the morning.
You'll be glad that you did.
4. Learn The Skill of Effective Communication
One of the most significant books that I have read in this lifetime is Dale Carnegie's How To Win Friends & Influence People. This book highlights the importance of effective communication and highlights people from the past that have developed the skill of effective communication to live a successful life.
Developing great habits, especially one like effective communication, takes time and practice.
You have the power to live a rich life (in all of the ways this word implies), but you must first take advantage of the free resources available to you to improve the way you interact with those in your environment.
5. Develop Emotional Intelligence
Emotional intelligence (or EQ) refers to one's ability to use, understand, and manage their own emotions while considering the emotions of others. Most self-made millionaires have high EQ's because they recognize the importance of building habits that allow them to better communicate with others.
Self-discovery leads to the knowledge of others
When you understand that others in your environment are only a reflection of your inner world, you start to navigate life a lot more intentionally.
But as I mentioned previously, millionaire success habits take time to develop. It would be wise to focus on one or two at a time as you set long term goals and work to increase your income. It is never too early to begin this process, but patience is needed.
6. Network & Build Relationships
Success is only about the people you work with and how you feel in the environment that surrounds you. Do you actually FEEL rich?
Rich people are always looking to find someone with a strong positive mental outlook that they can spend time with. The same applies to the prevention of negative influences and individuals. Negativity will prevent achieving success.
How can you create a positive vision for your life if you cannot see one? Successful people surround themselves with other successful people, and have enough situational awareness to know when they are in a negative environment.
The best habits for success are cultivated in the right environment and with the right people.
7. Learn From Those Who Have Accomplished What You Wish To Accomplish
I can honestly say that most of my success was manifested from watching and modeling other successful people. If you want to learn how to build a business or how to invest in real estate, then learn from someone who has already done so successfully.
We use the term "self-made" to describe people who have accomplished great things in life, but ask anyone at the top and they will tell you that they got there by either learning from what others have done or by learning from what others haven't done.
Self-made millionaires learn from the success and failures of those who have gone before them.
8. Visualize Your Own Success
Man's greatest gift is their ability to visualize the life of their dreams.
No one can control what you think or what you imagine, so have fun with this and develop one of the most powerful habits of the successful: daydreaming.
Daydreaming doesn't mean that you waste hours on end visualizing so far out in the future. Daydreaming and visualization can become a powerful tool if you know how to properly use it. The best habits are developed with practice, so take the time to visualize the life of your dreams.
Our goals are manifested twice in our life. First, in our imagination and second into physical reality.
Everything that you see in your physical environment was once imagined.
Use the power of positivity
Set positive intentions each day using visualization. You can even take this habit a step further by creating vision boards or recording yourself describing your goals in as much detail as possible.
Try this every day and watch how beautiful things around you unfold.
Visualizing is creating the dream of the life you want to create even if it is drastically different than what is physically manifested in your life. Your greatest wealth is in your ability to hold a clear vision of what you want to create in life.
You can define a new future by imagining all the dreams coming true and putting that in 500 words. A study found that 71 % of self-made millionaires reported following a plan-building plan.
9. Limit The Amount of Time You Spend On Social Media
Social media can drain every ounce of energy that you have. This is because many people spend time consuming in stead of using their social media platforms to create.
Monitor the way you feel after you spend hours scrolling on TikTok or Instagram.
Do you feel more empowered?
Chances are you feel not-so-great about wasting countless hours consuming information that doesn't contribute to your own success.
If you want to be successful in business and make your first million, then focus on habits that actually serve you. Try taking a social media fast for a few days and watch how much you accomplish with the spare time.
10. Improve Your Financial Literacy
Focus on proper money management
"What doesn't get measured gets lost."
Millionaires should learn financial intelligence. There isn't anyone who can gain financial freedom from the lack of financial knowledge. Millionaires should also have an awareness of taxes and tax strategies.
Millionaires don't trust luck and jackpots. They take time assessing cash flows and income. Set a budget every month and keep it faithfully in mind.
In short, budgeting should be focused around minimizing expenditures. You will also be able to take control of your personal finances. Budget planning will assist in saving for the future and helps in achieving the goal.
Focus on Assets over Liabilities
Don't worry if you still struggle with what the difference is between an asset and liability. Rich Dad Poor Dad (a POWERFUL financial literacy book every person needs to read) does a great job of explaining this concept.
Simply put, an asset is something that puts money inside of your pocket and a liability takes money out of your pocket.
For example, investing in real estate in New York that produces cash flow each month would be an asset. However, a liability might be investing in real estate that produces a mortgage. Mortgage payments take money out of your pocket each month.
Invest In Real Estate
I know, you are in college and there is no way that you can even think about investing in property, but it is never to early to begin learning about what it takes to get to this phase in life.
The key is to learn all you can now until you have the capital to make your first investment. Investing in real estate that produces cash flow can set you up for success as well as future generations to come. But we can talk more about creating generational wealth in a later post.
Establish multiple sources of income
Another success habit I found among successful people was that the person is independent of his/her own money sources. Millionaires can earn countless incomes from various sources.
This leads us to determine what streams of income are we setting up in our life. All millionaires have an average of 7 streams of income, and a lot of them start working on establishing these streams early in life.
Take Your Time As Your Pursue Your Goals!
There is a quote by Tony Robbins that states, "Many people overestimate what they can do in a year and underestimate what they can do in a decade."
It's easy to set big goals and have big dreams about what you want to accomplish and life. This is good. But never get discouraged when it doesn't happen when you expect it to.
A lot of people never reach their goals because they give up too early.
That is the true failure. Give it all you have and allow yourself enough time to grow and develop the skills you need to accomplish your goals.
Take ACTION Constantly!
As technological advances become more readily available, success can become more challenging for the user. Many are locked in this rat race, trying to find the correct way to succeed. You may become overwhelmed as you try out tips from online sources.
There are many ‘how-to’ techniques available that can be easily implemented.
There are dozens of courses on how to make money online. But education alone does not transform lives.
True transformation lies in the implementation of this information.
So go out and TAKE ACTION! Do not allow the fear of failure to hold you back. Not trying is too heavy a burden to bear.