Contrary to popular belief, majority of millionaires did not come by their wealth through luck, an inheritance or a windfall. Granted, all those methods have made some millionaires, but they by no means form the greater part of individuals with an income of 7 figures and over. The fact is that most millionaires are self-made. They have come from poverty or an average lifestyle where most of their peers have been comfortable and only dream of making it big to actualizing dreams of being financially free. They made money the “old-fashioned way” – they earned it. These self-made millionaires were made so by their habits. Like the habit poem says:
I am the servant of great people,
and alas, of all failures as well.
Those who are great, I have made great.
Those who are failures, I have made failures.
The things they did on a daily basis were the cause and financial freedom was the effect. So what are these habits that are powerful enough to make you millions?
Also read: 7 things successful people do before 9:am.
- Set daily goals: One effect of setting daily goals is that it helps you prioritize and put first things first. Before setting goals, self-made millionaires set dreams first. They picture what their ideal life would look like. Then they create a list of goals built around each dream and use this script to achieve those dreams. Whether you’re writing a financial plan or planning your weekly tasks, a daily habit of setting goals will give you momentum on a daily basis. When you have a dream to achieve, ask “what would I need to do in order to make this wish or dream come true?” “Am i capable of doing these activities?” “Do i have the necessary skills and knowledge?” Then make your list of long-term goals that will make your dreams reality. Everyday, ensure you execute tasks that take you closer to these goals, and one by one, you’ll see them actualized.
- Make decisions: Most people are afraid to make important decisions because they have a fear of failure. But people who are too afraid to make crucial decisions forfeit opportunities to take control of their lives. When you let go of the fear you have of failing, you’ll realize that failure is a must if you want to learn and that if you want to be great, you have to be prepared to fail greatly as well. Only then will you see that decision making is key to success. The more crucial decisions you make, the more control you will have over the outcome of your life. The more decisions you make, the more opportunities you take advantage of.
- Create multiple sources of income: Self-made millionaires develop multiple streams of income instead of relying on a single source. Most self-made millionaires have at least three sources of income that they have created over time. When you diversify your income, it protects you when the inevitable economic downturns come around and also prevents you from putting all eggs in one basket.
- They pursue what they’re passionate about: A lot of people go into their careers with only stability in mind. They forget that when you pursue your own dreams and goals, you create long-term happiness for yourself and this results in the largest accumulation of wealth. The reason is simple: when you’re passionate about what you’re doing, you work harder for it. Passion makes work fun, it is what gives self-made millionaires persistence in the face of failure, mistakes and other challenges.
- Read: wealthy people would rather be educated than entertained. Self-made millionaires are literary people, and they consume literature based on things that help them grow. Topics like leadership, biographies of successful people and self help books. Self-made millionaires understand that the key to becoming successful and staying successful is to grow their knowledge base. Reading gives you an advantage because most people do not realise the benefits it gives. If they did, they would read more.
- Don’t fear criticism: The fear of being criticised prevents a lot of people from seeking feedback from others. Feedback is essential to the learning process. If you don’t know what is working and what is not, what is appealing to your target demographic and what is not, then you will never know when you’re on the right track. Whether good criticism or bad, feedback is essential for learning and growth. If you must succeed and become a self-made millionaire, you need criticism.
- Become a master: Like the story about the renowned pianist who performed eloquently at a party and was told by the hostess “I would give anything to play like you do.” The artiste replied “no you wouldn’t.” “You won’t give the time I gave, sitting day after day for years at the piano to perfect your skill. So when you say you’d give anything to play like i do, you don’t mean it…you don’t mean it at all.” Dedicating time to achieve perfection is what distinguishes self-made millionaires from the people who only dream of what they want and take no action to achieve it.