18 Habits of Millionaires That You Need To Adopt if You Want To Win at Business
I don’t know about you but I wanna be rich.
It’s not the money that matters but the things I can get with money: freedom to travel easily from a country to another, to see outstanding cultures and learn new things about the world; the ability to buy a house with cash so I never need to pay rent again (who wouldn’t want this option?), flying to see my friend on the other side of the world without having to book the flight months in advance to save money.
Buying that Longchamp bag that would last me for years instead of a used one that will barely make it through the winter. Seeing the monkeys in Bali, the monks in Tibet and investing in my blogs that would create so much value for people.
As opposed to struggling to find next month’s rent, making other people miserable around me with my money worries, not seeing my friends overseas because none of us can afford to travel, and so on.
Pretty much everyone loves the idea of getting rich but how many of us actually go out and do the (hard!) work required to become successful?
If you’re an entrepreneur and you want to make it in the business world, you can’t just quit your job, start a blog and wait for the money to pour into your account while you play Grand Theft Auto on your smartphone.
What you need to do to succeed is change. Get out of that old mentality that kept you broke or in jobs that didn’t pay your worth and start bringing in some serious dough.
In a presentation for ‘Better Life Media’, millionaire Brian Tracy said that, in order to achieve something you’ve never achieved before, you need to become someone you’ve never been before.
That is a person with a wealth mindset.
Having a wealth mindset that doesn’t involve you quitting at the first sign of failure or you whining about how little traffic your blog is bringing in daily.
Your new mindset doesn’t involve sweating the small stuff, being terrified of publishing a blog post because your mother will see it (and you don’t want your mother to find out you smoke pot when you’re tense), waking up at 11 am and watching movies all day or not making that business call because what will happen if you say something stupid and the CEO will laugh at you?
You need to cut this crap out if you wanna become successful.
Dedicate 3-4 hours every day to working at stretching your mind as hard as possible. Your mind has ALL the answers for you. Send your mind to the ‘gym’ daily and you’ll see amazing results. Your mind will help you achieve your business goals but it can’t do a thing without your efforts.
‘You have the ability to completely control your mind’ -Napoleon Hill
Here are some habits of self-made millionaires you can adopt to shift your mindset from a place of ‘I can’t do this’ to ‘I can achieve anything I want and more’.
1. Love what you do
If you love what you do and are in business, you’re half-way to achieving success. Use this all-consuming passion to attract people and opportunities into your life that will help you achieve your goals.
2. Read and learn new things every day
It is well known that millionaires read a lot. According to a study done by Thomas Crowley, 85% of self-made millionaires read 1-2 books a month. They read personal development books, history books or biographies that will help expand their consciousness.
3. Develop strong decision-making skills
According to Napoleon Hill, millionaires have strong decision-making skills. They usually take decisions fast and change them slowly.
Now, if you’ve ever procrastinated on quitting your job or changing it for one with better salary and benefits, you know damn well how this habit has impacted your financial life. Poor people are terrified of change and their fear of change attracts more opportunities for them to be afraid of.
Be brave and take decisions fast. Take small steps in developing your decision-making muscles. For example, go to the store and decide to purchase that new vacuum cleaner in under ten minutes. Don’t compare one vacuum cleaner to another, they’re all doing the same job anyway. The more you think of pros and cons, the easier it will be for you to scare yourself out of buying it. Do the same thing with new clothes, new tech equipment, furniture, houses, unhealthy relationships, jobs, and new clients.
There is no right and wrong in life. Whatever the decision is, it’s going to be the right one for you at that moment.
4. Get out of your comfort zone as often as possible
Thinking big is one of the most important skills to have as an entrepreneur. And this way of thinking can be achieved by doing comfort zone challenges.
‘The question I ask every day is the same question it’s always been. How much further can I stretch to reach my fullest potential?’-Oprah Winfrey
In her book, ‘Overcoming underearning’, Barbara Stanny stresses the importance of doing mental stretches to reach your income goal. Whatever the stretches may be, they should be personal for you. She believes that it’s important to stretch daily in order to train your brain to overcome its own limitations.
Stanny says that every day you should:
-do what you think you can’t do (waking up at 5 am or adding a lap at your swimming routine)
-speak up and ask for what you want (ask for another latte if the one you ordered sucks)
-let go of what’s holding you back (your critical voice, that nagging girlfriend or the bank who never treats you with respect when you call).
If there is one thing you always wanted to do but were too afraid to do, take action now. Not tomorrow, not next week, not when your boss comes back from vacation or when the stars are perfectly aligned. Now is the perfect time to do anything.
5. Join a Mastermind Group
In ‘Think and grow rich’, Napoleon Hill believes that all the millionaires he studied have had some sort of community that inspired them to think bigger and stretch their minds beyond their wildest dreams.
Millionaires are often seen network with people who also think big or with those who think even bigger than them. Hill says that it’s critical for your success to be part of a group of wealth-conscious people and positive folks who encourage your personal development and help you find solutions to your problems.
He discourages the habit of associating oneself with poor people and those who have a poverty consciousness. It is important that you not only disengage with those negative folks but avoid them altogether. Your mind will soak up negative information much faster than positive knowledge. Be careful who you’re listening to from now on.
And remember the following quote:
‘Isolation is a dream killer’-Barbara Sher
6. Heal your codependency
People who are codependent don’t value themselves, which forces them to put others on a pedestal. That way, they can give and give and give in order to entertain the illusion that they can’t ever lose their loved ones because they have done so much for them. They’re the perfect partner, spouse, friend or daughter.
They try desperately to avoid being abandoned by giving too much and taking too little from others. Which leads to them never asking to be paid what they’re worth and this leads to poverty, misery, and unhappiness.
Rich people know their worth and ask to be paid what they deserve on a consistent basis. They don’t live with the fear of being criticized, abandoned or ridiculed by their employees or managers just because they assert their needs.
They’re not afraid of what others think of them, what their mothers will say if they hit their income goal. They’re not living in a constant fear of upsetting others as co-dependents do.
Thus, if you want to become rich, you’ve got to let go of your codependent self. In order to tackle codependency, check our Darlene Lancer’s website, including her presentations on YouTube. You can also ask help from therapists specialized in codependency and unhealthy relationship patterns.
7. Work less for more money
Learn how to build a passive income that you’ll be earning while you sleep.
For example, build an online teaching business and sell a class to parents who want to learn how to help their autistic children with their homework.
By constantly promoting your class online, you’re making sure there will always be people who’re interested in it so that, you’ll have a monthly income for years to come. Make money work for you so you don’t have to work at all.
8. Pay yourself first
According to Robert Kiyosaki, paying yourself first is crucial to financial success.
Instead of paying other people when salary comes, pay yourself first by saving 10% of your income. This will make you feel in control of your finances and much happier. Your confidence will increase as a result of this monthly money habit -and, we all know that confidence makes us more likely to bring in more money.
Moreover, paying yourself first will help you to avoid poverty in the future.
Rich people are skilled at delegating tasks that they can’t do themselves (or don’t have time for). They hire assistants, house cleaners, accountants, mentors, counselors, advisers or other entrepreneurs to help them achieve their personal and business goals. They know that they can’t achieve success alone. That doing everything on your own out of fear that others won’t do a good job is ridiculous.
10. Have multiple sources of income
The typical millionaire doesn’t just rely on one source of income. They have multiple streams of income. This way they can handle economic downturns, as well as make even more money.
In most cases, this involves having a passive income. This could be in the form of interest from loans, dividends from investments, capital gains, royalties, or rental income. Other sources of income could be from starting a side business that doesn’t involve active work, such as running a website or selling information products.
11. Have a positive cash flow
Cash flow means all the money that goes in and out of your business in a month.
You need to make sure that you have more money coming into your business than going out if you want success. The Small Business Administration says that inadequate cash reserves is the main reason why most startups fail.
You can calculate your net cash flow with the following formula:
cash inflows-cash outflows=positive or negative cash flow
12. Keep a budget
Creating a budget and living within its limitations is crucial for achieving financial freedom in your life. Thus, make sure you track your monthly spending and don’t spend more than what’s written in your budget-especially if you’re just starting out. You can download budget apps like Mint, Wally, Pocket guard or You need a budget.
13. Spend a lot of money on things you love
This habit is mostly associated with established business owners who have achieved some success in their career. Be careful that you don’t overspend when you’re at the beginning and can barely make money to pay rent.
In his famous blog, I Will Teach You To Be Rich, Ramit Sethi, the New York time bestseller and self-made millionaire, talks about the importance of treating yourself.
One day while I was browsing through my emails, I see a newsletter from him with this heart-punching subject line ‘I spent 21K on a personal chef and it was worth every penny’.
This line freaked out the little underearner inside me. I felt like my brain stretched so badly in my skull that I couldn’t breathe! I jumped to judgment immediately ‘What kind of person would do such a thing???’ or ‘Can he cook for himself?’ or ‘He could use half of that money to feed an entire school!!!’
But then I read some more:
‘I spend over $50,000 a year on items that could be considered luxuries. I make no apologies. In fact, I LOVE THEM! I earned them, I enjoy them, and they help me spend my time the way I want to.
These luxuries are part of how I define a Rich Life of living more.
Do I need them? Of course not.
Could I be happy without them? Yes, of course. I was happy then — when we grew up middle class on one income (my Mom stayed home) — and I’m happy now. And if I had to start again without all the luxuries I now have, I could do it tomorrow.
But these make me happy and I can afford them — so I enjoy them, guilt-free.
I get to wake up slowly, get dressed, walk into the living room and check out the view while I brew some tea, then begin my day, knowing that everything else is taken care of.’
As you see, Ramit challenges his readers to expand their minds into thinking that paying a lot for the things that you /truly) love and will make you happy is the definition of a rich life. Ramit interviewed readers who spent thousands of dollars on business class tickets, vacations, shoes (!!), carpets or pieces of furniture. They were all content with their purchases knowing they have a high-end product (or experience) that will keep them happy for years.
What makes you poor is the inability to stretch your mind and think beyond the norm.
Try expanding your mind by asking yourself how would you feel if you gave yourself EXACTLY what you wanted, not less, not more. Yes, that $500 price tag for a hotel room in the center of Rome is steep but you’re only celebrating your wedding anniversary once, right? And a luxurious hotel what puts a smile on your face, knowing that you and your husband will be treated like royalty.
14. Invest in business coaching
Every millionaire ended up where he/she is now with the help of a coach or a mentor. Make sure you invest in your personal development because you can only succeed by learning from those who succeeded before you.
15. Think in the future (and not in the present time)
According to Napoleon Hill, rich people plan for years ahead. They work for the future and not for their current reality. They act as if their future is going to materialize at any minute now and prepare themselves for it.
They think about how their decisions will affect their future and take action to correct their mistakes.
If a business plan is bound to fail, they don’t wallow in regret and disappointment. They move on to building another better business plan.
16. Do the ‘Just Sit There’ exercise
Millionaires like Henry Ford or Hill used to take frequent timeouts during the day. If they had a pressing problem that required their input, they’d spend few hours daily doing nothing until they’d come up with an insight into the problem.
I have to say that this exercise is brilliant. After starting practicing it myself, I noticed how easily the solutions come to me and how much clearer my mind is as a result.
If you want to become rich, allow yourself to ‘just sit there’ for an hour every day to give your mind the necessary rest it needs from so much ‘doing’ and ‘thinking’.
You won’t regret it.
17. Think positively & be more optimistic
I believe positive thinking is taken for granted nowadays. People don’t fully grasp the importance of controlling your thoughts so that you are not startled by those scary monsters under your bed. The idea is not to eliminate the monsters but to not react to them and look at them with an objective eye.
You can develop a mindfulness practice by doing daily meditation. 10-15 minutes of sitting in silence is a good start in calming your mind.
When your mind is relaxed, you start to see new solutions to old problems and come up with ideas that will bring opportunities to increase your income.
18. Never give up
This advice is obvious but it needs to be said over and over. Just because a business idea didn’t work out it doesn’t mean there are not hundreds of other ideas out there ready to make you successful. Be open to refusing to accept defeat and you’ll be on your way to riches.
And just remember that it took Thomas Edison 1000 unsuccessful attempts before he made a working light bulb.
‘Great success is built on failure, frustration, even catastrophy’-Samner Redstone
In conclusion, the road to riches is not easy. However, if you have a burning desire to succeed, a love for your business, a calm mind that can see solutions instead of problems, strong decision-making skills, resilience, and a group of like-minded people to support you in your journey, your success is practically guaranteed.
Do you know other habits of millionaires that we can learn from? Leave a comment below.