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If you’ve gone through life thinking that all millionaires were born with a silver spoon
in their mouths, maybe it’s about time you adjusted your perspective. The difference
between poverty and wealth is mostly a matter of mindset and the little habits we
practice in our everyday lives.

That’s why Tom and George might be exposed to the same opportunities in life. But
Tom goes on to achieve incredible success, whereas George wonders what magic
formula his friend used to “hit the jackpot.”

In the minds of a poor man, there’s no such thing as hard work. To them, poor
people are victims of circumstance, while rich people are simply lucky folks who had
things work out for them without putting in any effort of their own. But as we’ve just
highlighted, success or failure is a cumulative result of the little habits we practice in
our day to day lives.

Read on as we unpack the top 20 habits that you should start practicing today if you
want to become a millionaire.

1. Set clear goals

The first habit that will make you a millionaire is to define your own success and
then set clear financial goals. And the convention is to set goals that are out of sight
but not out of reach. You can apply the SMART criteria, ensuring that your goals are
Specific, Measurable, Achievable, Realistic, and Time-bound. After setting those
goals, come up with a clear roadmap on how you intend to accomplish them.

2. Visualize success

Another habit that will turn you into a millionaire is to visualize the results. After
setting your financial goals, spend some time visualizing how life will be when
you’ve finally achieved them. Picture yourself living in your dream home, driving your
dream car, or owning a series of high-end apartments. Having this mental picture in
front of you will fuel your drive to succeed, especially during bad days.
3. Have a daily must-do list

Most people think that millionaires are only focused on long-haul projects. While it’s
great to have long-range plans, you must also ensure you maintain a daily to-do list.
Before you retire to bed each day, try to write down about five things that you must
accomplish the following day. Prioritize your daily to-do list depending on their
significance and urgency.

4. Avoid instant gratification

Millionaires sacrifice a lot to achieve their financial success. Most of them forego
temporary pleasures in favor of long-term success. If you appreciate the
significance of delayed gratification, you won’t mind living in a modest home or
driving a second-hand now.

5. Avoid get-rich-quick schemes

It may be tempting to gamble your entire fortune with the hope of hitting the jackpot.
But before you do, remember that there’s no such thing as an overnight millionaire. It
takes patience and diligence to become a millionaire.

6. Be a risk-taker

Life is all about risks, and you can’t become a millionaire if you’re averse to risk-
taking. It may be comforting to continue living in your comfort zone. But remember,
the rewards we get in life are mostly the results of the risks we take. Of course, you
must ensure that you only take calculated risks.

7. Read personal development publications

There’s hardly any millionaire out there who doesn’t read productivity books and
other personal development publications. While you’re at it, focus on financial
publications, such as The Economist, Kiplinger’s, and Bloomberg Businessweek.
Other genres you can consider include corporate leadership, lifehacks, biohacks,
how-tos, and self-help books.
8. Don’t fear failure
This habit ties back to the importance of risk-taking. The fear of failure may deter
you from venturing out of your comfort zones. However, failure and success are
intertwined. Whenever you fall, don’t waste your precious time wallowing in agony.
Pick up a few lessons from your failure, wake up, dust yourself off, and keep
pressing on. If you ever think of throwing in the towel, remember Thomas Edison
who failed a whopping 999 times before his final breakthrough came on the 1000th
attempt.
9. Turn your passion into a profession

The world isn’t short of people who hate their jobs so much, but can’t quit because
those jobs pay their bills. A lack of passion in your job is the surest way to stagnate
in the same position. But if you turn your passion into a profession, you stop viewing
your job simply as something that pays the bills. Instead, work becomes pleasurable
and your goals become achievable.

10. Be an early riser

This is a no-brainer. If you’re serious about becoming a millionaire, you’ve got to set
the alarm clock an hour or two earlier than you already do. Even if you cannot report
to your current job at 4:00 am, waking up early will allow you to improve yourself in
various ways. You can choose to read a book, network, or check your emails.

11. Save, save, and save some more

Having a monthly budget isn’t enough. If you can, you must also see to it that you
save more than you spend. Start by making a few adjustments to your spending
patterns, including unsubscribing from paid television packages and reducing
outside dining. Also, practice the 30-day Rule to avoid splurging on unnecessary
items.

12. Find a mentor

Another habit that will turn you into a millionaire is finding a mentor. Generally,
the mentor should be drawn from the same industry that you have interests in. If
possible, look for a mentor who you can access physically. They’ll be more willing to
share with you the secrets to their success on one-on-one encounters, as opposed
to via email, phone, or social media.
13. Establish multiple income streams

You’ll hardly become a millionaire if you invest your entire time in one job. And much
less if you’re employed. So, consider establishing multiple income channels. A great
way to go about this is to invest in several industries.

14. Have a monthly budget

No matter your present earnings, you should try to understand your cash flow
dynamics, which basically include your monthly income and expenses. After that,
proceed to establish a monthly budget and stick to it. Having a stipulated monthly
budget will save you from unnecessary expenses and allow you to get your financial
life under control.

15. Stay away from debt

There’s a common misconception that millionaires view debt as a tool for

investment. And that every millionaire owes some bank huge loans. Nothing can be
further from the truth. On the contrary, most millionaires credit their success to their
ability to stay away from debt.

16. Spend time with millionaires

“You’re the sum total of the company that you keep.” Spending time with millionaires
will not make you rich instantly. However, it will allow you to learn about healthy
millionaire habits first-hand.

17. Give generously

It shouldn’t come as a surprise that most millionaires are philanthropic. But they
don’t just give because they have more to spare. If you care to find out, you’ll realize
that many millionaires have always been cheerful givers. Helping others comes with
a sense of personal fulfillment and fuels your drive to create more wealth.
18. Stay healthy
It would be ironic to spend your entire life creating wealth and then die at 40 of a
lifestyle disease. Millionaires understand this fact, which is why they invest a great
deal of their time working out and eating healthy diets.

19. Let go of your negative attitudes and prejudices

This is more like changing your perception of success and shedding those self-
limiting prejudices. The fact that there has never been a millionaire in your bloodline
doesn’t mean you can’t become the first one.

20. Understand that time is the greatest resource

There’s simply no overstating this. Time is indeed the greatest resource. And the day
you appreciate that basic fact will be the day you start to stay away from time-
wasting activities, such as watching the television. If you must watch the television,
focus on financial news. Avoid too much content on sports, entertainment, and
politics.

Wrap Up

Becoming a millionaire doesn’t necessarily involve making drastic changes in your

life. It starts by practicing the simple yet practical millionaire habits that we’ve
highlighted in this post.

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