Successful Habits of Self-Made Millionaires – Part 1
By Jane Young, CFP, EA
There is a common misconception that most wealthy people are lucky and inherited their money. In reality, according to Fidelity Investment Company, 81% of millionaires are self-made. Numerous studies have discovered that self-made millionaires commonly practice some specific daily habits that set them apart. Thomas Corley, CPA, CFP, and author of “Rich Habits: The Daily Success Habits of Wealthy Individuals,” found that we have control over our destiny with our daily actions and habits. It is not always easy, but we can create our own luck by engaging in activities that will lead to greater financial success.
Below are some of the good personal habits and traits that have helped many self-made millionaires become financially successful.
Successful people have an internal locus of control, which means they take personal responsibility for their success and take control of their lives. They do not depend on others for their success or blame outside forces when things go wrong. They are optimistic, self-confident, proactive, and persistent. They keep their thoughts and emotions in check. They have a positive attitude and others enjoy being around them.
Successful people maintain a future orientation and understand the importance of delayed gratification. They have a vision of how they want their life to be several years from now. They establish short and long-term goals and devise action plans to achieve them.
Most financially successful people spend wisely and live below their means. They track and understand their spending and live within a budget. They focus on buying high quality items that will last and they do not succumb to the latest fad. They avoid the temptation to show off their wealth to impress or compete with others.
Successful people are constantly learning. They seek opportunities for self-improvement and are voracious readers. Most of their reading is to improve themselves and understand issues that may have a broad impact on their lives, investments, or business interests.
They have a strong focus on maintaining a healthy lifestyle. Successful people commonly exercise regularly, eat a healthy diet, drink alcohol in moderation, and avoid junk food. A healthy lifestyle leads to more energy, greater self-confidence, and better decision making.
A common trait of self-made people is they treat others with respect and consideration. They tend to be focused on others rather than themselves. They are comfortable engaging with others to build strong relationships. They understand the importance of building and maintaining a strong network.
Successful people understand the value of their time. They maintain a daily to-do list to stay focused and prioritize the most important tasks. They also strive to outsource or delegate tasks that are not the best use of their time.
Most financially successful people are generous and place a high value on giving back. They have a mindset of abundance and enjoy helping and mentoring others.