8 Habits of Successful People
You don’t have to be born with a silver spoon or be the child of an Ivy League parent to be successful.
Becoming a millionaire isn’t as sexy and exciting as the media makes it out to be.
In fact, of the 50 millionaire clients I’ve mentored, not one even thinks twice about their millionaire status.
Let’s take a look at some of the millionaire statistics:
Let’s take a look at what becoming a millionaire is not:
- It’s not an overnight goal
- It’s not glamorous (typically)
My husband and I are not yet millionaires, but we are getting very close.
We both understand that becoming a millionaire is a long term goal, so we aren’t let down by the fact that we haven’t reached our million-dollar goal yet.
However, we routinely practice these habits of successful people that millionaires follow and incorporate in their everyday lives.
And that’s the key: Practice these 8 habits of successful people and incorporate them as best as you can into your life.
After about 3 months, you’ll make these habits an automatic behavior.
Check out how these habits of successful people can help you join the 2-comma club as well.
1. They have Multiple Income Streams
The first noticeable difference I’ve noticed between successful people and average people is that successful people have many, many sources of income.
Why do successful people have different income streams?
In the case they lose their job, for example, they still have other passive income streams to help supplement their lifestyle.
In other words, they don’t rely on just 1 source of income.
Income streams could include:
- Rental income
- Interest income
- Dividend income
- Earned income – wife
- Earned income – husband
Some of my millionaire clients have 7 different rental property income streams and they virtually don’t work a regular job.
Instead, they simply consider their rental property income streams as sufficient income – which is perfectly fine.
My husband and I currently have 4 streams of income:
- My income
- Interest income
- Husband income
- Dividend income
We’re not quite at that magical number 7 income streams yet – but that’s OK.
We’re working our way toward the magic 7 number.
Something that we did do – and that you can do within 5 minutes as well – is open an investment account through M1 Finance.
It took us all but 5 minutes to download the M1 Finance app, select our favorite investment plan, and start on our investment journey.
So by investing in the stock market with M1 Finance, my husband and I can earn some interest and dividends on the stocks we purchased without lifting a finger.
That’s why successful people stay rich: They diversify their income.
2. They Value Relationships
School doesn’t teach you about the value your network can bring you.
In fact, the only things I learned in school were:
- Focusing on quantity [5,000 words] instead of quality essays
- When to use “whom” versus “who”
- The quadratic formula
Have I ever used these lessons in my everyday life?
School didn’t teach me what was important in life:
- Personal finance
- How to shine at work
- Growing your network
- Communicating with people
- How to write an excellent email
And that’s another reason why successful people stay rich:
I’ve taken some courses with Mindvalley and was blown away by the number of vital classes my high school and college careers failed to teach me.
Mind Valley teaches some of the things that your regular school would never teach you.
Things that will be applicable in your life and help you earn money:
- How to stay positive
- How to gain confidence
- How to build better habits
- How to build better relationships
Why don’t they teach you how to communicate and grow your network in school?
A wise mentor of mine once told me the following, and it will stick with me forever:
Think about it.
It’s the people you know that will give you what you need.
Below are some reasons why growing your network is so important:
- More opportunities
- Increases your visibility
- Improves your social intellect
- Increase in your self-confidence
- Opportunity to build lasting relationships
- Support from potentially high profile individuals
The more people you know; the more chances you have of becoming successful.
You may need their help one day – and they’ll be there to assist you.
3. They Volunteer
When I first met my mentor, a serial entrepreneur, and millionaire, one of the first things I noticed was that he always made an effort to give back to his community.
One day, I decided to ask why he spent so much of his time volunteering, and he told me something I will never forget.
There are 3 ways you can donate to your local charity:
- Your time
- Your talent
- Your treasure
Although it might be easy to write a check (your treasure) and send it to your local community, it means a lot more to spend your time and volunteer.
The charity leaders know how little time you have.
They know how valuable it is.
That’s why they appreciate you so much more for the time and help you are giving.
Volunteering is so beneficial:
- Gives you a feeling of gratitude
- Gives you a feeling of satisfaction
- Offers you the chance to pay it forward
- Builds stronger community relationships
- Increases your networking and social skills
- It improves the lives of those in your community
Go out there and start giving back to your local community.
It’s not only going to benefit them but also you.
4. They are Early Birds
Have you ever heard the old English saying:
“Early to bed, early to rise, makes a man healthy, wealthy and wise?”
It’s actually true.
Why do millionaires wake up so early?
Millionaires wake up early for increased productivity and solve their top 3 most challenging problems first thing in the day.
Below are some reasons why waking up early can help improve your productivity – and overall lifestyle:
- Lower stress level
- Increased positivity
- Increased productivity
- Improved sleep quality
- Increased mental fitness
Just make sure you also go to sleep earlier when you decide to wake up earlier.
That’s why it’s so important to adjust the time you go to bed, once you wake up earlier.
Never sacrifice the hours of sleep you need.
5. They Exercise Regularly
You may not want to hear it – but it’s true.
Exercising just 30 minutes every day (or every 2 days) can help improve your life.
They typically exercise aerobically, which means they:
Exercising has many positive benefits.
Some of those benefits include:
- Increased focus
- Improved memory
- Improved sleep quality
- Increased physical fitness
- Improved mental concentration
It’s just a matter of actually doing the exercise (and trust me, I struggle exercising consistently myself).
When is the best time to exercise?
It doesn’t have to be a lot of exercise and it doesn’t have to be hardcore, either.
Just go out there and do it.
Your body, your mind, and your bank accounts will thank me later.
6. They Never Give Up
Go that extra mile.
Push yourself to walk one more step.
You never know when it will be when you’ll accomplish success.
Thomas Edison, arguably the inventor of the light bulb, had 1,000 mistrials.
What would have happened if he stopped at mistrial #389?
But he didn’t.
He kept moving forward.
And that’s why winners never quit and quitters never win.
That’s why successful people get ahead.
For the successful entrepreneurs, the company they are building up is all they see.
There is no Plan B.
Where would Jeff Bezos have been or Steve Jobs have been if they had a “Plan B?”
Probably not where they are today.
7. They Read Often
One common theme I’ve noticed that separates the successful people from the non-successful is that the successful people read every day.
- Prominent magazines
If it’s tangible, if it has pages in it and informational words, the successful are reading it.
Why do successful people like reading?
That’s because books can teach so many valuable life lessons that successful people may have not yet learned.
The wealthy try to learn from the success – or mistakes – of others.
Learning from others saves the wealthy time and that’s why they win.
They don’t care if it’s an academic book they’re reading.
As long as the book has a valuable lesson.
They like holding the book in their hand instead of downloading it on a tablet.
This might not be the same for every millionaire.
Below are some of my top book suggestions:
- Behavior Gap by Carl Richards
- Winning by Jack Welch and Suzy Welch
- The Millionaire Mind by Thomas J. Stanley
- The Richest Man in Babylon by George S. Clason
The point is this: Go out there, buy some used books, stick your nose in those books and start learning some life lessons.
Learning is the only way you’ll get ahead.
That’s why successful people stay rich.
8. They Track and Review their Goals Consistently
Have you ever seen successful people relentlessly track their goals?
Maybe you haven’t – but let me tell you that from my experience with talking to more than 50 millionaires, every one of them tracks their goals in 1 way or another.
It’s that simple.
Let me tell you a quick story about 1 client I’ve worked with for the past 3 years:
- Has a net worth of $1.5 million
- Is a Chief Financial Officer
- Earns about $200,000
- Is roughly 55
He has a 40-year plan that he regularly updates every single day.
Is that overkill?
But this example should give you some idea of how meticulous these millionaires can be when it comes to tracking their goals.
When it comes to the millionaire mindset, they typically want to know 3 things:
- Where they are now
- Where they want to be
- What they have to do to get there
How else are you going to answer these 3 points without somehow tracking your goals?
The answer is you can’t.
One of the first goals millionaires set is tracking their finances through a budget.
If you haven’t created a budget yet, now is the time to do so with apps like Simplifi.
Budgeting helps you understand:
- Your current financial picture
- Where you are overspending
- Where you can save money
It’s one of the first tools that I see every single millionaire recommend to those who want to join the 2-comma club.
The next thing I see millionaires recommend is tracking your net worth – or how much you own over how much you owe.
If you haven’t tracked your net worth yet, you can download my free net worth template below!
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The point is this: The more you understand your current financial picture, the better you can navigate future financial obstacles.
Think of your finances in terms of a road map:
- You can’t drive to your destination with just a vague direction of “North”
- You need to know which roads to take so you arrive at your destination on time
It’s the same with your financial picture.
You won’t win with your finances, if you’re driving in 1 direction without a roadmap.
If you don’t track your goals, you’re simply not setting up yourself for success.
As you can see, it doesn’t take talent, skill or an Ivy League education to become a millionaire.
There are, however, 3 ingredients that you will need in your journey to becoming a millionaire:
- Long-term vision
Without these 3 items, your quest to join the successful people of this world will very likely fail.
Successful people practice these habits every single day.
They incorporate these habits into their lives and live by them.
Your bank accounts will thank me later.
What other habits of successful people have you seen to define their success?