9 Simple Millionaire Habits That Changed My Life [2024]

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If you want to become a millionaire, you need to focus on building millionaire habits. 

And in this article, I will talk about millionaire habits that I have learned from:

  • My millionaire mentor
  • Reading books on millionaire habits
  • The deca-millionaires I’ve coached in corporate America

Remember that becoming a millionaire is a marathon, so you’ll have to be patient with yourself, especially if you don’t see immediate progress.

With that said,  let’s kick things off with millionaire habit #1 👇

Millionaire Habit #1: Read Daily

If you want to become a millionaire, then you’ll want to read as much as possible.


Books are the ultimate shortcut.

In fact, 88% of self-made millionaires read 30 minutes or more daily.

88% of self-made millionaires read 30 minutes or more daily

Source: The Millionaire Next Door

Books can teach you lessons on:

  • History 
  • Money matters
  • Self-improvement

With books, you have the chance to peer into some of the greatest minds of this world – for minimal cost and for minimal time. 

Don’t spend $100,000’s on a college degree. 

Acquire knowledge through books that cost a fraction of a college degree, instead.

If you enjoy this blog and if you want to learn more about money, then you may want to check out my latest ebook, How to Get Rich from Nothing 👇

This ebook is designed to improve your lifestyle, your mind, and your money.

Level up by reading more today.

fiona smith the millennial money woman

The Bottom Line:

Books are the ultimate shortcut in life. If you want to gain more knowledge for a fraction of what a typical college degree costs, then you should consider reading more books.

Millionaire Habit #2: Stay Away from “Bad” Debt

A millionaire is someone who has a positive net worth. 

Meaning, a millionaire would not carry debt.

Especially, bad debt.

Ideally, you want to have a net worth of $0 or more – never negative. 

If you want to be a millionaire, then your $1 million net worth may include:

  • Your home
  • Investment accounts
  • Intellectual property like patents

If you’re not sure of your net worth is at the moment, then check out my free net worth template to get a better idea.

There are 2 types of debt:

  • Bad debt – High-interest debt used for depreciating assets (like credit card debt, payday loans, etc.)
  • Smart debt – Low-interest debt used for appreciating assets (like a home, a business, etc.)

If millionaires do carry credit card debt, then they generally pay off this credit card debt every month.

To pay off your credit card debt, I highly suggest you consider creating and following a budget with popular budgeting apps like You Need A Budget (aka YNAB).

YNAB is a budgeting app that will keep you on track with your spending by giving you a visual cue (red means you’re overspending, for instance). 

The app offers a free 34-day trial and it’s completely free to college students, so you should consider downloading it and at least seeing if you like it. 

If you want to move from the pre-millionaire status to the millionaire status, one of the first things you need to do is get out of debt

fiona smith the millennial money woman

The Bottom Line:

If you want to become a millionaire, you have to stay away from bad debt, especially credit card debt. If you find yourself carrying credit card debt, then the first step should be to figure out your budget, cut your expenses and pay off your credit card debt.

Millionaire Habit #3: Don’t Spend Money on Stuff You Don’t Need

One of the best millionaire habits you can learn is what is known as “stealth wealth.”

One of the primary reasons why millionaires are millionaires is because they don’t spend their money on stuff they don’t need. 

To truly live an undercover millionaire or “stealth wealth” lifestyle, you’ll need:

  • Dedication
  • Perseverance
  • Long-term commitment 

To make your millionaire dream a reality, oftentimes that means you’ll have to sacrifice things in life – like not going out to eat every night.

I said it before, and I’ll say it again, one of the first steps to becoming a millionaire is to understand your:

  • Income
  • Expenses

Take a look at a rough estimate of the income and expense breakdown for my millionaire mentor’s lifestyle, below:

Millionaire Money Management

Millionaires don’t spend more than they make.

If you’re ready to make the switch from a spending lifestyle to a millionaire lifestyle, then I would recommend you consider following a budget.

Don’t go broke spending money on stuff. Instead, go broke investing.

It’s this simple: If you aren’t saving and investing, you aren’t building wealth. 

Start today.

Save (and invest) more today for a better tomorrow.

fiona smith the millennial money woman

The Bottom Line:

Millionaires don’t spend more than they make. If you feel like you’re overspending, then resort to a budget.

Millionaire Habit #4: Save & Invest 30%+ of Income

If you want to become a millionaire, you’ll have to save (and invest) your money.  

It just makes sense. 

So, to become a millionaire, I always suggest that one of the first things you’ll want to do is to save (and invest) at minimum 30% or more of your income.

This is the point where I get resistance. 

My clients tell me that they’ve always heard the general rule of thumb to be saving around 10% and not 30% of income. 

If you want to be above average, then you’ll have to do what the average person will not.

The average rule of thumb suggests for you to save around 10% of your income. 

Last time I checked, becoming a millionaire is not average.

So, if you want to level up, become a millionaire, and become above average, you can’t just follow average rules of thumb.

If you’re ready to start investing, then consider checking out M1 Finance.

M1 is perfect if you:

  • Are a dedicated investor
  • Plan to invest for the long term
  • Don’t want to pay fees for your account
  • Have a minimum of $100 to start investing

The point is you can’t procrastinate any longer.

Personally speaking, I save and invest close to 70% of my income – and my husband and I are perfectly fine with this strategy and lifestyle.

I know that to win tomorrow, I need to give up a little today.

That’s the mindset you’ll need to become a millionaire.

fiona smith the millennial money woman

The Bottom Line:

To achieve millionaire status, you’ll have to put in the work and effort – and most of this comes down to saving (and investing) as much as you possibly can, from an early age.

Millionaire Habit #5: Surround Yourself with Winners

You cannot become successful if you surround yourself with people who are:

  • Toxic
  • Negative
  • Undisciplined

Think of it this way: If you place 1 good apple in a basket of bad apples, chances are, that good apple will become bad – not the other way around.

The same concept goes for the people with whom you decide to surround yourself with. 

If you surround yourself with people who are:

  • Positive
  • Intelligent
  • Innovative
  • Encouraging
  • Entrepreneurial

…Then chances are that you’ll likely turn out to be similar to them.

That’s why it’s so important to find your “tribe” of people so that you can flourish and thrive into the millionaire that you want to be. 

One of the best-kept secrets of millionaires is finding mentors.

In fact, 93% of self-made millionaires attribute their success to a mentor.

93% of self-made millionaires attribute their success to a mentor

Mentors, in my personal opinion, are the ultimate shortcut in life. 

Mentors teach you what to do, what to avoid, and how to get the ultimate jump ahead of your competition. 

If you want to learn more about:

  • How to find a lifelong mentor
  • How to meet a high-quality mentor
  • How to maintain a mentorship relationship

….Then I would suggest you consider checking out my latest ebook, How to Get Rich from Nothing, which covers the mentorship topic extensively and aims to help you level up in life – both professionally and personally. 

fiona smith the millennial money woman

The Bottom Line:

If you want to become the best, you need to learn from the best. The only way you can accomplish this is when you surround yourself with winners.

Millionaire Habit #6: Invest in Low-Cost Index Funds

Saying you’re a day trader sounds sexy.

Saying you’re a passive investor… not so much.

Believe it or not, day trading and stock picking are not good ways to make money – in the long term. 

Let’s take a look at the difference between active and passive management:

  • Active management – The goal is to outperform the market as much as possible
  • Passive management – The goal is to focus on long-term growth, not short-term gains

Active managers can succeed – but typically only over the short term and not over 4 to 5 decades at a time.

In the long run, that’s where (historically speaking) passive managers have won.

In fact, just 42% of active managers outperformed the average return of their passive manager counterparts in 2020.

just 42% of active managers outperformed the average return of their passive manager counterparts in 2020

Source: TEBI

In other words, if you want to build long-term wealth, you’ll probably want to resort to passive (non-sexy) investing – specifically in low-cost index funds.

If you’re ready to invest in the stock market, as a novice, you may want to consider opening an account with Acorns.

Acorns is an investment app that focuses on simplicity, a few investment options, and automating your investments where possible. 

If you’re not able to invest $100’s or $1,000’s just yet, then you may want to consider Acorns as a starting point, simply because you can begin investing with just $5.

If you’re more of an intermediate investor, you may want to check out M1 Finance.

With M1 Finance, you’ll need a minimum of $100 (individual account) to $500 (retirement account) to start investing.

The app is a little more complex than Acorns and offers more investment options than Acorns, but that’s not necessarily a bad thing if you’re focused on long-term investing.

fiona smith the millennial money woman

The Bottom Line:

If you want to build long-term wealth, then your best bet is to invest in low-cost, non-sexy funds. Typically, that involves investing in index funds that track the market without the goal of outperforming the market.

Millionaire Habit #7: Invest in Yourself

If you want to join the 2-comma club, then it’s important you don’t just invest in the stock market, but also invest in yourself.

You see the highest return on investment when you invest in yourself.

One fundamental millionaire habit is to never stop learning and growing.

Millionaires have an insatiable curiosity. 

I’m not saying you should be spending $100,000’s to go to an Ivy League college.

In fact, I think you should consider spending a fraction of the price and instead, consider investing in some of the following resources:

  • Ebooks
  • Mentors
  • Online courses
  • Free YouTube courses
  • Online virtual classroom

What I noticed is that the truly successful millionaires never claim to know it all.

They are lifelong students.

fiona smith the millennial money woman

The Bottom Line:

One of the ultimate millionaire habits is to never stop learning. Always stay curious. That doesn’t mean shelling out $100,000’s for a college degree. Instead, you can spend a fraction of the cost of a college degree and still learn an incredible amount from some of the industry’s best experts.

Millionaire Habit #8: Exercise

One of the ultimate millionaire habits is exercising. 

In fact, 76% of millionaires exercise at least 30 minutes every day.

76% of millionaires exercise at least 30 minutes every day

Remember that a healthy mind lives in a healthy body. 

Exercise can come in a variety of different forms, including:

  • Biking
  • Boxing
  • Jogging
  • Running
  • Walking
  • Swimming

Even if you exercise for just 30 minutes – you’ll thank yourself later.

fiona smith the millennial money woman

The Bottom Line:

When you exercise and develop a healthy body, your mind will also grow healthier. Remember that you cannot build wealth if you are in bad health.

Millionaire Habit #9: Build Multiple Income Streams

Are you tired of the endless 9 to 5 rat race? 

Do you want to be your own boss?

If that’s the case, then you should seriously think about building multiple income streams.

In fact, the average millionaire has up to 7 income streams.

The average millionaire has 7 income streams

Income streams could range from a variety of sources, such as:

  • Royalties
  • Your income
  • Capital gains 
  • Interest income
  • Business income
  • Selling a product
  • Dividend income
  • Your partner’s income
  • Rental income from real estate

…And the list goes on. 

The most important thing is to not fear failure – just try building a new income stream and learn as you go.

For example, after I wrote my first ebook, within 1 week, I had earned more than $1,000…. that was the point when I truly realized you can virtually accomplish anything. 

That’s why you just need to start.

Recommended Reading: Best Passive Income Ideas

fiona smith the millennial money woman

The Bottom Line:

The only way you can set yourself free from the 9 to 5 rat race is when you start building multiple income streams. Never rely on just 1 income stream (like your job). You can easily be replaced.


Millionaires become so successful because they build and stick to millionaire habits.

Below are some examples of millionaire habits that anyone can build starting today:

  • Read daily
  • Invest early
  • Avoid “bad debt”
  • Invest in yourself
  • Spend less than you earn
  • Surround yourself with winners
  • Save & invest 30% or more of your income

It’s not just important to start building these healthy habits. 

What’s truly important is that you are disciplined and stick with these millionaire habits, well into the future.

Only then will you start to see a positive change.

A reason why millionaires are so successful is that they are disciplined and stick to certain routines every single day. 

Below are some millionaire habits that you can implement in your daily life:

  • Show gratitude
  • Spend your time wisely
  • Put in hard work and effort
  • Never take your family for granted
  • Treat the people around you with respect

The great thing is that you don’t need to be a rocket scientist to conquer these millionaire habits. 

All you need is discipline and a lot of determination.

Millionaires become so successful because they build and stick with specific millionaire habits on a daily basis.

Some of these big 4 habits include:

  • Pay yourself first
  • Invest in yourself
  • Look at the long-term
  • Use money to make money

When you start to follow these habits with passion and purpose, you’ll start seeing a positive change in your life.

If your goal is to become millionaire, then you will need to:

  • Think like a millionaire
  • Practice daily millionaire habits
  • Surround yourself with millionaires 

Primarily, however, if you want to be a millionaire, you will have to start practicing daily millionaire habits.

Only then will you see a positive change in your life.

Closing Thoughts

As you can see, building millionaire habits doesn’t necessarily mean that you need to have the IQ level of a genius or that you need to have rich parents.

You just need to build millionaire habits and live them daily.

There’s a simple math equation that should cover the fundamental concept of what it takes to become a millionaire: Income > Expenses.

Millionaires are so successful because they:

  • Invest in the stock market
  • Focus on the long-term goal
  • Practice positive habits consistently
  • Surround themselves with quality people

And ultimately, millionaires never give up.

If you want to see a change in your life, then you have to stick with these millionaire habits not just for 1 month, but for decades. 

Only then will you see a positive change. 

Remember that it’s never too late to start. 

Your bank account will thank me later.

Now that you’ve reviewed these millionaire habits, it’s time to start implementing them.

So, which habit are you going to try first?

Let me know in the comments section below.

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