15 Habits Of Self-Made Millionaires (#7 is Critical)


Hard Work Outshines Talent

You can be the most talented person in your field, but if you are not willing to put in the hard work necessary to become a self-made millionaire, you will not succeed. Even luck needs hard work thrown into the mix. For example, approximately 44 percent of lottery winners blow through their winnings within five years because they fail to see that they need to work hard to keep their winnings intact.

Successful business owners are not “born” entrepreneurs. They have worked hard to consistently outsell their competitors to provide their customers what they need or want.


Let Your Passion(s) Motivate You

Millionaires typically pursue their passions without a no-fear attitude and self-motivation. Of course, they have the money to recoup if their venture fails. But don’t let this risk stop you from achieving your goals. Pursue your passions with zeal and enthusiasm. Develop a strong business plan and get some financial backers for your organization. Sites such as Kickstarter can help you get the money you need for your project.

You may have one passion or multiple passions that you enjoy. Figure out how to combine them so that you can produce something innovative for the public or a particular industry.


Learn to Live Below Your Means

Many of us are guilty of impulse buying. Some of us may have 401Ks or other retirement savings, but many people live from paycheck to paycheck. Read “The Bucket System Savings Strategy,” plus how-to books to get and stay out of debt and build a financial cushion for yourself.


Diversify Income Streams

You’ve heard the saying, ‘Don’t put all of your eggs in one basket.’ Millionaires follow this rule, too. They have multiple sources of income, although they may focus on one area, such as real estate or finance, and develop several strategies that will keep their cashflow coming on a consistent basis.

For example, let’s say that you are passionate about digital illustration. How many different sources of income can this passion produce? There are many places that you can sell your art online. You can also write a how-to book or register as an instructor on education sites such as Udemy.

How many different sources of income can your passion produce? Take a moment and think about it. Write down any ideas that come to mind and research them to see if they are viable.


Never Stop Learning

Millionaires always keep abreast of the latest trends that concern their passions. According to Tom Corley, author of “Rich Habits: The Daily Success Habits of Wealthy Individuals,” 85 percent of millionaires read at least two books every month. They read books that help promote their professional growth.

You can do the same, but it’s also a good idea to find books that are related to your passion. If you don’t enjoy reading, you can keep your learning up to date by listening to audio books during your daily commute. Also take advantage of the free or cheap online education resources that are out there. Join Facebook groups and forums to stay current.


Network With Successful People

Depending on what your passion is, you will find at least one network that has successful members. Invest your time and energy building friendships with those people. Figure out what’s important to them and offer to help out whenever they need it.

Join a mastermind group and/or attend seminars that require you to participate. Always follow through with whatever task this group needs to accomplish to succeed in a goal.


Find A Mentor

A mentor is someone who has a wealth or experience and knowledge about the passion you are pursuing. When first starting out, it is easy to make costly mistakes. Your mentor can not only help you avoid the common (and not so common) pitfalls that can cost you a lot of time and money, but he or she can also provide invaluable feedback and encouragement.


Model Psychological and Physical Traits

Millionaires think, feel and act differently than average people. Observe the way they carry themselves, the way they speak and what they talk about. Learn what values are important to them.

Compared to the average American, millionaires don’t give up easily when faced with a tough problem. They are also more disciplined with their finances and more alert for new opportunities.

If you don’t have direct access to a millionaire, you can still learn a lot about the person through the interviews they have given, social media activities and books they may have written.


Create Clear, Sustainable Goals

Millionaires establish very clear goals and priorities to help them stay focused. They are more than willing to do whatever it takes to achieve their goals. They work both hard and smart and spend a considerable amount of time analyzing whether their actions are helping them to achieve those goals. Ditch goals that create short-term happiness with no long-term benefits.


Avoid Time Wasters

Avoid time wasters such as TV and the Internet. Approximately seventy-seven percent of people who struggle financially spend at least an hour a day watching television or surfing the web for useless endeavors. Ditch the television altogether or set aside one night a week to watch a favorite show. When you go online, use this time to pursue your goals instead of watching funny cat videos or playing Facebook games. Use Facebook and other social media sites to network with other people who share your passions.


Reclaim Ownership Of Your Time

Time management is vital if you want to be successful. If you are weak in this area, read some books or go to a seminar on the subject. Learn how to manage your time so that you will be successful in whatever you decide to do.

Many people use a day planner or time management software to keep them on track. If your list is long and anxiety-provoking, try breaking the list down into smaller blocks. For instance, you can set up times when you will check your email. Set up another block of time when you will market your product or service.


Learn to Ask For Help

Many of us were conditioned as children that asking for help is a sign of weakness or incompetence. Ditch that attitude and learn to ask for help, when needed. Outsource mundane tasks or tasks which you have no experience in doing (such as web design or social media marketing) to people who do these for a living. Fiverr, Upwork and other freelance sites have many capable people who can help you do these tasks.


Don’t Give Into Your Fears And Doubts

Fear can be a great motivator or it can crush you. The biggest fears of starting a new venture are fear of change, fear of making mistakes and fear of taking risks. You might be dealing with other fears. If so, address them and figure out a way to overcome them so that they don’t cripple you. Donald Trump wrote a book called, “Think Like a Champion”, where he explains how he uses The What If Game to silence his inner critics. Other ways to curb your anxiety is to set up a daily meditation or yoga session. If that doesn’t work, go for a walk or a jog.


Learn To Accept And Overcome Failure

Millionaires have great faith in their dreams, even when others don’t support what they set out to do. They realize that failure is a part of growth because it provides valuable feedback on what works and what doesn’t.

The best way to avoid failure is to learn how to ask questions and ask for help when you need it. If you do fail, despite all of your well-planned efforts, take it as a learning experience and make a decision whether you want to continue with this path or try something else.


Take Control Of Your Own Destiny

Random luck has nothing to do with whether or not you succeed in an endeavor. Luck may be a factor in your success, but it will be from opportunity. This “Opportunity Good Luck” is based on habits, hard work and persistence. Never give up, even when you fail (and you will at least once).