In order to develop a Millionaire Mind, it helps to understand the habits of millionaires and simply mimic those behaviors. So let’s take a look at the characteristics and habits that are common among self-made millionaires. What are the fundamental rules that have made most millionaires their hard-earned money? And how do you develop these habits of millionaires in order to become one yourself:
- Earn to Invest, Not Earn to Spend: Sadly most people work hard in order to pay off their credit cards and support their lifestyles. The wealthy class understand that their money is better off being put to work in order to make more money and increase their net worth.
- Have a Plan and Work the Plan: Self-made millionaire don’t normally become wealthy on accident. They are driven to become rich and formulate a plan to get them there over a lifetime of investing and accumulating wealth.
- Make More Money: Sounds obvious, but wealthy people are constantly seeking ways to produce additional income streams in order to put more money to work for them.
- Understand Their Finances: The wealthy class are aware of their personal income statements, and know how much cash flow they have coming in and how much is going out.
- Risk Takers: Measured risk is a must in order to increase your net worth. Without taking some chances, your money never has an opportunity to grow. Risk is never taken without an exit strategy and insurance to protect the downside.
- Patience: Self-made millionaires did not become that way overnight. They understand the power of compound interest, and that consistent investment effort will be rewarded.
- Great Team: Wealthy people who stay wealthy surround themselves with financial and legal advisors that are the best in their class. They don’t go at it alone.
- Involved: While self-made millionaires seek advice of their trusted advisers, they listen intently, do their homework and ultimately make the decisions. They are actively involved in creating their own wealth.
To learn how to become a millionaire and reprogram yourself to automatically become rich, go download a copy of The Millionaire Mindset.
Millionaire Money Habit: Becoming a millionaire does not often happen by accident. Becoming a millionaire, it requires planning, consistent effort and patience. Follow the fundamental rules, continue to increase your ability to understand how wealth is created, and it will be virtually impossible to not become a millionaire.
7:24 pm on February 6th, 2008 1
How about proven workaholic? Most wealthy and driven people work very hard and put in major hours to build their fortunes.
9:47 am on February 7th, 2008 2
Yes, I agree with Money Blue Book. Maybe it’s 9 Habits. I like your 8 habits, too. I have been doing those things more and more. As much as I love doing it, it does take a lot of time. Especially because I am on the learning curve. And there is the day job…. (taking a little coffee break right now)
Take care,
Lisa
9:00 pm on February 10th, 2008 3
No kidding. I like the list, and #1 is the one people don’t realize most I think: Earn to Invest, Not Earn to Spend… Best advice around… Good post.
6:35 pm on February 11th, 2008 4
#1 and #2 are the winners in my book. So did you hear about that new HDTV? No! I don’t care…
3:15 am on February 12th, 2008 5
What a great list, although #5 is a bit odd. Most wealthy people that I know explores/investigate the deals before making a decision that it does not become a risk anymore.
Great post!
1:19 am on February 13th, 2008 6
I think what we must inculcate in having money habit is to have various sources of income and fewer or lesser overhead expenses in disbursements. In this way we can afford to have avenues to have more streams of income by investing the idle money that we have. Most importantly we must be able to have the money habit of treating money as a laborer that could work for us instead of against us and will enable to earn more monies. It is like having a tree money, you plant or invest money in stocks, bonds, mutual funds, time deposits, cooperatives and treasury bonds then wait until it will bear fruits or earn interest income. Harvest the fruits or interest earnings but never the tree itself or the original invested capital, thus having congruent to a money tree. It will bear fruits, more fruits until you can again invest the fruits or earnings that you have earned or harvested. It is like the hen that lays a golden egg, it is the only way to the Midas Touch.
6:27 am on February 13th, 2008 7
Interesting read! Thanks for sharing it.
Best Wishes,
D4L
7:45 pm on February 16th, 2008 8
LIVE LIFE WHILST YOU CAN
DON’T LIVE IN THE FUTURE, YOU COULD GET RUN OVER TOMORROW.
THERE’S SO MANY MORE USES FOR MONEY WHILST YOU ARE YOUNG
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I Quote; #1 and #2 are the winners in my book. So did you hear about that new HDTV? No! I don’t care…
lol, Sounds like fun this working my way up to a million lark! (NOT!)
7:47 pm on February 16th, 2008 9
I quoted No Debt Plan’s post above
7:58 am on January 13th, 2009 10
I agree with you regarding how millionaires think but sometimes it
is not possible to act as planned,some millionaires are running
because of the many accumulated loans while others are accumulating
wealth out of our own investments just like Bernard Madoff…
12:38 am on January 18th, 2009 11
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offline personal finance manager I have seen up till now.
1:32 pm on June 28th, 2009 12
it is practical and fine. 5 and 6 points are the life of any succesful millionaire i believe. job is joining in others business. only risk and patience can make an investor a millionaire. keep keeping such effective and real messages.
wishing u more than success.
gandhi
1:29 pm on October 11th, 2009 13
great advice!
1:58 pm on October 11th, 2009 14
Hi Ryan
Greetings from Jakarta, Indonesia. I enjoy reading your web and you did a greta job. Keep up the good work.
6:55 am on November 2nd, 2009 15
I am giving away free penny shares to help people who are suffering from the credit cruch, all genuine wealth seekers are welcome to apply. The offer written in red on the net… Bless Mike
2:01 pm on June 13th, 2010 16
Ryan, Thanks for your article. Good points. What is your last name. Have you pubilshed any other books or papers