The 10 Habits of Self-Made Millionaires
What does it take to become a millionaire? Lottery winners aside, becoming wealthy has nothing to do with luck. Let’s look at 10 ten habits of self-made millionaires. Some ideas featured here are from the book The Millionaire in You by Michael LeBoeuf. Others come from millionaires I know, and they are living proof that these habits will make you millions.
1. Millionaires Are Frugal: The wealthiest people I know are also the cheapest. They buy used cars for reliability, not image. (According to the book The Millionaire Next Door, the number one car brand among millionaires is Toyota—not Mercedes or BMW!) Millionaires pack their lunches. It takes money to make money, and you can’t get the money you need to invest if you spend it.
2. Millionaires Think Big: Few people are surprised when they make their first million. After all, it doesn’t come easily. But long before reaching their goal, millionaires know they want to get there. Rather than looking forward to an annual 3% raise, millionaires dream of working for themselves. Rather than serving 100 customers, millionaires see tens of thousands of accounts.
3. Millionaires Take Calculated Risks: Whether it’s investing in a stock or cashing in a 401(k) to start a business, millionaires take calculated risks. In these risks, the rewards of success are far greater than the costs of failure, and the chances of success are good.
4. Millionaires Network: Few people reach their potential alone. Millionaires build powerful networks of contacts in all areas of life. Millionaires know that their next employer, customer, or partner may be anywhere.
5. Millionaires Don’t Pay Interest, They Earn It: Millionaires learn the crippling costs of debt and avoid it at all costs. On the contrary, millionaires save, invest, and even lend money to others to earn interest themselves. Want to take the first step to building your own fortune? It’s simple: Open an online savings account now and start stashing away extra money—automatically—every month.
Content continues below ↓
6. Millionaires Are Focused: Millionaires work feverishly towards their goals at all costs. The difference between dreamers and performers is not the number of ideas one has, but how one focuses on executing the best ideas.
7. Millionaires Do Whatever It Takes: The most inspiring success stories among all the people I know involve incredible sacrifice. From sleeping in cars between two jobs to forgoing personal relationships to get an education or build a business, millionaires don’t simply delay gratification; millionaires endure pain.
8. Millionaires Educate Themselves: It doesn’t take an Ivy League education to become a millionaire, but it does take a desire to learn. It doesn’t matter how you learn – from a mentor, night classes, or books and the web – but ongoing learning is critical to lifelong success.
9. Millionaires Lead: No surprise here, the same qualities enabling people to earn millions make them natural leaders. It goes back to the decision to become a millionaire in the first place: The resolution to carve a new path rather than follow the flock.
10. Millionaires Are Generous: Don’t expect your high-rolling neighbor to shower you with gifts. Chances are she’s donating to far worthier causes. It’s just another perk of having a million in the bank: you get to make a substantial difference in charities of your choice.
Related Posts
- Busting the Millionaire Myth
- How Building Wealth Can Help Reduce Climate Change
- You Can’t Get Rich on a Salary!
- How to Start a Business from Your Dorm Room
- Book Review: David Bach's Automatic Millionaire Workbook
What's Next?
Reading this site, you're already ahead of most people when it comes to your finances. Why not keep going? Help secure your financial future. Take action today:
- It's Tax Time! Start Your Tax Return FREE with TurboTax →
18 Response(s)
Leave a Comment:
Comments are moderated and will generally be posted if they are on-topic and not obscene, inflammatory, fraudulent or self-promotional. For more, read our comment policy.
Earn & Keep More Money
Sign-up for our infrequent and "uniquely unannoying" email newsletter to receive:
- Proven techniques to save more and earn more
- Financial tools & products we recommend
- Exclusive tips to make personal finance easier
This is an awesome article! I’m always interested in learning about the habits of successful people. I’d also recommend reading The Millionaire Next Door and The Millionaire Mind. They are my two FAVORITE books!
i am also interessted in learning about the habits of scucessful people in all walks of life. thanks for our input
Excellent article!
its an great article…i am a student and want to make money on my own..i think your advice of saving and investing is going to help me a lot…thank u very much.
I am also interested in this type of powerful articles like these,i believe that i will be a millionaire because the way i think and the way i pursue my dream therefore i will be more interested to read more articles like these .It motivate my mind seeing this type of articles.Thank you very much.
you aint gonna make any money reading books,the publisher is.i made myy first million before i was old enough to buy beer!!!didnt even know it.start a small business,any business.cut your costs,cut competors throats,work 50 hrs.a day lie,ccheat and steal but wow your customers.word of mouth is the cheapest advertising.worry about the pennies,the dollars can take care of themselves.
Millionaires Network and have great partners. Yes that is so true!
tune in , turn on, drop out…
consistant affirmations and thoughts are things materialized .think big think rich .
nice piece
Nicely said! Combining all the above mentioned habits with a wonderful low risk business opportunity might just be the solution. I know of a networking business that had made many millionaires…I’m on my way..Wanna come along?
i might listen.remember,ive been there….
Hello!
You’ve been there? you mean you aren’t now? Me, I’m into it..Just starting though..The concept is easy..The business is easy. Convert your expenses to investments..Teach your friends how to save their money by using the economical products in their home..Still, it’s dependent on the word by mouth..No need to cut throats, lie or cheat. ahahahha 
This is a great and very helpful article!
Thank you for your post.
Jack.
Most of this is designed for employees
I really enjoyed your article and am glad that you highlighted the habit of earning interest versus paying it out. People with a mindset towards wealth realize that money must work for them and not the other way around.
So true!
I work with a good number of self-made millionaires as their personal CFO. I do find these are their common traits.
I’d like to add one more though. They are trusting and know how to delegate.
this is extremely valuable information that probably very few will take to heart and that is why there are so few millionaires in the worlds richest country…but as for myself i will definitely take it all to heart and execute with great devotion…thank you for the article….