Which of the 3 habits of millionaires do you follow? And will they make you rich?

As another new year approaches, it’s natural to turn our attention to habits we want to adopt or changes we want to make. I don’t know about you, but I have a few financial goals I want to achieve in 2024 and beyond. Building wealth isn’t easy when the high cost of living is eating away at your wallet. However, some people are able to keep their money set aside regardless of what is happening around them. I want to be one of those people.

The secret is knowing how to develop a millionaire mindset and create habits that benefit your daily life. Popular author Tom Corley spent five years interviewing more than 350 people, rich and not-so-rich. His research summary includes answers to more than 144 questions and reveals some striking differences in people’s daily lives and attitudes.

Find out if you’re already practicing one of these habits that many wealthy people share:

1. Balance your checkbook

Balances a checkbook used to check statements against statements to ensure everything is correct. Fewer people write checks these days, but it’s still a good habit to monitor your accounts. More than 90% of Corley’s wealthy talked about how they balance their checkbook every month. By comparison, only a third of those struggling financially did the same.

Why it can help you become rich

Checking your spending regularly can help increase the gap between how much you spend and what you earn. The more you can increase that gap, the more money you can put into your savings or brokerage account.

what you can do

Keep an eye on your daily bank balance and schedule a fixed time each month to check your finances. This will help you know if your spending is on track, if you’re meeting your goals, and if adjustments need to be made. Budgeting apps make it easier to monitor where your money is going.

I have a monthly calendar reminder so I don’t forget to check in. I try to make finances more fun by rewarding myself with a piece of cake or a bar of chocolate. But I also consciously cultivate a positive attitude toward money management. Rather than seeing it as a chore, try to find satisfaction in being in the financial driver’s seat.

2. Build strong relationships with people you respect

A wealthy mindset isn’t just about saving and investing money. People and relationships are also important. When running a project or starting a company, each member of your team can be like gold dust. Moreover, if you neglect your personal life in your pursuit of wealth, you run the risk of becoming like Scrooge, sitting alone and counting your money.

Rich people say they actively build relationships with people they admire and seek out mentors who can help them along the way. In fact, 86% of the wealthy Corley interviewed said they surrounded themselves with success-minded people, and 93% said a mentor was responsible for their wealth.

Why it can help you become rich

Whether you’re an introvert or an extrovert, relationships are important. The people you spend time with can inspire and challenge you. Corley argues that consciously surrounding yourself with successful people will help you adopt their good habits, work ethic, and passion. On a practical level, your network can help you find a new job or support you as you start your own business.

what you can do

If you have ambitious money goals, you may need to invest a lot of time to achieve them. But don’t neglect your relationship. Corley’s research found that 80% of wealthy people call people when they have birthdays or other life events. They send thank you notes. This is a habit you can adopt too.

This isn’t about superficial networking, where you exchange business cards or LinkedIn messages and never talk to that person again. Find ways to help others and take an interest in people’s lives. Appreciate people when they do things for you. Stay active in your industry by attending events and tracking connections.

3. Keep learning

Lifelong learning is not necessarily aimed at obtaining a degree. Rather, it is about fostering a spirit of curiosity. According to Corley, many wealthy people never finished college. But they invest time in self-improvement and developing new skills. In fact, 94% of the wealthy he spoke with stayed informed about current issues. Moreover, 96% of self-made millionaires say they spend 30 minutes a day on their education, career, or personal development.

Why it can help you become rich

According to Harvard Business Review, continuous learning is good for our wallets, relationships, health, and careers. We live in a rapidly changing world, and success requires an increasingly diverse set of skills.

If you are a retail investor, there is a direct connection between learning and improving your wealth-building skills. The more you learn about investing, the better decisions you can make. At a professional level, a commitment to self-improvement can help you adapt and stay on top of your game. This could be the secret to getting your next promotion or successfully applying for a new job.

If you’re an entrepreneur, staying up to date on trends can help you identify opportunities before your competitors. You can’t always hire people to fill every void in your business. Whether it’s marketing, coding, or customer service, sometimes it makes more sense to develop these skills yourself.

what you can do

Set aside time to follow millionaires and learn something new every day. Everyone learns differently. If you’re not a big reader, try listening to podcasts during your commute. If you want a more formal course, find a free (or paid) online course that interests you. You can also look into evening classes yourself.

If you see a lot of cute kitten videos online, consciously try switching to TED Talks or educational YouTube channels. That’s not to say that kitten videos don’t have their place. But sometimes it’s worth it to be more intentional about the time you spend browsing the web aimlessly.

conclusion

When you think about your money habits, it’s easy to get caught up in the details and lose sight of the big picture. This year, I’m not going to make a resolution about skipping my regular takeout lattes. I want to develop a broad range of habits and attitudes that help me focus on what’s important. The idea is that if you can handle the big things properly, the little things will take care of themselves.

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