There are a lot of things that go into financial success, like luck, privilege, and unfair advantages. But because one of our goals on this platform is to help you get to financial freedom, for this reason in this post, I’m going to share with you HABITS THAT MAKE YOU MILLIONAIR. Let’s start.
01. Shift Mindset
Most people don’t become millionaires or achieve large amounts of financial success through their day job. Usually, if you want to acquire wealth in a short amount of time, you have to have multiple streams of income and streams of income that do not rely on you or trading your time for money.
I foremost read this idea in Tim Ferriss’s fantastic book, “The 4-Hour Workweek,” which is all about how to build these multiple streams of income in a way that doesn’t take over your life. That habit, about mindset change, allowed you to see lots of different opportunities in the world that you might not have seen otherwise.
02. Strategic Laziness.
This relies on us recognizing the value of our own time. Time is our most valuable non-renewable resource. It’s the single thing in this world that we can’t make more. We can always make more money but we can never make more time. I discovered The 4-Hour Workweek book and came across this idea, I’ve been trying to do whatever I can to optimize my time as much as possible.
There are a lot of things that we can do to automate processes, that we do fairly regularly, and things that we can do to speed up or be more productive in our tasks. Productivity ultimately helps us to save time. If there is an app or an automation tool that you can set up on your computer that makes doing a repeated task more efficient. Then you should invest in it because it’s going to save time further down the line.
For example, when someone starts up a business for the first time, should not waste their time making a website, business cards, and logos, and spending hundreds of hours on this pointless stuff. Whereas, we recognize the end goal is to get customers and to sell them something. Fancy website, logo, business card, it doesn’t help with that particular end goal.
03. Develop an Entrepreneurial Mindset.
If you’re interested in starting up businesses, which you probably want to be because that’s the easiest and quickest way to get wealthy very quickly in this day and age. It’s not going to be through your job. But if you’re interested in the idea of setting up businesses you need to have a decent of what business to set up.
The thing that dictates whether something is a good business idea is identifying a problem that people have and figuring out a way to solve the problem. Ideally, people will want to pay you money for the solution. So the habit here is that as you’re going out into the world and going about your day-to-day life, you want to be recognized whenever you notice that there is a specific problem.
For example, if at one point you thought, I have to phone up a restaurant. I wish there were a better way to do it, which might give you the idea for something like DoorDash, Food Panda, or Deliveroo.
If you had the idea that, ordering a taxi I do a phone up this company and be on hold for five minutes, which might have given you the idea to start something like Uber, Cream, or Lyft? When you approach life with this entrepreneurial mindset, you start seeing these ideas in absolutely everything.
04. Growth Mindset
Non-entrepreneurial-minded people will think about doing something like, I don’t know, starting a YouTube channel and think, I don’t know how to do that. That feels quite hard, and it will stop them there. Whereas the more entrepreneurial people will have an idea I want to make this business or this app or this YouTube channel and instead of thinking, I don’t know how to do it,
but that’s fine because I’ve got the internet and I can search. Everything in the world is searchable and learnable. If you’ve ever thought about doing something but you’ve been stopped due to this idea that I don’t know how to do it, then the growth mindset approach is a great habit to adopt, which is that your default is to Google something and figure it out because everything on Earth is available on the internet and you can teach yourself any skill that you want.
05. Learn New Skills
This is that although everything is a skill and everything can be learned and you can Google absolutely anything you want, there is a point at which you can accelerate the process of learning or doing anything by asking the right people.
A great book by Ben Hardy and Dan Sullivan called “Who Not How” represents this approach when it comes to business. Like when you have a problem you want to think, who can help me solve this problem? Rather than necessarily, how can I solve this problem by myself? If you’re young and you’re just getting starting a business and you don’t know many people, then you have to do things by yourself, and that makes a lot of sense. Like you can figure out how to video edit or podcast edit or make a website or learn to code or any of these things for free using the internet.
But when you get to the point where you have a certain amount of success or if you know people who are entered into this business as well, you can start adopting, who not how habits accelerate your results because now you’re taking advantage of your network.
06. Making Friends
Making friends in real life and more importantly, on the internet, Twitter, Facebook, Linkedin, Instagram, and Youtube is an incredible, invention that you can use to make friends all around the world. Where people post pretty pictures and share good ideas.
If you are sharing interesting ideas and you’re connecting with other people who are sharing those similar ideas, that automatically leads you to become internet friends, and then they follow you, you follow them, and you chat a little bit in the DMs And then met up with so many people who initially met on Twitter, Facebook, Linkedin, Instagram, and Youtube.
You can got friends all around the world who never met in real life, because you liked the same stuff, share the same ideas. It’s a general habit, this general attitude towards making friends with whoever shares the same ideas as you and just generally trying to be a nice and helpful person, that’ll lead to really interesting things happening in your life further down the line.
You will find new skills and tools from these friends to enhance your business speedily all around the world.
07. Reading a Lot
Just like we can get wisdom from our real life and our internet friends, we can get a lot more wisdom from people who have written books about the material. If you speak to anyone successful in almost any way, they will almost always say that they read a lot of books. They will also always say that everyone else that they know who’s successful also reads a lot of books.
So if you’re telling yourself, I don’t have time to read, then you’re fastening yourself because every millionaire you ask will have spent tonnes and tonnes of time reading books. the great thing about books is that you’ve got five, 10, or 20 years of experience that someone has boiled down to a thing that takes you a few hours to read. Like Tim Ferriss was doing the entrepreneurial thing for 10 years before he wrote the book.
That’s 10 years of wisdom that you can read in a few hours. If you read lots of books on entrepreneurship, like business, finance, or anything you’re interested in, you can just get a huge amount of value from them. It doesn’t cost very much. You can find PDFs on the internet for free if you’re averse to paying for books if that’s your vibe. It’s just such a great way to accelerate your learning in almost anything.
08. Financial Literacy
This is one of those things that no one teaches us in school, college, or university, but it’s just one of those things that you have to learn for yourself And you can get it through reading books, such as, “The Psychology of Money” by Morgan Housel, which is now a little bit dilapidated.
It’s really good and has 20 bite-sized lessons about money. Just generally taking your financial life into your own hands. I know countless individuals who have kind of consigned their monetary life. Money is a particularly significant piece of life. It’s one of the biggest sources of stress in anyone’s life if you don’t have much of it.
so much of our life is spent in the pursuit of money and financial freedom, financial independence, that if we don’t have financial literacy if we don’t understand the basics of saving or investing or how the stock market works or how taxes work, any of that kind of stuff, then we are just screwing ourselves Because if you want to become a millionaire you have to have some level of financial literacy to know what it takes to become a millionaire and how that might work.
Hope you found this post useful.
