7 millionaire habits that build wealth

Earning the kind of honest money that catapults you to millionaire status may not be the easiest thing in the world. But it isn’t impossible.

However, making money requires discipline; it requires doing things out of the ordinary. These are some of the habits people who’ve become millionaires practise.

1. Respect the money

To turn your money into real wealth, you have to know how to use it and spend it. Respecting money simply means planning what you do with it once you have it, however little it is.

Self-made millionaires didn’t start at the top; they earned their stripes by sticking to simple habits like budgeting and minimising on unplanned expenses to save up for projects with greater returns on investment.

Bear in mind that it’s not the big purchases that derail your money plans, it’s the small ones that add up without your knowledge and hurt your progress. Those weekly lunches or drinks with friends can do a number on your wallet if you’re not consciously looking out for them.

The bottom line on respecting money means you’re aware of how you use it by actually planning for it.

2. Have a plan and keep at it

Planning can be a tiresome and boring task, which is why so many of us avoid it. But for those who find the strength to keep at it, it eventually pays off.

To build wealth, you need to get into the habit of planning. Know your next moves, and don’t try to rely on your memory for this. Write your plans and budgets down in a place you can easily access so you can make reference when necessary.

You can go the extra mile and create a vision board – a visual representation of what you want to be, do or have – for your journey, which will make it easier to remember what your priorities are and where to focus your energies.

3. Create your millionaire scenario

You can’t fly with the millionaires if you insist on pecking with chickens. If you want to soar, you have to internalise the life you’re trying to achieve.

Keep your vision clear in your mind, and it will make the sacrifices easier to make.

Becoming a millionaire isn’t always about chasing the money; sometimes it requires a shift in your mindset, an acceptance that you can do it to find the energy to work towards the future you want.

Reflect often on what it would be like to be wealthy – the mind is a powerful tool and it can automatically cause you to do things that are in line with the ideas you feed it.

4. Be consistent

To be wealthy, you need ruthless focus. You can’t make plans and go back on them and then expect to make money.

You have to be consistent about your planning, setting goals and achieving milestones. There are no shortcuts, unfortunately.

It’s OK to re-evaluate and refocus your plans, but quitting will never get you to where you want to be. Train your body and mind into a routine that will help you stay focused on your goals.

Part of consistency also includes keeping your spending down – don’t start making money and then forget all about saving and investment, and start making unnecessary purchases.

5. Feed your mind

Being mentally stable is a critical component of success for most people. It’s difficult to create wealth if your mind isn’t healthy enough to handle the process.

Take care of your mental health by doing things like taking enough rest, exercising, eating right, reading and listening to content that builds you up. Don’t let your mind get overwhelmed by what needs to get done; give it a break every so often.

Additionally, if you’re running a business or are involved in several investment projects, create time to share your experiences with people in the same space you’re in – mentorship can be very fulfilling.

Get out of your own space and network with others. You may just get the opportunity to realise you’re not suffering alone.

6. Find a mentor

It’s much easier these days to get a mentor – many millionaires have shared their stories in books, audio recordings and videos. You don’t have to have met someone for them to become your mentor.

You can simply identify a person whose lifestyle you admire, and read up on them. It’s best to find someone who’s in the same industry as you are as the challenges they encounter are most likely to mimic yours.

However, be careful not to idolise a person to the point where you can’t think for yourself and make critical decisions that are specific to your environment. Additionally, don’t get a whole host of mentors who’ll bombard you with advice.

7. Invest in your own business

It’s unlikely that your employer will turn you into a millionaire. A salary very rarely brings in enough to take care of your daily needs and allow for savings and investment. To be wealthy, you’ll often need to be behind the wheel of the vehicle that’s bringing in the cash.

The real power is in the process of bringing in the money and controlling how it is spent, a position that’s often only possible if you’re running your own business. If you’re employed, work on a strategy that allows you to earn a passive income.?  

hustle@standardmedia.co.ke