Tom Corley, Certified Financial Planner (CFP) and author of “Rich Habits: The Routines Millionaires Use Daily That Help You Build Wealth,” interviewed 233 millionaires to discover the daily habits that helped them build wealth. In an article written in Entrepreneur, Corley lays out six daily habits of millionaires that you can use to help you build wealth fast.
We’ll break down the six habits that are most effective and how you can implement these habits into your everyday life.
Set clear, actionable goals
Clarity is one of the most important factors in wealth creation. “80% of self-made millionaires set specific, long-term goals and focus on them daily,” Corley said.
This means writing down what you want to achieve, when you want to achieve it and what actions you need to take on a daily/weekly/monthly basis to get there. Continuous incremental steps beat sporadic large efforts.
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Commitment to continuous learning
Millionaires don’t know everything and that’s a good thing. “My ‘Rich Habits’ study shows that 88% of millionaires spend at least 30 minutes a day reading books on self-education, personal development or industry trends,” Corley said.
If you want to grow wealth, you must be humble enough to realize that there is always more to learn. Commit to learning something new daily that can improve your skills, increase your knowledge (in things like business or investing) and give you insights about life.
Live frugally to reinvest
You cannot grow your wealth if you spend all you earn. Millionaires always live on less than they earn and invest the rest. This could be a traditional investment such as a 401(k) or Roth IRA – or if you’re an entrepreneur it could be an investment back into your business.
Corley gave some guidelines on how to limit your spending in order to invest. “To be able to live amicably, budget no more than 25% of gross income at home, 15% on food, 10% on entertainment and 5% on vacations,” explained Corley.
Build power relationships
You’ve heard the saying, “You don’t know it, you know it.” Corley agreed with this theory, stating that “93% of millionaires who had mentors credited them almost entirely for their success in life.”
If you want to get ahead financially, you need a network like your wealth depends on it (because it does). Work to be more curious; Ask questions, listen actively and take notes while engaging with peers or mentors. Find one new connection or mentoring opportunity per quarter. Join interest or professional groups. Surrounding yourself with people who stretch you can be powerful.
Take calculated risks
If you want to get rich, risk is only part of the equation. It’s important to take calculated, researched risks to get to the next level of wealth. “27% of millionaires failed at least once in business but learned from their failure,” Corley added.
Calculating risk means asking yourself, “What is the upside, the downside, and what can I learn from this?” Maybe start a side project, test a new investment on a small scale or take on a stretch role at work. If it fails, document what you learned and grow from it. Prosperity sees failure as a response, not a defeat.
Prioritize positivity and health
A positive mindset and healthy daily habits can lead you to wealth. “My ‘Rich Habits’ millionaires practiced ‘rich thinking’ to control negative emotions and stay optimistic,” Corley said. “Additionally, 76% exercised regularly to maintain energy and focus, improve decision-making and flexibility.”
Building wealth takes time, sacrifice and your fair share of failures. Staying positive and taking care of your body can help. Aim for regular exercise (even if it’s just 20 minutes several times a week), enough sleep and some time for reflection or gratitude. A positive, resilient mindset helps you bounce back from setbacks, maintain focus and make better decisions.
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This article originally appeared on GOBankingRates.com: I’m a CPA: 6 Habits That Make Millionaires Rich — You Can Learn Them Too
