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Want to be a millionaire? Think like one.

KaitlynSchlicht Blogger

 

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What do Oprah Winfrey, Richard Branson, and Mark Zuckerberg all have in common? Obviously, they’re self-made millionaires.

 

The real questions are: How did they get to be millionaires? How do they invest? What does their day-to-day look like?

 

Although no two millionaires accumulate their wealth the same way, renowned millionaire researchers, Tom Corley and Thomas Stanley have made some pretty interesting discoveries about the habits of millionaires. Below are 10 of the statistics they’ve identified for “most” millionaires, along with lifestyle suggestions we’ve put together so you can start to shift your thinking and patterns to parallel those of a millionaire.

 

1. On average, millionaires get 7.5 hours of sleep per night.

Why? So they’re fully energized throughout the day.

What you can do:

  • Stick to a sleep ritual.
  • Don’t go to bed hungry or too full.
  • Unplug anything in your bedroom that creates sound or light.
  • Go to bed and wake up at the same time everyday.

Quote to live by: “Think in the morning. Act in the noon. Eat in the evening. Sleep in the night.” ― William Blake

 

2. Most millionaires wake up early, around 6 a.m.

Why? To increase productivity during the day.

What you can do:

  • Stick to your wake up time.
  • Set out your outfit the night before.
  • Refuse to hit snooze.
  • Pick a podcast to play immediately when you get up to jumpstart your mind.
  • Set your coffee pot the night before to start brewing when your alarm goes off.

Quote to live by: “Early to bed and early to rise makes a man healthy, wealthy, and wise.” ― Benjamin Franklin

 

3. Most millionaires get in 30 minutes of exercise a day.

Why? They know the value it brings to their health.

What you can do:

  • Add a 30-minute walk at lunch to your daily routine.
  • Join a recreational class, such as swimming basketball or golf, at your local gym.
  • Explore all the free workouts available on YouTube.
  • Keep a log of your activity every day to create accountability.

Quote to live by: “The greatest wealth is health.” ― Virgil

 

4. Eighty five percent of millionaires read a book, or two, every month.

Why? To continually expand their knowledge.

What you can do:

Quote to live by: “Formal education will make you a living; self-education will make you a fortune.” ― Jim Rohn

 

5. Eighty-one percent of the wealthy plan their day and maintain a daily to-do list.

Why? To stay organized and on track with their priorities.

What you can do:

  • Give each day a priority and set of goals.
  • Write your to-do list on a medium you’ll know you’ll use. Possible options: a whiteboard on your refrigerator, the background of your phone, or in a daily journal.
  • Don’t overwhelm yourself. Stick to three to five things per day.

Quote to live by: “By failing to prepare, you are preparing to fail.” ― Benjamin Franklin

 

6. Seventy-nine percent of the wealthy network five hours or more per month.

Why? To learn the successful habits of other wealthy people and increase their resources and opportunities.

What you can do:

  • Add two networking events per month to your calendar.
  • Create your own networking event and encourage those in your inner circle to invite their colleagues.
  • Approach people like friends, ask great questions, and focus on building meaningful relationships.

Quote to live by: “The richest people in the world look for and build networks, everyone else looks for work.” ― Robert Kiyosaki

 

7. More than 80% of millionaires said caring about their vocation is what built their wealth.

Why? If you don’t truly care about what you’re doing, it can be hard to build up the motivation to be successful.

What you can do:

  • Ask yourself if you enjoy your current position at work. 
  • Express what you like to do.
  • Say yes to unique opportunities.
  • Allow yourself the courage to change your mind.

Quote to live by: “A man knows he has found his vocation when he stops thinking about how to live, and begins to live.”  ― Thomas Merton

 

8. Ninety-three percent of millionaires credited their wealth to receiving mentorship.

Why? Most millionaires see the immense value in accepting guidance from those who became successful before them.

What you can do:

  • Find someone you admire, and reach out to them to see if they’d be interested in mentorship. 
  • Let your relationship happen organically. Don’t force it.
  • Don’t be afraid to ask for professional feedback.
  • Pay it forward by seeking out someone else to mentor who could benefit from your expertise.

Quote to live by:  “A mentor is someone who allows you to see the hope inside yourself.” ― Oprah Winfrey

 

9. Sixty-five percent of millionaires have three or more streams of income.

Why? They know that accumulating resources in only one area could mean they lose everything if that area were to fail.

What you can do:

  • Explore new revenue sources in industries not affiliated with your current one, such as real estate, a side business, or a private investment.
  • Ask yourself if you have enough saved in your emergency fund if your income stream were compromised.
  • Read books and listen to podcasts on the subject.
  • Ask your financial professional for guidance on how to expand your revenue streams.

Quote to live by: “Never depend on a single income. Make investments to create a second source.” ― Warren Buffet

 

10. Millionaires save or invest at least 20% of their income.

Why? They see their money as a tool to gain more wealth versus spending power.

What you can do:

  • Set up automatic withdrawals from your checking to your savings or retirement account each month.
  • If you’re already saving an adequate amount for retirement, talk to your financial professional about exploring new investment options such as real estate, CDs, or hedge funds.
  • Talk to your financial professional to find out the exact percentage of your income you should invest and save so you can maximize your profits and potential.

Quote to live by: “Do not save what is left after spending, but spend what is left after saving.” ― Warren Buffet

 

What habits have helped you acquire wealth? Which ones will you try to adopt? Share them in the comments below.

 

Neither Transamerica nor its agents or representatives may provide tax, investment or legal advice.  Anyone to whom this material is promoted, marketed, or recommended should consult with and rely on their own independent tax and legal advisors and financial professional regarding their particular situation and the concepts presented herein.

 

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