Who hasn’t dreamed of becoming a millionaire? Chances are, most of us wouldn’t mind having one (or ten) million bucks in our bank account.
So often, becoming a millionaire is viewed as some vast, lofty goal that the average person can’t achieve. That’s not entirely true.
While some millionaires fell into a stroke of luck or inheritance, many young millionaires started from very little. So what sets them apart? What characteristics do young millionaires have that makes them successful?
Here are 5 common characteristics of young millionaires across the world.
1) They Wake Up Early
Millionaires understand the value of waking up early and practicing a morning routine. Sleeping in results in a rushed morning. People who constantly hit snooze are more likely to miss the chance to eat a healthy breakfast, work out, and prepare their mind for the day. After a frenzied morning, it can be nearly impossible to go to work with a clear, focused mind.
Some young elites, like Twitter and Spare CEO Jack Dorsey, are known to wake up at 5 o’clock to workout, meditate, and get an early start to the work day.
2) They Set Goals
One thing millionaires do exceedingly well in comparison with the rest of the population is that they set clear, focused, and actionable goals. They know that by setting goals, they are more likely to achieve the results they want.
Author and researcher Thomas Corley conducted a study about the habits of millionaires. In his research, he discovered that only 9 percent of those who earn less than $30,000 a year set goals.
He goes on to say that millionaires are particularly good at setting goals because they visualize the big picture and focus on the details that will make their dreams become a reality. Millionaires understand that small, daily habits lead them achieving their dreams, which is why many millionaires are so disciplined.
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3) They Exercise
Millionaires are some of the busiest people on the planet, yet most of them prioritize healthy habits, such as regular exercise and eating a wholesome diet.
Millionaires understand that health can play a huge role in their performance as a whole. Further, failing to properly take care of yourself can result in major medical expenses, which is something millionaires certainly don’t want. Exercising for at least 30 minutes a day and eating a well-balanced meal can keep millionaires healthy and at peak performance.
On the other hand, millionaires are failing miserably at one major area of health – getting enough sleep. As their passionate for their businesses grows, they are more likely to skimp on adequate slumber. Maybe they should consider taking a cue from fellow millionaire and ex-workaholic, Arianna Huffington, founder of The Huffington Post and now Thrive Global, which is an organization that advocates for the importance of sleep.
4) They Value Productivity
For most millionaires, time is money. So the more effective they can be with their time, the better.
That’s why most millionaires will tell you the importance of creating a productive environment for themselves and the team they work with. This means developing processes, routines, and systems that will maximize time and money.
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5) They Create Multiple Streams of Income
While many millionaires have one claim to fame, most of them have worked on multiple projects and ventures, whether in the past or present.
Smart millionaires don’t put all of their eggs in one basket. They create multiple streams of income. Even if they offer single product, they are constantly working to figure out how to offer more, how to market themselves in the future, and how to establish themselves as a brand.
Millionaires typically understand that markets change and that, in this age of innovation, their business can quickly be outdone by another. In order to heed some of that risk, millionaires work to establish multiple streams of income.
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BONUS) They Read
According to Corley’s research, 85% of self made millionaires read at least two books every month, or at least 24 books a year.
And according to the same research, these millionaires aren’t just reading any book. They read educational books and studies, such as history, career, leadership, current events, and science-based books that will help them to better understand the world around them.
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Do you practice any of these characteristics already? What habits do you think you should start? If you know any young millionaires, what other qualities do they have?
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interesting thanks for sharing!
Love this, and glad I’m on the right track! I usually follow these habits (although exercise has taken a backburner every now and then). I’m not just dreaming about being a millionaire, I’m actively working towards it!
I love that! I thought it was truly fascinating to research and write this post. The general idea I got was that most young millionaires had a very strong vision and formed the habits to make it happen. Some maybe fell into luck, but overall, I do think anyone can be a millionaire.
I’m only failing at #1 (waking up early) and #3 (exercising). I do feel more productive when I wake up early, I just enjoy sleep. I do exercise some – but it’s mostly occasional walks and hikes.
None of us are perfect! I definitely struggle with working out regularly and waking up early on a regular basis. Sometimes it just feels good to sleep in. I do try to walk quite a bit, mostly because it helps clear my mind.