We all know that building wealth takes hard work and dedication, but what if we could learn from those who have already achieved financial success? It’s not easy but it’s always good to learn from people who are way advance than you.
Self-made millionaires are a great source of inspiration and insight into how we can improve our own financial habits. After some research, these are the top 10 money habits of self-made millionaires, along with tips on how you can adopt them for yourself.
Personally, I am doing 1 to 8. What about you? 9 and 10 is still beyond me now!
1. Be a Budgeting Ninja
Self-made millionaires know that every penny counts. Become a budgeting ninja and track your expenses like a hawk to ensure you’re maximizing your savings potential. Saving = income – expense. Once you can budget, you can do anything!
2. Invest in Yourself (No, Not That Way)
Investing in yourself doesn’t mean blowing your savings on plastic surgery. It means constantly learning and improving your skills to stay ahead of the game. So take a course, read a book, or seek out a mentor – invest in yourself and watch your wealth grow. Human asset is the best asset
3. Embrace Minimalism
Luxury cars and designer clothes may look cool, but self-made millionaires know that living below your means is key to building wealth over time. So skip the flashy stuff and focus on the bigger picture. Contrary to most belief, most millionaires/billionaires are eating the same things everyday, wearing the same clothes everyday. Do you know why? They are focusing on other more important things!
4. Set Goals and Crush Them
Self-made millionaires set clear goals and work tirelessly to achieve them. So, set specific and achievable goals for yourself, write them down, and create a plan of action to help you crush them. Success is because planning. If you have no plan, it is difficult to success unless you are lucky to win lottery!
5. Get Your Stock Game On
Investing in the stock market is a powerful way to build wealth over time. Educate yourself on the market and invest in companies that align with your values and long-term goals. Of course there are other investment such as Cryptocurrency, Forex, alternative investments like wine, please learn and get your hand dirty in order to win!
6. Be a Passive Income Pro
Self-made millionaires build passive income streams like rental properties, businesses, and dividend-paying stocks. So get creative and find ways to generate passive income that align with your skills and interests. Passive income will get you rich! Buy assets to generate those income! Grow your business!
7. Say Bye-Bye to Debt
Paying off debt should be a priority to reduce interest payments and free up cash flow. So create a debt repayment plan and stick to it. Focus on paying off high-interest debt first and consider consolidating your debt to reduce your interest rate. However, there are good debt if you know how to deploy it correct. Leverage with good debt to increase your wealth faster!
8. Take Risks, But Not Like a Stunt Double
Self-made millionaires aren’t afraid to take calculated risks. But before you jump out of a plane, weigh the risks and rewards of each opportunity and take calculated risks when the potential for reward outweighs the potential for loss.
9. Network Like a Boss
Self-made millionaires surround themselves with successful people who inspire and motivate them. So network with successful people in your industry and seek out mentors who can offer guidance and support.
10. Give Back
Self-made millionaires understand the importance of giving back to their communities and supporting causes they believe in. So find ways to give back and support causes that align with your values – you never know, you might just become the next Bill Gates!
Good articles that you should read!
People are drawn to dividend investing.
Why? Firstly, dividends provide a regular stream of income, allowing investors to receive a portion of the company’s profits on a periodic basis. This can be particularly attractive for individuals seeking consistent cash flow or looking to supplement their existing income. Additionally, dividend investing is often viewed as a more stable and predictable investment strategy compared to relying solely on capital appreciation.
I always write and share articles, especially on dividends which many people love them. Do read them!
- Simplified Guide to the Key Gist of Grant of Probate and Estate Planning
- Cheapest and best way to trade Singapore Stocks with CDP
- Mastering Dividend Investing: 5 Evergreen Investment Principles
- Unlock Lucrative Returns with IAPD: A High-Yield ETF Providing 7% Annual Yield and Quarterly Payouts
- Unlock Lucrative Returns with SDIV: A High-Yield ETF Providing 11% Annual Yield and Monthly Payouts
- If I am a dividend investor, this is what I would do….
- 7 Things to consider before buy a dividend stock
- 4 Dividend ETFs that can let you sleep well even in the scary bear market
- 5 Best Counters for Passive Dividend Investing
- The Three MOST Important Traits of an Investor
- What is the best investment strategy in the world?
- Ultimate Strategy of buying REITS: XXX instead of X000?
- Ultimate Free 2 Days Reit MasterClass: Exclusive at Careyourpresent.com only!
Alternatively, you can go the right side of my page, there is a search bar where you can simply search “dividend” to see all my articles related to dividends!
Of course, you can search for other things that would interest you such as “Careyourpresent”, “Reits”, “Side Hustles”, “Fixed Incomes”, “Savings” etc.
Money just buy you the chance of freedom.
When you are young and working, you exchange time for money. When you are old, you can have lots of money but you can’t buy time back, especially the things that you have missed while busying striking out in career. Of course, if you love your career, and consciously know that you are missing out the first time your child walk or talk, that’s ok, but if you are the other spectrum, please do something about it.
Your kids grew up and they no longer need you to accompany them. They no longer want to sit on your lap to share/do things with you…all these time you spent in your 9 to 6 or even longer cubicles…can the money that you have earned by you back these?
We always thought we have more time with our old parents, but we are wrong. Time with them is ticking away every day. One day it will suddenly be gone. There is no regret medicine, no reset in time. Gone is gone and cannot come back. No matter you are billionaires or millionaires, you cannot reset this.
We always thought that we have more time with our spouse every day, but we are wrong. One day they will be gone too. When you read this, please go tell your spouse that you love him/her and he or she is the best thing that you ever had in your life.
I have picked out some of the more life reflecting articles of the CAREYOURPRESENT series. Do read them:
- The Best Advice to Parents and Child
- What if Later never come?
- What will you bring with you on your last day on Earth?
- Time is the ultimate currency, not money
- Our Life only have 5 short Days – we should live the best for every day
- Truly understand Living in the Moment now
- 11 Important Unexpected Life and Money lessons to learn from Your Children
- The days are long but the years are short
- Ditch your mobile phone to build real life
- Careyourpresent: Time is the most important
- Careyourpresent: What is your purpose of life?
- Careyourpresent : Greatest Regrets in life
- Careyourpresent : You might not believe it. It’s little unexpected things that make up a real life
- Careyourpresent: Something only happen once in life, if you missed it, it’s gone forever…
- Careyourpresent : Why is Gold useful?
- Careyourpresent: Frozen. Let it go!
Love your life daily.
You have one less day with your spouse, parents, children and yourself.
Time is ticking away.
For each passing day,
Enjoy and Treasure your Life!
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