Every Millionaire Does These 4 Things

There seems to be truth behind the idea that it’s not about the destination, but the journey itself.

In the entrepreneurial sense, the destination is financial freedom, and the journey is compromised of the habits implemented into your lifestyle.

One of the most effective way to chase your goals are to find people who have reached the end result you’re looking for, study what they do, and copy it.

So, what does the lifestyle of a millionaire look like?

There are vast differences among every successful entrepreneur, but I’ve carefully selected 4 of the most common habits that nearly everyone who’s found their way to a net worth of at least a million dollars practices.

1. Frugal Spending

No, you don’t have to live like you’re going to be featured on “Extreme Cheapskates”.

Using reusable towels rather than toilet paper is not going to help you in reaching wealthy status.

Now that we got that cleared up, what does spending frugally actually entail?

Living Below Your Means

Living below your means is simply decreasing your purchases that can be deemed as “extra”, or outside of your necessary living expenses.

• Discovering your extra expenses can be as easy as making a note in a journal each time you purchase something. At the end of the month, go over your purchase and physically label what you could decrease. You realize you bought lunch 8 times this month, next month you can shoot for 4. Journaling is the surest way of holding yourself accountable.

It can also mean living in a house where the mortgage is below what you can afford, and never buying a brand new car, because it depreciates in value.

Wealthy people keep their wealth hidden.

The Psychology of Money explains that having fancy cars or designer clothes for show is the opposite of being rich, because it only presents the payments that you have.

For more insight on spending habits of millionaires, this CNBC article covers 39-year old Jonathon Sanchez and his money spending strategies that helped him retire early and reach financial freedom.

2. Investing $

Investing is one of the best ways to earn income passively.

Investing can be viewed as a cheat code if done wisely. Warren Buffet amassed his incomprehensible net worth of $145 Billion through successful investment strategies.

 For more insight on how Warren Buffet became the third richest man in the world through investments, here are investment rules that he lived by.

It can be tricky in the beginning, however, with patience and consistency, you’ll begin to see how your money is working for you and the wealth that it can generate over a long period of time.

An investor who decides to invests just $15 a day can build a portfolio worth over $1,000,000 in 40 years.

3. Reading

Immersing yourself in the world of literature has countless benefits and zero negatives whatsoever.

Knowledge is the most valuable asset you can have because it’s a rare aspect that cannot be taken away, and it can only grow. One of the best ways to grow your knowledge is to read.

Reading singlehandedly makes you smarter by pumping a variety of words into your brain, filling it with ideas and improving your vocabulary tenfold.

It doesn’t always have to be self-help books, or non-fiction. In fact, Richard Branson, British entrepreneur, came out with a list of 65 of his book recommendations that ventures beyond educational and business works and even dabbles into childhood classics and novels.

Check out my last newsletter covering the success story of Richard Branson.

4. Prioritizing health and self-investment

I believe that good health is a major contributor to financial success.

In fact, the financial freedom is the product of a chain reaction.

A healthy body = feeling good about yourself = a healthy mindset= energy and motivation to put hard work into your passions and dreams.

To achieve this, you must learn how to invest in yourself.

Choosing to invest your money and time in yourself is a habit that has helped every millionaire achieve their goals.

Take it from the King of Investing, Warren Buffet, who says that the most important investment you can make is yourself.

Warren Buffet’s 3 Ways to Invest In Yourself

Investing in yourself could look like deleting your monthly streaming subscriptions and using that money towards healthier foods or gym memberships.

It could also look like spending the time you would normally spend scrolling on social media and going for a run.

Spending time in nature is a great way to invest in your mental health and clear your head.

Investing doesn’t always have to do with money, find what matters for you and follow the measures it takes to get you there.

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