6 millionaire habits we should all adopt
TOO many of us think that becoming a wealthy millionaire is such an unattainable goal. Well I am here to tell you that it is not. Several people from undesirable circumstances have done it.
However, once you tell yourself that something is not achievable, you have limited yourself, and for that reason alone you won’t be able to achieve it. If you want something badly enough you have to be willing to work for it and sometimes this means going through struggles and failures and embarrassment, but that’s okay because this will help to build you into the resilient person you’ll need to be to survive.
To help you reach your goals of financial success here are a few habits that were found to be common with most millionaires.
Increase your income
Now I know what you’re thinking, it’s not that easy to increase your income, employers aren’t just giving out raises. You’re right, they’re not, but you shouldn’t let this stop you. Most millionaires have several income streams. In these harsh economic times you have to create other sources of income for yourself. A great way to start is to find something you’re good at and capitalise on this skill. Create a business for yourself on the side, a business that is scalable. There is a solution for every problem. Create these solutions and believe everything is possible even when others see impossibility.
Allocate your funds correctly
Managing your money well is a crucial habit to learn and it’s something many persons don’t know how to do, after all they don’t teach you how to manage your finances in school. The first step is to evaluate your income in proportion to your expenses. A general rule almost every single wealthy person adheres to is ‘pay yourself first’. This means you have to put a portion of your earnings away before you even begin to pay any of your bills or spend any money. I know this may seem hard but once you start making a habit of this, it will become second nature and, in turn, will force you to implement rule number one (increasing your income).
Your expenses should never exceed your income. I know, minimum wage in Jamaica is low, the cost of living is high etc… However most times, these are just excuses. Create a budget and track all your expenses, then find room to cut back on some of these expenses. Once you’ve done this, allocate a percentage of your income to saving.
Now it’s important to note that saving alone isn’t enough and you must always save to invest (as this will give you returns on your funds). Split your savings into two segments – your emergency fund and your investments.
Forget the Jones’
If someone were to ask you if you think that most persons are financially successful, your answer would probably be no. Which brings me to my point, if most persons aren’t financially successful then why are you following the crowd? You need to study the habits of those who are financially successful, find a mentor and learn from them. If you’re always following the crowd you’ll never achieve the success that only the small percentage are able to achieve.
Be decisive
“Analysis of several hundred people who had accumulated fortunes well beyond the million-dollar mark disclosed the fact that every one of them had the habit of reaching decisions promptly” –
Think and Grow Rich, Napoleon Hill.
You may not necessarily be a decisive person but it’s something you can train your mind to be by making decisions that can easily be corrected as quickly as possible. Persons who are decisive know what they want and more often than not they get what they want. This trait is not just a trait of the wealthy but it is also one of the most crucial qualities a leader should possess.
People skills
“In the process of reaching the seven-figure mark, I’ve learnt dealing with people is the most important attribute”- Daniel Ally.
After all, the core of a business is sales and these sales can only come from consumers (who are people). Businesses are in business to serve people therefore in order to perform profitable behaviour one must master the art of dealing with people assertively and with charm, just as much as strategising. No one likes doing business with unpleasant people. It is important to understand and have the ability to relate to your consumers in any given situation.
Understanding your risk tolerance and taking the right ones
The only way you will reach your goal of true financial success is by taking risks. We have to learn to take risks, when you play it safe in life you’ll get mediocre results.
No one ever achieved great results by playing it safe. In order to succeed, your desire for success must be greater than your fear of failure. Sometimes the risks you take won’t pay off and you’ll end up failing, but that’s okay. Failure is part of the process but it is not final. Failure is to be treated as a lesson which in turn makes you better prepared to take the next step to success.
Understand your risk profile and how much risk you are able to endure and make strategic decisions in accordance with this.
Renee Barnett, brand associate at Stocks and Securities Limited